PPI stands for Payment Protection Insurance. It is an insurance that is offered to consumers through banks or credit providers to ensure the repayment of a loan if a borrower is unable to make p

ayments on their loan due to illness, death, loss of job or disability. Numerous PPI mis-sellings have been made making them useless when you go to make a PPI claim.

Making PPI claims is possible using a claims handler or it can easily be done on your own if you have the patience.
To see if you qualify for a PPI claim follow these 4 steps to make a PPI claim on your own.

Step 1. Read through your policy

It is important to read through your policy to make sure your PPI claim is valid. You will need all the correct paperwork before you can proceed with your claim. If you do not have your paperwork, you can request a copy from your lender.

Step 2. PPI Disclosure Checklist

Did the seller of the PPI go over the policy’s terms & exclusions with you? It is their job to explain everything to you & make sure you understand your responsibilities. The following things must be explained or asked of you at the time of sale:
You shouldn’t be told a PPI is compulsory, meaning the policy could only be bought from their company.

Usually a PPI will not be sold if you have a pre-existing medical condition. If you were not asked about your medical history & sold a PPI, that is mis-selling.
The stipulations of un-employment, retirement & self-employment need to be discussed. If they weren’t, this is mis-selling.

If you were not told you had purchased the PPI but have been paying on it, this too is mis-selling.

Step 3. Write Your Lender

Write the company that sold you the PPI & ask for a refund. Include copies of all your paperwork that will back up your PPI claim. Remember to keep a copy for yourself. If your claim is rejected, you still have options, but in order to proceed onto step 4, you need to have tried to contact the company first.

Step 4. Write to the Ombudsman Service

if your PPI claim was turned down by the seller, you can try to reclaim the PPI by writing a formal complaint to the Financial Ombudsman Service. The Ombudsman is free & will determine whether your claim should be paid. Be aware that this process can take over a year to be settled. But it is effective. Nearly 90% of cases are awarded to the consumer. And if you lose, there is no cost to you.

If going about a PPI claim on your own sounds daunting, there are many claim handling services available that will take care of the whole process for you. You may also advise the help of a lawyer, but be aware both of these options can be very costly as well as time consuming.

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