Like many other industry experts and quality money saving websites, we are also fully behind the ‘Don’t Pay To Claim Back PPI’ campaign as we know hands down that you do not need to lose any more money by shelling out for an over priced PPI claims company.
Many people seem to feel as though it is simply not worth the hassle of going the process of claiming back mis sold PPI themselves however the banks and building societies have already paid out over £3.5 Billion pounds to PPI claims and it has been reported that there is a further £5 billion set aside to cover the many many more successful claims that will be processed over the next couple of years. Surely this is enough evidence to convince you that it’s worth spending an hour or two here and there to fill out the necessary paperwork if it means you could be receiving thousands of pounds back that was wrongly taken from you?
Let’s say you want to reclaim Northern Rock PPI, as mentioned before it’s always worth using a PPI claims calculator first to work out how much you are actually owed as after doing this quick task you can make an informed decision as to whether or not you want to go forward with the claim. The next step is to find a good PPI template letter which you can use as a basis for the letter you send off to your lender to make your claim.
To get your hands on one of the example letters we recommend you visit The Guardian, MoneySavingExpert.com or Which.co.uk and have a look through the PPI sections. The alternative is to call up the Financial Ombudsman on 0800 0234 567 as they are more than likely to be able to help with any questions you might have. It has been known that you can make your claim simply by calling up your bank however from our experience it seems that claims made by a formal letter get more attention and are often dealt with in a much quicker manner.
If you are writing your letter from scratch, the general layout and details you need to include in the letter are the date you took out the plan followed by one of the following applicable reasons:
- I was self-employed and could not have claimed fully on the policy without ceasing work – a more onerous condition than someone employed. I was not informed or warned of this.
- I work for a family company and could not have claimed fully on the policy without ceasing work – a more onerous condition than someone employed. I was not informed or warned of this.
- I was unemployed and could not have claimed on the policy. I was not informed or warned of this.
- I was retired in receipt of a pension and could not have claimed on the policy. I was not informed or warned of this.
- I was due to retire during the line of the policy and could not have claimed on the policy. I was not informed or warned of this.
- I would have been over the age limit during the life of the policy and could not have claimed on the policy. I was not informed or warned of this.
- I was employed at the time but your staff did not inform me that any change to this could invalidate sections of the policy during its life. I was not asked about any intended charges or informed or warned of their effects on the policy.
- I have had a previous illness or other medical conditions but your staff did not ask me about my medical history. I was not warned that previous conditions would be excluded.
- I told your staff about my medical history but I was not warned this would invalidate part of the policy.
Reasons Not To Use A Claims Company
You may be thinking well it sounds a lot easier to just use a PPI claims company to handle your claim but let us stop you right there as there are several reasons why you should make the claim yourself and not use a middleman:
- They take sometimes as much as 40% of the money that should be coming straight back to you.
- Due to the many claims these companies make you may even find that the process takes even longer than if you were to make it yourself.
- Customer services in the majority of these claims companies is very poor, most of them do not care about getting you your money back it’s simply just another money making scheme for them.