How to claim PPI yourself
PPI is a common insurance policy that a majority of lenders use to record more client numbers to sign up for loans or credit cards. In most cases when the borrower requires a loan, the lender will require that the borrower purchases this policy so that they can be approved for a loan or mortgage. All this is in an endeavor to become a major credit card holder.
By itself, this particular policy can be a beneficial policy. If you lose your job, or you are in the midst of some serious disability, then your policy is meant to step in and do the payment for you. The problem with this policy is that in most cases the consumers are tricked or in some cases forced into purchasing them so that they qualify for other services.
If this has happened to you, you will most probably be left wondering how to claim your PPI back. In instances like this, then the short guide that we will be given below will demonstrate to you exactly how you will claim your PPI benefits.
Determine your eligibility
In most cases, if you have an active policy or you have purchased one in the last six years, and maybe it has expired, then you may be eligible to file for a refund. If your PPI was purchased more than six years ago, then you need to check out and confirm, that is if you have the original paperwork. They must be signed to ensure that they are original. All these processes are supposed to be done before you start the claiming process.
The above process is very important since lending banks are not under any obligation to keep records of loans that have been repaid. To make sure that they minimize their operation cost and adhere to the law, many lenders will simply remove these documents from their records. Having these original records with you will play a fundamental role in you winning your case.
Use policy when needed
Determine if there was a possibility that you could have used the policy if you needed it. The major way that many individuals use to determine whether they are eligible for the claim is by looking at their documents and determining if they are eligible or not. Besides, there is need to access if you have ever had the need to file a claim that you would be ineligible to make use of the policy that was sold to you.
Ones you have undertaken the above steps which are necessary, there is no more confusion as for how to undertake your claim. Next, you only need to send a letter to your lender to request a refund