With PPI policies being sold alongside mortgages, loans and credit cards since the 1990s, the demographic that would now be eligible for a claim is massive. As a result, a huge number of companies that have formed over the past few years say they can help you with your PPI claims. Their process is quite straight forward; you give them your details and they make the claims on your behalf. Within 8 weeks you could have a substantial refund with little effort. The catch? PPI reclamation companies tend to take a large amount of commission for their services; in general, about 20% of your refund is taken as a commission by the PPI reclamation company (e.g. if your refund is for £1,000, the company will take £200 commission).
Not to worry, this can be avoided! It is pretty straight-forward to make a PPI claim yourself by contacting the lenders directly. All you need to make a DIY PPI claim is the details of each credit agreement you’ll be claiming for and the companies who issue the agreements to you.
There are 3 easy steps to DIY PPI claims:
- Take a look at your credit report, it will list all your credit agreements that have been settled in the past 6 years, so any mortgage, loans or credit cards you may have been mis-sold PPI on will most likely be listed here.
- Note down all the potential companies you can claim from and the details surrounding your agreement.
- Contact those lenders directly and make a PPI claim. They should get back to you within 8 weeks. If they don’t you can contact the Financial Ombudsman Service to get involved and speed up your claim.
By the end of this process, if any of your credit agreements have mis-sold PPI attached, you will have your refund!
How do I know the lenders will listen?
Lending companies are obliged to refund any mis-sold PPI until the deadline on 29th August 2019, so any claim you make directly will be taken seriously until that date. This process does take a bit more work than allowing a company to do it for you, but you get to keep the entirety of your refund – bonus!
You don’t have long to start your DIY PPI claims – at the time of writing, you only have 28 days left to start. You can begin your journey here with Credibble; register now to see all the credit agreements you have paid off in the last 6 years, so you know where to start making your claims. It’s totally free to do so! It is worth making a claim even if you do not believe you have ever been mis-sold PPI, you have nothing to lose by trying.