How to make free PPI Claims?

Published on November 5, 2012 by in Uncategorized

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Many consumers ask this question on a regular basis, just how do you make free PPI claims? Having been put off by the hefty upfront fees and charges which were being charged by some claims management services many consumers across the United Kingdom are now looking towards the cheaper or free alternatives to making a PPI claim, ensuring they get as much of their money back as possible.

When you start the process of making a free PPI claim you will first need to identify the payment protection insurance policy which you are claiming on and why this particular policy was mis sold. It is important to note that although the majority of PPI policies were in fact mis sold there are some cases where the policy was sold in the correct manner so you should ensure that before applying for your money back that you are fully certain your policy was mis sold to you.

Check all of the loans and credit cards you have taken out for instances of payment protection insurance, credit protection insurance and payment cover as you may have been sold a policy without realising it. If you know you have had a policy but no longer have any of the details regarding the policies then you will need to contact your bank directly and requires the information.
Once you have all of the policy details and importantly, the reason the policy was mis sold to you it is then necessary to write to the bank or lender that sold you the payment protection insurance policy. This is relatively simply to do if you choose to use some of the many materials available. For instance, there are many PPI claims letter templates available to download and edit with your own information and these can be completed in a matter of minutes for each claim that you need to make. You will need to cover all the ways in which the payment protection insurance policy was miss sold to you and the best way you can do this is include as much information as possible to back up your claims. Once complete you will simply need to post these to the complaints department of the bank of finance company that sold you the payment protection insurance.

Secondly there is also the questionnaire from the Financial Ombudsman Service which can be downloaded from the Financial Ombudsman Service website. This asks you all of the possible questions about your payment protection insurance policy and covers all the ways in which a PPI policy could have been miss sold and as it is simply filling in a form and answering some questions it is one of the easiest ways in which you can make one of the free PPI claims. You need to then send the completed PPI questionnaire with a letter to your bank or the credit card company. The addresses for the complaints departments for each bank are all on their own websites. You will need to do this for every PPI claim you are wishing to make so it may result in it being quite time consuming.
If for some reason your PPI claim is rejected by the bank then you will need to appeal if you still believe your claim is justified and further to this you may have to take your claim to the Financial Ombudsman. You will also be required to contact the Ombudsman if your claim is not handled by the banks in a timely manner and you have been waiting for more than 6 weeks for your claim to progress.

There are many pros and cons to free PPI claims which need to be considered before you proceed to make sure that you are making the right decision in regards to how you should make your PPI claim back. The main pro is the fact that claiming yourself is completely free with no up front or commission taken off your PPI claim pay out and this is what attracts many claimants. The amount of time that the single PPI claim takes is generally the same regardless of whether you claim on your own or use a PPI claims firm if you have the ability to address any potential concerns the bank may have when you make your payment protection insurance claim.
Free PPI claims are not for everyone and there are cons to this process particularly for those who have a complicated PPI claim. Those that are making multiple payment protection insurance claims may find the claims procedure exceptionally time consuming as they will have to write a claims letter or fill in the Financial Ombudsman survey for each individual claim

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