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What Need to Know about a PPI Claim Letter?
The recent high court ruling by the UK high court created a windfall for three million people who took on optional PPI policy in the last six years. According to the court, if you were mis-sold the policy, you are now eligible to claim your payments back by simply writing in to the lender/bank. If you were one of those people who were mis-sold PPI, all you need to do is write a good PPI claim letter or download and personalize a PPI template and dash it off to your lender, banker or broker. Of course, you might also need to back up the letter with the necessary financial paperwork for the loan, credit card or the mortgage that you took. To expedite the process, the High Court as asked banks to make payments in 6-8 weeks at the maximum after verifying the claim.
Writing the PPI claims letter
It’s not as difficult as it seems. You will need to check your financial statements for the last six to seven years. PPI payments are usually itemized as payments per month or per year which have been paid out to the bank or a third-party insurance company. Once you have verified the different payments made, gather the data and keep it ready. Then prepare a PPI letter from any of the free PPI claims templates that are available online. The PPI template is usually available on nearly every UK-based financial site on the internet.
Download the PPI template or copy and paste the content on to a WORD doc
Once you have your own PPI template or PPI letter ready, read through it carefully. Please make sure that you read through the entire letter and select the right letter for your requirements.
List down the banks, stores, lenders or brokers that you paid PPI payments too.
Gather addresses and telephone numbers of banks and lenders and verify them through the internet. Address separate letters to each bank or lender and send them.
Make sure that you have a copy of the PPI letter template and the letters for your personal reference along with the date of posting. Most banks will write back to you within a week letting you know that the claim is being verified.
If the claim is verified, you will be sent a letter listing the amount you will be reimbursed with. It usually takes about 6-8 weeks for the payment to clear.
If you are having problems during the claims process, you can get in touch with the financial Ombudsman consumer helpline at 0300 123 9 123
This is too complicated…What are the alternatives?
Not everyone knows how to understand the financial specifics that are listed on banking documents. We suggest you use our service for the best chance of getting your money back. We will analyze your financial statements and then prepare the PPI letters with the necessary documentation for mailing. We will also make sure that any fines, late fees or other incidental payments that you have made on your PPI are also claimed. We also work on a ‘no claim, no fee’ policy. That means they get paid only if your claim is honored and you get your payment.