PPi Claim

Reclaim PPIAny bank customer in the UK who believes they are victims of a PPI mis-selling can now file for compensation and reclaim PPI. The process of how to reclaim PPI insurance is pretty easy and straight forward. However, those who believe they may need assistance with the process can do so. Filing a PPI claim is free and there is no charge. It is possible however, to be charged for advice and assistance by consultants or accounting and finance professionals.

Who needs to reclaim PPI?

Well, apparently any single bank customer across the entire UK is at liberty to file compensation claims if they believe they were wrongly sold PPI insurance. It is very possible that this happened. Banks are mostly the culprits here as they act as agents of insurance companies and sell insurance cover on behalf of its customers. Many times, customers did purchase PPI insurance basically because it is a useful product which they need. PPI insurance is ideal for bank customers holding one form of credit or other. For example, customers with a housing mortgage, car finance or credit card debt will benefit from this cover just in case they are unable to repay this loan.

There are times when customers borrow a loan and then fall sick, lose their jobs or get incapacitated. Since the loan has to be paid regardless of circumstances, it was decided that an insurance cover such as PPI be taken out, especially for mortgage customers. However, banks made this loan mandatory to loan borrowers while thy tricked and mis-sold this insurance for many years. This was later ruled to be illegal by the courts and the banks were ordered to compensate their customers. Those with PPI claims were to reclaim PPI compensation for their losses.

PPI Reclaiming Process

The process of claiming a PPI insurance compensation is quite easy and straight forward. However, help is available for customers who may not be sure or require assistance. There are individuals such as accountants and finance specialists who have come out to offer assistance to needy customers. While the process is entirely free, some may be charged for information and assistance though this is voluntary. However, an applicants looking to reclaim PPI will need to write a letter to the financial services ombudsman and then submit this together with an application form and some form of evidence. Once these are received by the office of the ombudsman, they will be processed and if everything is found to be in order they will then be paid their due compensation.

Banks are said to be the culprits here as they act as agents of insurance companies and sell insurance cover on behalf of its customers. Many times, customers did purchase PPI insurance basically because it is a useful product which they need. PPI insurance is ideal for bank customers holding one form of credit or other. For example, customers with a housing mortgage, car finance or credit card debt will benefit from this cover just in case they are unable to repay this loan. If you want to reclaim your PPI in Scotland visit www.ppiclaimsscotland.org