Skip to content

Can I reclaim PPI on my credit card too?

  • by
Credit Card PPI

The full abbreviation for PPI is Payment Protection Insurance. It is usually documented to cover individuals against events like; sickness, loss of jobs and accidents. It also involves credit card repayments. Though the policy has been widely miss-sold, acquiring, this document is not usually bad advice.

In case you have been having a problem in this PPI due to miss-selling, do not worry because this article will provide step by step procedures on how to reclaim it back. First you need to check your policy and ensure that your complaint is not ambiguous. In case you do not have a copy of the agreement which you entered with the lender, do not hesitate but go and get one from him or her. You can be charged one euro, but it all depends on the lender. So you do not have to worry.

The second step is the PPI miss-selling checklist. The person who usually sells the policy has a duty to explain to you all the requirements before you acquire one. In case the lender did not tell you that taking the policy is not a must, then he or she has a case to answer. Some also keep on saying lies like if you do not manage to take the cover, then somehow it will be more expensive to you. The lender is not supposed to force any borrower to take the policy. It is usually the choice of the person borrowing the Financial Freedom Books!cover.You need to check the checklist very careful because you may come to realize later that you had been paying another cover. In case you were not employed and the document had an unemployment cover then the cover has no meaning.

Instruction number three involves writing a letter to the person who provided the policy. You are supposed to fill in a questionnaire but do not worry in case you do not answer all the questions provided. Include some backups for your case like photocopies of any paperwork which was done. Retain your personal copy and ensure that the required forms are delivered to the lender. For those people who might encounter some difficulties, contact the Ombudsman number that is 0800 0234 567. Do not worry or be discouraged in case the lender rejects your forms, further assistance will be provided to you.

If you have not reached a solution which best suits you, conduct a formal complaint to Ombudsman. This is an independent financial service which is official and capable of settling misunderstandings between financial institutions and their clients. The service will always state whether between the lender and the borrower has a case to answer. Though the process is a bit easy, it may take you a year before you reclaim your money because the process is slow. Do not expect instant results.

What really should make clients optimistic is that, at least 87% of decisions made by the service have gone in favor of customers. So there is a high probability yours will be considered.

Leave a Reply

Your email address will not be published. Required fields are marked *