Did you know that a high court judge recently ruled that banks were mis-selling something called PPI?
Not only that, but they also ordered the banks to pay back every single penny that they had received from PPI phony policies, which is why millions of people in the UK are now scrambling to reclaim the PPI money which is rightfully theirs.
One way to find out exactly how much you could be owed, is to visit a PPI claims company on the internet and make good use of a ppi calculator so you can decide whether or not this is something worth pursuing for yourself.
So just what exactly is PPI? Well, PPI stands for payment protection insurance, which is something that is supposed to offer you protection if you were unable to keep up with repayments on a loan, mortgage or credit card, due to loss or earnings or poor health.
Unfortunately, the vast majority of these policies were complete duds, which is why the banks are now having to cough up all of that money which they basically stole.
How to find out if you have PPI
The easiest way to find out if you were ever sold PPI, is to have a look through the paperwork and documents that you were sent when you first took out the loan. If there is any mention of PPI, then there is a good chance that you have a case and are owed some money.
How to reclaim PPI when you have a case
You basically have two options when you are planning on reclaiming PPI. The first option is to contact the bank by yourself, by writing them a letter stating that you would like to get your money back.
There are many letter templates available on various websites, so use one of these if you don’t know what to say.
The main disadvantage of taking this course of action is that it can be time consuming. Many banks don’t give up easily, and you can end up going back and forth with them through letters for many months.
The second option is to use the services of a PPI claims company, who will contact the banks on your behalf to get the money. Obviously, this is a good route to take when you don’t have the time to communicate with banks yourself, or if you just don’t feel comfortable doing it alone.