Reclaiming payment protection insurance or PPI is a process that can be a huge hassle.
Since you most likely signed a waiver when you first got the original loan, it can be challenging to get your money back. However, by following some simple instructions, it’s possible to get most if not all of the money spent on payment protection insurance back, especially if the lender was loose about explaining that you were indeed paying for insurance on your loan.
First send a letter to the lender asking for repayment of the payment protection insurance, since you were not adequately notified by them of paying it in the first place.
If they refuse or you simply receive no response then contact the financial oversight organization in the area.
A financial oversight agency holds powers over lenders and can force them to repay payment protection insurance that was fraudulently issued. However, it’s important to know that if you bought payment protection insurance on purpose it will often not be possible to get a refund. It is only when the lender included the payment protection insurance or PPI without your knowledge in a package.
It is Possible To Claim Back All Your PPI Yourself. Just Take A Look HERE.
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