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Claim Back PPI Yourself

Today thousands of us are, and have been, affected by PPI, or payment protection insurance and the misselling of this cover. If a loan of any kind has been taken out in the last ten years chances are payment protection insurance was included. When we say any loan, this means any kind of credit line you may have received from credit cards to simple car loans, to loans for homes or even business loans and PPI was probably attached. As a result, you may want to file for a refund. It is not advisable to try to claim back PPI yourself. In fact, trying to claim back PPI yourself can actually result in you walking away frustrated and with none of your money back.

Payment protection insurance has been sold to people who do not even qualify or who do not even need this protection. For example, people who are not employed full time or people who are in retirement do not qualify for this insurance, but lo and behold banks and lenders are mis-selling PPI to thousands of these people. Not only is this a waste of time and money, it is highly illegal. In the past couple of years the government has stepped in to help put a end to the selling of PPI illegally and is helping people recover their financial loss as a result.

In some rare cases, PPI is an option some people may choose but in reality this is not something people need or even want. Many times potential borrowers are convinced through sales tactics that are unprofessional and untrue that without the PPI the loan would less likely be approved. However, when a contract gives us the option to "opt out" it makes it seem to be included in the contract, but with PPI we should have a choice if we want it or not.

If you try to claim back PPI yourself the response time may not be as quick, because with a PPI reclaim company you can receive your reclaim in as little as eight weeks. We also as the borrower have the option to choose which PPI company we want to use. This is an issue because almost all lenders do not give us this information and push a company that they are working with in order to gain some type of financial benefit.

PPI became an issue when thousands of people began to make a PPI claim and nearly everyone was rejected or denied. People are also affected because when they found out that they were sold this ridiculous insurance and tried to get it back they were denied or given little hope of retrieving their losses. When you claim back PPI yourself the chances of getting refunds are slim in comparison to hiring a company that specializes in PPI reclaims.

Recently there have been thousands upon thousands of people who are and have reclaimed the PPI on not only one loan but all of their loans. If you have more than one loan, be sure to find out if there is a PPI attached to it and remember there is no limit on how many claims you take out. The people at these firms are trained to get help you and will never tell you to try and claim back PPI yourself, which is not advised. These companies promise you that they will win against these banks and lenders, get your money back, and if they do not you do not pay any money for their service. Remember attempting to claim back PPI yourself is not a wise choice.


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Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

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