Reclaiming Bank Charges Letter
Reclaiming bank charges may not always be easy, especially since there is so much involved in figuring out exactly what is owed to you as a result of mis sold PPI. In recent years lenders have been scamming UK consumers by adding this dubious cover to loans either to those who can't use it or those who don't want it. In fact, some people don't even know it's there until they get a good look at their monthly statements! Whilst it would be nice, in a perfect world, to simply write a reclaiming bank charges letter to your lender requesting your money back, this is far from a perfect world. Sadly enough, this world is so far from perfect that lenders have been getting away with this fraud for over a decade now. As a result, payment protection insurance claims are coming in by the tens of thousands and no end is in sight.
What Purpose Does a Reclaiming Bank Charges Letter Serve?
Since we all know by now that sending the lender a reclaiming bank charges letter does little or no good unless it is accompanied by a formal claim, why do we insist on thinking this is all it takes to get payment protection refunds? There is so much more to reclaiming bank charges than writing a simple letter that you should be aware that it really takes an investment in time and effort. You need to be able to define how you were mis sold PPI, estimate how much is due to you and then on top of all that you need to have proof on hand. Keep in mind that when reclaiming bank charges you should never send the original loan docs to the lender. You may need them down the road if you are forced to file an appeal with the Financial Ombudsman Service. Actually, you almost certainly will as lenders are denying as much as 85% of all claims they review!
If a Letter Isn't Sufficient, What Is?
Whilst a letter is a great way of stating your reason for submitting a claim, the real crux of the matter is to supply all the supporting documentation and to have an itemized list of just how much is owed to you and why. This is one of the reasons why so many people use a professional PPI claim company to file their claims for them. It would be best to avoid any unnecessary delays when at all possible and also to have an expert on your side for those all too numerous times when the lender disputes your claim. The PPI Claim Company has a team of claims specialists who are diligent in their efforts to win back your money and will counsel you as needed. They work on a no win no fee basis which means that you don't need to drop another p unless you win the claim. Then both you and the team win and sometimes you even win big depending on how much you have paid into the cover, how long you have been paying and of course if there are any undue hardships directly caused by the PPI. To speak with a member of the PPI claims team call 0207 471 2000.
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