After you find out you have been paying for mis sold PPI, the first thing on your agenda will be to figure out how to get your money back. It is possible to do, but first you need to understand the mechanics of a protection insurance claim which begins with being able to state how PPI was mis sold. There are a number of reasons to cite, but most often the cover was either misrepresented, sold without your knowledge or consent and at times sold to you even though you were not eligible to draw benefits.

Showing How You Were Mis Sold PPI and How Much You Paid

The next step is to figure out how to format the claim to show how you were mis sold PPI and then to ask for the right amount of money back. It isn’t as simple as knowing what percentage of your loan was used to calculate your premium because each of those monthly payments carried interest as well. An online PPI calculator may be of assistance when filing a protection insurance claim for a refund, but there may be times when the calculations are so complex that it takes the help of an expert to get an exact figure.

After you have all the details and supporting documentation in order, the next step is to figure out where to submit the claim. Yes, it goes to the lender or the independent insurance producer that mis sold the policy to you but be careful here. If it goes to the wrong department it could sit there indefinitely until someone in the company ‘discovers’ that they have your claim sitting on their desk. Sometimes it is just easier to give it over to a professional claims management company than spending valuable time trying to figure out how to submit a protection insurance claim on your own. There are reputable PPI claims companies out there that are registered with the Ministry of Justice so help is available for the asking.