Do it yourself PPI claims

If you feel that you have been mis-sold PPI at any time in the past six years, you may be able to claim it back from the bank or lender who sold it to you in the first place. Here's how to go about it yourself.

There are quite a lot of things to think about if you want to claim back PPI and you should be sure that you actually have a good case before you start, but then it is simple enough for you to claim it back on your own. There are lots of companies out there offering to claim back your PPI on your behalf, but if you are able to do it yourself, it is worthwhile, as you get to keep all of the money you claim back for yourself.

Are you eligible to claim back your PPI?

Before you can claim back your PPI, ask yourself a few questions to work out whether or not you are actually eligible to make a claim:

  • Was it made clear that the insurance was optional?
  • Were you told about any exclusions to the policy, such as if you have a pre-existing medical condition or are self-employed?
  • Were you informed that you would be paying interest on the insurance?
  • Were you given much of a choice in taking out the policy?

If you answered "no" to any of these questions, you should be able to claim back your PPI.

How to claim

The easiest way for you to claim back your PPI yourself is to send a letter to the company who mis-sold the insurance to you. You can write a letter yourself, but many people find that it is easier to simply download a template from the internet and fill it out. If you do want to draft a letter of your own, you should make sure that you include the following information:

  • Your name and address
  • The credit reference and PPI number
  • The date that you purchased the PPI and the product with which it was purchased

Your letter should contain all of the reasons that you feel that your PPI was mis-sold to you, based on your answers to the questions that you asked yourself earlier. You should mention if you felt coerced into taking out the policy or if you feel that the policy was not explained to you properly before you signed up for it.

You should then ask for a refund on all of the premiums that you have paid under this PPI policy, as well as any interest charged. Include any other information that you think might be relevant, as it is always better to include too much information than too little, and it may speed up your claim.

You should then send your letter off to the head office of the company, and wait for a response. It can take a little time to hear something back, so do try to be patient.