Cost Advises How to Submit a Mis-sold Payment Protection Insurance Claim

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The online comparison website Cost advises its users to recheck if they are eligible to reclaim PPI and how they can make a claim if they believe they are entitled to a refund.

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The main question regarding PPI reclamation is; 'what was said at the point you were sold the product/PPI?'

Cost.co.uk is an online comparison website that specialises in all insurance, monetary, travel and utility needs. Cost is renowned for sourcing its online users the best deals across these areas as well as producing a variety of information on these subjects. The latest information regards payment protection insurance, prompting Cost users to check if they are eligible for PPI reimbursement and how they can claim if they are.

Cost’s insurance expert shares his thoughts on PPI:

“The mis-selling of Payment Protection Insurance has been one of the biggest economic scandals in recent decades, affecting thousands and thousands of people with the banks and lenders having to shed out millions of pounds in refunds. If you believe you are eligible to reclaim PPI on your loan, here is how you can do so.”

  •     Check your policy- If you have a copy of your policy, you should visit your lenders or a PPI reclaim website FAQs section to double-check if your claim is valid. If you have lost your policy agreement or terms and conditions, you should contact your lender to obtain a copy- ensure that the T&Cs are appropriate with the date you took out your loan.
  •     Checklist-The main question regarding PPI reclamation is; 'what was said at the point you were sold the product/PPI?' You must also ask yourself the following questions to check your claims eligibility;
  •     Q1. Were you told it was compulsory?
  •     Q2. Didn’t realise you had cover?
  •     Q3. Were you told or sold the wrong thing?
  •     Q4.Unemployed, self-employed or retired?
  •     Q5. Have you had any medical problems in the past?
  •     Q6. Has your provider already been fined?

If you fit one or more of these questions, then you probably have a case.

(For more specific information surrounding these questions, visit a PPI reclaim website)

  •     Contact your lender- The next step is to write a letter to your lender and ask for a refund. There are a variety of templates and guides online to help you write the letter. Include any paperwork that you believe will aid your claim, keep a copy for yourself and send via recorded delivery.

If your lender replies stating that your claim has been rejected but you still wish to pursue the matter, you should make a formal complaint with the Financial Ombudsman Service. The service’s purpose is to settle disputes between financial companies and their customers- and it’s free!

The Cost team are also dedicated to keeping their consumers up to date with the latest news and developments in their industry.

Based in Essex, Cost is one of the UK’s leading price comparison sites. Allowing their online customers access to companies offering a range of insurance, financial and travel services, the firm specialise in providing a personal experience. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.

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Ben Austin
Cost
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