What is PPI reclaim?

What is PPI reclaim?

Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill or disabled, loses a job, or faces other circumstances that may prevent them from …

What to do if you get a call from a PPI company?

For most people, the reclaiming deadline has closed, and firms won’t have put in complaints for you on your behalf without your knowledge. If you’ve previously put in a claim and get a call that you think might be from your bank, you can always err on the side of caution, put the phone down, find its contact number yourself and call it back.

When is the deadline to file a PPI complaint?

The official deadline for submitting a PPI complaint was 29 August this year, but some users have been in touch to say they are still getting calls telling them they’re owed money, even though they’ve never submitted a claim. What’s more, some fraudsters are even claiming to be calling from MoneySavingExpert.com. These, of course, are bogus calls.

Are there any reputable PPI claims companies?

Reputable PPI claims companies will invoice you after you have received your compensation or take their fee off compensation from the lender before sending it to you. We would also recommend against doing business on the doorstep. You’re at a disadvantage as you don’t have time to shop around or check facts.

Can you get a refund for mis sold PPI?

We are aware that people are being contacted out of the blue by phone, email or text message, and told they are owed a refund for mis-sold PPI. The refund promised is usually several thousand pounds. But if you’re asked to make a payment so that the money can be ‘released’, this is a scam that is sometimes called ‘advance fee fraud’.

For most people, the reclaiming deadline has closed, and firms won’t have put in complaints for you on your behalf without your knowledge. If you’ve previously put in a claim and get a call that you think might be from your bank, you can always err on the side of caution, put the phone down, find its contact number yourself and call it back.

We are aware that people are being contacted out of the blue by phone, email or text message, and told they are owed a refund for mis-sold PPI. The refund promised is usually several thousand pounds. But if you’re asked to make a payment so that the money can be ‘released’, this is a scam that is sometimes called ‘advance fee fraud’.

Can a PPI claim company send you a cheque?

We’ve heard recently of people who are called by someone who say they are from a PPI claims company and they are going to courier a cheque, but there will be a fee to pay in iTunes vouchers. It doesn’t work like this – no claims company can just send you a cheque. How to avoid this PPI scam.

Is the sale of PPI regulated in the UK?

Ed Monk, insurance expert for This is Money, replied: The response you got from the FOS is correct. The sale of your PPI was not regulated, even if the company that sold you the agreement was. Regulation of general insurance sales only began in January 2005.