If you believe you have a valid claim for PPI compensation you don’t have to make your PPI claim through a solicitor or PPI claims specialist. You are perfectly entitled to make the claim yourself, so that you can keep all the PPI repayments that are due to you rather than having to pay out to middlemen. To make it easier for you it can be helpful to use a PPI template letter to ensure that you include all the relevant information.
You can find a simple ppi template letter to copy and paste at the foot of this page.
Am I entitled to a PPI refund?
That all depends on the circumstances under which you took out the policy in the first place. If the policy was included in your loan/credit card quotation, then in all probablility the policy was missold to you and you are entitled to PPI compensation. Also, if you were unlikely to benefit from the policy, for instance if you were unemployed or self employed and this was not expalined to you at the time , then again you may have a valid PPI reclaim.
If I employ a PPI claims company will I get the full amount?
Most PPI claims companies charge commission – usually between 12% and 25%. Most claims are straightforward and can be handled by the claimant personally. If your claim is not met, you can always contact the financial ombudsman yourself
Here is a sample PPI Template Letter for someone who is unemployed or self employed. You can adapt it to suit your purposes.
PPI Letter Template
[Name and address of the PPI provider here]
Account number: [Put your account number here]
I am about the above-mentioned payment protection (PPI) policy which I believe was mis-sold to me.
At the time of taking out the policy I was [or knew I would soon be] [unemployed/self-employed/retired/over the age limit] and was not told that under these circumstances I would not be covered [You can add further information here if required]
Unless you can prove that the policy was fair and reasonable and that I was treated fairly when I was sold the insurance, I claim a full refund of all premiums, and all subsequent interest on these payments, that I have paid to you in connection with this policy. I also claim 8% interest to be added to each payment I have made as this is the statutory amount a court would pay.
I look forward to your full and prompt response to this letter. If you have not settled the matter within eight weeks of this letter I shall be contacting the Financial Ombudsman to investigate my complaint.
[Your signature goes here]
[Your full name goes here]