How To Claim PPI: A Definitive Guide To Getting Your Money Back
When weighing your options on how to claim PPI, it mostly comes down to whether you want to do it yourself or hand it over to a professional PPI claims company. They are the two broad choices you have, each with their own set of pros and cons.
This guide on how to claim PPI will examine both options to help you make the best choice for you, based on your unique situation and set of circumstances.
How To Claim PPI Yourself
As with many things in life, the actual process of claiming PPI is relatively simple, but not always necessarily easy.
If you’re considering claiming PPI by yourself, there are a few things you’ll need to have in place in order to make the process as efficient and simple as possible:
- Your paperwork
- Your account numbers
- A PPI claim form
- The time to give to the process
Assuming you have your paperwork and account numbers, the process of claiming back PPI by yourself is fairly simple. It’s just a matter of going through your records carefully and completing your PPI claim form.
Do remember that you will need to complete a claim form for every claim you wish to make.
Can I Claim PPI Without Paperwork or Account Numbers?
It is still possible for you to claim PPI without your paperwork or account numbers. If you’re handling your claim by yourself, it will require some work, but it is possible.
Here’s what you’ll need to do:
1. Run A Credit Check
To locate your financial history, the best thing to do is to run a credit check on yourself. This is what any lender does before agreeing to grant you a loan or not and doing so will show you every type of loan, mortgage or credit agreement you may have ever had.
Credit Expert is run by Experian and has a free trial period of 30 days, after which time it’s just under £15 per month. You can sign up, use the service and then cancel before the month is up to get your credit report for free. Noddle is free all the time.
Once you have your credit history, go through it carefully, looking for any instances of PPI, keeping in mind that it may go under a different name to ‘PPI’.
One very good reason for running a credit check on yourself is to uncover any policies you may have forgotten about, which happens more often than you may think.
2. Contact Your Bank For Copies of Paperwork
Once you’ve found all the agreements that have, or had, PPI attached, you can then contact your bank for copies of your paperwork. The statutory period that banks must keep copies of your records is six years. After that time, they are not legally obliged to keep your records and it varies from bank to bank as to how long they actually do keep records.
3. Complete Your PPI Claim Form and Proceed as Normal
Once you receive your paperwork from your bank, simply use the information presented on it to fill in your PPI claim form with the required details. From there, it’s simply a case of sending your claim to your lender to be assessed.
The Other (Simpler) Way To Claim Back PPI
If all of the above was beginning to sound like a bit too much work for you, but you’d still like to claim back PPI, you may want to consider handing your claim to a PPI claims specialist.
There will be a fee involved, but as long as choose a reputable company, you reap that back in time saved and, perhaps more importantly, in avoiding unnecessary stress (of course, you might not get stressed handling your PPI claim yourself, but many people do).
How To Claim PPI Without Paperwork or Account Numbers (Revisited)
We just covered this, so why on earth are we mentioning it again? Because lost or forgotten account numbers and paperwork is a common problem for many people wanting to know how to claim PPI. And many of those people don’t have the time or resources or inclination so go through what can be quite a laborious process of running a credit check.
There is a much simpler way to claim PPI when you no longer have account numbers or paperwork.
We have negotiated an agreement with many of the main banks and lenders whereby you no longer need to provide an account number for every PPI claim you wish to make (as was the case previously).
Now all you need to claim against many of the main lenders is to provide your full name and previous address history and that will allow your bank to run a check across their entire database for your entire loan, mortgage and credit history with them.
In some cases, it will also allow them to check against not just their own database, but also the databases of their sister companies.
Unfortunately, this arrangement is not available to individuals wishing to claim by themselves, it’s an agreement that we have managed to come to due to our now quite extensive relationship with the banks and history of handling thousands of claims with them.
A Summary of How To Claim PPI
Claiming PPI is relatively simple, but not always easy. If you have all your paperwork and account numbers, all you need to do to claim PPI is complete a PPI claim form (one for every claim you wish to make) and submit it to the lender you wish to claim against.
If you no longer have your paperwork and/or you can’t remember your account numbers, you will probably need to run a credit check on yourself, either through Credit Expert or Noddle.
Once you have your credit report, you’ll need to spend some time going through it to find all of the loans and other credit agreements that have (or had) PPI attached. Remember, PPI also goes by other names, so be vigilant when you’re looking for it as you could skip past it if you’re not careful.
If you’re wondering how to claim PPI more simply than the two options just mentioned (especially if you don’t have your account numbers), then the last option will appeal to you.
We have negotiated a special arrangement with many of the main banks and lenders whereby we can get your claim started with just your full name and previous address history.
It’s an arrangement that’s only available to us and a handful of other PPI claim companies unfortunately. So if you wish to handle your claim yourself, you will need to go the somewhat longer route mentioned above of running a credit check on yourself.
Which Banks Does This Arrangement Apply To?
As silly as this may sound, we can’t actually give that information on our website. One of the clauses of the agreement is that we can’t say which banks this does or does not apply to.
To find out if your bank is one of them, get in touch either by phone or by popping your details in the short form above and we’ll let you know.
Don’t worry, it’s not a clever marketing trick to get you through the door; you won’t be pressured to pursue your claim further if you choose not to.