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How to reclaim your PPI

Reclaiming PPI is easier than you may think and you could be compensated with hundreds or thousands of pounds in return.

The first step is to find out whether you were mis-sold PPI. Simply write or phone the company you had a loan with and ask. Most big lenders should be able to tell you over the phone whether you've had PPI either now or in the past. 

You can then ask the company who sold you the PPI insurance about their complaints procedure. For some companies, the procedure is very easy and only requires one phone call. For others, you may need to write a formal letter. The Citizen’s Advice Consumer Service or the Money Saving Expert website both have PPI template letters that you can use. You should include a copy of any evidence you have with your claim.

If the company who sold you the policy has been taken over, contact the new provider. And if the company has gone out of business, you can still reclaim by contacting the Financial Services Compensation Scheme .

If you don’t get anywhere claiming from the company who sold you the policy, don’t lose hope. Contact the free Financial Ombudsman Service and fill in their online forms to see if they can take on your case for you.

For more help on how to reclaim PPI, see Money Saving Expert’s simple step-by-step guide to making a PPI complaint.

You don't have to pay to claim

As there is a significant amount of money owed to consumers, claims management companies are getting in on the act. They promote themselves as 'no win, no fee', but they do not explain that this means taking around a third of any money you receive.

Claim handlers have no greater power to claim than you do. You still need to fill in forms to provide them with details of your complaint so they aren’t necessarily quicker or easier.

Further information

For more information: Call Age UK Advice: 0800 169 2081

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