A PPI reclaim is a method by which consumers are able to reclaim the money they have paid against mis sold payment protection insurance policies. Such policies have been deemed to have been illegally sold by many banks and insurance companies, or by agents and salespeople. If you, as a consumer, were affected by this and have a PPI policy that was not right for you or that you were mis sold, or even that you were unaware of, then you have a right to submit a PPI reclaim with the company that set up the agreement whether this is your bank, mortgage lender, or a company you used previously.
A PPI reclaim can amount to £5,000 to £7,000 or more in some cases and it can also help you save money on an ongoing basis. One of the biggest problems with mis sold PPI is that it was not actually a suitable product for the person it was being sold to and if this is the case with you then you may find, should you come to use it, that you will not receive the assistance you need to meet your monthly credit repayments. Submitting a PPI reclaim is the first step to righting this wrong.
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