Claim back PPI online
Which? is launching a new service to help people claim back missold payment protection insurance (PPI) premiums online.
The tool is provides consumers with a simple way to put their claim forward - with an online form asking details on the loan agreement number, the name of the provider, and the reason why the policy was missold.
The information is used to create a letter that can either be emailed directly to the lender or printed off and sent.
Lucy Widenka, Which? personal finance campaigner, said complainers should have no need to be concerned about emailing complaints over standard letter.
"Nowadays any email is considered in the same way and people should not be concerned about not being taken seriously," she said.
"We have checked and where an email is not possible as banks have no email facility for complaints, you can still send the template letter by post."
She added: "Potentially two million people have products they cannot claim on, for example on exclusions on current medical conditions, being over 65 or being self-employed.
"There are still people out there who have still and they should check."
Despite proposed changes to the sale of PPI - stopping lenders selling PPI alongside loans, stopping single premium policies and only selling them after a cooling off period - Which? still maintains policies can be costly and problematic.
The watchdog warns adding PPI to a £7,500 five-year loan could cost an additional £2,000 to £3,000.
Ms Widenka advised people to look at income protection insurance polices or stand alone PPI and for people to look carefully at what cover they are paying for and what is not covered.
Furthermore, many PPI policies only pay out for 12 months and only cover minimum payments on products such as credit cards and store cards.
Which? adds single premium policies added to a loan mean interest is paid on the cost of the insurance and with PPI cover only lasting for five years the full term of a loan could not be covered - while the cost will still be paid.
The PPI reclaim tool is available at www.which.co.uk/ppiclaim
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- news ,
- payment protection insurance
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