In the UK the last 4 or 5 years, something called PPI reclaiming has become something many people are hearing and talking about.
What this does is it allows people whom were mis sold payment protection insurance a way to try to get money back that is rightfully theirs.
Many whom have received a loan, credit card or mortgage may be able to reclaim a good amount of money in which they made in PPI premiums.
Payment protection insurance is an insurance that will make repayments of some of your loans, credit debt, mortgage, etc in the event you are unable to work due to illness or accident, as well as if your job entered into redundancy.
PPI in itself really is not a bad thing, however, with the mis-selling of it by unethical sales people it is no wonder that the reclaiming is as high as it is.
If you feel you were mis sold payment protection insurance and wish to reclaim your money, you should first contact the institution which issued it.
You will have to fill out a questionnaire which was incepted by the Financial Ombudsman in 2010 which will be your initial complaint form.
You should visit the FSA website first and check to be sure that the company which sold the PPIto you is registered with them, if it is not, you do not need to fill out the questionnaire although filling it out will give you record of your information.
When you do file your PPI claims, you might be denied the first time.
This is typical, once your complaint is denied; you should write them another letter and tell them you will be forwarding your claim Financial Ombudsman.
Depending on how much you PPI you are trying to reclaim, the company may send you an offer to settle.
You can either accept it or deny it; you may want to tell them how much you are willing to settle for.
This does not always work, but sometimes it may.
If the above fails then it is time to file with the Financial Ombudsman (FSA), where filing is free.
It may take you some time and patience but statistics show that about 95% of the adjudicated cases are for the consumer.
Please note that even if your loan, credit card or mortgage has been paid back, you might still be able to get your money back by filing the PPI reclaims as soon as possible.
There are many websites online that may be able to help you with the process.