Why do I fear reclaiming PPI ?

Wrath_of_Kain

I have had various instances where i thought I had to take out PPI. I am now thinking of walking down the path that many appear to have already travelled and more sure to follow.

The reason I never jumped in before is because I seem to be adverse to hassle and fear that the process will in some way alienate me from the financial institutions.

Things that pop in my head:

Its more hassle than its worth
It will effect my credit rating
My bank will want me to move
Existing special rates on my loans/credit cards will be revoked
I may not get anything back anyway

I would appreciate feedback on the above and maybe help me get some of my money back to pay off other outstanding debts.

Thanks in advance

timmybear

Hi. Well before any or all of those thoughts, you need to be sure of the reason why you think you would be entitled to claim back PPI. Until you've got that far, the other points are going to needlessly eat away at your thought pattern.

dunstonh

Its more hassle than its worth
It will effect my credit rating
My bank will want me to move
Existing special rates on my loans/credit cards will be revoked
I may not get anything back anyway

You may not get anything but you might. The other things are not things to worry about apart from special rates. Where a deal was involved that you got special terms as long as you purchased an insurance product that is allowed. If you are in this scenario and they agree to your complaint, they can also revoke the special terms. Although in that situation, it is also possible that they would reject the complaint as the issue is not when the product is needed but when you are told it was needed when it wasnt.

You need to think about what your reasons for complaint are. That is the main thing.

tifo

none of the reasons are valid apart from the last .....

as for your first reason, you could pay a company to claim for you and take up to 25% + vat as a success fee ... i'm sure they'll be bothered to claim.

grubsup

Hi wrath of kain, I too was like you afraid they would close my account ect ect, they are not allowed to do any of this i claimed 2 month ago and now have 18,000 in my account go for it im gald i did best of luck .