When it comes to PPI you should always DIY

14 May 2012
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Every advert you see these days seems to be from a company urging you to use their services to reclaim money from missold PPI policies (payment protection insurance).

The reason these claims firms are advertising so hard is that they are making a fortune. Their services really are money for old rope. Why hand over a large proportion of the cash you are due if you can do it yourself. If you think you have a valid claim all you need to do is follow my example.

I had an MBNA credit card for many years, and when I took out the card there was a small payment each month for PPI. I really didn't think much about it as it was only a few quid (yes, silly I know). I simply paid my monthly payment to the card provider at that was that until this year.


Working at Moneywise has many advantages, and keeping up with the latest rip-offs is just one. When I remembered about my PPI payments I knew to ignore the hundreds of claim adverts and go straight to my credit card company myself.

I dug out one of my old statements to find my account number and rattled off a letter to MBNA complaints department - I found their address on their website. It was a very simple but polite letter stating that I had paid PPI on my card for some years and i believed I was due a refund under the FSA ruling.

I had no idea if I would be due very much money, or if there would be piles and piles of forms to fill in to prove my claim, but I thought it was worth a shot.

Amazingly, within two weeks of writing I had received a reply from MBNA saying they were looking into my case. No requests for additional information or forms to be filled out in triplicate. A week later they sent me a second letter telling me I had been successful in my claim. They not only paid me back the money I had spent on the original PPI premiums, they also paid me interest on that amount and the interest it had added to my account balance.

I was astounded by the sizeable cheque they had sent and just how easy it had been to claim. If I had signed up with one of the claim firms they would have sent out the same sort of letter I had and for the cost of a stamp would be helping themselves to a huge lump of my cash. So don't pay to get your money back, just see what a bit of DIY can get you.