Repair Your Credit Profile

Bank charges are often confusing and hard to swallow when your hard earned money feels like it’s going down the tubes for no reason. You may not be able to avoid bank charges, but you can reclaim bank charges and get some or all of your money back. Bank charges come in many forms. Some of the most common bank charges are PPI (Payment Protection Insurance) fees, minimum balance fees, overdraft fees and monthly account fees. These fees may seem small at the time they are taken, but can add up when you aren’t looking.PPI

To claim back bank charges you need to know the charges you are paying and how they are calculated. Many banks use standard fees across the board for all account holders of specific accounts. The easiest way to see the fees you have been paying is to take a look at the last six months worth of bank statements and compare them to each other. If there are fees that seem to change, these may be dependent on the amount you have in your accounts. If you are uncertain about any of the fees you see, talk with your bank manager and ask for a clear explanation.

Now that you are aware of the fees and bank charges you’ve been paying you can consider the amount of time you had your accounts and get an estimate for the total amount you’ve paid. This is the amount you could be owed back. PPI payments are one of the major areas people work to reclaim. These plans are designed to offer relief in the event of a default on the loan payments. These plans are tacked on to many types of loans, lines of credit and financial accounts. You may never use this insurance and instead find yourself paying into for the life of your loans. A PPI claim is a great place to start reclaiming your bank charges and work to receive a PPI refund.

Mis SoldYou can learn how to file the claims yourself or hire the assistance of one of the many companies who specialize in bank charge refunds. If you have no idea where to start on reclaiming bank refunds, hire an agency with the experience you lack, you pay them out of your refund not upfront and they will likely offer to complete all the paperwork for you.

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