This article’s purpose is to compare the positive and negative aspects of claiming back PPI yourself, or making use of a claims firm in order to facilitate the process.
What Happens When You Claim PPI Yourself?
When you claim back PPI yourself, the first thing that you need to do is find all of your paperwork in relation to the original financial agreement to being an investigation into whether or not you had payment protection insurance on the arrangement, (Often this can be difficult to ascertain because not every financial arrangement that has PPI, has any honest correspondance outside of the small print, so this requires some painstaking research).
Then you must contact all of your creditors independently to request that the PPI payment and policy is refunded in its entirety, this can also be awkward because some financial institutions will dispute your request for a refund, and thus sometimes this will need to have an associated court hearing, which in itself can lead to loss of earnings.
It has also been proven that when individuals attempt to make a claim for themselves the creditors are more inclined to argue the case for a complaint because they know that in order to dispute their resistance yourself, you would have to enlist the services of a solicitor.
It is possible to claim back on a PPI policy yourself, but unfortunately the banks do not make this a simple process…
What Happens When You Hire A No Win No Fee Claims Firm?
When you make contact with a PPI Claims company their experienced advisors will being the investigation of your claim as soon as you make contact, you will however have to co-operate with the company by providing them with the details that they ask for in regard to your financial circumstances.
With a PPI Claims company the claims process as a whole tends to run a lot more smoothly and the payouts are quicker as the banks are less likely to dispute the claim and offer less resistance because your creditors are well aware that the claims companies have extensive access to solicitors.
However one downside to working with a professional claims company is that there is an associated fee, (paid on success) for a successful PPI claim, so even though it can be regarded as a much easier process there is a fee for the service as a whole.
There are a large number of companies available to take any enquiries about a claim for compensation.