There are so many people who have reclaimed compensation for being mis-sold payment protection insurance recently (also known as PPI) that the banks and lenders have had to take extra measures in order to pay everyone back.
However, there are still a lot of people who have not reclaimed PPI for numerous reasons – one of the most common reasons why people aren’t reclaiming PPI is simply because they don’t have the time. Many people today have very busy schedules and so can’t afford to spend time dealing with banks and lenders – especially when they are unsure of whether they will receive compensation.
Fortunately, there are a few different ways that you can reclaim your compensation for being mis-sold PPI. You can either make the claim yourself (which can often be a long and tedious process) or you can opt to go with a claims management company who will provide you with advice and guidance on the issue. If you wish, they can also file the claim for you on your behalf.
Filing the Claim Yourself
Many people opt to file the claim themselves simply because they are unaware of going through a claims management company – however, filing the claim yourself can make the whole process much more tedious and can certainly make you prone to some stress and headaches.
If you still want to go ahead and make the claim yourself then grasping the basic process is quite simple. All you have to do is go through the paperwork of any personal loans, credit cards, and mortgages that you have taken out recently. If you have been mis-sold PPI then it should be included in there somewhere – if this is the case, write a letter to your bank or lender stating that you would like to make a claim for compensation.
You should receive a reply from your bank or lender within 2 – 4 weeks. If the bank have failed to pay you a compensation and you are unhappy with this decision then you can complain to the Financial Ombudsman Service who will make sure that you get a fair say with regards to the claim.
Going through a Claims Management Company
So as you might be able to tell, understanding the basic process of claiming is not too difficult – the difficult part comes when you have to go through the actual filing and fine-tune your letter to make sure that all the necessary details are included. This factor can make the whole process quite difficult and time-consuming so those people who don’t have a lot of free time will gladly use a claims management company.
Claims management companies can give you advice and guidance on your claim and help you go through your paperwork. In other words, they can ensure that you actually do have a viable claim and that you’re not wasting your time writing the letter. They can also give you further advice relating to making your claim and how much you should expect to receive.
You can benefit from simple advice and guidance, or you can get a complete service and allow the claims management company to file the claim for you on your behalf. It all depends on your circumstances and what you are prepared to go through in order to get your compensation.