You have decided that there is a possibility that you have been cheated and bought into PPI or payment protection insurance. It is time for you to get justice. You want to take action but unsure whether or not to obtain what is called a claims management company.
A claims management company basically does all the work for you and handles the entire process of filing your PPI claim. If you are undecided on whether you should hire a claims management service or do it yourself then read on. You will learn what the actual process behind in order to file a claim.
If you are willing to take the steps and effort necessary to file a claim then you really don’t need a management service handling your claims. Read on to see if this process is worth undertaking.
What are the steps needed to file for a PPI refund?
1. Check whether you have actually been misled into paying for PPI insurance. Check your bills and records to make sure. If you are unwilling to do this then you can have the claims management service do this for you. Banks are actually sending many letters to people they have mislead. Check your mail to see if you got one.
2. File a complaint with the bank/insurance company in writing after you have determined you have been tricked. Send a copy of all paperwork that is related to the PPI. Showing adequate proof is important in order to get the refund.
3. Either you are getting rejected or being given a refund. 70% of all cases of PPI claims are being rejected. Within the event that you have been rejected it isn’t the end of the world. The next step is to file with the FOS (Financial Ombudsman Service.) Click here to check out the variety of forms that you need to fill out in order to dispute the bank rejecting you. You can only file with the FOS after the bank has received the complaint for 8 weeks and must make a claim within 6 months of being turned down.
4. Wait for the FOS to process your claim. This can take months to even several years.
After reading these this you should have some rough idea of the steps that you need to take in order to begin the procedure of filing your PPI claim. If you have the time to do all this then you can begin the process of doing so on your own. If you think that all this effort and time is not worth doing then a claims management service is the right choice for you.
Commonly charging 25% of the claim that you might receive – this is the price you pay for convenience. They will do all the work necessary in order to file your claim. All you have to do is pick up the phone or send an email and hire their services. They will handle everything for you. You can sit back and relax and wait for the day a check comes to your house.