After you have decided to file your claim for PPI compensation there are two options which you can take; you can either file the claim yourself (can generally be a laborious process) or you can go through a claims management company (preferred by many people). There are pros and cons to each so it’s important to be aware of these.
Throughout this article we’ll be giving you an overview on both options and will explain to you which one would be best for your own circumstances. The amount that you could receive in compensation could rise up to the thousands so it’s important that you make the right choice and don’t overlook anything.
The General Claims Process
The general claims process can be quite easy to understand however, if you are inexperienced in the industry it can be quite daunting. It would certainly be beneficial if you were aware of all the ins and outs of the claiming process as this will allow you to stay one step ahead of your bank or lender.
Please take a look at the numbered list below to understand more about the claiming process and what you can expect when trying to receive compensation for mis-sold PPI.
1. Preparation – before filing your claim you need to go through your paperwork and make sure that you understand all the terms and conditions of any mortgages, loans, and credit cards that you taken out in the past years. There is a good chance that you haven’t been mis-sold PPI so this step can often be known as the clarification stage.
2. Filing – if you find out that you have been mis-sold PPI the next step is getting the contact details of your bank or lender. Chances are that they have a dedicated department to handle such claims. You will have to inform your bank or lender in writing that you wish to make a claim for compensation as a result of being mis-sold PPI.
3. Notification – after filing your claim you might have to wait anywhere from two weeks to 4 weeks in order to hear back from the bank or lender. You should receive confirmation in writing of whether your claim has been successful or not.
4. Further Action – if your bank or lender has denied your claim and you’re unhappy with the result, there are certain steps that you can take in order to get further clarification on the issue. You can contact the Financial Ombudsman Service who will review your case from an independent standpoint and make sure that everything is fair.
Filing the Claim Yourself
As you can see from the numbered list above, filing your claim can be quite a difficult process especially if you aren’t very experienced in that department. Nonetheless, many people still opt to file their claim themselves most probably because this gives them more assurance that their claim has been filed properly.
However, there are many times when someone will file a claim themselves but will also miss some very important details that could have helped their claim. This is just one of the reasons why many people opt to use claims management companies as they are more experienced.
How a Claims Management Company Can Help
A claims management company can help in numerous ways, they can guide you through the whole process and ensure that you are doing everything right. They can help you write your letter to your bank or lender so that you don’t miss any important details or include anything that could damage your chances of receiving compensation.
One of the most beneficial ways in which a claims management company can help is when someone has a busy schedule. Filing a claim for PPI compensation is usually a long and tedious process – those with busy schedules can simply employ the help of a claims management company who can file their claim from start to finish.
If you’d like some guidance with a payment protection insurance claim, this is the homepage of this site, which you can use to get in touch with some expert advisors, http://ppiclaimsonline247.co.uk