PPI Claims — How To Get Your Money Back
The statistics for PPI claims are quite staggering. It was originally estimated that the total bill for repaying customers that were mis-sold PPI would be around £4.5 Billion.
You only need to look at the current figures to see how comical that is now. The total amount paid out in 2014 alone was just under £4.5 Billion. And 2015 is on course to be roughly the same.
Since the beginning of 2011, a staggering £20.5 Billion has been paid out for successful PPI claims.
With millions of people still yet to make a claim, one wonders if the additional £5 billion currently set aside in provisions will be enough to meet the still-high demand.
If you’ve yet to start your PPI claim, this 3 part series will point you in the right direction for getting your money back. In part 1, we looked at what PPI is and gave an overview of the types of policies that were mis-sold and to whom they were mis-sold.
Now we’ll look at the PPI claims themselves: should you claim by yourself, or should you use a PPI claims company like us?
To round off the 3 part series, in part 3 we’ll look at the PPI claims companies available to handle your claim, should you decide to hand yours over.
Should I Claim PPI by Myself, or Through You?
There’s no right, wrong or one-size-fits-all answer to this one. Back in the early days of the PPI claims saga, dozens of new claims management companies were springing up every day. The vast majority of them were your typical jump-on-the-bandwagon-to-make-a-fast buck-and-give-everyone-a-bad-name-in-the-process type of companies.
The governing bodies such as the Financial Ombudsman Service (FOS) and Financial Conduct Authority introduced new measures to clamp down on these cowboy outfits. For the most part, it has been a good thing. No doubt some of those hucksters slipped through the net and are still operating today, but not many (we all hope).
Back to the question at hand: should you handle your PPI claims by yourself or with us, or a company like us? Here are the main points for you to consider:
1. How busy are you in general?
If you often feel like there aren’t enough hours in the day, then that might be a good reason not to handle your own PPI claims.
It can be easy to keep putting things off — even if they are important and could result in a boost to your bank account.
Many of our clients chose to hand their claim over to us for the simple fact that:
- They knew it would get done, and
- That it would get done as quickly and efficiently as possible
2. How organised are you?
Do you have all your paperwork neatly filed away, or do you have more of a ‘scatter approach’? You know, like wondering where you left your reading glasses, only to discover they’re sitting on top of your head!
Just gathering all the information and data you need can be enough to put many people off getting their PPI claims started. It makes no sense on a rational level, because one would expect people to be motivated when there’s money sitting on the table.
The reality, though, is often quite different. Inertia is something that affects most people at some time or another and there are many people that have failed to make a claim for this very reason.
3. Do you know all your account details?
This is similar to being organised in that if your paperwork is scattered around, lost or misplaced, then it’s likely you are missing account numbers. That might be for the PPI policy you wish to claim on, or it might be for the finance that the PPI was meant to cover, or both.
PPI claims can’t get started without account numbers. You can get hold of yours if you don’t have them to hand, but if you’re doing it alone, you will have to jump through some hoops in order to get them.
On the other hand, we have negotiated special agreements with most of the main banks and lenders that now means we can get PPI claims started without account numbers.
At the time of writing, we have an agreement like this in place with more than 50 different banks and lenders. This agreement isn’t available to individuals wishing to claim PPI by themselves, though.
Claim Alone, Or Hand It Over? A Roundup
So the answer to whether you should claim PPI through us or by yourself is largely dependent on the above factors. There is a fee involved when you claim through us — assuming your claim is successful — but you can rest assured the claim will be completed.
You can also expect to receive regular updates throughout the entire process so you’re never left wondering what’s going on. And if your claim does happen to be rejected by your bank, we will handle the entire appeal process with the Financial Ombudsman Service (FOS) for you too.
In the more unusual event that the FOS doesn’t find in your favour on appeal, we will also handle the second (and final) appeal.
If your claim gets rejected on that occasion too, you won’t pay a penny for all the work we would have done up to that point. A fee is only applicable on claims that are successful, i.e. your bank issues you a refund.
Part 3 — Which of The PPI Claims Companies Is Right For Me?
In the third and final segment of this 3-part series, we’ll expand on what we’ve just talked about — deciding which PPI claims company is best to handle your claim for you.