Is It Difficult To Make A Claim For PPI Compensation?
Claim Back up to 30 Years of mis-sold PPI
No Original Paperwork Required
The declaration that PPI had been mis-sold created a big issue among people who had been paying out for this type of insurance. Many people are constantly trying to claim their money back.
Two ways to claim PPI compensation
- Make the claim through a claims management company.
- Make the claim yourself.
Using an agent from a Claims Management Company
You can go to a no win – no pay agency. Once you contact an agent to handle your PPI claims, your hired claim adviser will begin to investigate your case. It is paramount that you co-operate with your agent, providing this expert with important documents and data that will support your claim.
The hiring of your claims company tends to make the process smooth. In many instances, the payout is made faster. These experts know what they are doing. so the insurer or bank may not be strict in screening the claim. Furthermore, the claims company has solicitors that provide advices to the clients or claimants. This makes the claim correct and the insurer or bank can be forced to compute the right amount. However, the difficult part is the payment of consultant fee which can amount to 25% of the total claim.
Making a claim independently
This just means that you are claiming the PPI benefits by yourself. While claiming the benefit under this scheme, the first thing you need to do is to compile your documents, receipts and evidences of payment that are related to the loan agreement. This will prove that payment protection insurance was collected. This can be a tough job as the lender might not have provided you with copies of the PPI – loan transactions.
When you have all the paperwork, you need to contact your creditors in order to file your request for PPI refund. This is another tricky endeavor because the bank may dispute your claim. There are times when you have to even go to court to prove your stand. This makes you lose interest in your claims because you will have to employ a solicitor.
The other problem here is that the bank may not pay you the right amount or may give you a lower amount. Then if ever the bank pays without resorting to court, the payment process can get stretched for several months.
Claiming your PPI refund without the help of a professional company can prove to be difficult. Just pay a small fee to your company and remain hassle free. If you do not want to pay the fee, you will have to endure expected difficulties and long process.