What Is A PPI Company 2014
If you have found that you are eligible to make a claim for mis-sold PPI then the next decision to make is whether or not you are going to use a PPI company. These companies are generally speaking legal companies that act on your behalf, speak to the right people and get your claim dealt with in the correct manner and in exchange for this they take a cut of the money that you receive from the claim. Some times you will find that PPI companies charge a very high fee for their service and could take up to 40% of the money that is owed to you which is exactly why many people are now making the claims themselves, putting the time in and reaping the full rewards.
However that being said there is absolutely nothing wrong with sitting back, putting your feet up and letting someone else do the hard work as after all, this is money that you didn’t know would be coming back to you and so you not feel if it is worth the effort of going through the whole process yourself, finding out how much you are owed, writing to the bank and chasing up your claim.
The trouble with the PPI claims industry at the moment is that as more and more people are becoming aware of PPI there are even more companies popping up claiming to be from a legitimate legal background but in fact are simply just people just like you or me, the only difference is they know how to make a PPI claim. Unfortunately we cannot provide a list of companies we would recommend at the moment however hopefully in the future we will have a resource compiled, based on our readers reviews that will highlight the best companies to use.
The Banks Role
The banks have put aside billions of pounds to cover the costs of the thousands of claims they are having to process at the moment which is why so many companies are trying to jump on the band wagon and get their cut of what has turned into a huge industry almost over night, LLoyds banking group alone have put aside over £3B for PPI claims and the numbers seem to keep rising as more people are getting clued up.
It really just comes to down to how much you need the money and how much time you have when it comes to making a PPI claim, as if you are skint and have the time to go through the process by yourself then it is obviously recommended, however if you look at it from the point of you as a bit of extra spending money then by all means using a claim company could be a great hassle free option.
PPI Companies Across The Web
If you are a reader of any of the popular finance blogs such as Moneysavingexpert.com then you will no doubt have been convinced that the only way to claim back for PPI is by doing it yourself, as much as we do agree with this in general you really need to way up your personal situation and decide the option that is best for you, some companies do not charge such high fees and could actually save you a lot of time for not a huge fee.