Why should you use a PPI claims company rather than pursuing claims yourself? After all, the PPI claims company will take a fourth of your refund when they successfully resolve your case. If the average refund is £2,500, then that’s £625 even before you even see a penny of the money. However, there are some questions that you will have to ask yourself before you initiate claims proceedings.
- Filing for a refund can be time-consuming. If you have a day job, can you spare the time to handle the paperwork required as well as the follow ups?
- Do you know what to do? Unless you receive a letter from a bank informing you that you may be eligible for a refund and telling you what to do, how will you proceed if you believe you are entitled to a refund?
- What will you do if your claim is refused and you want to appeal? Do you know how to file a case before the Financial Ombudsman Service or the Financial Services Compensation Scheme?
- Are you getting everything you are entitled to when the bank or PPI provider settles your claim? Keep in mind that you are entitled not only to a refund but also to the interest accruing to the amount due you.
- What happens if the company that sold you the PPI policy is not regulated by the Financial Services Authority? In this case the case may be more complex than an ordinary PPI claim.
If you cannot answer these questions adequately, then asking a PPI claims management policy to handle your case may be a better option. Of course, you’ll have to pay a certain amount of your refund to the company but it may be worth it to ensure that there is a higher chance that your case will be settled successfully. You’ll also enjoy peace of mind because you don’t have to do any follow ups with a company that may not be cooperative. All you have to do is let the company do the work for you. And since most PPI companies work on a no-claim, no-fee basis, you won’t have to pay anything out of pocket if they cannot recover any money for you.