How to go about filing PPI claims
Will it be advisable to seek the help of professionals for PPI claims or just do it yourself?
13:00 28 October 2013
Borrowers who have been victimised by mis-sold PPI may be in a dilemma over deciding to take steps to claim on their own or acquire the services of a PPI claims company.
Using PPI claims companies
The first thing you have to consider when claiming through a PPI company is that there will certainly be fees involved.
The benefits that you can get from these companies which can make the fees worth it are:
- Expert handling of the claims can be expected
- Their expertise in PPI claims handling enables them to counteract and handle rejections that are usually used by the banks to discourage PPI claims.
- The method of filing the claim will be more organised as it follows the prescribed procedure which ordinary citizens may have no knowledge of.
- The claims company provides its clients with updates on the progress of the claims which is expedient since these individuals may also be working or attending to their businesses and might have no time to closely monitor the proceedings after the claims has been filed.
Filing PPI claims on your own
- No service fees to pay and no split of the reward
- The tedious process of filing PPI claims and finding the right people may be enough to discourage you from proceeding with your claim
- You might not have the expertise to follow through the process and deal with the banks who are well prepared to refute your claim
There are certain advantages and disadvantages in each manner of claiming. The fact remains that most of the clients who have been mis-sold the PPI and thus need to claim lack the experience to deal with matters regarding the PPI claims in the first place. Though the initial step of filing the claim seems easy, it is a slow process and the delaying tactics used by the banks that can drive the claimant up the wall.
Whether you choose to do it yourself or use the services of a PPI claims company, what is foremost is that you exercise your right to claim back the mis-sold PPI.