Personal Finance

PPI Claims – Is It Better To Claim By Yourself Or Use A PPI Company?

This article aims to explore whether or not it is better to claim back ppi on your own, for free OR whether or not it is better to claim ppi through a ppi company.

Claiming back ppi through a claims company.

Claiming back through a company will cost you a fee for the services rendered, however this helps with the process three ways:

  1. The level of expertise carried by the claims handlers is useful in the environment that the banks themselves persist in rejecting claims that should be upheld
  2. It largely automates the process of making a claim, taking the pressure away from the customer so that they can focus on other matters
  3. It provides a method of organised application, that aids the PPI claims process as a whole, as many people in the general domain will have no idea how to proceed on a claim.
  4. The claims company will update you on progress throughout the process of the claim, and this is convenient as most of the clients have day to day work and more important matters to deal with other than the processing of a PPI complaint.

Claiming back PPI on your own

  1. It is free, no fees payable to a claims company
  2. The process may be hindered due to a lack of expertise in the field of PPI claims
  3. There is no point of contact to let you know the progress in relation to your claim, and thus you are required to keep chasing for an update on your complaint.

Whichever way you look at this matter, there is always going to be a “for” and “against” argument.

However it is an irrefutable fact that members of the general public are inexperienced in matters of claiming PPI, the banks are systematically making it easier to submit a claim, but they are also making the claims process slower by delaying the process by rejecting these complaints that are later upheld.

The primary disadvantage of claiming with a company is the fact that there is a fee payable on completion, but it could be argued that this fee is justified given the amount of work required to process these particular types of complaints.

Many people have claimed back PPI without the use of a company, however it often takes much longer to achieve payout due to two main factors:

  1. They often have less time to focus on the completion of this claim.
  2. They simply do not know what to do if a reasonable claim is rejected.

In conclusion there will always be merit and disadvantage to claiming with a company and claiming alone, what matters is you make an informed decision based on your needs and your personal circumstances.

It might be worth contacting a finance company to find out their policy and their process on the completion of these complaints to find out if that suits your particular needs.

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