There are two ways to make a PPI claim:
1. Through a PPI claims company
2. On your own
The process is the same either way but the workload, time, effort, hassle and number of phone calls you have to make will vary…
Use a PPI claims company and you’ll need to fill in some forms at the start and provide documents associated with the loan/credit card, then they’ll take care of processing the claim. This includes submitting the complaint, hitting deadlines, responding to the bank, dealing with issues and taking the claim to the FOS if necessary. They will, of course, take a fee – usually around 25% + VAT.
Do it yourself and you’re responsible for all of the above, but you won’t pay a fee if you win a payout. Back in 2012 around 75% of claims brought to the FOS were through PPI claims companies, but that figure is dropping as more and more free advice and information becomes available. Many people do claim back their mis sold PPI payments themselves but in order to make a PPI complaint you first need to know if you’ve been paying for PPI.
This is where our shiny new infographic comes in, it’ll take you through the process of finding out if you have PPI and show you how to claim PPI back yourself, soak it up…
So that’s how to make a PPI claim yourself – how smoothly it goes depends on the lender, their workload, the competence of their staff and how accurate you are with your form-filling. Remember to put the right address on when you took out the loan, add the joint account-holder if there was one and spell everything correctly – these are common mistakes that we see and banks LOVE mistakes as they’re a great excuse to delay responses and payouts.
Shortcut summary: There is no shortcut when it comes to claiming back PPI yourself, so check out the infographic above. Loads of people are claiming back PPI themselves, just be prepared for paperwork, phone calls and lots of waiting around for responses. Remember to be accurate with all of your spellings and details, banks love mistakes – they delay payouts.
This is part 3/15 – continue your PPI claims education…
PPI Claims 101 – 1/15 | What is PPI?
PPI Claims 101 – 2/15 | Should I Bother Making a PPI Claim?
PPI Claims 101 – 3/15 | How To Claim Back PPI Yourself
PPI Claims 101 – 4/15 | How To Find The Best PPI Claims Company
PPI Claims 101 – 5/15 | No Win No Fee PPI Claims Explained
PPI Claims 101 – 6/15 | What is a PPI Template Letter?
PPI Claims 101 – 7/15 | Credit Card PPI Claims
PPI Claims 101 – 8/15 | Mortgage PPI – The Hidden Windfall
PPI Claims 101 – 9/15 | PPI Claims Deadline – Forget One, Remember The Rest
PPI Claims 101 – 10/15 | The Information You’ll Need To Make a PPI Complaint
PPI Claims 101 – 11/15 | What To Do If Your PPI Claim Is Rejected
PPI Claims 101 – 12/15 | The Financial Ombudsman & PPI Claims
PPI Claims 101 – 13/15 | Payment Protection Insurance Consumer Questionnaire
PPI Claims 101 – 14/15 | How Long Does a PPI Claim Take?
PPI Claims 101 – 15/15 | Do I Need To Pay Tax On My PPI Refund?
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By John Gregory
John writes for a OracleLegal.co.uk as well as a number of financial blogs, he also create content for infographics, FAQ’s and personal finance sites. You can find him on Google+ and Twitter, get in touch – he doesn’t bite. Unless you’ve been mis-selling financial products.
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