If your PPI has been mis-sold and now you’re trying to get it back (and even if you’re not), chances are PPI insurance claims companies have been courting you non-stop. You’ve probably been inundated with text messages; perhaps you’ve seen fliers. Or perhaps some random salesperson has stopped you before and advertised PPI insurance claims service that guarantees the speedy return of your hard-earned money.
And perhaps, if you’ve dealt with those uncooperative banks, you might be tempted to take them up on their offer.
Payment protection insurance (PPI) insures repayment of loans just in case you lose your job, fall ill, get disabled, or die. Now, the problem is it’s nigh impossible to claim your PPI stat. Several high-profile banks and companies have been mis-selling PPI on a large scale for over a decade. While the actual mis-selling has lessened ever since the government made a crackdown of these shady (but famous) companies, the people whose PPI has already been mis-sold are still have a tough time. These companies often reject claims or process them really slowly.
This is where PPI insurance claims companies come in. They act as fixers and middlemen, promising quick processing of your PPI insurance claims. But don’t be fooled. No matter how tempting it is to just let someone else handle your PPI because dealing with your bank is just so tiring, never ever hire a PPI insurance claims company.
Here’s the thing: PPI insurance claims companies don’t actually make processing of your claims go faster. In fact, hiring middlemen will probably make things even slower than they already are. If you really want your money back, get it back yourself. For another, PPI insurance claims companies get a significant amount of your PPI money for services, taxes, and other whatnot. You’re lucky if you get half of your PPI money back.
If you must get your money back (and you should), you’ve got to rely on yourself. Act on your own. Seek advice but never help. You’ve been conned once; don’t let PPI insurance claims companies con you again.
For reliable advice on how to get back PPI, check out PPI support communities (both online and in the real world). Many support groups were formed during and after the PPI fiasco, and there are several success stories among them. Listen to their stories and maybe you can follow their examples. Besides, misery loves company. Railing and cursing against your PPI company and/or the claims company you’ve mistakenly hired in a crowd might prove cathartic for you.
While you’re seeking advice from people who are in the same boat, you can dust off those old PPI transaction folders you haven’t seen in years and start re-reading those papers. Review all your contracts and transactions. Read the fine print. And then go to the bank and make your claim. As long as there’s nothing wrong with your records, they should begin filing and processing your claim.
However if your bank/PPI company is being stubborn (as is often the case), you can always file a complaint to the Financial Ombudsman Service. They’ll look into your case and force the bank to pay you promptly and completely. Use this as your last resort.
For more information visit http://www.goclaimppi.co.uk