What you need to know about PPI insurance claims companies

When asking refund for your PPI, it’s best to file the claim by yourself. Here’s why.

15:48 25 February 2013

A lot of people were mis-sold PPI or Payment Protection Insurance for the last 10 years. Since the scandal broke, a lot of people have made PPI claims. Because of this, more and more PPI insurance claims companies have also mushroomed offering services here and there. 

Their promise is pretty simple; they’ll file the claim on your behalf and you don’t have to pay them a penny unless they get you the refund. Sounds good, right? 

 

Well, what they don’t tell you is that their charges can be as much as 50per cent of your refund. Also, the part where they tell you that hiring them will speed up the whole process isn’t exactly true. In fact, getting middlemen to file your claim can make the whole process a lot complicated. 

 

So, if you were mis-sold PPI, your best option is to file the claim all by yourself. Don’t worry as it is relatively simple. Start by researching the things that you need to do and the documents that you’re going to need before you approach your bank or lending institution to ask for your refund. 

 

Next step is to write your bank. If you were truly mis-sold PPI, you should get your refund ASAP. However, if your bank is being stubborn, your next step is to write to the Financial Ombudsman who will pressure the bank to release your money. However, keep in mind that this should be your last option.