How Can You Claim Back PPI?

There are many things that are not properly understood about payment protection insurance. The UK was hit hard by the insurance scandal that started some time ago. There are literally millions of people that were cheated by dishonestly added insurance policies. Every single person that took out a loan in the past few years has to look at the policies that were included in the signed contract. If you were not informed about the inclusion of PPI or if you were forced to get it as a condition for the main loan to be offered, you can get the money that you paid for PPI back. You can use the money for any expense or for startup financing capital.

In the event that you have to claim back PPI, there are 2 options that are available for you:

  1. Using the services of a PPI claims company
  2. Learning how to claim back PPI yourself

With so many types of insurances from stock market insurance to contractor insurance, it should come as no surprise to realize the fact that using the services of a PPI claims company is a really good idea.

The company will basically help you all around the process. All that you have to do is offer the documents that are required and fill some forms. The process will then be completed by the representatives of the company. A professional will take care of deadlines, dealing with various FOS issues and submit your complaints. However, you are going to have to pay a fee. In most cases the fee is 25% plus VAT. It may seem like much but you will not have to disrupt your life as the professionals take care of everything for you while you go on with your life.

In the event that you want to start the claim back process yourself, you have to be prepared for the uphill climb that is ahead of you and read blogs that are informed like http://www.xpertmoney.com. The huge advantage in this case is that you are not going to have to pay that fee. However, statistics show that three quarters of the claims handled by FOS were put in through the services of a PPI claims company. This is mainly because of the time factor.

When you go through payment protection insurance claims, you will need to meet with different insurance company representatives and there are cases in which you will even need to lose time from work. There are cases in which this is not possible. At the same time, you may end up with losing much more in the process than the 25% you would pay for the services of a professional.

On the whole, you need a lot of advice when you want to claim back mis sold PPI. Everything starts with figuring out if you were paying for such an insurance protection in the first place. If that is the case, make sure that you look at the various market opportunities and decide whether or not you want to work with PPI claims companies. The truth is that in most cases this is what you will want to do.

Author: Eddy

Eddy is the editorial columnist in Business Fundas, and oversees partner relationships. He posts articles of partners on various topics related to strategy, marketing, supply chain, technology management, social media, e-business, finance, economics and operations management. The articles posted are copyrighted under a Creative Commons unported license 4.0. To contact him, please direct your emails to editor.webposts@gmail.com.