How Much Does It Cost To Reclaim PPI?

There has been so many payment protection insurance claims being made recently even though many people think that the scandal is over. PPI isn’t being sold any more, but there are definitely still a lot of claims to be made – there are many reasons why people aren’t making these claims such as: not a lot of time to dedicate to the claim, not quite sure how much it would cost, doesn’t understand the process.

Throughout this article we’ll be answering the questions and concerns that you might have regarding the cost of your PPI compensation claim – it should be noted that there is more than one way to approach this and this will impact your cost.

The DIY Method

‘The DIY Method’ is a method that many people decide to use if they have a lot of time on their hands and aren’t too worried about dealing with the banks and lenders – they are confident in themselves and their ability to get things done in a timely and effective manner.

A person who chooses to go down the DIY route will have to prepare their own paperwork, write their own complaint letter to the bank, post the letter to the department that handles the claims, and then follow up with any additional information that the bank needs or complain to the Financial Ombudsman Service if they don’t like the outcome of the claim.

This is by far the most cost-effective method as your only expenses will be your time and the cost of sending a small letter. However, many people don’t like to use this method as it’s quite complicated and opens the individual up to a whole array of problems (you are more likely to get the “run around” if you claim the compensation alone).

Asking for Professional Help

The second method that you can opt for is going through a claims management company – these are professionals who deal with PPI claims every single day and so they are very experienced in what they do and will be able to answer any queries that you might have regarding your claim and your compensation.

They will be able to guide you through the process and take care of most of the work for you – making it easy for people with busy schedules to make a claim – however they do take a small commission out of your compensation. Some people complain at this commission but with the amount of time and effort that the companies but into your claim it is only fair and you will have a much smoother experience with your claim because of them.

If you find yourself wanting to make use of a claims management service, there Is a recommended claims company here ready to handle your case.

This is a good option for people who don’t have the time to pursue their own cases due to other commitments, and is popular with many claimants in this position.