Since the beginnings of the ppi claims boom in May 2011, there have been literally 100’s of 1000’s of people that have been putting in cases to reclaim compensation (whether they were due compensation or not) and this has put a huge strain on the resources of the financial ombudsman, with them bringing in more than 1000 staff in order to help clear the huge backlog of complaints that have built up over time as a result of the huge volume of people applying. Despite what many people are saying: it is actually possible to get your money back without the help of a claims’ management firm, but it is certainly not always as simple as “sending a letter” which is what certain “industry experts” would have you believe. And many of these people that are saying this, are simply trying to peddle you their own version of “free financial advice” which is actually not really free at all.
Claiming PPI For Free
If you want to claim your premium payments for free, there is a few things you will need to understand.
- You will need to gather up all of the information you have about the policy that you have been sold, this means all of the loans/mortgage documentation, credit cards/store cards statements, etc… You will need this because you will need to submit your evidence to the appropriate commercial body that sold you the insurance in the first place.
- You will need to be prepared to pursue the case alone, and you will need to know how to do this. So you will be researching online, making the appropriate phone calls to the financial ombudsman and the citizens advice bureau for their free guidance should you need it.
- If the corporations reject your claim, then you will need to pursue this if you want to receive compensation. This means that you will need to chase them up for updates and submit a compelling enough case that when they look at it they will agree that you deserve to be reimbursed the ppi premiums that you paid to them.
It is entirely possible for someone to get their money back alone… but…. I don’t mean to “put a downer” on reclaiming your money by yourself, but it can be a real pain. Some people would elect to pay a fee to a claims’ management company rather than pursue the claim alone, this is why the CMC industry is as large as it is. The reality is that people do not want to deal with the hassle and the stress of processing their own ppi cases. If you are one of these people who would like assistance, ppi claims 4 you are a good option for this eventuality.