When making a decision on how to claim PPI (Payment Protection Insurance), it majorly comes down to whether you want the professional PPI claims agency to do it on your behalf or desire to do it yourself. These are the two primary choices you have, and each has its own pros and cons. This article provides you both choices to help you come up with the best option, based on your set of circumstances and unique situation.
How to Claim PPI Yourself
There are certain things you have to put into consideration if you are planning to claim PPI for yourself; as these make the whole process efficient and easy. These include:
o Your account numbers
o Your paperwork
o The period to give to the process
o A Payment Protection Insurance claim form
The process of claiming PPI is relatively easy; assuming you have your account numbers and paperwork. It is just a matter of completing your PPI claim form after going through your records carefully. Ideally, it is important to note that you will have to complete a claim form for each claim form you desire to make.
Claiming PPI without Account Numbers or Paperwork
Claiming PPI without account numbers or paperwork is possible. However, it is not commendable to manage your claim by yourself if you do not have the account numbers and the paperwork since this needs some work, although it is still possible. Claiming PPI without account numbers or paperwork requires the following:
Run a Credit Check
Running a credit check on yourself is important because it helps you locate your financial history, and this is what most lenders consider prior to agreeing to grant you a loan or not. Moreover, running a credit check shows you every type of mortgage, credit or loan agreement you may have had in the past. The few services you can use to run a credit check are Noddle and Credit Expert. While Noddle is free all the time, Credit Expert has a 30-day trial period and is run by Experian. Once you get your credit history, go through it cautiously, in search of any instances of PPI. This prevents the PPI from featuring under a different name. Uncovering any policies you may have forgotten about is the main reason for running a credit check on yourself.
Contact your Financial Institution for Copies of your Paperwork
After finding all the agreements, which have, or had PPI attached, contact your financial institution for copies of your paperwork. Six years is the statutory period, which banks must keep your records. After this period, banks are not lawfully compelled to keep your files, and this varies from bank to bank in terms of what period they do keep records.
Proceed as Normal after Completing your PPI Claim Form
After receiving your paperwork from your financial institution, use the information displayed on it to complete your PPI claim form, and then send your claim to your lender for assessment.
Claiming Back PPI through Professional PPI Claims Agency
Claiming PPI through a PPI claims specialist is easier than when you do it yourself. It is just a matter of handing your claim to a PPI professional or a company who does everything as far as claiming PPI is concerned. However, this involves some fee. It is vital to choose a reputable firm so you can save time and avoid the unnecessary stress of claiming PPI by yourself.
How To Choose Claim Management Firms
A good PPI claim company will have no upfront fees that you would need to pay them. The company should offer this for free with no obligation on your part to take the claim further. This is in case you decide not to for any reason. Similarly, when a PPI claim company takes up your case, they should not lay a charge on you when you get nothing back. If they do so, be highly cautious. Having said that, you should exercise caution while signing any papers with them. The company should also be ready to offer any advice for free so that you can claim your PPI without problems. The company should not charge you anything in case you do not win the claims. You should, therefore, be careful while selecting a company that helps you claim your PPI.For more information visit here: howtoclaimppi.org.uk