PPI Compensation Claim Guide
Are you looking for advice on making a PPI compensation claim? Then be aware there are two ways to do this. One obviously is to try and make a claim yourself, and the second is to make ISEB-BA1a claim via an agent. The pros and cons of each method are detailed below to help you make your own mind up.
Claiming Yourself
By making a PPI compensation claim yourself you will: -
Cons
Your claim make take much longer than going via an agent, as the loan company will regard you as small fry and try to continuously fob you off with endless letters.
You may mistakenly only think you can claim back just the PPI payments (be they monthly or a one of payment at the start of the loan). Where as in reality you can claim back the loan agents commission, interest on the PPI at a legally backed 8% per annum, and even compensation.
You may ISEB-PM1stand a much lesser chance than using an agent to reclaim the PPI, and you will have to do all the work yourself, which is not as easy as some may state.
Pro
However you will save money on an agents commission.
Claiming Via An Agent
Cons
They will normally take a 25% commission.
Pros
If you claim via an agent you probably stand a 95% of them winning your PPI claim in full.
They will recover the money much faster than if you did it on your own. Sometimes in as little as 3 weeks.
You will only have to fill in a very simple form, which will only take a few minutes to fill in if you have your policy details to hand.
They will then handle all paperwork aspects of the claim for you.
They operate on a no win, no fee basis - you pay nothing upfront, and nothing if they lose the case.
So as you can see there are pros and cons to both routes, personally I would recommend going through an agent, sure they take a commission, but in return they handle all aspects of the claim for you once you have filled in a simple PPI claim application. For more information about the benefits of how easy it can be to claim and100-045 the benefits of claiming please read my signature below.
Claiming Yourself
By making a PPI compensation claim yourself you will: -
Cons
Your claim make take much longer than going via an agent, as the loan company will regard you as small fry and try to continuously fob you off with endless letters.
You may mistakenly only think you can claim back just the PPI payments (be they monthly or a one of payment at the start of the loan). Where as in reality you can claim back the loan agents commission, interest on the PPI at a legally backed 8% per annum, and even compensation.
You may ISEB-PM1stand a much lesser chance than using an agent to reclaim the PPI, and you will have to do all the work yourself, which is not as easy as some may state.
Pro
However you will save money on an agents commission.
Claiming Via An Agent
Cons
They will normally take a 25% commission.
Pros
If you claim via an agent you probably stand a 95% of them winning your PPI claim in full.
They will recover the money much faster than if you did it on your own. Sometimes in as little as 3 weeks.
You will only have to fill in a very simple form, which will only take a few minutes to fill in if you have your policy details to hand.
They will then handle all paperwork aspects of the claim for you.
They operate on a no win, no fee basis - you pay nothing upfront, and nothing if they lose the case.
So as you can see there are pros and cons to both routes, personally I would recommend going through an agent, sure they take a commission, but in return they handle all aspects of the claim for you once you have filled in a simple PPI claim application. For more information about the benefits of how easy it can be to claim and100-045 the benefits of claiming please read my signature below.
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