Claims management firms are flooding the UK with over 200 different PPI claims companies trading in and around Britain.
However, is it a good idea to use one of these companies to help you get back your money?
The true fact it is very possible for an individual living in the UK to get back their compensation without using an online claims provider, thoughts be careful because there are companies out there that will attempt to charge upfront fees, you do not have to pay an upfront fee for a PPI claim service.
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There are an abundance of PPI reclaim companies that are more than happy and willing to process your PPI claim on your behalf on a no win no fee basis, however it is necessary for you to have all the information available for when you make your enquiry because there are no PPI claims companies that can actually process a claim without the required information, contrary to popular belief.
The truth is the real value of the work that PPI companies do on your behalf is a negotiation with the large financial corporations in order to get the best possible settlement for your particular case, if you receive an offer that you are unhappy with when working with these companies then you are more than welcome to ask them to contest the decision and potentially get better results meaning a larger offer from the banks.
When dealing with these companies do not be afraid to ask questions they are there to help you achieve compensation payouts that you so richly deserve, due to the fact that you have been mis-sold payment protection insurance by one of the big financial giants, since the judicial ruling in 2011 it is the duty of British banks and other large financial corporations to reimburse for any mis-sold PPI policies and any associated premiums paid plus interest, by reclaiming your PPI premiums you are exercising your statutory rights as a British citizen
Certain payment protection insurance claims management firms have received some bad press in recent years this is due to unethical marketing practices that have landed them in trouble with the financial ombudsman, however most of these companies have since been dissolved and no longer continue to trade in the PPI reclaim’s markets so in this day and age when thinking about using a company.
However there is also another option: option B
The other option is to claim back your insurance premiums by yourself without the use of a claims management company.
Whilst this is not particularly a bad option it can be time-consuming and somewhat tiresome, the reason this is the case is because sometimes financial corporations provide certain obstacles in the way of you receiving a fast and efficient conclusion to your reclaim.
Contrary to what many people believe, it is actually in the bank’s best interests to get all inbound claims paid promptly to the British public to avoid further fines and other disciplinary actions against them.
However they do not seem to see it the same way as what would be termed common sense, because the banks and other corporations continue to delay claims meaning that claims management companies need to be extra vigilant and provides higher levels of pressure to these companies in order to achieve the fastest possible conclusion.
There are many people in the British public who have successfully reclaimed their compensation however there is a huge market for reclaim management and that is for a reason and that reason is because many people find the idea of pursuing and processing their own claim to be a long and tedious process due to some of these obstacles described above
The good thing about claiming your own compensation is of course there are no fees to be paid to anybody however you might still have to pay some tax if you are successful in getting your money back, however it is recommended that is if you suspect this is the case you take this up with the HMRC, (her Majesty’s revenue and Customs) as these people are best placed to advise you on any potential tax issues.