Can I recliam PPI myself?
It is possible to make a claim yourself. For this you will need to do some research. There are some resources online which will help you write a reclaim PPI letter. If you are quite knowledgeable about how financial plans and systems work, then you may find this a good option. There will be no fees to pay and you have full control over the whole process. When you let a company take care of everything you don't know if they are prioritising your case. However many will find the technical details baffling and it can take a lot of time to get up to speed with all the financial terminology and regulations. For the sake of convenience most people will be better off letting the professionals deal with it.
For anyone who does not know the answer already to What is PPI?
Payment Protection Insurance is sold as an add on for all types of loans. This could be a mortgage or just borrowing a little cash for a new car. These plans were mis sold by many lenders and the government has stamped down on this practice. Anybody who was mis led in the past is now able to file for PPI claims. Lenders in the UK have set aside billions of pounds for expected claims from unhappy borrowers. Many people paid more than a third extra on top of their loans for payment protection insurance. This means that lots of British borrowers are due hefty payouts.
Whichever route you decide upon. We recommend you act fast. Many people simply let these things get but to the back of their to-do list. You could be due a lot of money which you wrongly spent in the past. Either get the ball rolling yourself or let one of the PPI reclaim services take the lead.
