In case your Payment Protection Insurance happens to be mis-sold and now you're looking to get it back (and even if you're not), chances are PPI insurance claims companies have been courting you non-stop. You've most likely been bombarded with messages; perhaps you've seen fliers. Or maybe some random salesperson has halted you before and advertised PPI insurance claims service that assures the quick return of your hard earned cash.
And perhaps, if you've experienced those uncooperative banks, you might be lured to take them up on their offer.
Payment protection insurance (PPI) guarantees repayment of loans just in case you lose your job, get sick, get impaired, or die. Today, the problem is it's not impossible to claim your PPI stat. A number of high-profile banks and companies have been mis-selling PPI on a big scale for over ten years. While the true mis-selling has reduced since the government designed a crackdown of these shady (but popular) companies, the people whose PPI had been mis-sold are have a tough time. These companies often reject claims or process them very slowly.
This is where PPI insurance claims companies come in. They work as middlemen and fixers, promising quick processing of your PPI insurance claims. But don't be tricked. Regardless how appealing it is to just let somebody else handle your PPI because working with your bank is just very stressful, never ever employ a PPI insurance claims company.
Here's the fact: PPI insurance claims companies don't make processing of your claims go faster. In reality, employing middlemen will likely make things even sluggish than they seem to be. In case you really need a refund, have it returned yourself. For another, PPI insurance claims providers get a tremendous amount of your PPI money for taxes, services, and other stuff like that. You're lucky if you get 1 / 2 of your PPI cash back.
If you should get your cash back (and you must), you've got to depend on yourself. Act by yourself. Seek guidance but never help. You've been mislead once; don't allow PPI insurance claims companies con you again.
For trusted advice on how to get back PPI, look into PPI support communities (both on the web and in the real world). Numerous organizations were created during and after the PPI disaster, and there are many accounts of success among them. Listen to their stories and maybe you may follow their cases. Besides, misery loves company. Railing and cursing against your PPI company and/or the claims company you've wrongly hired in a crowd might prove cathartic to you.
While you're searching for advice from people who are in the same boat, you may pull out those old PPI transaction folders you haven't seen for years and begin re-reading those papers. Review all your contracts and transactions. Look into the fine print. And then visit the bank and make your claim. Provided that there's no problem with your data, they must start processing and filing your claim.
If however your bank/PPI firm is being stubborn (as is necessary), you can always file a complaint to the Financial Ombudsman Service. They'll look into your case and pressure the bank to pay quickly and completely. Use this as your last measure.