PPI Reclaim: whether to go for a company or do it by yourself

If you think back to a time when you took out a loan or mortgage got a credit card or even for something big on credit like a sofa as a good chance you’re often PPI or payment protection insurance and all research shows that millions of people were sold the policy that was not suitable for them. This is mis-selling and if you’ve been mis-sold PPI, you can complain and get your money back.
 What Is PPI?
In short it’s an insurance that supposed to cover your debt repayment if you can’t work. For example if you are self-employed, unemployed, in temporary employment, on a fixed term contractor retired. You might not been able to use your insurance or if you have a pre-existing medical condition like Bad back, this may also stop claiming, if you’re unable to work and if these points weren’t made clear to you when people sold policy chances of you miss sold.
What exactly is mis-selling PPI?
When a financial services companies selling you a product, they got an obligation to explain exactly what they selling to you and also any significant exclusions and when it comes to something like payment protection insurance, they need to make it crystal clear that this is not optional extra, and not something you’re obliged to take out alongside the policy and that’s what happened with many people when they were taking out loans and credit cards, they were given the impression they had to take out PPI.
If you think you’ve been mis-sold, well making a complaint is easier than you might think. You can claim your ppi either through a company or you can do it by yourself.  The process of claiming the ppi is very easy:

1. Just fill out your details, and the details of your loan and PPR policy number in the form you can get online.
2. You need to write a cover letter to the bank or company providing them the reasons why you think that you have been mis-sold the PPI. Thus you are requesting your money back.
3. If you have any loan agreements and loan statements, you should attach photocopies of each.
4. Now the most important thing is that you must know how much amount you are going to ask from the bank to refund to you. Thus you need to make out few calculations. You can use PPI reclaim calculator.
5. This calculation will depends upon how much is the initial loan value, what’s the PPI value, the interest rate  of the loan, number of instalments you have paid till date and how much you paid till date.
6. If we search PPI reclaim calculator on google you will get hundreds of websites having this facility. You just need to make sure which is the most valid one.
7. You can either emailed letter directly all the details or you might have to print album posted.
8. The bank or firm have eight weeks to respond, and if you’re unsure about whether or not you have PPI there is an information on the website how find it out.

You can also take services of any claim company. For that you need to pay a certain amount of fees for their service which in turn will give a hassle free process of reclaiming the PPI. This will help in three ways:

1. The professional claim handlers have that much level of expertise that even the bank persist to reject the claims.
2. They take away the pressure from you by automating the claim process.
3. They knows the process of claiming the PPI, which an ordinary person doesn’t have, thus they are well prepared for any sort of problem that comes in the way of reclaiming.
4. You can continue you day to day work as usual and side by side you will get complete updates of the progress of your claim.

Thus there are various merits and demerits in going for a claim by yourself or through a company. It depends upon individual need and circumstances.