On the topic of PPi claims, many people are wondering: “Is it worth claiming PPI myself?” and “shall I DIY my PPi claim?” on this page we will explore the pros and cons of ‘do it yourself’ ppi reclaiming and if you should use a ppi claims company to handle the claim on your behalf instead.
Advantages Of Doing It Yourself
If you choose to reclaim your own PPI compensation, you will be in full control of the management of your own case, which some would see as an advantage or disadvantage depending on point of view, if you value the process of pursuing your own claim as opposed to the conveinience of having a company handle this on your behalf then handling the claim yourself may be the way to go.
Another advantage of claiming yourself is the fact you won’t have to pay money to a claims management company, which means a saving, you may or may not be worried about money being due to a claims management firm or you may prefer to do it yourself (which means you basically trading your time for saving money).
Beyond the above two points it is difficult to see any further advantages of claiming PPI without a company, as a claims management company basically handles the claim on your behalf and contributes very significantly to helping you win PPI compensation.
Disadvantages Of Claiming PPI Yourself
Firstly, if you decide to claim your own PPI compensation you will need to approach this ‘your way’ meaning you may have to make enquries and trace and chase up investigating on your own behalf. Some may not relish the opportunity to chase their own compensation.
You may run into difficulties with your claim and therefore may have to chase up with the ‘Financial ombudsman service’ which can potentially take some time and you will need to craft your own responses and correspondance to them.
You may be chasing up after something you are not owed.
You may run into a situation where you require (or would benefit from) expertise in the field of claiming PPI compensation, which may slow things down in your claim.
Having A Company Manage Your Claim
An industry has been made from the fact that many people (despite the knowledge they can claim payment protection insurance themselves) would rather reclaim their PPi using a company (thought to be due to matters of convienience and preferring to have an expert handle the claim and not do it themselves).
There is the ‘money factor’ to take into account with claiming PPI, if you use a claims management company you will need to pay a fee, but be sure to check the company offers their claims’ service on a *no win no fee basis, this way you can avoid upfront fees as much as possible.
If you would like to have your potential PPI claim checked by an expert claims’ adviser get in touch with us and we can find out if you are owed PPi and proceed with a claim on a no win no fee basis.