UK consumers find making a PPI claim not as simple as it could look. Most would advise that they need to have all their billing documents together and they could simply ask bank assistance to collect their entire record from six years in the past. But it does not often work as simple as described.
Banks would reject or delay claims without notice. The time the consumer’s letter took up in the queue had been wasted but the long claim line in the Financial Ombudsman Service is another line. A 7 out of 10 favourability towards consumers is no guarantee that the claim can succeed — it could have been if consumers had more time off from work to make a claim.
The best way to ensure one has a mis-sold PPI claim is to call a claims management company. Contrary to popular belief and media portrayal, legitimate claims management companies such as HaveIGotPPI.org.uk exist. A good CMC would not charge an upfront fee or ask for a partial fee regardless of the PPI claim’s result.
CMCs will not pester consumers; instead, they would present themselves with an informative website and a PPI calculator to help consumers calculate the total APR, PPI compensation and complete refund they could receive from their offending bank. Do not trust “cold calls,” instead, ask friends and colleagues who may have used the services of better claims management companies to ensure results.