DIY PPI Claims

Posted by on February 10, 2015

A lot of people were suckered into buying PPI backed loan policies without an understanding of what they were paying for, thanks to the illegal selling practices of banks throughout the UK. Since this was discovered, we’ve all seen the thousands of adverts run by law firms which specialise in PPI claims, to help people regain the money they spent on the payment protection insurance.

It is unfortunate that so many people have chosen to use these services, because the small claim courts which have established the PPI claim policies have made it very easy to do. All it takes to claim your money back is to send a letter to the bank responsible for the policy (using the template found on the money advice service website is a great idea) and gather all of the information you have on the plan, including evidence of payments you’ve made.

It is very beneficial to do your own claim, as it means that you don’t have to pay 30% of your payout to a “no win no fee” company. As they amount of work you have to do in both cases is typically the same, you end up saving time as well.

Posted in: Loans