Given recent events in the PPI claims market, (with the announcement of the “PPI Claims Deadline” by the FCA) it is important that residents of the United Kingdom understand that it is important for them to put in their ppi claims as soon as possible.
Why Is This The Case?
Because of the PPI Claims Deadline it is expected that there will be an increase in the number of people making a claim.
The increase in claimants is expected to be a sudden increase, and it is due to take place once the awareness campaign is underway.
What Is The Awareness Campaign?
The “Awareness Campaign” is an advertising campaign that is set to take place in the summer of 2017 (this is when the influx of new claimants are expected to start panicking and inputting their PPI claims).
This campaign is the major part of a multi-million pounds initiative that is designed to inform members of the public that if they have an outstanding PPI claim, now is the time to begin the process to ensure they don’t miss the deadline.
This is considered an important aspect of the overall deadline, which is an initiative to (as much as possible) ensure the general public are informed as thoroughly as possible about the impending deadline.
What Options Do I Have In Terms Of Making A PPI Claim?
There are two primary options for people wishing to make a payment protection insurance claim.
Option 1: Claim yourself: this means handling all paperwork, chasing the financial institutions for updates handling all administration from the initial claims’ application, through to the completion of the claim and the receipt of the money as compensation.
Option 2: PPI Claims Company: Using a ppi claims company has with it a range of benefits:
(a) Having an individual who is experienced in dealing with PPI claims handling the claim on your behalf.
(b) Not having to spend your own time on management of your claims.
(c) Many companies’ operate on a no win no fee basis, enabling you to take the risk of making a claim without any upfront financial costs.
(d) If there are complications with a claim, PPI claims companies’ have specific experience in handling these situations, (for example if a claim needs to be submitted to the FOS (financial ombudsman service).
Ultimately it depends on your priorities as a potential PPI claimant, if you want to “save money at all costs” no matter how much effort it is to claim compensation for PPI then you may be fine with submitting the claim yourself.
If you would rather have the convenience of having an expert claim your compensation on your behalf then a “PPI claims management” company may be a good option for you.
No matter your decision on what is the best route to take, it is important to take action soon due to the expected increase in the amount of people wishing to claim PPI, so bear this in mind when considering your options.
So long as any new PPI claims are submitted before the end of August 2019 then this should be fine and you should have ample time for the claims’ process to be allowed the time to legally complete. (the PPI deadline is for the submission of new claims only).