The Top 4 Myths About Reclaiming PPI

which way signAs you are no doubt aware, reclaiming PPI is big business. The banks and loan companies have set aside billions of pounds to pay back the innocent customers they stole from, and financial experts are predicting the compensation claims could continue until 2020.

Are you thinking about making your own PPI claim? If so, it’s important that you get the FACTS, as there are many myths out there that can be harmful to your success.

Here are the top 4 myths about reclaiming PPI:

Hiring a PPI claims company is a bad idea

There seems to be a lot of talk recently about PPI claims companies. Many so called experts are saying that using these companies is a waste of time and that you can make a claim on your own. This is simply not true.

Unfortunately, if you try to go it alone, then expect to be ignored or rejected by the banks. With this in mind, it makes sense to have a PPI claims company on your side, so you are able to tap into their vast knowledge and experience to make a successful claim.

Making a claim will hurt your credit score

As ppi claims online become more popular, there seems to be a harmful myth going around that pursuing your PPI claim will hurt your credit score.

This is completely false, as your credit score has nothing to do with PPI at all. Even if you make your bank or loan company angry by making a PPI claim, you will suffer no harm to your credit report.

I can’t make a claim if I don’t have the original paperwork

Another myth. At the end of the day, you might have been mis-sold PPI 10 or 15 years ago, which means there is a high chance that you no longer have the original paperwork.

In this kind of scenario, it’s best to contact a PPI claims company so they can run a search on their database to bring up all of the details about your loans and PPI policies. Once you have the information, then there is nothing stopping you from making a PPI claim.

Claiming PPI isn’t worth it

If you think that reclaiming PPI will only lead to chump change then you might want to reconsider your beliefs. In a recent study, it was shown that the average PPI payout is around £4000, with some lucky UK residents being awarded sums as high as £80,000!

Make no mistake about it, pursuing a PPI claim is most definitely worth it, and in these tough economic times a nice lump sum of cash will come in handy.