Payment protection insurance has been the UK’s biggest financial scandal since 2007. A number of banks including high street Lloyds, Barclays, HSBC, and RBS have also been involved. In total, the UK is owed £40 billion because most of the insurance policies have gained interest over time.
Most authorities, including the Financial Ombudsman Service, encourage consumers to make a claim by themselves without any claims management company’s help. The FCA is correct that anybody can make a claim. However, making an efficient claim that yields results in the shortest possible time is a different story.
Different Organisation, Different Rules
Claimants will be dealing with different organisations. While the FCA may say the PPI claims process is streamlined, the truth is far from such. Each organisation has its respective implementations for each rule. This means they can bounce you through different departments to either discourage you or due to their truly lagging customer experience.
Time is More Valuable Than Money
Your time is definitely not worth the hassle you will subject yourself. An average PPI claim can yield about £3,500 on average. If you make a claim by yourself, then you can get the entire refund in full. Unfortunately, this might mean sacrificing a weekend or even a workday to completely process.
The FOS Game
Indeed, the Financial Ombudsman Service can help you make a claim and finalize a decision in your favour regardless of bank protests. However, this also takes time. The FOS may also inform you of additional information you might need to procure. In addition, the FOS is also dealing with thousands of complaints per week. Indeed, it would be a better idea to make a claim with a representative to save yourself time and the hassle of making a complaint.