Martin Lewis PPI Advice vs Claims Companies
Martin Lewis’s PPI claims battle has been raging for a few years now and he has almost single-handedly helped the people of the UK claim back their mis sold bank loans, credit card and mortgage payment protection insurance. Without his outstanding dedication to this subject you can certainly say that there’d be thousands of folk still wondering what the hell PPI is let alone have actually made a claim. Apart from his website (Money Saving Expert) he shares his knowledge whenever possible and makes regular appearances on UK mainstream television. Some of the many programs he has featured on include This Morning, Daybreak, The One Show, Watchdog and GMTV. He also had his own TV program imaginatively called ‘The Martin Lewis Money Show’.
He sold his financial authority website n Saving Expert to The Money Supermarket for the grand sum of £87 million in 2012 and now remains as ‘Editor-in-Chief’. There you will find good information on how to claim back PPI and advice on how to get the ball rolling using template letters and forms that can be downloaded for free. If you get stuck his forum is a good place to find the answer to your questions. You will also find PPI calculators to assist you in working out how much refund you can expect to get. PPI claiming help for loans, mortgages and other types of credit is covered. To get a clearer idea of what’s involved in the ‘Do It Yourself’ claiming process watch the video of Martin Lewis describing how it’s done.
With all this attention focusing on how to claim PPI back for free it must have been a constant thorn in the side of PPI claims companies that were advertising on the same channels. At one time you couldn’t get away from adverts being shown at every opportunity. Things seem to have eased off a bit now but with recent news of an investigation by the BBC saying many refunds were underpaid, it could spark another round of being bombarded by commercials.
Since first writing the article below much has changed in the PPI Claims industry and now claiming back mis sold payment protection insurance from major banks and credit card companies such as Barclays, HSBC, Lloyds, Halifax, Nationwide and TSB has become a lot easier. All of them now provide online dedicated ‘PPI complaint’ forms and so the need to use a claims company is no longer necessary when trying to get a refund from these creditors. They also have dedicated personnel to handle the complaints which has further negated the need for using a claims company.
However, if you have PPI sold to you by a non-high street lender things can be a little trickier as not all of them have the downloadable pdf or online form. PPI claims on catalogues and store cards such as Dorothy Perkins and Debenhams have been more difficult to get a refund on for some customers, as too have PPI on car finance deals. In which case you would need to download a claim form pdf or template letter from a third-party, such as Money Saving Expert. Better still is the online complaints tool provided by Resolver.co.uk. Resolver’s PPI complaints tool allows you to quickly and easily find the company you wish to complain to and then takes you through a process of simple steps to send an automatically created template email to them. It even sends information to the Ombudsman if you yourself are unsuccessful.
So which is better… using a claims company or doing it yourself?
The answer to this really depends on the individual and more specifically how confident the person is at basic personal finance. For most people claiming back PPI on their own is an absolute breeze and is super simple to do. Others however get very confused and shy away at the thought of the idea. We would strongly advise ‘doing it yourself’ as it probably isn’t at all as difficult as you think it will be. Of course you can go to a company but remember, it’s not free! In basic steps the following infographic shows how it’s done for both ways.
As you can see the ‘Martin Lewis’ way seems to involve a lot more work on your part than the PPI ‘Claims Company’ way but in reality even if you use a claims company you may still have to go through years of financial paperwork to find evidence for your claim.