Just like many other reputable financial institutions, Lloyds make it easy to make a payment protection insurance claim against it. They have a lot of money set aside to settle all the Lloyds PPI. Thus, if you have a valid complaint with good reasons against them, you should be assured that you will get a refund with out any delay.
How to make your claim
Hiring a company to make the claim on your behalf
When making the claim, you have the option to do it by yourself or hire a claim management company to make the claim for you. Despite that the claims management companies may succeed, there are a few problems that may arise. One, they do not know you well or your specific details. This means that when they make the claim on your behalf, they will make use of second hand information. You are also not aware of what they will use when making the PPI claim for you. Second, in case they succeed in helping you get the claim, they will have to take a certain amount of your refund. In addition, you may be required to pay them some upfront fee regardless of whether you succeed to get the claim or not. This means that in case you do not succeed, you may get into more financial troubles. In overall, it is not cost effective to use the claims management claim on your behalf.
Doing it by yourself
In order to get the best, it is advisable to make the claim on your own. One of the benefits you get is that Lloyds will not charge you any amount, so you end up saving a lot of money that you would have spent if you hire a company to make the claim on your behalf. Secondly, you are the person who understands your financial situations better, so you stay in full control by making the claim by yourself.
Filling the Lloyd claim form
The first thing to do before you make the PPI claim is to get the standard PPI questionnaire by downloading it from the Financial Ombudsman Service and have it printed. This is the firm that is used in all the financial services industry and makes it simpler for you to make the claim. The form help Lloyds find it easy to make assessments of the reason why you are making the claim to determine the validity. Therefore, instead of writing a letter that you may not be able to include all your information, the questionnaire will be more effective. It will also save the institution the need to reply back to you if they need any clarification and additional details about your complaint.
While not all sections of the claim form may be applicable to you as you make the claim, it is good to take your time and fill as much details as possible in all sections relevant to you. The form will act as the basis of your Lloyds PPI complaint, so it must be filled well and accurately.