mistake whiteboardIf you watch the news or read the newspapers, then you will be aware that the UK is currently in the middle of a ppi claims boom.

Millions of innocent people were wrongly sold “dud” PPI policies, but now the banks are having to pay everyone back.

Want a piece of the pie? If so, then you should avoid these huge PPI mistakes…

Not finding out if you are owed PPI

One of the most common mistakes is trying to reclaim PPI when there is no claim in the first place. This can end up wasting hours of your time, so it’s a good idea to find out for sure before you set the wheels in motion.

Not speaking with a PPI advisor

Because PPI is such a hot topic right now, there are certain companies that offer PPI advice completely free of charge. All you have to do is supply them with a few basic details, and then they can look closer at your case. Also, if you wish to proceed, then a PPI advisor can contact the banks on your behalf, which means you don’t have to do any of the “heavy lifting.”

Not using a PPI template letter

Maybe you have decided that you are going to reclaim PPI by yourself? If this is the case, then you should save time by using a PPI template letter. These are free to download on many trustworthy sites, and then you simply fill-in the blanks with your personal details.

Not using a PPI calculator

Not sure how much PPI you could be owed? To decide whether or not a claim is worth your time, use a PPI calculator to get a better idea of the amount of money involved. You can usually find a PPI calculator on the sites that offer PPI template letters.

Not spending the money wisely

Once you have been successful in your PPI claim, then you will be awarded a check, which could go into thousands of pounds. While maybe not a life changing sum of money, it can definitely be put to good use, so you should think carefully before splashing the cash.

As an example, you could invest the money in precious metals such as gold, silver, or platinum, so you have something to fall back on when you retire.

On the flip side, maybe you just want to treat yourself, by spending your PPI money on clothes, gadgets, or a brand new car? Ultimately, it’s your decision!