I was recently asked the question: Which of the PPI claimback companies would I recommend?

The short, simple and to the point answer was: None of them.

Because why on earth would you claim back possibly thousands of pounds that you’re owed, just to give anything from 10% to 30%, maybe more, to a third party – when you can do what they do just as easily?

I was working for a bank at the time and the question was posed by a customer. She’d been advised by her union that they would do her PPI claim back for her – for 30%! I believe the average payout is a little under £3000, so she may have ended up paying them aproximately £900 to make a phone call or send a letter she could do herself!

The bank I worked at had a dedicated unit with a free phone number for customers to call; the form is provided and the banks are under orders from the government to deal with the complaints as quickly as possible, irrespective of who make them: Claim back companies do not take precedence over customers going direct themselves and therefore will not be any quicker.

So do yourselves a favour if you think you may be owed money because of mis-sold PPI – contact the provider direct. There are plenty of free guides and templates to help, such as the one on the MoneySavingExpert.com website.

PPI in itself is not a bad thing; in fact, some people have cause to be extremely grateful for it. However, do shop around if you want cover in case you lose your job or are unable to work due to illness or accident. These are some on line providers, recommended by the Guardian: British Insurance, Paymentcare, iProtect, HelpuCover, Columbus and Ant.  British Insurance advised the Guardian that around £25 a month covers £1,000 worth of bills, but you can choose according to your individual needs.