When it comes to the various financial processes which perhaps form the biggest part of our lives, most of us have a bad habit of not really calculating the real cost of whatever it is we do. Whether you’re drawing up a monthly budget based on your salary, taking out any form of insurance coverage or anything to do with working out the costs associated with financial transactions, most of us would be quite shocked to learn just how much money goes to waste if we did indeed take the time to work out the real total costs.
This particular time though our focus shifts to working out the cost of your financial claims as this is one of the biggest areas in our financial affairs where our perception of what it all costs is very different to what it really costs.
Case Study: Payment Protection Insurance (PPI)
The costs associated with filing and eventually getting a payout on your payment protection insurance claim start accumulating way before you’ve even filed your claim. By the time you file your claim and you receive your payout, if you do indeed go on to receive the payout, you’ve already spent quite a bit on organising your PPI coverage, from the event that led you to the realisation that you need payment protection insurance to the payout finally clearing your bank account.
Chances are you spent some money searching for an appropriate insurer, which could very well be done online, but some money is spent either way. You might have even had to pick up the phone and call a broker or you might have preferred to deal directly with an insurer in a bid to organise suitable PPI coverage. You perhaps even drove to the offices of an insurer to get the peace of mind that some people still derive out of physically dealing with the company they want to do a bit of business with. Either way, those are all costs which should be factored in to the calculation of the total cost of filing a financial claim.
In some instances you may even be subjected to some legal fees associated with your PPI claims, since you may need to get some legal advice or bring in the expertise of a specialist firm dealing with PPI claims and other financial claims.
Once you’ve mastered the skill of being able to calculate the true and total cost of filing your PPI claims, this methodology of just factoring in all associated costs can be reproduced in all areas of your financial affairs. It takes a bit of time to turn this practice into second-nature, but investing the time into getting it right will work out really well for you in the end. Ultimately, you will be able to save stacks of your money by just making simple but very strategic decisions such as choosing to use the online services of a legal company like Stanton Fisher to not only file your PPI claims, but also to check if you don’t perhaps have some compensation waiting for you which you didn’t know about.
