Most people think that it is better to apply for the compensation for PPI on an individual level. However, they should learn more and understand that there are various problems that you will face when approaching the banks to claim the compensation. Mostly, it happens that banks do not entertain such applications and say that the PPI was sold appropriately to the party and that there was no mis-selling involved. Therefore, it is a much better idea to approach the banks through the proper PPI claims company and get the rightful compensation. These companies successfully, settle down the claim in utmost 10 weeks.