These past few years, almost everybody is talking about getting hold of their PPI reclaims. So much hype has been created on how banks and financial institutions have maliciously sold PPIs (Payment Protection Insurance) to almost all their borrowers. You joined in the bandwagon and discovered in your loan agreement that you have been a victim of a mis-sold PPI. You do not have the time to go through the tedious process but the amount you are entitled to reclaim is so significant, you do not want to pass on the opportunity.
Making the Right Decision
You have decided you want to make a PPI claims company do all the dirty work of your PPI reclaims. That is not the end of the line. Actually, your work is just starting. You have paid hard earned money for a PPI you did not need. That was money down the drain. Now the drain can be released and the money reclaimed. You need to make the right choice amongst the mushrooming claims management company. How do you make the right decision? Do some research and get answers to these questions:
- How much do they cost? A legitimate claims company will usually charge a maximum of 15% of the claimed amount plus VAT. Cross out a claims company that will charge more.
- Does the claims company have a minimum guaranteed fee? If they do, it must not be more than 50% of the possible reclaim amount.
- Do they charge only for successful reclaims? Reputable claims companies only charge when they win your case.
- Is the staff assigned to work on your case highly qualified for the task?
You have been remiss on your responsibility of checking the paperwork when you applied for a bank loan. As a result, you were mis-sold a PPI. Be more cautious now; make sure you are working with the right claims company.
Establishing the Reliability of the Claims Company
After checking on the administrative details of the claims company, check on its reliability. First things first. Check if the claims company has a license number with the Ministry of Justice. If they are, then they are well regulated and have the expertise to handle your PPI reclaims. Check too, how long the company has been in existence and their batting average on successful reclaims.
If the claims company harps on the fact that they can guarantee your reclaim, will be able to guarantee a higher reclaim amount and the reclaim process is faster with them, they are exaggerating what they can do for you. Reliable and reputable claims companies do not emphasize these points.
Are You Better Off With a PPI Reclaims Company?
While you have the option to handle your own PPI reclaims, a claims company has the financial and legal expertise to handle your claim. If you have chosen a reputable claims company, for sure they have handled a lot of successful claims. The claims company may have even handled a claim with the same bank or financial institution as yours. More importantly, a claims company knows the right way to deal with the Financial Ombudsman Service.
Thoroughly check on the background of the claims company. Trust your instincts in making your choice. Only you know the answer on which company to choose for your PPI reclaims.