3 Tips For Choosing The Best PPI Claim Company
Finding the best PPI claim company to help you win back your money from mis-sold PPI needn’t be a chore. There are a few simple things you can do and look out for that will make the process easier for you so you feel confident with your decision.
One good thing is that while not every PPI claim company can necessarily be called the best, many of the shady companies were shut down by the Financial Ombudsman Service a couple of years ago.
That’s not to say that some shady set ups aren’t still in operation, because unfortunately there are, but they’re much less now than they were back then.
The Best PPI Claim Companies Have Special Arrangements In Place
When you’re doing your research to find the best PPI claim company, check that they have negotiated with the main banks to give their clients privileges that individuals unfortunately don’t get when claiming on their own.
A few years ago, when the PPI scandal broke, each individual PPI claim had to be submitted with an account number. For some people, that made getting their PPI refund close to impossible.
A lot of the mis-sold PPI policies that can legitimately be claimed on were sold so far back that the policyholder had either forgotten about the policy entirely, or they remembered having it but couldn’t remember the account number.
It was much like forgetting your password for your email service and having no system for recovery.
That’s now changed for us and we are able to help people with forgotten account numbers claim anyway. We negotiated with the main banks a way to claim when account numbers and entire accounts have been forgotten.
All we need to claim PPI is your full name and previous address history and that will allow the bank to run a check across its system for any policies that have PPI attached.
It doesn’t stop there either; not only will the bank run a check on its own system, but it will also run a check across its entire network, which is linked up to all its sister companies.
Of the many PPI claim companies available today, not all of them have this arrangement in place.
They Will Also Have A Transparent Fee Structure
The very nature of being mis-sold a financial product means, quite simply, that you were duped out of your money. The last thing you want to happen to you when trying to claim that money back is to be duped yet again.
So when you’re looking for the best PPI claim company to handle your case for you, be sure to check their fee structure. Specifically, make sure that:
They don’t charge you anything up front, and
They work on a no win, no fee basis
No Upfront Fees
The best PPI claim companies will be willing to look at your potential claim before you commit to hiring them or not and will tell you if your PPI policies were likely to have been mis-sold and how likely you are to win back your money.
They should offer this for free with no obligation on your part to take your claim further if you decide not to for any reason.
If they try to charge you an upfront fee before even doing any work for you, be extremely cautious (in other words, move on to another claim company).
No Win No Fee PPI Claims
Similarly, when a PPI claim company takes on your case, they should work on a no win no fee basis. In short, if it turns out you weren’t mis-sold PPI or you simply don’t have PPI as you had thought, then there should be no charge to you for any work carried out.
Again, if a company tries to lay a charge on you even when you haven’t won anything back, be very cautious. Having said that, the caution should be exercised before you actually sign any paperwork with them.
If you sign an agreement when there are fees hidden in the small print, then you’ll most likely be liable to pay. It’s these kinds of incidents where a small minority of shyster PPI claim companies give everyone in the industry a bad name.
They Are Happy To Offer PPI Claims Advice for Free
The whole financial world can be daunting for some people and it can be difficult to know who to trust. That’s one of the reasons why so many people still haven’t put in their PPI claim: they’re too unsure to do it themselves and too fearful of being duped again to trust someone to do it for them, so they remain stuck at the level of inaction.
Getting PPI claims advice without any pressure to take things further if you decide not to should be standard.
We want you to be happy with your decision to have us win back your money from mis-sold PPI and that starts from the very first point of contact. If you have questions or need any advice, we’re happy to chat with you and to answer your questions.
Are we the best PPI claim company for you? We think we are, but that decision ultimately is yours. Get in touch with your questions and take it from there, with no obligation.
You Might Also Be Interested In…
Keen to know what you’re likely owed from mis-sold PPI? Read through the PPI Refund Calculator Guide to learn how to get an accurate refund figure.
Are you entitled to compensation if your PPI was mis-sold? This article answers that and related questions.