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Why Use a PPI Claims Company to Handle Your Claim

Simply put, there are many websites out there that advise you to pursue your PPI Claim yourself. Even the Financial Ombudsman has a dedicated page where you can download their claims form, fill it out and send it off to the lender that you wish to reclaim your mis sold PPI from.

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What is a PPI Claims Management Company?

A PPI Claims Management Company is a company that offers their services to consumers  who are hoping to claim compensation in areas of claims such as:

  • Mis-sold Financial Products and Services

In return for their services a claims company will normally charge clients a fixed fee for any successful claims that they take on and run on behalf of the client. These fees can vary in cost from anything of around 15% to 40% of a successful claim.

A claims company may be helpful or beneficial to someone who may find the process of claiming difficult to do by themselves or where they do not have the time to spare to claim themselves.

Many PPI claims companies will work on a “no win- no fee” basis; which basically means that they are happy to run a PPI claim for you on your behalf and they will only charge you any fees if your PPI claim is successful.

So why use a PPI Claims Company?

Simply put it is a question of time vs money. There have been many cases where clients have come to us after trying to claim themselves and the lender has been evasive in providing the information requested as if stalling the claim.

This has taken up A LOT of the client’s time and effort which could have been better spent elsewhere. This is one of the main reasons why clients use us to process their claims. Other reasons include:

  • Eliminate the hassle from the client.
  • We take care of all paperwork and liaise with the lender on your behalf
  • We provide a FREE PPI Check meaning that if you have lost your paperwork, we can get in touch with the lender on your behalf and make a DSAR (Data Subject Access Request) in order to find out if you have had PPI on any of your policies.
  • Our fees are lower than a lot of other companies. Many charge 39% + VAT. Ours are 20%.

How to Choose the Best PPI Claims Management Company?

You do not have to use a PPI Claims Management Company to make a claim to Lender/Financial Ombudsmen Service (FOS)/ Financial Services Compensation Scheme (FSCS).

If you do choose to use a PPI Claims Management Company remember to check the following:

  • The costs of using their service
  • Their terms and conditions
  • Whether or not the claims company is regulated by the Claims Management Regulator in respect of  Regulated Claims Management services.

If a claims management company is charging fees upfront for their services you should really question why they are charging these upfront fees and whether you really do need to use their services as there are many claims companies that do not charge any upfront fees.

What to expect from a PPI Claims Company

When dealing with consumers, PPI Claims Management Companies must stick to strict rules. They must not:

  • Make marketing calls, send emails or texts if you have told them that you don’t want to receive them. Including if you have registered your phone number with the Telephone Preference Service.
  • Engage in any form of high pressure selling.

Sadly many PPI claims companies do use some of the above tactics when trying to market their business to consumers. It is these types of tactics that give the industry and PPI companies a bad name overall.

We are strongly against such practices.

PPI Claims Companies Fees And Charges

PPI Claims Companies are required to give you written information and details of the service that they are offering along with details of their charges and when you will be expected to pay them. This information should be provided to you before you sign any agreements with them.

PPI Claims Companies should not charge you any upfront charges, if you do hand over any money upfront there is normally a 14 day cooling off period in which you can ask for your money back within this 14 day period. If you cancel after this 14 day cooling off period they may charge you a cancellation fee. This fee should be reasonable and reflect any work carried out on your claim.

We Do NOT charge any up front fees.

Who Regulates PPI Claims Management Companies?

PPI Claims Companies are regulated by the Claims Management Regulator in respect of the Regulated Claims Management Services that they provide. The Claims Management Regulator is a unit of the Ministry of Justice. Make sure that the company you choose to claim back your mis-sold PPI is regulated.

Solicitor firms can also process PPI claims. These firms are regulated by the SRA (Solicitors Regulation Authority).

What is the Financial Ombudsmen Service (FOS)?

The Financial Ombudsmen Service (FOS) is a independent service that was set up by parliament in order to sort out individual complaints that financial businesses and consumers are not able to sort out themselves.

The FOS can look at complaints about most financial problems including mis-sold Payment Protection Insurance (PPI).

Once a financial business issues you with their final response you will then normally have a period of 6 months in which to get in touch with the FOS to see if they can help.

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