Even though the primary purpose of PPI policies is to protect the policyholders from the inability to cover their own loans or financial purchases, it is no secret that many of them ended up as victims of mis-sold or misrepresented PPI policies. That is why many of these individuals resort to filing PPI claims, in order to recover their insurance money and avoid falling into even greater debts.
If you are a victim of a PPI foul play, you should waste no time and file a PPI claim as soon as possible. However, don’t make the same mistake that many others have done and try to handle the process on your own. Instead, hire a professional PPI claims company, one that will successfully manage the entire process and substantially increase your chances of reclaiming the insurance money. However, due to the extent of the PPI scandal, there are a plethora of PPI experts and companies out there nowadays, who are offering services of varying quality. In order to find the most reliable company, visit the website and try relying on the following tips.
Check The Feedback & Reviews
Before you start your search, make sure to check the feedback of previous clients. This will allow you to see what their impressions are and what they have to say. The clients usually talk about how courteous the experts were, were they able to adequately explain the procedure, and how they handled all their concerns and questions.
Check The Payment Options
To reclaim ppi, most of the companies do not require an upfront payment. However, most of them charge up to 25% of the awarded compensation, as well as VAT. This payment practice is more commonly known as “no win – no fee”. If you come across a company that asks for a payment upfront or more than 25% of the awarded compensation, try to avoid it.
When checking out a company, make sure it is fully authorized and registered by the Ministry of Justice, in order to handle PPI claims. The best way of checking that would be to ask the company about its authorization number, which allows it to handle PPI claims legally.
Once you contact a company’s representative, they are supposed to ask you a number of question in order to determine whether you are even eligible to file a PPI claim. If they don’t ask you these questions and just guarantee a settlement, you should probably look for another company.
Avoid The DIY Approach
Remember, you are capable of filing a claim on your own, by getting all the facts together, filling out the necessary paperwork and sending all of them to your financial institution, you can also send them to the Financial Services Ombudsman. However, you should also keep in mind that moneylenders and banks tend to rely on some unconventional tactics and loopholes in order to deny or reject PPI claims.