Payment protection insurance (PPI) is a plan that protects the borrower from non-payment which comes in the form of a lump sum added to your finance agreement. If you have a loan, credit card or mortgage you may be one of the thousands of people paying for PPI.
Lenders ought to give you a choice whether or not you're going to take out the insurance and a failure to do so is one of the most common types of mis-selling. It is very unfortunate that instead of protecting you from unsettled debts, mis-sold PPI's can even disrupt your finances. If the insurance has been mis-sold the purchaser is entitled to PPI compensation and a claims management company can help in obtaining it.
Choosing the Right Claims Compensation Agency
When large banks announced that they were giving up their defense of mis-sold PPI's many claims management companies opened offering PPI compensation claims services. How do you determine if you're dealing with the right people?
1. No upfront fees. Many consumers have encountered upfront fee payments from claims management companies which turn out to be more than their expected compensation. Many consumers are convinced, if not forced to pay the fees because of the company's attractive promises. As an initial step, make sure that the company you're about to deal with is authorized by the Ministry of Justice. This will help you avoid unfair deals and will offer you redress in the event of a complaint.
2. "No Win, No Fee" offer. Many companies are offering no win, no fee claims services but it can lead clients to choose the wrong company which doesn't provide a quality service. Before engaging any no win no fee service make sure you investigate the company's background. Ask the company for testimonials or ask close friends and family members if they have a company they can recommend.
3. Reasonable Fees. The compensation from your PPI claim can be a large sum, but if you've chosen the wrong claims management company you could end up paying 40% or more to them. Sure, service comes with a price, but many firms charge unreasonably expensive fees. Remember that you're claiming compensation for money you lost from a mis-sold PPI claim; don't be mis-sold to again by a claims management company.
Claiming your PPI compensation should be a hassle free process if you have the right claims management company. If you think you may have been mis-sold PPI you should consider contacting a claims management company today.
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Nik Jones is a writer at PPI Compensation is a leading PPI compensation services providing company. For no win no fee PPI compensation email at [email protected]
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