The Payment Protection Scandal is ongoing and issues with Payment Protection Insurance (PPI) being missold is a common concern in the UK. Many consumers have paid money towards PPI policies that they want to reclaim and there are many companies out there who are in business to help you file those claims. Do you use a company to help you file your claims? If so, how do you know which company to use? How can you spend the least amount of money to file cheap PPI claims? What is the best and most efficient way to go about filing?
If you want to file a claim, than you need to decide if you should use a claims management company or not. You can still win on your own, it just takes time. That is something you need to consider. What is the value of your time. These companies are also familiar with the process and have relationships with the major banks such as Barclays which could be beneficial.
Where To Find Cheap PPI Claims Management Companies
If you do decide to hire a firm, in order to save money, make sure you do your homework and hire a PPI Claims company that is legitimate. As previously mentioned, with so many people looking for help in this area there are a lot of people taking advantage of the situation. A lot of companies have been shut down but there are a lot still looming around, so beware. Another way to save money is to make sure that you find a company that offers no win no fee PPI. This means that the company does not charge a fee unless you actually win your claim. There are some companies who may charge up front fees, fees for completing paperwork or for a consultation. Some companies charge as low as 15%+VAT on PPI claimed, but on average the fee is 25%+VAT.
To make sure the process runs smoothly and efficiently it is best to have all of your policy information. There technically is not a time limit as to how far back you can file a claim for. The only issue is the paperwork. If you do not have the paperwork you are out of luck. Companies are only required to keep documentation for 6 years. If you have a policy that goes farther back than that (and you don’t have the paperwork) than you may have issues. Also, even if you are denied it is best to keep trying. You may get a different result the next attempt.
As the deadline for claims is approaching, it is best to take care of all of your claims as soon as possible. Hopefully this information will help your experience be efficient and cost effective.