Payment protection insurance reclaims are still going in full force well into 2014. It seems that this claims epidemic is going to continue for some time now and the amount of people turning their interest to ppi claims is staggering.
But what is the best way for people to reclaim their ppi premiums? Should they Claim back the money themselves? Or Use A Claims’ Management firm to claim it back on their behalf.
First of all, you should look at your documentation to ascertain whether or not you even have ppi on any of your policies, (if you don’t have ppi then you will not have a valid claim, and if you don’t have a valid claim, you will not have any grounds to claim ppi compensation).
Once you have checked these policies and found out whether or not you have paid ppi premiums on them, you then have 2 choices:
Write a letter to the financial corporation(s) that have supposedly miss sold ppi to you, then take the claim from there alone by yourself…
Search for a good CMC (Claims management company), submit your claim and let them do the rest of the work for you, on your behalf.
If you elect to claim the money by yourself, you will need to make contact with the financial institution that miss sold you the insurance and pursue a claim with them, without any external assistance, and if the banks’ reject your case, you will then need to take this up with the financial ombudsman.
This issue with doing this is, as a member of society that has no experience dealing with payment protection insurance claims you might come across issues that you don’t know what to do with, like if the bank is saying it needs additional information from you, or if the claim needs to be taken up and pursued with the ombudsman because there is an unfair rejection of the case due to whatever reason.
Claiming the compensation yourself can lead to difficulties, the main one being to know what to do if the banks’ reject your claim, this can be more complicated than some of the “financial experts” would lead you to believe
The other alternative is to use a claims company, now, this is advantageous because they have the experience to pursue your case through to its completion and see to it that if there is a valid claim there, you will receive compensation for your miss sold policy.
However, they will charge you a fee for the work that they have done for you, BUT this will be payable on a success basis (with most companies) because there will be a “no win no fee” payment scheme in place, meaning that you can get them to work on your claim with no upfront fees and they will investigate on your behalf and do their utmost to find the ppi and reclaim for you.
You will need to look at these different companies to find one that meets your needs, because some of them have disadvantages of their very own, with some of them charging extortionate fees.
As time goes by, more and more of the companies that did not adhere to the guidelines set by the MOJ (ministry of justice) and the Financial Conduct authority (FCA) are being disbanded and having their licenses taken away from them, that is why it is extra important to work only with a company that is fully regulated and fully compliant with the MOJ & FCA.
In doing this you will ensure that you receive the best possible service, and avoid any undesirable issues further down the line that some people have encountered with other claims companies, having their license revoked due to mis conduct.
The FCA in particular has pledged to take away the license of any companies that do not adhere to any guidelines or any other issues around marketing, as a number of companies have been found to have been engaging in misleading marketing practices over a number of years.
To make a ppi claim, or for more information about these claims, see ppi claims 4 you website for more information.