Payment Protection Insurance (PPI) claims over mis-sold policies hit the news over a year ago and now it seems you can’t turn on the TV, open a newspaper or go online without being blasted by advertisements from PPI Companies wanting to help you claim back. With so many companies vying for your business, which ones are the best, how much can you expect to claim back and what does it cost? This website answers these questions and explores the options you have to start the reclaiming process.
Below are some of the most often asked questions about PPI Companies:
Why would I want to use a PPI Claim Back Company?
As you probably are aware you can claim back PPI yourself without the help of a No Win No Fee claims company. Many people have done this and there are many web sites to educate you on how to do this. Martin Lewis PPI claims help is considered to be very useful for DIY’ers and his Money Saving Expert website has a good forum with a section dedicated to mis-sold Payment Protection Insurance. With that being said, many people don’t feel confident enough or even have the time to pursue their creditors by writing letters and making phone calls. This is where a PPI company can help you by talking all the effort out of the claiming process.
Which PPI Companies are the best?
There are lots of companies that now offer a Payment Protection Insurance claim back service and they will all handle the work load for you. Trying to pick a clear winner is difficult for this reason. Just Google ‘PPI claim company’ and pick one near the top of the listings. Then choose another and then another until you find one you like. Look for testimonials from their customers and read the small print about all charges involved.
How much do PPI Companies charge in commissions?
Commission charges vary from about 10% to 40% (plus VAT) of your winning claim, depending on the company. Also watch out for hidden charges, some companies charge an audit fee.
How long will it take to get my refund?
In the early days it used to take 3 to 4 weeks but now with so many claims going through it can take months depending on the complexity of the individual case.
What paperwork does the claim company need from me?
Usually you just need to fill in a form sent to you by the PPI claims company. It helps if you send your loan contract as well but this isn’t vital as the company will contact your creditors to to get the information they need.
More information about this can be found on the Martin Lewis PPI page.