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PPI Loan Claims
All PPI claims companies are subject to stringent regulation by the Ministry of Justice. Each claims management company has to abide by strict conditions as to how it conducts its business. This includes no cold calling on potential customers. However, some PPI Claims Companies have been subject to investigation by the financial ombudsman as to whether they are adhering strictly to the guidelines laid down.
It should always be remembered that you should not feel pressurized into using their services and that you are not required to employ the services of any 3rd party to pursue your claim. Many PPI providers are at pains to point out that you claim will not be handled any differently whether you utilise the services of a PPI claims company or make your claim yourself. If you do engage a 3rd party to make your claim for you, make sure that you understand fully their fee structure.
From 2013, all claims companies dealing with missold PPI have been regulated by the Financial Ombudsman who will be able to fine companies for wrongful practices. This should improve the quality of service provided by PPI claims handlers.
The main benefit of making a ppi compensation claim yourself is that you get to keep all the money. Just because a claims handler offers a no win no fee deal, doesn't mean there's no fees. It just means that there's no fees if you don't win your claim! If you are successful the claims handler's fees are paid out of your compensation.
That being said, there are certainly many reasons why making a PPI claim yourself may not be the best option. Making a PPI claim yourself requires a fair amount of paperwork and it can be helpful to have a claims handler who will help you and do some of the legwork for you.
Whilst some people may feel scared of taking on the big financial institutions themselves, there is really no need to - just do everything in a simple methodical way, use the Ombudsman’s claim form and make sure you keep a copy of all correspondence.
