How to Find Reputable PPI Claims Companies
In the minefield of PPI claims companies, finding one which you can trust with your claim is no small feat — but it is possible. Here, the Logican team shares their advice on how to find a reputable company.
If you’re looking to make a PPI claim, there’s no doubt that you’re seeking to find a reputable PPI claims company that will be able to make a claim on your behalf. Using a PPI claims company means you don’t have to deal with communication from the bank. Because of this, many people find it easier and less stressful to use a claims company, rather than make the claim themselves.
There’s certainly an incentive to work alongside a reputable PPI claims company, too. To date, nearly £30 billion has been repaid to customers by the banks, but this figure is likely to surge towards £40 billion before the PPI deadline in August 2019. The banks are receiving thousands of claims a week, as more people discover that they were mis-sold PPI from many years ago.
Even if you no longer have the paperwork from a credit card, mortgage or loan, it’s still possible to make a PPI claim. You can get the information from the bank (providing it wasn’t too long ago). Otherwise, you can contact a creditor or claims management company to find out if PPI was added to an account or product.
If you wish to use a claims management company to discover if you had PPI and to make a claim on your behalf, read our guide below to help you find a reputable PPI claims company.
What to Look for in a Reputable PPI Claims Company
Unfortunately, there have been various scams from so-called PPI companies. Often, these companies just take money from you, without doing any work, so it’s important to find a legitimate and honest company. Here are our recommendations for finding reputable PPI claims companies:
- A long-standing claims company – If a company has been operating for a while, they will undoubtedly be experienced with making PPI claims, refining their approach over time to make it more efficient. They will know which lender to contact and have first-hand experience of working on tricky claims, such as ones where the paperwork might have been lost.
- Offering a low service fee – There is no need to use a company that charges anything more than 20% of your PPI claim — and you can find businesses that ask for much less than this. Find a claims company with a low service fee.
- A no win, no fee policy – Never pay upfront fees for a PPI claim. Always look for companies offering a no win, no fee policy. You should never have to pay until your claim is successful.
- Excellent testimonials and reviews – Reviews and testimonials can offer an important insight into previous customers’ experience with the company. A reputable PPI claims company will be happy to publicise plenty of reviews from happy customers.
- An up-to-date website – Any company which is constantly looking to help people reclaim money will have an accessible website. This includes clear and transparent information, as well as all the latest information and relevant news.
Don’t Miss the Upcoming PPI Deadline
The Financial Conduct Authority (FCA) decided to put in place a deadline for making PPI claims to encourage people to make a claim if they haven’t done so already. The deadline is 29th August 2019. However, many people face an earlier deadline if the bank has previously written to them about mis-sold PPI.
Whether you decide to use a PPI claims company or not, be sure to do it within plenty of time before the deadline. You don’t want to miss out on the opportunity to reclaim money which you are rightfully owed.
As a provider of leading PPI claims management software, Logican has put together a list of the best PPI claims companies to handle your claim, giving you a head-start on reclaiming your money.