Thinking Of Using A Ppi Reclaim Or Claims Management Company?

If you believe you have been mis-sold PPI, you have the option of claiming it back yourself or using a PPI Reclaim or Claims Management Company

. Whatever option you choose, you should, in the first instance, contact the financial lender to request a copy of your statements or any other information regarding your loan, mortgage, store or credit card to see if PPI has been added. Many customers had PPI added to their finance without their knowledge or consent. Often they were sold PPI even though the cover provided did not apply to the customers circumstances, for example they were retired or self employed.

A claims management company or CMC can help you claim back any Payment Protection Insurance that you believe were mis-sold, plus any interest. If your case is complex or pre-dates 2005, then a claims management company may be helpful. If you do not feel over whelmed however, at the prospect of dealing with financial institutions, then you can claim PPI back yourself. Otherwise, there are a large number of CMCs that charge different commission rates for their services so make sure you shop around and do not pay upfront fees for advice or services that are offered.

PPI reclaim is usually a three step process: Checking the details of your finance package, ascertaining if there is a case and then contacting the financial institution concerned to outline why the PPI was mis-sold and to request a refund. The process need not be drawn out and complicated. As of late 2012, however, there still remains five billion pounds of PPI that has not been reclaimed. This may be because many people who are entitled may not have instigated the process because they fear it to be difficult, pointless or confusing. Claims management companies, therefore, can offer a useful service for many people who lack confidence in taking on the mighty banks.

Reputable claims management companies should also be registered with one of the industrys three trade bodies: The Claims Standard Council (CSC), Association of Professional Claims Managers (APCM) or the Association of Regulated Claims Management Companies (ARC). The three bodies have signed up to a Code of Conduct, which states, amongst other things, that CMCs should not engage in high pressure selling, must not imply that using a CMC leads to an increased chance of success or being fast tracked through the reclaiming process.

If you are going to use a CMC to claim back your mis-sold PPI, ensure that they operate on a no win no fee basis. Some companies have been known to charge for their services even when the case was lost. A reputable CMC should know if a there is a good chance of a PPI reclaim case being made. Finally, any agreement between you and a claims management company is only formal and binding when you have signed the relevant paperwork. There are many CMCs out there, yet their practises can vary so always do your research beforehand.

by: rhinoaus

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