What Is A No Win No Fee PPI Claims Company?

What Is A No Win No Fee PPI Claims Company?

Anyone who has taken out loans or credit cards in the last few years could be able to claim back for any payment insurance they have paid.

Payment Protection Insurance (PPI) has dominated the personal finance headlines recently after the wholesale misselling of expensive and often inappropriate cover.

The idea of PPI is to cover any debt repayments if you fall ill or lose your job. However, the problem arose because the product wasn't appropriate for a lot of people. For example if you were self-employed or had any pre-existing medical conditions the cover was essentially invalid. Therefore, customers were paying for a product that they couldn't use in the event of a claim.

In fact in October 2006 the Office of Fair Trading (OFT) estimated that 20 million PPI polices had been sold and a further 6.5 to 7.5 million customers were being signed up each year. However, only 20 per cent of the money collected in premiums was paid out in claims and when this is compared to other types of insurance it shows how badly the product was missold. For example car insurance policies pay out 82 per cent in claims, house insurance claims account for 54 per cent of the premiums collected, pet insurance stands at 72 per cent and medical insurance at 80 per cent.

Advisors had clear guidelines on how they sold the product but if these weren't followed people could be able to claim back the premiums they have paid.

What's more it is simple to make a claim for the misselling of PPI by enlisting the services of a No Win No Fee PPI claims company consumers could be in-line for payout which in some cases has reached thousands of pounds.

A No Win No Fee claims specialist makes making a PPI claim simple as they can do all the work for you and if your claim isn't successful you won't have to pay a penny. What's more the firm will have a specialist legal team who will use all their knowledge and experience to get the right compensation.

Once it has been established that you do have a case against the insurance provider a team of specialist lawyers, who know the all the ins and outs of the claims process, will work on behalf of the customer to get them the compensation they are entitled to. What's more it is well known that banks and financial institutions can be a prickly bunch but because the claims company deals with them regularly they know the best way to work with them something that the man on the street may not know. This knowledge and expertise is then used to claim back the capital paid on the policy, any interest as well as 'secret commissions' received by the seller of the PPI.

Because a No Win No Fee Claims specialist is on the side of the customer with a high level of expert knowledge it means the majority of claims are settled in the consumer's favour and the potential sums of money that can be claimed back can be quite large.

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