So you’ve searched through all your paperwork, done the necessary amount of research, and have come to the conclusion that you have a suitable PPI claim — what’s the next step?
Well, if you’re not familiar with making claims, you might want to go through a claims company who specialises in PPI claims. These companies will handle the whole process for you from start to finish, meaning you won’t have to worry about any paperwork, legal jargon, or time-consuming work.
Truth be told, there are a few “rogue” claims companies out there. You need to know how to find the right UK claims company…
Make Sure the Company Has Your Best Interests at Heart
Any claims company that you intend to deal with should always have your best interests at heart. This means charging manageable fees, taking the necessary time to look into your case properly, ensuring that you receive the right amount of compensation, and that you’re happy with the overall service.
You might have been lied to by your lender about your PPI policy, which makes honesty and customer service from your claims company even more important!
Are the Fees Fair or Outrageous?
The simple fact that claims companies charge fees for their services has been the point of controversy for quite some time. Although, when you consider the amount of time and energy that is put into each claim, it’s completely understandable.
You’ll find that some claims companies charge fees that are acceptable, other companies simply try to charge as much as possible without having you walk out of the door. Average fees are between 10% and 25%, so keep this in mind.
Check the Facts and Figures
If you decide to use an established and experienced company (which you should!), then this company should have a proven track record when it comes to their claims. Expertise and customer service is extremely important in this industry and it’s definitely something that you should look out for.
The claims company should be able to give you details on the amount of claims that they have made (a rough figure should suffice), their success rate, and how much they have reclaimed for their clients over the past few years.
If you’re worried about how the company will carry out your claim, using a company with a proven track record will help put your mind at rest.
How to Avoid Rogue Claims Companies
As we mentioned earlier, there are a handful of rogue claims companies that operate in the UK — and it can be quite difficult to separate them from the legitimate companies if you don’t know what you’re looking for.
Claims management is a regulated industry, and so you should always make sure that the claims company is regulated by the Ministry of Justice. The company should also be a member of a professional body — this might be the Law Society of England and Wales, the Law Society of Scotland, or the Law Society of Northern Ireland.
It’s important that you choose a regulated company, as these companies are required to operate within certain standards. Any reputable company will not ask you to pay fees up-front.