Which of The PPI Claims Companies Is Best For You?
In the first part of this 3-part series, you were given a good overview of what PPI is. Most notably, you learnt about the different forms it was sold in and how it was most commonly mis-sold.
Then in part 2 you learnt all about the PPI claims process. Specifically, you read about the key differences between claiming PPI by yourself versus having your claim handled for you. And that’s what today’s article is all about: deciding which of the many PPI claims companies you should entrust with your claim.
If after doing some reading and research, you’ve decided to have your claim handled for you, you might now be wondering what is the best claims company to do that. Just as the decision to claim PPI by yourself versus having your PPI claim handled for you is a personal one, so too is choosing the best PPI company.
Having said that, there are certain things to look out for, which we’ll look at below.
Are We The Best of All The PPI Claims Companies?
We may as well get this question out of the way right off the bat. Obviously we believe we are an excellent choice for anyone wishing to have their PPI claims handled on their behalf.
The high court made its ruling in April 2011 instructing banks and lenders to repay customers that were mis-sold PPI. But that doesn’t mean the banks weren’t already paying out for mis-sold PPI before then.
On the contrary. We were already successfully helping clients win back their money for some time before the high court ruling. Our time in the business is rather long, compared with the majority of PPI claims companies.
You’re not going to find a definitive guide to the best PPI claims company because it is subjective. We do invite you to put us to the test, though. With our team of experienced and friendly advisers on hand to answer your questions, we invite you to call now for a no-obligation chat.
If you’re not quite ready to do that, read on for answers to a couple of common questions related to PPI claims.
Are PPI Claims Companies More Likely To Win?
Yes and no. Technically, a PPI claims company has no lesser or greater chance of winning your case than you would claiming PPI by yourself. In theory, once the PPI claim form has been completed and signed, it’s just a matter of waiting for your bank to assess your claim and make their decision.
One of the challenges of this way of doing things is that, believe it or not, the banks haven’t always played fair when assessing their customers’ complaints.
An article in ThisIsMoney.co.uk in 2013 reported:
“Lloyds Banking Group found itself at the centre of another Payment Protection Insurance scandal today as an undercover investigation revealed numerous instances of malpractice at one of its customer complaint centres.
“The investigation by a journalist from The Times posing as a customer services graduate trainee discovered that contractors employed at the Bank’s largest PPI complaint centre were taught to reject PPI claims in the first instance on the advice that the majority would give up their claims for a refund.”
The statistic widely reported at the time was that only 1 in 10 people who had their claim rejected would appeal. The remaining 9 in every 10 would simply take the decision at face value and walk away.
Had these people appealed their bank’s decision, a significant percentage would have won a refund.
In August 2014, the BBC reported that 2.5 million claims were to be reopened because it had been found the banks in question had short changed their customers. The total amount of the short changing was estimated to be £1 billion.
Would It Have Happened If We Were Handling These PPI Claims?
We can’t say with absolute certainty that any of these claims would have slipped by us, but we believe it is most unlikely. Why? Simply because of our vast experience in knowing legitimate claims from non-legitimate ones. Not to mention having a good idea of what you should be due in your PPI refund.
When banks come back with low offers or outright rejections, we call them on it when we believe they have made a mistake. They usually acquiesce and do the right thing. But if they don’t, we appeal to the Financial Ombudsman Service (FOS).
Sometimes the FOS get it wrong too, in which case we handle the second (and last) appeal to try and win the case for our clients.
It’s in this sense that it could be argued that we have a greater chance of winning PPI claims. Not because we can ‘pull strings’ and win otherwise unwinnable claims, but because of our knowledge of legitimate versus non-legitimate claims and our tenacity at seeing the process through to a happy conclusion.
Many individuals either aren’t aware of what they should be owed or if their rejected claim should have been rejected. The other common obstacle is that many of these individuals often run out of enthusiasm to see the process through to the very end.
When you consider that some claims can take up to 18 months to complete (if they go to the FOS), it not too surprising to see why this is so.
A Summary of Your Choice of PPI Claims Companies
You don’t have to use a PPI claims company to handle your claim for you. If you do use one of the PPI claims companies available and your claim is successful, you will pay a fee. On the flip side, handling the PPI claims process alone is too stressful and too time consuming for many people.
We are confident that we will provide you excellent service and make your PPI claims simple and stress free. To that end, we invite you to call for a chat to see how we can help you. Our free phone number is 0800 840 7290.
If you would prefer us to call you, simply pop your details in the short form at the top of the page and we’ll get back to you.
Speaking with us does not obligate you to pursue your claim further with us should you decide not to.