With so many controversies surrounding PPI policies these days, it is no wonder why so many people are apprehensive when it comes to purchasing Payment Protection Insurance. If you have bought a mis-sold or misrepresented PPI policy, there are a number of reasons why you might want to reclaim the money you have spent on your PPI policy. One of the reasons might be that you were coerced into purchasing this type of insurance by a heavy-handed salesperson. In addition, there is a high chance that you were not even aware of the fact that a PPI policy was included as a part of your loan. However, regardless of your reasons for reclaiming your PPI, a comprehensive and hassle-free resolution should be your goal.
The DIY Approach
When it comes to filing PPI claims, some individuals prefer to take the matter into their own hands by handling the entire process on their own. In order to be successful, these people must write a concise letter, outline the circumstances surrounding their case, and state the reasons why they think they qualify for a PPI refund. If you opt for a DIY approach, keep in mind that even the most reasonable and legitimate claims may end up being rejected by the banks and moneylenders due to some reasons. If this happens to you, you will be left with no other choice but to seek the attention of the financial ombudsman.
PPI Claims Professionals
If you want to avoid all the stress and hassle of having to deal with the entire process on your own, you should get in touch with a PPI claim handling company. These companies have quickly earned a reputation for being highly competent and capable of handling and winning even the most complicated PPI claims.
Find A Reputable Company
A great way of finding a reliable PPI company would be to go online and check out numerous independent review sites. This way, you will come across a plethora of comments, both positive and negative ones. After going through some reviews, you will be left with a clear idea of which companies you can trust and which to avoid. Your final choice might also come down to the quality of communication and the experience of the PPI company.
Verify The Methods Of Payment
Another important factor you should pay attention to are the methods of payment these companies practice. You will find companies that demand up-front fees, as well as those that expect large cuts upon successfully reclaiming their clients’ insurance money. Your best option would be to avoid these companies and look for the ones that operate on a “no win – no fee” basis. With such a company, you will have no financial risks, as you will not have to pay them should they end up unsuccessful in reclaiming your money.
Given the extent of the PPI scandal, there are a plethora of PPI claims experts, who offer their services to the victims of the scandal. Some of them are highly competent, while others have barely built any kind of reputation. If you want to be on the safe side, go with a company that has a strong reputation, and that has won a lot of industry recognition.