If you want to claim your money back from a mis-sold PPI or Payment Protection Insurance, then you must start by choosing the right PPI Claims Company. The simple truth is that the FOS or Financial Ombudsman Service has been forced to shut down many hundreds of PPI claims companies because of the bad practices of those companies, who also flouted guidelines. These closures are good but even so, there are plenty of PPI claims companies that are still operating and that in turn means that you need to know how to identify the best PPI claims companies.
Transparency of fee structure
People who have been mis-sold a PPI will of course want just one thing and that is to get their hard earned money back. They also want to ensure that they are not hit by any nasty surprises. When it comes to choosing the best PPI claims company you need to look for one that assures you that unless you get your money back they will not charge you any fee. What’s more, such a company will also not make you pay any fee upfront. Their focus must be on gathering information and taking a preliminary look into whether or not it is feasible to get your money back. Such a company has a transparent fee structure and what’s more it will also know whether or not you stand a chance of getting your money back. So, be sure to pick a company that works on a no win no fee basis.
Look for companies with proven abilities
When it comes to choosing the best PPI claims company the first thing that you should do is check whether the company has a proven ability and outstanding track record. The company that is able to document its ability to help you reclaim your money is the one that you should be dealing with. Although a proven track record does not guarantee that you will get your money back by dealing with such a company it does show you that the company has the ability to help you get your money back. You should also check the company and see if it can provide you with success stories. Be sure to speak to its reps on the phone and get answers to all your questions.
Work with companies that have a good relationship with banks.
When it comes to mis-sold PPIs there are literally millions of such mis-sold PPI claims and the numbers are going up every day. Since banks do not have the time or energy to go through each such claim they are eager to get rid of the mess as fast as is possible. They therefore create special arrangements with PPI claims companies, who will use your name and previous addresses to check ever policy that you have ever owned across the entire network. Banks can tap into this information that the PPI claims company has and use that information to handle your case. The best PPI claims companies have developed close and special arrangements with banks and so are the ones that you should be dealing with. This arrangement can prove to be especially helpful if you have forgotten your old account number or your old policy.
Which PPI claims company is best for you?
The bottom line is that when it comes to picking the best PPI claims company for your needs you need to look for a few things. First of all, you need to make sure that the company will not charge you a fee if it does not succeed in getting your money back for you. Secondly, you need to be very careful about dealing with companies that charge upfront fees. Thirdly, you have to check their track record to see whether the company is capable of dealing with your case. If the company is able to show you example of past successful cases or if it is ready to talk to you then you can safely assume that such a company is right for you. If not, then you should look for another company. Last but not least, you need to pick a company that has a special arrangement with banks which will ensure that account numbers will not be required to find out the truth about your claims. If you keep these points in mind, you will not find it hard to pick the best PPI claims company.