PPI Claims - Finding a good claims management company

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by: BTLewis
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Word Count: 597
Date: Sat, 28 Jan 2012 Time: 4:47 AM
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Claims Management Companies (CMCs) have come under fire from certain consumer groups for taking advantage of clients who want help claiming back PPI. In some instances the CMCs are gaining more money from a PPI claim than the claimant receives or, even worse, charge more for their services than the actual winnings they manage to claim.

This is obviously wrong, and those responsible for situations like these are just as bad as the banks which employed dubious strategies to mis-sell PPI to millions of customers.
Any CMC who purports that their service is the only way for a person to successfully reclaim PPI charges and interest is not being truthful, and it's important for you to be diligent when choosing a CMC to handle your case. Despite some of the pitfalls, it is indisputable that a CMC on the whole can be hugely effective in winning a claimant back their money when selected properly.

It is important to remember that a person can certainly claim themselves, and are more than welcome to if they feel they have the time and the confidence to do so.

A High Court ruling gave consumers a massive helping hand when, in April 2011, they ordered banks to contact anyone who was mis-sold PPI, and to help return people their money with as little hassle and argument as possible.

There's also the Financial Ombudsman Service (FOS) which handles a huge number of complaints on behalf of mis-sold PPI customers and has a strong record for ruling in favour of a claimant should a bank dispute a PPI claim.

When a person is denied a claim by their respective bank, an aggrieved customer can contact either the FOS or a CMC to take things to the next level.

A trustworthy claims management company will do whatever it takes to reclaim mis-sold PPI using their expertise and experience in the field, for a percentage of the winnings on a ‘no win no fee' if this is suitable for a client.

A reputable claims management company will be aware of the strategies necessary to quickly get an aggrieved customer's mis-sold PPI payments back to them, and they should offer a friendly and professional service and be very clear about any fees or charges that may be incurred in their pursuit of a PPI claim.

However, not all claims management companies could be considered "reputable" - in fact, many which sprang up as soon as the PPI crisis became big news seem to be just as crooked as the banks that mis-sold you PPI in the first place.

You are under no obligation to take a CMC's services if you are unsure that the company you are dealing with is highly regarded and trustworthy. If a claims management company feeds a person lines about how their way is the only way, or use hard-sell tactics - like phoning a person up and telling them that they will not win without them - hang up.

Anyone who is too busy, have been turned away or is frustrated and unsure of the claiming process should contact a claims management company if they wish to lighten the burden of dealing with the banks and the complaints procedure.

Their expertise in claiming could make all the difference and enlisting their services for a fee is better than only getting minimal PPI costs back or not being able to claim at all.

About the Author

Bryan Lewis is well read on the subject of reclaiming mis-sold PPI.