Stake your claim with a trusted name

Feb 10 2012 Advertisement Feature

If you think you were mis-sold payment protection insurance alongside a loan, credit card or mortgage, you could claim your money back.

According to the Financial Services Authority, more than £1 billion has now been handed back to consumers. So, if you think you are entitled to compensation, it pays to claim .

Payment protection insurance, or PPI, is most commonly offered alongside loans, credit cards and mortgages. It’s designed to cover your repayments if you lose your job or get sick and can’t meet them yourself.

But the way some PPI policies were sold has come under great scrutiny. Industry watchdogs and regulators have found that some lenders could and should have been more transparent when selling PPI and they have been heavily fined as a result.

Now hundreds of thousands of people who fell foul of PPI sales practices are asking for their money back.

Many go back to their lender and ask them to set the matter straight. Others take a once bitten, twice shy attitude and feel uncomfortable about placing their trust in an organisation they feel has already let them down.

That’s why lots of people are turning to the services of a claims management company, which can simplify an often complex complaints process, minimise delays and make sure you get a realistic and appropriate settlement.

Tap “PPI claims” into an online search engine and you’ll be overwhelmed with choice. It’s hard to choose the best company to fight your corner. But follow a few simple guidelines, and you’ll be able to take the first steps towards recovering what you’re owed.

The first rule is regulation. All UK claims management businesses must be authorised by the Ministry of Justice. The information should be displayed prominently and is usually easily found on the firm’s website or letter head.

Claims management companies charge for their services, but some agencies demand fees up front. Some ask for a deposit, which they’ll retain whether or not your claim is successful. Reputable firms tend to operate on a no win, no fee basis so you don’t have to worry about paying any costs unless you win your claim. In other words, they do not get paid unless you do.

Check out the company’s area of expertise. Experience in PPI claims, legal matters and financial issues are all plus points. In addition, find out if you’ll be appointed a case advisor so that future correspondence and contact is consistent.

Consider the company’s track record and pedigree. Take PPI Claimline, for example. Their service is provided by the National Accident Helpline which has been helping people gain access to justice for 18 years.

Read case studies and testimonials and listen to friends or family who may be able to make personal recommendations.

Find out how far the claims company you’re considering will go on your behalf. Will they handle all correspondence for you? Will they check to see if you have other PPI policies that could lead to a refund? Will they recover lost loan documents for you?

http://www.fsa.gov.uk/static/pubs/consumer_info/ppi-redress-nov2011.pdf