Payment Protection Insurance or PPI is a policy plan with the purpose of protecting the money borrowed from non-payment. Now, if you have a mortgage, auto loan or credit card, you can be one of the thousands of people who are paying for PPI policies.
The Fallacies Of PPI
When purchasing a financial product, you ought to be given a clear choice whether or not you wish to include a PPI policy into your purchase. Also, a money lender is obliged to explain to you all the details of the policy, both big and small, which will allow you to correctly understand what the policy entails and what your obligations are. However, there have been thousands of cases where people were mis-sold PPI policies, which made them fall into even bigger debts. It is also worth noting that many money lenders and banks tend to include PPI even without the knowledge of the buyers or borrowers.
This is precisely where money lenders gain the upper hand and try to exploit the buyers’ lack of knowledge or attention. With all this in mind, it is very unfortunate that instead of providing you with the coverage against unsettled debts, a misrepresented or mis-sold PPI can disrupt your finances even further.
However, if you find yourself in this situation, worry not, because there is a solution and it comes in the form of a PPI claim, which can be handled efficiently, with the help of a PPI claims company.
How To Choose A PPI Company?
When looking for the best PPI company, pay attention to the following:
No Upfront Fees
It is no secret that many PPI claims management companies request upfront fee payments that are usually considerably higher than the expected compensations. More often than not, individuals are coerced or sometimes even forced to pay these charges because of the attractive promises. With this in mind, make sure that the Ministry of Justice officially authorizes the PPI company you consider hiring. This way, you will avoid wrong and unfair deals, as well as get an opportunity to redress, in the case of a complaint.
“No Win, No Fee” Policy
Next up, keep in mind that there are plenty of PPI claims companies that offer a “no win – no fee” service policy to their customers. However, don’t forget that this might potentially lead you to choose a company which provides subpar services. If you come across a promising “no win-no fee” company, make sure to investigate its background and reputation beforehand. Also, it’s advisable to visit website to gain more information about the company, or you can ask your friends and colleagues for any referrals.
Look For Reasonable Fees
If you end up victorious, your PPI claim compensation can be a pretty hefty sum. However, if you have hired the wrong PPI claim company, you could easily end up paying between 40% to 50% of that compensation amount for their services. While it is understandable that quality services come with a price, there are still plenty of companies which charge way too expensive fees. If you were already tricked once into buying a misrepresented PPI policy, don’t be tricked again by paying for unreasonably expensive PPI claims company charges.
In the end, always remember that reclaiming your PPI can be a rather quick and hassle-free process with the help of a reliable PPI claims company. Therefore, be careful and patient when looking for the right company.