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In April, 2011, the FSA forced banks to re-open thousands of claims concerning mis-sold PPI. The banks complied with this, yet had not implemented a way of dealing with the thousands of subsequent claims. As a consequence, PPI claims management firms sprang up to advise and support people in how to reclaim. PPI can be claimed back either by using a company or going it alone: there are pros and cons to both. The best PPI claims companies should offer a no win-no fee service and never ask for any payment upfront. A PPI claim online should also be an easy and straightforward process. Some companies, for example, offer a claimback enquiry service that only takes 15 seconds. A PPI claim company can take the hassle out of dealing with creditors. If you have found the process stressful and tiring, then it might be a good time for a PPI claim company to take over. They can contact your creditors for you and instigate the process of reclaiming your PPI if you were mis-sold it. You may also be too busy to deal with claiming back your PPI, and so, again a PPI claim company can do the work for you. Or maybe you procrastinate - you always mean to do the important tasks but never quite get round to it. Some companies do charge a commission though, of up 30%: if you are happy with paying for this for peace of mind, however, then they are there to help. The Financial Services Authority only deals with mis-sold PPI cases that go back to 2005. Any mis-sold PPI cases that pre-date this and the Financial Ombudsman cannot step in. Therefore, for older cases, those that are more complex, or if the financial institution concerned is being unresponsive, then a PPI claim company might be a wise choice. Once again however, ensure that you choose a PPI claim company that operates on a no win-no fee basis. The PPI claim company is also one that is up to date with the latest in financial legislation, has significant experience in the industry and claims process and is also able to take customers’ individual cases and concerns into account. Many people who have been mis-sold PPI find the process of claiming it back stressful, confusing or are simply unable to do it. The best PPI claim company, therefore, is one that can sensitively handle clients if they are illiterate or have learning difficulties. The best PPI claim company is one that is understanding in its approach and transparent in its procedures. Reviews of companies or forums on websites are also useful ways of discovering how reputable they are. If you are going to use a PPI claim company, research into if they operate on a no win no fee basis, how much their fees are if not, how long they have been in the industry for, what their success rate is and also if they offer other services such as debt management advice.
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