I'm sure there are many good PPI companies out there and a few dodgy ones too, so how can you make sure your PPI claim is in safe, professional hands?
If you have a local solicitor that handles PPI claims, then you can pop in, have a chat and weigh them up. Alternatively, if you have a solicitor that you've used before and trust then you're all good. But if this is your first time hiring a representative then you need to do your research.
Choosing a PPI claims company is a similar process to choosing a provider of any costly product or service, the only difference is: choose a dodgy company and you're risking a payout rather than a payment.
How to choose the best PPI claims company
I'd love to reel-off the top 10 PPI claims companies in the UK right now, but there isn't enough customer feedback out there to fairly rate them. What I can give you is 10 things to look for when choosing a PPI claims company, we've put them in order of importance – this is just our opinion and your preferences may be different:
1. That they have a MOJ authorisation number and company registration number. (ours are MOJ: CRM17936, Company Number: 06810900).
2. That they will appeal if your lender or the Financial Ombudsman Service rejects your claim, a rejection from a lender is not the end of your claim, either is a decision by an Ombudsman assessor but do they know this?
3. They don't charge an upfront fee, there's no need to
4. They're No Win No Fee, you shouldn't have to pay if there was no case to answer to
5. A provable history of successful payouts
6. An office address that they're happy for you to visit, you may not be able to but it shows a degree of transparency
7. Testimonials from previous clients, a sign that they provide good customer service
8. They have a freephone number and a mobile-friendly number, it should be free to start and maintain a claim
9. They offer a calculation of your refund, if they know what they’re doing then they should be able and happy to do this
10. That they have an agreement with lenders to establish if you were mis sold PPI, this can dramatically speed up the initial stages of your claim. Banks will only have this agreement with large, professional companies.
Look for these service features; do your due diligence and you should find yourself a professional, trustworthy and experienced PPI claims company. Don't be afraid to call them and ask some questions – they should be happy to help you find the information you need.
Shortcut summary: If you're looking for the best PPI claims company in the UK, there isn't one – officially. Instead use points 1-10 above as a guide to finding a professional, trustworthy and experienced PPI claims team.
This is part 4/15 – continue your PPI claims education…
PPI Claims 101 – 1/15 | What is PPI?
PPI Claims 101 – 2/15 | Should I Bother Making a PPI Claim?
PPI Claims 101 – 3/15 | How To Claim Back PPI Yourself
PPI Claims 101 – 4/15 | How To Find The Best PPI Claims Company
PPI Claims 101 – 5/15 | No Win No Fee PPI Claims Explained
PPI Claims 101 – 6/15 | What is a PPI Template Letter?
PPI Claims 101 – 7/15 | Credit Card PPI Claims
PPI Claims 101 – 8/15 | Mortgage PPI – The Hidden Windfall
PPI Claims 101 – 9/15 | PPI Claims Deadline – Forget One, Remember The Rest
PPI Claims 101 – 10/15 | The Information You'll Need To Make a PPI Complaint
PPI Claims 101 – 11/15 | What To Do If Your PPI Claim Is Rejected
PPI Claims 101 – 12/15 | The Financial Ombudsman & PPI Claims
PPI Claims 101 – 13/15 | Payment Protection Insurance Consumer Questionnaire
PPI Claims 101 – 14/15 | How Long Does a PPI Claim Take?
PPI Claims 101 – 15/15 | Do I Need To Pay Tax On My PPI Refund?
Think we've missed something? Recommend a topic using the comments section below.
By John Gregory
John writes for a OracleLegal.co.uk as well as a number of financial blogs, he also create content for infographics, FAQ's and personal finance sites. You can find him on Google+ and Twitter, get in touch – he doesn't bite. Unless you've been mis-selling financial products.
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