Golden Rule #1 if you’re considering using a claims company to make a PPI claim: don’t ever pay up front to start your claim. You never need to.
Some companies will say they’re No Win No Fee but then request a payment at the start, you don’t need to pay this – if you want to use a company make sure they’re No Win No Fee and you only pay if the case is won. This topic was covered in BBC Radio 4 show Money Box, with one listener paying out £4,300 on a credit card (plus £1000 interest!) to start a PPI claim.
Not paying upfront to start your claim is a biggy, but there are a few other important things to look out for when choosing a PPI claims company. Don’t worry, we’ve put together a list. Whoever you go with, make sure…
1. They have a Freephone number and a mobile friendly number as you’ll want case updates and may need to call in with details about your loans/credit cards early on.
2. That they have a track record of winning refunds, look for testimonials on their website and ask for some if there isn’t any. If they can’t give you any then it may mean either they haven’t refunded anyone or their customers aren’t happy.
3. That they can give you a free and accurate calculation of your refund, if they know what they’re doing then they should be able and happy to do this.
4. That they have a MOJ authorisation number and company registration number, this shows you that they agree to be regulated and are a legitimate business (ours are: ).
5. That they say they’re happy for you to come in and see them, this may not seem important to you or possible as you live too far away but it shows that they are transparent, legitimate and have professional business premises where your details will be kept safe.
6. That they only put forward claims where a PPI policy has been sold, rather than clogging up the system and delaying refunds for people with genuine claims.
7. That they don’t do cold calls or cold texts, not only is this a breach of regulations but it’s annoying and unprofessional. If they happy doing this, what else might they do?
8. 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? If not then your claim is not in the most capable hands.
Remember: your PPI claim is a fragile thing so make sure the company you choose knows what they are doing and has a track record of success. Needless to say; our PPI claims service covers all of the above – just do your research and make a decision when you’re ready.
At this time we are continuing business as usual however our team will now largely be working from home. This limits our phone contact availability. Customer support remains available Monday to Friday but please email in to email@example.com with your query. We aim to get back to you within 48 hours. On receipt of PPI refunds our fees remain payable and can be paid via our website www.oraclelegal.co.uk/payments/ or via BACS. We are also working on some other areas of potential claim for you in connection with your PPI and will be in touch shortly where applicable to present this to you.