Payment Protection Insurance, often known as PPI, is used as a way to provide you protection in the event of a life crisis that would prevent you from paying off your debt. This way, if you were faced with an illness, death or job loss, you would still be able to pay off your debt.
In the UK, there has been an epidemic of PPI being missold to consumers. Policies are being lumped in with the paperwork for mortgages, credit cards, loans, etc. Once a missold policy has been discovered, people have been trying to reclaim their money.
There are companies out there who help consumers reclaim the money they unwilling paid towards their PPI policies. They charge a fee for investigating your case, filing the appropriate paperwork, going through the proper procedures. You can check out resources like ppi reclaiming – canaryclaims.co.uk ppi claims faqs.
How to Choose a PPI company
There are different companies out there who can help with PPI reclaims, so it is best to choose the right one for you.
As mentioned above, firms do charge a fee for providing this service. It is best that you are fully aware what is being charged. Best case scenario is to find a company that has a no win no fee policy. This basically means they don’t charge the fee unless they get the money back for you. Some companies try to charge upfront fees as well so make sure the fees you are being charged are transparent.
It is also in your best interest to check the company’s track record. This will give you a good idea as to what type of cases they have won, how much they have won for their clients, etc. It won’t tell you if they can win money for you but will at least tell you if they are reputable. Because of the PPI epidemic there are some companies out there that may not have your best interest in mind.
Since PPI claims are such a big ordeal in the UK, it is a common topic for the major banks. It is helpful to have a PPI claims company who has an established relationship with the major banks because they are familiar with the process. Not only are they familiar with the process, but the company will know if you are likely to reclaim your money. A lot of the big banks may be willing to settle just to make people go away. A company with an agreement or relationship with the bank may know to make this happen.
PPI claims are a serious issue and there are many companies out there to help you reclaim your money. It is your job to weigh your options if you should use these companies and to do your research as to which one is best for you.