When it comes to claims management companies’ one of the largest markets in the UK at present is the PPI claims market.
With the recent scandal on ppi miss selling, there has been (since 2006) a huge demand for claims management services, but which are the best ppi claims management companies to work with?
Here are some of the more common features amongst the better ppi claims companies:
- A “No win no fee” claims policy – this is important because not all ppi claims are a success and this can be for a range of reasons, everything from “no ppi found” to “the banks have rejected the claim”, there are a range of things that can come up as an issue in the claims’ process however if PPI has been miss sold most claims tend to be straightforward. But for purposes of risk mitigation, look for a ppi company that offers a no win no fee claims service, it also shows they are confident in their ability to successfully claim ppi.
- They should have been trading for a minimum of three years, this is important because as companies trade over time they become progressively more efficient, and they also develop good relationships with many of the major financial corporations that have miss sold ppi, meaning they can get claims’ managed more effectively due to increased co-operation (especially when it comes to requesting information regarding a claim).
- Having the facility to handle a good volume of claims – this shows that the company that is trading is serious about the market they are entered into, and they have the capacity to handle an influx of ppi claims, enabling them to act swiftly when new claims come in from the public.
- A proven track record of successful ppi claims, this is important because it is the commercial proof that the company can make ppi claims “work” for the public, a list of successes shows that over time they’ve been productive and successful in their pursuits of claims resolution.
- MOJ (ministry of justice) regulation, this is a pre-requisite of any ppi claims company you may choose to work with, make sure they are regulated before signing anything.
The best ppi claims companies out there should exhibit most if not all of the above qualities if you want to maximise the chances of working with a high quality claims management provider.
Other things to look out for when dealing with PPI companies:
The fees – make sure you’re not being overcharged by the claims managers, do not pay 30% to a claims handler when there are companies that will handle it for 15%, this is just common sense.
Make sure they have a physical address when on the phone to them, this just gives you peace of mind they they are a legitimate claims management company.
Look out for the deadline, make sure to get your claim in soon because in 2019 it has been announced by the FCA (Financial Conduct Authority) that there may be a claims deadline introduced, so submit your claim early.