5Things to Consider Before Hiring a PPI Claims Management Company

PPI claims are filed to get compensation from the banks for mis-sold PPI policies in the past. FCA (Financial Conduct Authority) has set a deadline till August 29, 2019, for all the consumers to file PPI claims and get a refund from their credit lenders. So, you will have almost two years’ time to claim PPI.

However, it may appear that you do not have enough time to make a PPI claim yourself. Or, you may not know the procedure of filing a claim. The easiest way to get back your money from the banks is to hire a PPI Claims Management Company. For, they are the experts in this domain to make a claim and get you the money you deserve. They know it best; the types of questions you will find while filling in the form to make a claim and their proper answers to those specific questions and reduce the number of rejections.

You may do a little research about finding the best Claims Management Company in the UK. You should go for an authentic one which has a good market reputation and who do not force you to take up their services or call you regularly or send you text messages to promote themselves.

Here are a few points which you should consider before hiring a PPI Claims Management Company (CMC).

1.A company which doesn’t force you to take their services:
A good PPI Claims Management Company will never force you to take their services. They will never call you or send you text messages to market and advertise their services. They will only extend their services when you approach them for help.

2.Who do not charge any upfront payment:

Any authentic claims Management Company will never charge you any upfront payment to claim PPI on your behalf. They will just ask for a few details from you to make the PPI claim. They would also check if you actually had a PPI in the past.

3.Who works on the basis of “No Win No Pay”:

A good claims management company (CMC) generally follows the rule of “No Win No Pay”. If you hire such a company, you will not have to pay any fees to them if they cannot help you win your PPI refund. So, you will not have to pay anything extra.

4.Who can find account numbers:

A professional PPI claims company will have special arrangements with the banks where they will be able to help you with your forgotten accounts. There may be a situation that you had a mis-sold PPI policy many years ago, and you have misplaced the paper works. In this scenario, the PPI claims management company will get your account number and accordingly file your PPI claim.

5.Who charge you minimum for the refund:

Many claims management companies charge up to 50% of the win back money. However, an authentic PPI claims company will not charge you much. MoneyBack PPI charges 10%+VAT 2% (12% total) for all the PPI refunds they help you to get.