There are strict guidelines in force to ensure that PPI Claims companies treat their customers fairly and legally. It is ironic that at the very time that Financial institutions have been caught out over their dubious tactics in selling PPI, the claims companies themselves are facing criticism for not following best practice.
The highly succesful advertising campaigns on TV may lead some people to assume that you have to employ a PPI claim company to make your claim on your behalf. In the same way that you would go to a lawyer before you sued someone for acccident compensation, that you would got to a PPI claim company to act on your behalf in claimimg for mis sold PPI compensation.
However, in many cases it is not necessary to employ a claims company to make the PPI claim on your behalf. Many loan providers offer a standard form template letter for you to complete including basic information such as the name of the PPI provider, your name and address, the date of the contract and details as to why you believe the PPI has been mis sold.
Do I need a PPI claim company?
In most cases the answer is no. The BBA, Money Saving Expert and the Consumers' Association contacted the Justice Secretary asking that their be a clamp down on these firms and that some be investigated for flouting the rules.
PPI Claim Form
You are not required to write to the PPI supplier in any specific format. However the financial ombudsman has provider a claim form that people can use.
In most cases the best PPI claim company is you. Remember that when you enter into a contract with a PPI claim company it means they will keep a proportion of the money that they reclaim on your behalf. If you do decide to follow this route make sure that they are registered with the OFT and Ministry of Justice. Make sure as well that they explain thoroughly their charging structure, particualrly as it relates to getting a percentage of any future payments you make under the policy.
NOTE: This website is for information only and is not intended to give specific advice. If in doubt about any legal matters you should consult a specialist financial lawyer
|Our CoolBlue Information Guides are grouped under the following topics:|
|House & Home|