General PPI made simple: Why use a PPI claims company?

PPI made simple: Why use a PPI claims company?

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The deadline for claiming back mis-sold payment protection insurance (PPI) is getting closer and it won’t be possible to make any claim after 29 August 2019. If you were sold any type of credit up to 2006, it’s highly possible that PPI was a feature. Types of credit products involved in the PPI mis-selling scandal include bank loans, store cards, mortgages and credit cards.

More about PPI

The UK financial regulator started issuing fines for PPI mis-selling in 2006, but it’s conceivable that the mis-selling of PPI products continued even after this date.

A PPI claims provider can make it easy for any consumer to claim back PPI, and some people have already claimed back several thousand pounds. One of the best reasons to use PPI claims companies is that it’s an easy way out as your claim provider will do all the legwork on your behalf.

Why use a PPI claims company?

As noted, PPI claims companies can really speed up and ease the procedure for claiming back your mis-sold PPI. You can access free online PPI checkers to find out the companies and institutions that may have mis-sold you PPI or even added it onto accounts without your knowledge.

You won’t have to worry about getting in touch with providers when you use the services of a PPI claims company, as they handle all this on your behalf.

Even better, many PPI claims providers work on a no win, no fee basis. So, you won’t have to stump up any fees at all until your mis-sold PPI has been paid back.

How does it work?

Using a PPI claims provider really is a no brainer for many people. If you’re the sort of person who doesn’t like being bothered with going through bank statements and reconciling every penny spent, then let your PPI claims company handle all the boring admin of your PPI claim. Most consumers who took out any form of credit featuring an element of PPI will be due cash back, due to a ruling from the Financial Conduct Authority, known as Plevins. This related to the huge commissions financial institutions received from insurers for all PPI taken out, this level of commission was ruled to be excessive. So, consumers benefit from virtual ironclad guarantees that claims will be successful.

You can even claim back PPI if you’ve had a claim turned down in the past. It really will be worthwhile checking the likelihood of a successful claim, and you could even benefit to the tune of tens of thousands of pounds. One of the largest ever PPI repayments made was to a Manchester consumer who received over £104,000 back from Barclaycard. The actual claim was for £7,500 and the remainder of the repayment related to an 8% interest charge which was applied over a 20-year timeframe.

You simply need to let your professional PPI claims provider have details of all the loans, credit cards, mortgages, store cards and other similar credits you’ve had over the years and let their claims administrators handle all the paperwork.

Get in touch with MoneyBackPPI today to find out more!

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