PPI Claims Companies have sprouted up over recent years in order to deal with the thousands, if not tens of thousands to millions of claims that clients have submitted in relation to Payment Protection Insurance (PPI). A whole industry has developed since the mid-2000s to deal with this, and also the recovery of Bank Charges. When we first started in 1999, there were only two of us in the whole Country who dealt with Banking Complaints on behalf of clients. There are now 1,000 businesses and (at their height) approximately 1,500 businesses.
A number of these businesses have given a terrible reputation to the Claims Management Industry. This is no surprise as their behaviour and the way that they have conducted their business has been at best, atrocious, and in some cases criminal! When looking to employ a Claims Management Company (which is absolutely fine in order to deal with your complaint) there are several aspects which you must address:-
1. You must satisfy yourself that when using them, that they are right for you.
You should check their website, check their credentials and that they are regulated by the Ministry of Justice (MOJ). However, more importantly you should drop them a quick email and see what sort of response you get from them. Is it standard; is it personal; are you happy with the response? When you are, then obviously you can make an approach to them.
Again, once you have approached them, check that they are not going to be bombarding you with phone calls or other marketing materials and that they are just going to deal, in effect, with what you have asked them to deal with. It is ok to send the occasional newsletter, but barraging you with information or phone calls in relation to other products or services, or indeed selling your information to other third parties, is to be perfectly honest a no-no.
2. Next, consider where you got your details of the Claims Management Company from.
Was it a search that you undertook yourself? If so, you are making the contact. Or did they somehow contact you? Did they email you; telephone you; or did they use a third party to contact you in some way? If they have done this, then they are after your information for some reason or another.
3. It is also essential to check their agreement in their Terms of Business.
Anyone that you deal with should not charge a fee if they are unsuccessful, and they should only charge you a fee if they recover your Payment Protection Insurance for you. If they say that they can locate PPI without paperwork, then absolutely fine, but if they do not – make sure there is no charge.
As a Firm, we do not directly approach clients. Clients have to approach us via our websites and through recommendations, where we achieve a tremendous amount of business. We do not believe in direct marketing and we do not believe in the fees that the other Claims Management Companies are charging. Our fee is not the cheapest on the market. We charge 20% plus VAT. Again, it is important to make sure that whatever fee is stated, stipulates how they apply VAT, i.e. is it in addition or included? This is because it can have a considerable difference in the amount you would have to pay, if successful. We do not believe in charging any fee if we are unsuccessful, for whatever reason, in recovering any PPI and that does include whether we can or cannot locate PPI in the first place.
The Claims Management Industry is one to be careful of, and you should always do a little bit of homework before supplying any information to any third party business. However, with our few simple steps above, you can easily do this.