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The Best PPI Claims Companies Will Do These Things

(The following is sponsored content by Canary Claims)

The deadline for PPI claims is 29th August 2019 — as set by the Financial Conduct Authority (FCA) — so consumers don’t have much time to lodge their complaints and get compensation. With such a small window remaining, it’s vital that you deal with the best PPI claims company in order to process your application swiftly and competently.

The PPI Scandal Explained

PPI (Payment Protection Insurance) in itself is not an “illegal” policy, but the mis-selling of PPI has resulted in banks having to refund a vast amount of money over the past decade — over £34 billion. Additionally, these lenders had to pay significant fines to the FCA. The figures from 1990 to 2010 outline the magnitude of the infamous scandal; the majority of the 64 million total PPI policies were sold in this decade alone.

PPI was designed to cover loan repayments if borrowers were made redundant or suffered ill health. In itself, it was not a bad product, many instances of PPI were sold to those who would benefit. However, a significant number of PPI sales were to consumers who couldn’t use them or never needed them in the first place, with many policies being added without knowledge or consent. Such devious sales techniques forced the authorities to take action, resulting in a huge number of consumers being compensated, not to mention the ubiquitous media campaign informing viewers about how they can claim for mis-sold PPI.

You May Have Fallen Victim

It’s quite possible that you unwittingly fell prey to a mis-sold PPI technique, including:

  • Being told that PPI was compulsory when you took out a loan, mortgage or finance, etc.
  • Not having your employment status taken into account
  • Not being asked about any medical conditions
  • Not being given the opportunity to explicitly consent to purchasing a PPI policy
  • Not being informed about the commission on a PPI sale (Plevin rule).

Search for Claims Companies

If any of the above sound familiar, it’s time you contact your lender or approach a PPI claims company. When looking for firms to make your claim on your behalf, do a thorough search to pinpoint well-reviewed and established claims companies with a reputable history. But what should you look out for?

The best PPI claims companies will do the following:

Keep You Informed

A company that prides itself on impeccable customer service will constantly keep you informed, from your initial claim enquiry to the final result. You should note that this can take some time — it usually takes around eight weeks for a lender to process your claim, and older or more complex claims may take longer.

Provide You with a Summary

The government announced that from April 2019, all claims management companies would be regulated by the FCA. Part of the proposal included claims management companies having to provide customers with a short summary document outlining important information, such as fees and services. The document will need approval before any contract is agreed.

Record Your Calls

In an age when data protection is a hot topic, the FCA requests that claims companies should record all calls with customers and retain them for at least a year. Make it a point to ask your claims company whether they are following this practice.

Leave You Alone

This may sound contradictory to the point about keeping you informed, but the best claims companies will not contact you without your consent. Last year, a ban was placed on claims companies cold calling customers — following around 2.7 billion unsolicited communications being made to consumers — and it can see firms fined up to £500,000. Unfortunately, rogue companies do still exist, and some may even request an upfront fee to investigate any potential PPI claims. Reputable claims companies will market themselves appropriately and let you find them.

The best PPI claims company will have glowing testimonials from customers. Compare the best rates from a number of potential firms and opt for the one that has the most trusted reputation. Then, all that’s left to do is make your claim, and with the deadline fast approaching, there’s no time like the present.

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