November 11th, 2009
PPI (Payment Protection Insurance) claims continue to make the headlines, recently “Which” have issued a stark warning to people looking to recover mis-sold PPI premiums, warning them against using claims management companies to reclaim payment protection insurance.
Research has shown that many claims companies charge upfront fees (in addition to a percentage of any compensation awarded), exaggerate success rates and don’t have the same robust regulation as Solicitors, the report said that a minority of claims companies were also unable to explain about their regulation.
“Which” also points out that people can make a PPI claim themselves without using a claims company, whilst this is true and many people follow this route, our experience as PPI claims Solicitors has shown that a vast majority of people don’t have the time or inclination to get involved in writing letters and entering into complaints and arguments with loan companies.
As a minimum anyone making a complaint about PPI mis-selling will need to have a good understanding of the rules that were in force at the time of the mis-sale and should the lender reject the complaint they need to be prepared for more complicated legal arguments.
In addition there are also complex calculations used to work out and check compensation offers, anyone claiming on their own would unlikely be able to know whether an offer has been correctly calculated or not and once an offer has been accepted it is “full and final”, you can’t go back and ask for more, so it is crucial that the calculations in any compensation offers are checked (there is specialist software that can do this).
Our advice for anyone considering making a claim to recover their PPI premium is to speak with us first, we are a specialist Solicitor with a dedicated team of PPI claims experts.
We provide free advice about making a PPI claim and any cases we take on are handled on a “no win, no fee” basis.
For more advice and information about making a PPI claim call Pinto Potts Solicitors on: 0800 316 4434.
List of UK Lenders who sold PPI (Payment Protection Insurance):
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