Choosing a Claims Handler
For thousands of people the process of making a claim for mis-sold Payment Protection Insurance (PPI) is just too complicated or time consuming. As a result, many fail to start the claims process and choose simply to ignore the potential of reclaiming back money that is rightfully theirs. But what if you could appoint someone to act for you and make a claim on your behalf? Whilst you may have to pay a claims handler a percentage of the recovered sum to them as a fee, this is still a great deal better than not claiming at all. This page offers guidance on choosing a claims handler to deal with your PPI claim.
Which claims handler should I choose to manage my PPI claim?
Once you have decided to choose a claims handler to manage the reclaiming process for you, the next step is deciding which professional claims management firm to use. As an absolute minimum, the firm needs to be registered with the regulator the Ministry of Justice (MoJ), to ensure that they are monitored and compliant in respect of regulated claims management activities. Specialist firms, such as Claims Advisory Group, follow strict guidelines as set-out by the MoJ.
When speaking with your claims handler, you will also get an understanding of whether you think they are professional in their claims approach and if they will represent you in the best way. Remember that your claims handler will be representing you to lenders and, potentially, regulators such as the Financial Conduct Authority (FCA), Financial Ombudsman Service (FOS) and the Ministry of Justice, so you need to be confident that they are professional, organised and diligent.
This list is designed to help you choose a firm to manage your PPI claim.
Ask the firm the following questions about its fees
- 1. What are the charges for you to manage the claim on my behalf?
- 2. Is there a minimum fee? If there is, check if this is more than you are prepared to pay. If so, then do not use.
- 3. Are you asking for money up front? Consider whether you are willing to part with money before any work has been conducted on your behalf and if not, avoid.
- 4. Are you ‘no win no fee’? If not, avoid, as you may pay a fee even if you are unsuccessful.
Then make the following checks…
- 5. Do they make either of these claims? If they do then avoid them as it is untrue.
- - You’re guaranteed a pay-out.
- - It is quicker if you use us.
- 6. Check on the Ministry of Justice database to see if the firm is authorised and therefore regulated. If not, or you have any concern about the firm, contact the MoJ (tel. 01283 233309 or email at email@example.com). Only businesses that have been authorised by the Ministry of Justice are legally allowed to provide regulated claims management services.
- 7. Does it provide a copy of the terms and conditions (not just a promise they are in the post) and tell you that you can also go to the free ombudsman service for help before asking you to provide account details or sign? This will give you an easy reference of what to expect and other claiming options, so is important information.
- 8. Find out the following administrative details:
- - What’s the time frame for dealing with your claim?
- - How will it keep you updated?
- - What hours is it open?
- - What is its phone number?
- - Do you get a reference number?
- 9. Find out how long the firm has been running as a company and how long it has been taking PPI cases. The more experience it has, the better.
- 10. What details will you need to provide about your case?
Another important consideration is how much the firm have been able to reclaim. Claims Advisory Group successfully reclaims over £2m per month on behalf of clients and has helped claim back an average refund of over £2,500 – with the biggest ever PPI compensation payout being a whopping £47,000.