04 April 2016
The mis-selling of payment protection insurance (PPI) has created a whole new industry - claim management companies specialising in compensation claims for mis-sold PPI.
Like all other professions and services, there are some excellent claim management companies and some not-so-good. Unfortunately, it tends to be the not-so-good companies whose antics hog the headlines.
A year or so ago, there was another set of headlines that screamed about the unfair treatment that banks were subjecting their customers too. It was related to PPI and it was to do with costs and fees that had been charged to customer accounts as a result of PPI being added to them.
For example, a customer who had received compensation was then told he was entitled to thousands of pounds more. This was because when his account was close to its upper limit, the bank took their PPI premium from it which pushed it over the credit limit; this incurred a raft of charges and costs on his account.
But who discovered this anomaly? A reputable claim management company who wants to help as many people as possible not only claim PPI compensation but to get the right amount of compensation.
But there is a flip side. Many claim management companies bought contact details from other companies and started to campaign for business. This meant sending people texts that contained erroneous information to people, leading them believe there was a pot of cash waiting for them. All they had to do was call and it would be theirs…
Many claim management companies also hid their fee structures so that when people claimed their PPI compensation they found that they gave a large chunk of it to the company who had 'helped' them make a claim.
Some people say not to bother with claim management companies because 'why pay someone for something you can do yourself?'. You can defend yourself in court, but most people pay a solicitor. You could service your own car but you no doubt pay a garage to do so. You can sell your own property but your probably more than likely pay an estate agent or similar service to market it for you.
You can do the majority of things in life but sometimes, paying a reputable, specialist professional for help makes something a lot less stressful.
And not everyone is comfortable servicing their car, defending themselves in court or making a PPI compensation. PPI Scotland have helped thousands of customers claim the PPI compensation they are entitled to - call for more information.