Monday, September 3, 2012

To Hire Or Not To Hire Claim Management Companies For Your PPI Claims

By Kevin Wray

Since the time that it had been revealed that banks confessed that they did actually mis-sell Payment Protection Insurance to their consumers, influx of PPI claims started expanding. On the other hand, based on the banks half of those who are making PPI claims are bogus. Seemingly, banks are blaming unscrupulous claim management companies in exploiting consumers that don't even own the policy to start with.

Based on surveys it was discovered that the key reason why clients turn to claim management companies to help them with their PPI claims is because they don't know the process of how to go about it. To resolve this concern a summit attended by several banks and loan association involved in the mis-selling pledged that they're going to develop the system as easy as possible so individuals can do it on their own.

In the event that agreement will be carried out as stated then it will surely lead to fast processing of PPI claims to the affected consumers. The burden, on the other hand, lies with the bank and loan providers to win back the trust of their clients that they misinformed in the first place. They should be presented a full assurance that the bank will compensate them.

If we take the principle, the most beneficial recommendation for clients is to be thorough on how they will file their PPI claims. If ever the processing will be made simpler as to what were agreed by the major banks and credit card providers on the recent PPI summit then it will certainly be a great advantage for consumers to just file it on their own. That is if they can spend time to follow up all the paper works beyond their busy schedule.

On the other hand, if perhaps for some reason that the lending companies rejected your PPI claims then it's still not the end because the case can be given to the Financial Ombudsman for review. On such condition it will suggest more additional time to devote for consumer. At that time, it will appear effective if a claim management companies were employed in the beginning of the process since they will not only make sure that all paper works are complete to evade rejections either from the banks or at the extremes with the Financial Ombudsman.

Consequently, the client needs to be careful so as not to repeat the same history of being misled again. Allow the lesson that happened between you and the loan provider will not occur with the claim management company you will choose to hire. Check first if they're stated as authorized companies by the Ministry of Justice. Further, make an inquiry on the cost they will impose for their service before finalizing your contract with them.

It is true that PPI claims have become a financial bonanza for unregistered claim management companies to take advantage of innocent consumers by charging so much that in the end nothing will be left for consumer to receive. But with the Ministry of Justice now implementing a stricter rules as well as penalizing even authorized companies if they become abusive, it is now evident that consumers can be at peace in letting these companies help them with their claims.

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1 коммент.:

  1. This site was... how do I say it? Relevant!
    ! Finally I've found something which helped me. Many thanks!
    my page - how do i write a letter to claim back ppi