Advantages of Using a Claims Management Company to Reclaim PPI
Dealing with PPI claims day in day out means you hear a whole variety of reasons why and how PPI was mis-sold. But one of the questions that always seems to arise is “why should we use a claims management company instead of claiming PPI back myself?”
Great question. Simple answer.
Claims management companies exist to pursue money which is rightfully yours and, the good ones at least, are aggressive yet speedy in how they operate. This means that, although claims management companies take a percentage of what we reclaim for you, most of the time you will end up with more money than what your bank were willing to offer you direct. We also get your money back a lot quicker!
We always ask the client if they feel comfortable making a claim themselves, do they have the time and patience to see it through right to the very end? Do they trust the people who mis-sold them PPI in the first place to give a full refund as quickly as possible? If the answer to our questions is “Yes” then we will always advise them to go direct to their banks. Providing free, no obligation advice, Cloud 9 Claims are happy as long as you know the full facts.
This is just a couple of reasons why banks are starting to write to their customers telling them to avoid using claims management companies. In a nutshell, they want to refund as little money as possible and seemingly keep hold of it for as long a time as possible.
An article in the Financial Times (26/04/2012), suggests that Banks are ready to announce an increase in the reserves put aside for PPI refunds to over £6bn on the back of pressure put on them from claims management companies.
There are a host of other reasons why using a Claims Management company would be beneficial. If you are busy with work and have little or no free time as it is then sitting down and writing numerous letters and chasing them with phone calls to make sure they are processing your refund can seem daunting. In many cases our own clients have numerous loans and credit cards so this task is made all the more painful to the point where if they didn’t use us to manage their claim then they would never end up getting their refunds.
If you suspect you might have PPI on loans, credit cards, mortgages or car finance (or anything else for that matter), please do get in touch with Cloud 9 Claims and we will gladly show you that what the Financial Times say above is actually true.
We look forward to hearing from!