Tips while you choose a payment protection insurance company to reclaim

PPI or payment protection insurance, is planned to assist your loans and keep up payments on your credit cards or loans in case of accident, redundancy, illness or death and this has been mis-sold to millions of people. The good part about this is that you can now recover compensation, if you have been mis-sold. Statistics show that more than 85% of people who have applied for payment protection insurance have been successful. Here are a few tips on how to select Payment protection insurance company to reclaim.

ü  Check the customer feedback and reviews of the company that you wish to reclaim. This will help you to know what the customers are actually saying about the company, for instances how they have handled situations, the claims, and customer concerns. Whether they are polite and spending time with the customers to answer their queries and explain the situations and other such things. Check with the customers who have negative impression, regarding such issues you have discussed with the company directly or through phone.

ü  Many of the companies may not require a sum upfront, but some of them may charge fees which include VAT, of the granted claim. This is known as No Win No Fee. You need to be cautious if they are asking for payment up front.

ü  Make sure the company that you have chosen for claiming payment protection insurance is registered and authorised to file your claim. The companies are required to have an authorisation number which permits them to lawfully handle loan claims.

ü  If you have visited PPI claims company or called them through phone then you must ask you some question to know whether you are eligible for such claims or not. Even if they do not ask queries and still assures settlement without knowing whether you qualify or not, then you need to careful at such instances.

ü  Be careful if you are going to use PPI claims companies if you are in debts. Frequently banks will use the money to reduce the debts or clear debts. If this happens then you will not see the cash, but then again company wants is to cut. So at such instances you need to spend from your pockets. This is very worst issue which generally happens.

ü  Be careful if the companies are charging for future PPI savings as it will cost you much. This will be disgraceful and you may cancel the PPI claims.

ü Some of the administrative details that you need to know such as,

·         Are they following any time frame for dealing with your situation

·         How are they going to informing you about your claims

·         What is their hour of action?

·         What is the process for contacting and how they contact for data

·        Do you have of the customer reference number

Author Bio: The guest post was contributed by Lucy, financial guest blogger from Manchester, UK. Find out more about her blogs @financeport