Don’t reclaim your credit card PPI through a claims management firm
There are many people that have credit cards, loans, and other forms of personal finance that will now be thinking about putting in a claim for compensation due to being mis-sold Payment Protection Insurance on their credit cards or their loans. This comes after the recent court ruling that went against the banks, who were fighting against having to pay out this compensation. Many claims had already been on hold at this time and will now have to be looked at. On top of this there will be many fresh claims coming in.
With the sharp rise in people claiming PPI many claims management firms have now crawled out of the woodwork in order to try and get their piece of the action by enticing potential claimants to let them deal with the claims process for them. Many people have indeed decided to go through these claims management firms in order to get their claim dealt with on a no win-no fee basis. However, officials are warning that consumers could be throwing away hundreds of pounds for nothing by doing this.
These claims management companies can charge 25 percent or more of the amount reclaimed, which means that consumers can end up paying hundreds of pounds from the money that they win back for something that they could actually do very easily and very quickly themselves without having to pay a penny. Consumers are therefore being warned to think very carefully before going for one of these firms, as they will only do what the consumer could do themselves but will charge hundreds of pounds for the privilege.
Which?, the consumer campaign group, stated: ‘Anyone who thinks they may have been mis-sold PPI should complain directly to whoever sold it to them. By going to a claims management company, you’ll pay what could be a lot of money for something you can easily do yourself. If your bank rejects your complaint, always go to the ombudsman – most complaints about PPI are upheld in favour of the consumer.’
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