When it comes to payment protection insurance: the reclaiming of which has become a huge industry, with new companies opening up every month to ply their trade by helping British people get their money back on miss sold policies.
But is it a gamble? Are you risking your money?
When it comes to the majority of claims companies usually they operate on a no win no fee scheme, meaning that you make a payment based on the success of the claim, if there is no claim, you pay nothing.
This being the case there really is no financial risk whatsoever because of the way it is set up, if there are no upfront fees AND you only make payments based on success then there is no risk to you whatsoever because you only venture IF you gain.
Companies operating in the UK usually do operate on this basis, however, some companies in the past (many of which do not continue to trade) have attempted to charge upfront fees to customers. This is unnecessary because the admin costs associated with reclaiming compensation for ppi are not such that upfront fees are necessary so companies really do not need to do this, and I would be suspicious if they did.
The claims are a “Safe bet” but what you will want to do is make sure that you get the most of you ppi claim by working with a company that charges you an appropriate fee for the work (the lowest fee possible), the company contained in that link is ppiclaims4you.co.uk, a recommended ppi company that charge a conservative 15% fee.
A successful claim can net you anything from £1,500- £8,000. So, if you can afford not to claim and you don’t need the money then obviously there is no obligation on your part to get your money back. However, if you would like an injection of a few thousand pounds, it would be in your interests to get your claim in as soon as you can to avoid any backlogging.
What is meant by the term “backlogging”?
When there are a high volume of payment protection insurance complaints, there can be so many it affects the processing time needed to complete a case, so for this reason we advise you “jump the queue” so to speak and put your case forward early.
On a serious note, you could be due a lot of money, and if you don’t do something about it then it will not be reimbursed to you, so get started.