You may have heard the term “no win no fee” in the past decade or so in legal assistance or injury claims services advertisements. When choosing someone to help you get back your PPI payments in mis sold PPI cases, this “cannot lose” option is emerging as a minimum requirement, and consequently, a lot of companies are making this offer.
Before hiring a PPI claims company go to work on your case, you need to confirm that they are following the norm of offering no win no fee PPI claims. There are different ways that companies offer this service, but many of them follow this general pattern:
The claim is started with the PPI company
They then see if you have a PPI policy for your loan or credit card
Your pay nothing and your claim is no longer pursued if they find that you do not have a PPI policy
A refund claim is started with the lender if you do indeed have a PPI policy and you believe it was mis sold.
The typical fee is 25 percent plus VAT if the company wins the refund.
However, you pay nothing if they find that you are not owed compensation and that the PPI was not mis sold.
A fee is payable if the case is not pursued at your request after the first two weeks.
So, basically, you owe nothing to the PPI claims company if your policy was not mis sold or there is no PPI on the borrowing. And, on that particular credit agreement, you can be sure that you were not mis sold PPI. This is just the general framework of how no win no fee PPI claims work. Before signing anything, you will need to ask representatives from specific companies how their process works.
Mis Sold PPI
No win no fee companies can tell with a high level of certainty whether you were mis sold or not when they first look at your case due to their experience with many such cases. There are the occasional odd cases that the no win no fee company will take and not secure compensation. In these instances, the clients learn the outcome was justified and that their case was hard fought.
Picking a PPI Claims Company
There are a number of things to look for when choosing a company to handle your PPI claim. Here are a few:
The initial stages of your claim can be sped up dramatically if you find a company that already has an agreement with lenders to quickly establish if you were mis sold PPI. Large, professional companies are usually the only ones that have these agreements with banks.
You need to be sure the company will appeal your PPI claim once it is rejected by your lender.
If the company knows what they are doing, they will be able to offer you a calculation of your refund.
Starting and maintaining a claim should be free. This included a free phone number that is mobile friendly.
Look for signs that they provide good customer support, such as testimonials from previous clients.
They should have company registration and MOJ authorisation numbers.
They should also have a verifiable history of successfully winning payouts.
They have a physical storefront.