A number of leading firms of UK solicitors now have departments specializing in Payment Protection Insurance Claims (PPI Claims). These firms aim to make the process of managing a PPI claim as stress free and as simple as possible. PPI claim specialists usually operate on the “no win, no fee” principle. Making a claim through one of these legal firms should ensure that the claimant receives 100% of their compensation. This in contrast to claims companies not using solicitors. Some PPI claims firms are not solicitors, and they recover their costs by taking a percentage cut of the awarded compensation.
In the UK there have been thousands, if not millions, of mis-sold PPI cases. Many people now have a valid claim for compensation against their bank or credit card company. People may be entitled to compensation, which can include interest, if they had PPI on a loan or credit card agreement, and they either did not ask for that insurance, or did not need it.
Compensation may be due for PPI mis-selling in cases of personal loans, hire purchase agreements, and credit card agreements. Most of the UK banks, building societies, and other institutions, including many high street names, have had to pay compensation with regards to mis-sold PPI.
Anyone who watches television will notice many advertisements for PPI claims companies. These companies also advertise widely in the national press. Although one can make a compensation claim without using a claims company, many people choose one of these companies, believing that it will be a simpler, and less stressful, experience. One advantage of going through one of these companies, is that they have wide experience of the different methods which were used in the PPI mis-selling, and they can therefore quite quickly assess whether the client’s claim is likely to be valid. They also have a lot of understanding of the claims process, and they help customers to fill in forms, and to complete other documentation.
Some of the PPI claims firms are firms of solicitors, and some are not. It is not necessary to choose a firm of solicitors to make a PPI claim, but there can be advantages because, in the UK, solicitors are allowed to operate on a “no win, no fee”, “100% compensation” basis.
Both the solicitor based companies, and the other companies, can operate on the no win, no fee scheme. The important difference however, between a company using solicitors, and one not using solicitors, is who will actually pay the fee if the case is won.
In the UK solicitors who win cases of this type are allowed to recover their fees from the loser. Therefore all of the compensation awarded goes direct to the client. Non-lawyer firms cannot recover their costs in this way, and they usually work by taking a percentage out of any compensation which is awarded. Usually they take between 25% and 50% of the compensation.
It is therefore advised that when choosing a company to make a PPI claim, one should find how they will cover the costs in the event that they win the case. Companies using lawyers, and companies not using lawyers, can both offer no win, no fee contracts, but only companies using lawyers will be able to claim their costs from the lender, guaranteeing 100 per cent compensation for the claimant.
Armed with the flaming sword of truth, I defeat PPI Claims scammers HYC (Help Your Claim) when they cold-call me.
Cold-caller company: HYC (Help Your Claim) whose number was 01204 238003 or 01204238003 at the time of the call. http://www.helpyourclaim.com/
They want to earn a big claims management fee by handling a claim for PPI, even though I had no PPI policy.
There are lots of complaints about this company, suggesting that it routinely tries to get people to make fake PPI claims for loans and people who don’t exist or who were not involved: