Becoming a millionaire, or just well off, is as much about mindset as it is anything else, if not more. Part of that mindset relates to how you spend your time and whether what you’re doing is best value or not.
Many wealthy people understand that it’s often better to pay someone to do something for them than it is for them to mess around doing it themselves.
Reclaiming money from mis-sold PPI is one such instance where having a PPI claim company handle your claim for you can be the wisest choice long term. As you look around for a company to claim on your behalf, keep the following points in mind.
Can They Uncover Forgotten Accounts and Account Numbers?
If you claim PPI by yourself, you’ll need to submit an account number for every claim you wish to make. For some people that’s quite tricky because they’ve misplaced their account numbers. It’s also not uncommon for people to have forgotten about accounts that came and went some time ago, which could be a lot of money left sitting on the table.
To be sure you find every loan or credit agreement that had PPI attached, and assuming you don’t have a meticulously kept set of records, you’ll need to go through the somewhat lengthy process of doing a credit history check on yourself.
The quicker and far simpler solution, though, is to find a PPI claims company that has negotiated special arrangements with the main banks and lenders. These special arrangements mean they only need to submit your name and address history in order for the bank to run a search across its entire network and find every financial agreement you’ve ever had in place with them or any of their sister companies.
It’s an arrangement that only a few PPI claim companies have been able to secure and, unfortunately, is not available to individuals claiming by themselves. In and of itself, this can save a great deal of time, effort and stress.
Their Fee Structure Is Transparent
There’ll be a fee for using a PPI claim company, just as there’s a fee in any service industry. The key thing to look for when searching for the best PPI claim company is for their fee structure to be transparent and honest, with nothing hidden in the small print to catch you out further down the line.
What you should look for in particular is that they operate on a no win, no fee basis. They should be able to look into your claim for you and tell you if you have PPI and whether it was likely mis-sold or not.
If you don’t have PPI, there should be no charge to you for any work done. Likewise, if you do have PPI but it wasn’t mis-sold, there shouldn’t be a fee in that situation either. You should only have to pay for the service if you win your claim.
Similarly, you shouldn’t be charged anything upfront. If you have questions or are ‘shopping around’, the company you speak with should be happy to answer your questions and offer guidance without charging you.
No Obligation To Go Further
This is more an extension of the last point. If you do make enquiries with any company, it should be on a no obligation basis. Basically, there shouldn’t be any pressure for you to take things further if you decide not to for any reason.
Having a PPI claim company handle your claim can pay for itself in the long run as you concentrate on other wealth building areas. But the company you use to handle your claim should meet certain criteria:
- They will have a special arrangement with banks and lenders that does away with the need for account numbers to be submitted. Instead, your name and previous address will allow the bank to search its entire database for all records relating to you.
- They will work on a no win, no fee basis; if your PPI wasn’t mis-sold, or you simply don’t have any PPI, you should walk away no worse off financially. You only pay for the service if your claim is successful.
- They don’t pressure you to take things further if you decide not to. You can contact them and ask questions and then, should you decide not to have them handle your claim, you simply walk away without obligation.