PPI Update

I’ve contributed to a guide on reclaiming PPI and the message that came across loud and clear when I did my research was this – you can do it yourself, you don’t need to use a claims management company. I’ve spoken to lots of people in the industry and some of the stories relating to some – some – of these firms is shocking. It’s a sector that has attracted its share of dodgy dealers.

The Financial Services Compensation Scheme (FSCS) says that market share between d-i-y’ers and claims management companies is changing. These companies used to handle 76 per cent of claims; that’s now at 59 per cent.

FSCS chief executive Mark Neale says, ‘Claims management companies take a sizeable chunk of any payout. Consumers who make a claim directly to FSCS keep every penny of their compensation. Some people may prefer to use a claims management company, but it is important that they understand the charges from the outset and are happy to pay them.’ If you are interested in going it alone, drop me a line and we will sort out some introductory material for you to start you off.

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