I was contacted by a PPI claims company about six months ago. I asked them how much they take from a successful claim to which they replied "37% of the final amount".
I baulked at this but still got them to send me a claim pack for reference.
I did a bit of research and thereafter ignored several phone calls from the aforementioned company.
These PPI claims companies seem to infer that it is difficult, expensive and time consuming to pursue a claim, when it's actually incredibly easy and, most of all, completely free.
You just need your account details and/or PPI reference numbers. (which I found on my loan agreement paperwork)
To pursue a claim all you need to do is fill in a copy of the Consumer Questionnaire from the Financial Ombudsman's website here: --> http://www.financial-ombudsman.org.uk/p ... s/ppi.html
Then send it to whoever supplied your loan or credit agreement along with a cover letter if you wish.
Your lender is legally obliged to respond within about four to six weeks to investigate further, and/or to offer a settlement amount if they uphold your complaint.
There is also some great advice along with template letters here: --> http://www.moneysavingexpert.com/reclai ... -insurance
I am thankful for the call from the PPI claims company for prompting me to pursue my claim, but I'm so glad I did it myself.
If you are successful then you should get back the full PPI amount plus interest plus an additional statutory 8% per annum accumulating compensation amount, which is calculated from the start of your loan agreement until the date of resolution for your claim. This part can really add up if, like me, your loan began 10 years ago.
The whole process from posting off my claim to receiving a cheque took about 12 weeks.
I received a very nice lump sum about two weeks ago which has cleared my overdraft, payed for a new van and still left a four figure sum in my savings account. That amount would've no doubt been absorbed by the company's fee.
Not a bad return for a couple of hours sorting through a bit of paperwork and writing a letter.
My girlfriend has also been similarly successful in her claim too.
A few things to remember are:
use a PPI claims company as they will rip you off.
ii) It's alot easier than you think.
c) The banks etc. have allocated money specifically to compensate for mis-sold PPI. They are legally obliged to compensate their customers and, as far as I am aware, the uptake hasn't been as high as the banks anticipated.
( I suspect this is related to the first two points )
All of which reminds me; I must sort out my credit card claims...