How much does it cost to claim back PPI?
Ever since the PPI mis-selling scandal was first brought to public attention, there have been a large volume of claims. These can be handled either independently or by using claims management services, such as those offered here at iSmart. For those choosing the latter option, there is one question which is always top of the list: how much does it cost to claim?
Whilst we do not charge any upfront fees from our customers*, there are some initial costs which you should take into account. When we assess your mis-sold claim, we will need to write to the lender who sold the policy to you to obtain information about the product that was sold. To do this, we will request a Subject Access Request (SAR) , which we will pay for. There is no cost to you.
Unlike some of our competitors, there are no upfront administration fees so you don’t have to worry about parting with your cash before the claim process has even started. On top of that, we operate under a strict No win, No fee policy* and that means that if you are unsuccessful in your claim then you will not have to pay a penny.*
*Fee payable if the claim is cancelled at client’s request, after we have started your claim.
If your claim for mis-sold payment protection is successful, we will charge a fee of 25 per cent plus VAT of any amount recovered on your behalf. For example, if we obtain a settlement offer of £1,000 compensation our fee would be £250 plus VAT at the current rate.
If you want to make a reclaim then please fill out our full online claim form and post to us. Once we have received your information, we will then contact you to talk about your full claim form .
As soon as we have all your information and the completed form then we will begin working on your claim. Average payouts for claims can total as much as £3,750 per customer (£3750 is the average amount of loan PPI compensation awarded, correct at 31st Dec 2012) and it is important to remember that you may be entitled to claim for multiple policies. To do this, you will need to request multiple claim packs when speaking to us or complete more than one form online.