In UK today, thousands of people are filing complaints against their lenders, insurers and banks to recover their mis sold payment protection insurance premiums. Payment Protection Insurance or PPI a discredited policy that was sold along with the loans, car finance and even credit cards. This insurance originally worked to the benefit of the holder as it aimed to protect him in case he gets sick and is unable to work and earn money. Later on, it was found that 85% of the policies were mis-sold as the borrowers were ineligible to claim.
The holder of the policy, can himself claim back the PPI premiums, whether he has already paid in full or the policy is still going on. However, most of the time, people look for claims experts such as www.ppico.org.uk, who can do the job for them. These solicitors are found in companies who are offering the said service. They have handled many cases of PPI claim that makes them expert on this field. Looking for them online is also possible as they have advertised their services thru it.
The primary reason why holders prefer the help of solicitors is that a PPI claim is not an easy process. It will involve many steps that will surely blow one’s mind especially when the claimant is just an ordinary unemployed person who knows nothing much of the matter he is up to. Besides, with a solicitor, the case can be handled properly and there is a big chance of getting the amount due. It will take off the hassles and burdens from the holder himself and give it to someone who is more knowledgeable about it.
The during of PPI claims vary as the case also vary. There are claims which can go smoothly but there are also those that can meet complications along the way. However, as most companies report PPI claims can last 8 to 12 weeks. This period or duration depends on many factors. Significant of these factors is how cooperative the insurer or lender is. Most importantly, the sooner the holder takes an action, the sooner he can enjoy the claim.
Claimants do not have to worry much on the payment of the solicitors because most of them work in a No Win No Fee basis. They will only get their compensation once they win the case. If not, then the claimant cannot be obliged to give something. There are also companies who do not charge even the consultations and thus their help is being sought often.