Biggest Ever PPI Claim ’Shows Value of Claims Management Companies’
News that a Briton has been able to recover the largest ever payment protection insurance (PPI) payout with the help of a claims management company proves that such firms offer real benefits to clients, according to Precision Claims.
As reported by MoneySavingExpert.com, Phil Stephens, aged 46, was given more than £82,000 by Barclaycard after 16 months of trying to get his money back.
He explained that the insurance product one day appeared on his statement, without knowing what it was. As a result, he tried to lodge a claim with Barclaycard back in July 2010, but was rejected.
Knowing that he needed help getting his money back, Mr Stephens got in touch with the Financial Ombudsman Service and a claims management company, who eventually managed to retrieve the payment, split between his two credit cards.
Although he had to pay fees to the management company worth 30% of the sum, the money he received helped him pay off the family debts, go on a luxury cruise and improve his home.
Commenting on the news, Simon Thompson, managing director of Precision Claims, said: "It is stories like this that show people the true value of claims management companies. While they often get a bad press for the fees they charge, many people wouldn’t be able to get their money back without their help. What’s more, the fees are simply payment for the hard work they put in trying to reclaim funds that have been taken dishonestly from their clients.
“A lot of Britons don’t realise how uncooperative the banks can be on this issue, especially since they announced they are setting aside billions for compensation and contacting by letter the victims of mis-selling. Despite this, they continue to drag their feet and make it very difficult for customers to claim the compensation they are entitled to. Much of the time, it is only the intervention from a specialist claims management company that speeds up the process.”
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- Precision Claims
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