London (PRWEB UK) 21 March 2013
PPI Claims Central announced last week that their service fees have been lowered to just 12.5% making them one of the most competitive claims providers on the market for reclaiming mis-sold PPI (payment protection insurance). Additionally if 3+ claims are made in one family, the service fee is lowered to just 10%. Originally intended as payment protection for those who were not able to make payments due to sickness, injury or unemployment, it was widely mis-sold to those who did not need it.
They have been operating since 2009 and claiming an average of £2,300 per client, with the highest claim in excess of £65,000 having processed over 20,000 claims applications within this time. This has amounted to a total of £17 million reclaimed on behalf of clients. Their no-win no-fee structure guarantees that clients are only charged for successful claims. Many newer claims firms are charging service fees as much as 25% in comparison. Unlike many newer firms, PPI Claims Central do not outsource their claims process, with everything done in house.
It has been estimated that about 34 million PPI policies have been sold since 2001 alongside personal loans, credit cards and other borrowing facilities with UK banks and building societies setting aside £14 billion so far in compensation. Unfortunately, the majority of borrowers remain unaware that they were even sold PPI when taking out loans, mortgages or using credit cards. Many loan applicants were wrongfully told their chances of approval for a loan would be increased if they opted for PPI. In many other cases, online loan applications required opt-outs rather than opt-ins when choosing whether they wanted PPI.
Many believe the bill for mis-sold PPI could reach as high as £50 billion within the next two years. Yet still banks and lenders have sought to complicate the process for clients seeking compensation with large amounts of paperwork and long and drawn out timeframe in which to reclaim funds. With PPI Claims Central lower and competitive services rates, clients will receive more of their mis-sold PPI funds than they would under the majority of competitors.
About PPI Claims Central
PPI Claims Central are one of the UK’s leading PPI reclaim handlers having helped reclaim over £17 million in mis-sold PPI for over 20,000 clients. Visit ppiclaimscentral.org or call them on Freephone 0800 0499 120 for more information.