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Should I Ignore Texts I Receive About PPI Claims?

Everyone with a mobile phone in the UK will have received at least one text relating to PPI compensation - even the former head of the Financial Conduct Authority, Martin Wheatley, received them!

They are the texts from an unknown company, informing you that there is a cheque or a pot of cash with your name on it, because everybody - or so they say! - is entitled to claim PPI compensation.

Or, they will text telling you with an authoritative tone that 'we know now how much PPI compensation you are owed'. They will then invite you to call and they can transfer the monies to you.

But it rarely works this way. These texts are from companies touting for business. They hook you by promising you a large sum of money, along with the fact that you don't have to do anything. Who wouldn't love easy money?

Following up these texts can also land you with a big bill, for both their 'services' as well as returning premium rate calls via your mobile.

What Should I Do?

Ignore them. And this is sound advice based on facts;

  • No one knows how much compensation you are entitled to -until they look in to your case
  • No one knows if you have PPI policies -until they objectively assess your case
  • Financial and personal information should not be sold -thus, your bank or lender will not tell them if you have PPI, how much compensation you are owed unless you give a third party or claim management company the authority to act on your behalf.

Finding a Reputable Claim Management Company

Unfortunately, as in all professions, some companies act ethically and morally better than others. Some companies just want to take your money and do nothing in return; it is these companies that give the profession of claim management a bad name.

However, for some people, it makes sense to use a reputable claim management company. This could be because of lack of time, or confidence or just the feeling that they would like someone else to do it.

So, how do you find the best claim management company;

  • Look for an assessment process -any company that promises or guarantees success may not have your best interests at heart. Look for a company that starts the claiming process by assessing whether you have PPI and, if you do, how much compensation is due to you.
  • A high success rate -you would think that this is obvious but the real reason to look at this is an indication of how well a company assesses claims. If they don't advertise their success rate on claims, ask them what it is.
  • No win, no fee -which means exactly what it says. But check what the fees are before you sign up.

Payment Protection Scotland can help - why not call us?

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