You’re already working on ways to create passive income for your retirement, but how well are you plugging any holes that may already exist in your current finances?
Allowing money to slip through your fingers on a month by month basis can be easy to do, such as not switching utilities provider even when doing so would bring about savings. There’s also another way of letting money slip through the cracks that’s more stealthy than tracking your bills, which is when you were mis-sold a financial product and are entitled to claim the money back, but don’t.
Even though mis-sold payment protection insurance (PPI) is the biggest financial scandal to have ever hit the UK, there are still hundreds of thousands of people that have yet to claim.
PPI was mis-sold on a huge scale, growing rapidly through the 1990’s and peaking in 2004, generating revenue for the banks and lenders that is beyond staggering. Around 45 million policies were sold between 1990 and 2010, worth £44 billion in premiums.
If you haven’t yet claimed back what you were mis-sold and would like to, you may be wondering which is the best PPI claim company to help you with your claim. With so many to choose from, here are a couple of key considerations for you to be aware of when making your choice.
They Can Get Around The ‘Forgotten Account Number’ Problem
The title says it all really. People forgetting their account numbers is arguably the number one problem encountered in the last four years of claiming PPI. Up until quite recently, if you didn’t have your account number, you couldn’t claim. It was that simple.
A handful of PPI claim companies have overcome that obstacle due to negotiating a special arrangement with many of the main banks and lenders. The special arrangement is that, through them, all you need in many instances to start your claim is your full name and previous address history.
Armed with that information, the lender the claim company submits the information to will run a check across their entire network for any loans, mortgages or any other type of credit agreements you may have ever had with them.
More importantly, though, is that the check they run won’t just be on their own database, but also across every other database of companies that fall under the same umbrella – their sister companies.
This arrangement is huge and now means that many people who were previously unable to claim can now get back all of their money, along with the statutory 8% compensation on top.
They Have A Transparent Fee Structure and Only Charge for Successful Claims
Not sure if you even had PPI? That shouldn’t be an obstacle for you, so when you’re looking for the best PPI claim company for you, make sure they will only charge you if 1) you actually have PPI and 2) that your claim is successful (i.e. you win your case and receive a refund). Also ensure that their fee structure is open, honest and transparent.
Specifically, a good PPI claim company will take your call and answer your questions without charging you and without obligation to pursue your claim through them afterwards if you decide not to.
They will also be happy to look into your potential claim for you, which again will be without charge or obligation. And, assuming you do instruct them to handle your claim for you, they will only charge you a fee once your claim has been successful.
If for any reason at all your claim is not successful, you shouldn’t have to pay a fee.
Building wealth for your retirement can come in many forms, and many people are only looking at ways to create an income, but are often forgetting to plug existing holes in their finances.