Consumers urged to avoid claims managment companies in PPI cases
Consumers could lose out on over £2bn in payment protection insurance (PPI) redress by going to claims management companies according to consumer protection body, Which?
Which? claims that with an average payout of £2,750 for mis-sold PPI and claims management companies taking as standard a 25% cut as their fee, consumers could pay £825 each for something they could easily do themselves. This could amount to over £2bn of PPI redress going to claims management companies.
The organisation also warned that consumers could end up in debt to claims management companies even if their PPI claim was successful.
“If the loan is still being repaid, redress often comes in
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