iSmart Solutions

iSmart Solutions

June 18, 2012 11:43 ET

How to Make Sure Your PPI Claim Has a Better Chance of Success

LONDON, UNITED KINGDOM--(Marketwire - June 18, 2012) - iSmart is working proactively with a number of banks to reduce the problems that result in a claim being rejected - and the banks are acknowledging there are mistakes being made.

Going forward, this approach will benefit both the customer and the banks - the customer will get the compensation they are entitled to and the banks will have fewer invalid claims to investigate. We have heard a lot recently about the number of invalid or rejected claims being made for PPI compensation but there has been very little explanation around why these claims are being labelled as such.

iSmart Consumer Solutions is one of the country's leading claims management companies and has come forward with some statistics around claims which are rejected by the banks and it shows that, although some claims are unsuccessful there are many that are rejected without good reason. One of the major things that anyone has to do - if the customer does not have all of the information around their claim - is write to the financial institution and request a copy of the credit agreement - and pay £10. 30% of those raised by iSmart don't come back and this does not include the requests that were returned outside of the required 40 days.

Without this information, the claims management company has to rely on the information provided by the customer - iSmart takes the customer through a 45 point questionnaire to get as much information as possible before submitting the claim - therefore, customers should make sure they have as much information as possible at hand when they call a claims management company. Another interesting fact is that claims are routinely rejected as "invalid" and "has no PPI claim" for reasons such as the signature or general details do not match exactly - again, showing the need to be as accurate as possible when filing a claim.

iSmart have found that when we investigate the claims rejected as "no PPI" by the banks, 7% do have PPI and we are able to claim compensation on their behalf.

Working with one of the big five banks, however, we were able to show that this figure is substantially higher - around 30% - which is a significant number of rejections for people who may have valid claims.

The advice to be taken from this is, whether you are making the claim yourself or using a reputable claims management company, be sure to have as much information as possible when you make the initial claim - and if your claim is rejected and you genuinely believe that you have a case, challenge it - go back to the bank and if you are not still not happy, take it to the Financial Ombudsman Service.

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