The PPI deadline is now less than seven months away. For nearly a decade, UK consumers have been able to submit PPI claims to their bank and receive a refund.
The mass mis-selling of Payment Protection Insurance (PPI) by banks and lenders hit the headlines nearly ten years ago. Since then, billions of pounds have been refunded to customers. Thousands of consumers were unaware they had PPI policies or were forcibly sold them.
But on 29th August, this will come to an end. This is the last date individuals can seek a refund. The Financial Conduct Authority (FCA) announced this date nearly two years ago, allowing plenty of time for individuals to make a complaint to their bank or lender.
Although many have made successful claims during this time, it’s believed that thousands of people could still be eligible to claim. People need to act soon if they want to make a claim before the impending deadline.
When an individual decides to make a claim, they can either do it themselves or use the services of a reputable PPI claims company. A company will take a small fee on successful claims, but, for many, this is a much easier and less stressful option.
As the deadline continues to inch closer, the banks and claims companies find themselves extremely busy. How is it possible to keep on top of so many claims? For claims companies, the solution is powerful and customised software designed specifically for them.
How Claims Software Has Helped the Best PPI Claims Companies
Claims management software is used by a variety of companies, not just those handling PPI claims. However, having customised software specifically for PPI claims is hugely beneficial. The best PPI claims companies have used bespoke PPI software to aid their business significantly.
Moving away from traditional paper-based claims that would have been the norm twenty years ago, companies can now access everything digitally. This is quicker, more cost effective and consolidates all relevant information in one location.
Claims companies need a few basic requirements to function effectively on a daily basis; streamlined communication with the banks and consumers, and the ability to update each case when an outcome is received and help new customers start their claims. Software that enables automation and allows employees to easily access every case can help put a business ahead.
The best PPI software has revolutionised the claims market and allowed companies to thrive and grow during the PPI claims scandal.
Strong Competition between PPI Claims Companies
The claims industry is a competitive market. In July 2018, the government passed an interim fee cap, meaning all PPI claims companies must cap their fees at 20% + VAT (24% total). This offers consumers a fairer percentage of their claims but meant that some companies had to dramatically cut their fees.
Some companies were already charging less than 20%, giving them an advantage in the market and allowing them to remain stable. Taking a smaller fee than the maximum is an appealing option for those who wish to keep as much of their refund as possible.
£33 billion has already been put back in consumers’ pockets. The next six months will see this figure increase further. After the deadline, the banks will likely still be refunding customers for some months as they resolve the influx of claims being made. This will result in the total climbing even higher. As the best PPI claims companies prepare for the rush before the August deadline, the most important asset to them is the software they use, ensuring that each claim is kept up to date and claimant’s data secure.