Barclays and Which? warn against claims management companies
Originally posted by 5corpio
PPI: Barclays and Which? warn against claims management companies

Consumers could lose out on over £2bn in payment protection insurance (PPI) redress by going to claims management companies (CMCs).

With an average payout of £2,750 for mis-sold PPI and CMCs taking as standard a 25pc cut as their fee, consumers could pay £825 each for something they could easily do themselves.

What's more, people who claim back PPI sold with a loan could find themselves owing money to their CMC, even in the event of a successful claim. If the loan is still being repaid, redress often comes in the form of a reduction of the outstanding balance leaving the consumer to pay the CMC's fee out of their own pocket.

Which? is calling on consumers who think they may have been mis-sold PPI to complain to their bank themselves and has created a free online PPI complaints tool.....Read more HERE