March 2019 Update
A fee rate cap was introduced in July 2018. Companies cannot charge more than 20%+VAT (24% in total). It’s good news that fees have come down, but you’ll see from the table that several of the companies we have tracked have disappeared or are not taking on new clients. Fees via FairerPPI have always been lower than the cap level and remain so. We’ve now added each company’s Google Reviews rating as price isn’t everything.
|Company||Fee inc VAT %||Example refund amount||Fees inc any taxes||Google reviews rating||£'s You save via FairerPPI|
|Claims4refunds (no new clients)||Was 36%||5100||1836||918|
|The Claims Guys||24%||5100||1224||306|
|Consumer Claims (no new clients)||Was 39%||5100||1989||n/a||1071|
|Harringtons Advisory (closed down)||Was 39%||5100||1989||1071|
|Wilson Tarquin Ltd (Gone?)||Was 48%||5100||2448||1530|
How to Compare PPI fees on PPI claims
It pays to compare PPI fees from claims companies before you sign on the dotted line. Unfortunately, some PPI claims companies do not make this easy. Their costs for PPI claims may only be in small print. We hear or read too often of consumers being shocked when they see their invoice from a claims company. We’ve put together the table above which allows you to compare PPI fees. It includes some of the companies you may come across when trying to choose.
May we help?
We think you’ll agree that the fee rate coming through FairerPPI is very competitive. If you want to find out if you may be able to claim, just fill in the short form on the right and a claims pack will be on it’s way. There’s no up front fee and it’s all on a no win, no fee basis*. There’s no obligation and we don’t pester.
*No win, no fee details
If we find you did not have PPI or your claim is not successful there is nothing to pay. There is also no fee for claims cancelled during the 14 days cooling-off period.
If you cancel outside the cooling-off period, we may charge you a cancellation charge based on the amount of work we have done at the time of the cancellation at £120 per hour. In any case, the total cancellation fee would be capped at £180.
However, if you let us continue with your claim until the end, you would never have to pay any cancellation charges.
Notes on using the table to compare PPI fees
The information presented is simply a compilation of publicly available information. Inclusion or exclusion of a company from this comparison in no way suggests any recommendation or advice. Some of the companies in this table do make their fee rates highly visible and clear to customers (most don’t).
You can compare PPI fees for various companies in the table above. The table shows how much you’d be charged on an example £5,100 of redress (i.e. compensation). Average PPI payouts per claim are £2,000 – £3,000, but our average for each client is £5,100 (as of Feb 2019). This is because some clients will have more than one successful claim.
We’ve used the published fee rates of the companies listed to help you compare PPI fees. Then we show how much you would save coming via FairerPPI rather than the other company. We also show the Google Reviews rating for each company.
We’ve included VAT where applicable on the total fees when working this out. All the companies in the table collect VAT on their fees apart from:
- §Consumer Claims which is based offshore (Guernsey) – but their fee was one of the highest anyway and they are no longer taking on clients.
We hope this is useful. If you have any questions or suggestions please get in touch.
How taxes affect what you get
There are two taxes you need to know about when it comes to PPI claims:-
VAT – we have to charge VAT at 20% on top of our fee and pass this on to the taxman. That’s included in the numbers in the table.
Savings interest income tax – part of most PPI compensation is interest the bank adds on to make up for the fact that you’ve been without your money for a few years. Because you could have been saving that money, they add interest. The taxman treats this like ordinary bank savings interest. That’s taxable.
In general, you can earn £1,000 (£500 if you’re a higher rate taxpayer) in savings interest and any PPI interest in a year before you need to pay income tax. The catch is that the government has told banks to deduct 20% tax from just this part of your compensation before they give it to you.
Then – if you don’t owe this tax, you can claim it back.
Fees via FairerPPI (like all other companies that we know) are based on the total amount of compensation you get including any tax that the bank deducts before paying you. That’s what “Gross” means here.
About this data
This comparison represents a point in time and was last checked on 12 November 2018. If you are concerned about any inaccuracies (perhaps due to rate changes by some companies since this date), please contact us and we will check and make corrections as necessary.
Information was sourced from the following published fee rates:-
- Gladstone Brookes Ltd – www.gladstonebrookes.co.uk /terms-conditions/
- Haveigotppi.com (Stanton Fisher Limited) – haveigotppi.com/ taxes-fees/
- Claim4refunds.com – www.claim4refunds.com / terms/
- PPIClaimback (Investor Compensation (UK) Limited) – www.ppiclaimback.co.uk / media / 311 / investor-compensation-terms-of-business.pdf
- The Claims Guys Ltd – www.theclaimsguys.co.uk/app/uploads/2017/05/TCG-PPI-TOE.pdf
- Consumer Claims – www.consumer-claims.com/Our-Fees.php §Consumer Claims is a trading style of Harrington Jones Limited who are Guernsey based and do not collect VAT
- EMCAS Claims – www.emcasclaims.co.uk/financial-misselling/have-i-been-mis-sold-ppi/1
- Harringtons Advisory – www.harringtonsadvisory.co.uk/terms-and-conditions/ (Site unavailable on latest check – previous checked figure used)
- Wilson Tarquin Ltd – www.wilsontarquin.co.uk/terms.html