A SURGE in sales for a new app designed to help the public claim back thousands of pounds for mis-sold loans and credit card insurance has led to plans to slash its price with scope to develop an Android version, should the success continue.
Popularity for the app has allowed claims industry expert and assistant developer of the app, Julie Lee, to recover development costs and halve its retail price it to £1.99 from £3.95 with the hope that it will help thousands more claim back from being mis-sold Payment Protection Insurance.
Millions from across the UK are said to be due compensation for mis-sold Payment Protection Insurance and British banks have set aside a £10 billion war chest to compensate victims.
But many customers are put off by the complex form filling, while others turn to Claims Management Company’s (CMC’s) which can incur a hefty fees taking up to a third of any successful payout.
After handling a range of complex Insolvency PPI claims by day, Julie Lee, decided to act to show consumers there is an easy way to claim on their own without the use of an expensive third party.
Julie is delighted with the initial success of the app following its launch earlier this month and said: “There was a real gap and more importantly a need for a product which could help people find out how much compensation they might be due so I am thrilled that it has been so well received by the public and excited for progressing its development to other smartphone users in the near future.
“Reducing the cost of the app will hopefully give more people the opportunity to get the straight forward advice and help they need so they realise the reasons why they may have been mis-sold and ultimately avoid falling into the clutches of CMC’s.
“When you consider that the average successful loan claim is about £3995 and most of the CMC’s will take between 25-30 per cent plus VAT – earning up to £1438 just for filling in some forms, £1.99 is a tiny price to pay.”
With just a single click, the DIY PPI App lets users make a call to the lender to register a complaint. Some complaints will be upheld quickly and the lender will offer a settlement, based on Financial Ombudsman guidelines.
However, in the majority of cases, the lender will send customers a FOS Questionnaire, which has recently been increased from eight to 11 pages – and that’s where many potential claimants either give up or turn to CMC’s.
However, the DIY PPI app takes the user through a simple series of YES or NO questions, to establish if they were probably mis-sold PPI.
The app even suggests some simple ways to word the most appropriate explanation and tells users exactly where to put their responses on the form.
Once the form is completed, the user posts it to the lender and awaits the response. Lenders must make a decision – and explain it – within eight weeks.
Julie added: “If it comes down to paying £1.99 for the app or £1438 in fees, I’m hoping the public will make the right decision.
“We’ve made it as easy as possible for mis-sold borrowers to get what they are due with the minimum of hassle and without having to pay any middle men and if it continues to be popular launching an Android version will be on the cards soon.”
DIY PPI app is now available to download from the Apple app store for £1.99.