CAN A CLAIMS MANAGEMENT COMPANY TELL ME WHAT I AM OWED IN PPI COMPENSATION?

We’ve all had the text messages and the telephone calls from companies claiming that they know how much PPI compensation we are due, or that records indicate we are entitled to compensation.

Can a Claims Management Company tell you what you’re entitled to? The simple answer is NO NO NO NO NO.

I actually enjoy receiving text messages and telephone calls from these companies.

Maybe I’m a little sadistic or childish but I tend to play along with the game.

I’ve even managed to get three companies to visit me at work to get me ‘signed up’.

Imagine their surprise when they turn up to find they’ve arrived at a Claims Management Company.

On a serious note though, it’s these types of companies that give the rest of the good guys a bad name.

I’m realistic and I am aware that there will always be bad apples but I believe it’s time to fight back against these scammers.

NO CLAIMS MANAGEMENT COMPANY HAS ACCESS TO YOUR BANK AND LENDER RECORDS WITHOUT YOUR SIGNATURE

There is absolutely no legal way that any company can access your records without your written authority.

Whatever line is spun to try and convince us otherwise is quite simple a lie.

There is no ‘PPI database’, and do we honestly think that banks would release such information to a company whose sole intention would be to reclaim that money from the bank?! I think not.

DO NOT FALL FOR THE TACTICS

Many of these rogue Claims Management Companies employ these tactics as an opening line, or to obtain contact if they send a text out.

They need to get you on the other end of the telephone so they can get your name and address details.

Once they have these it’s highly likely you will receive a claim pack in the post, followed by countless calls in order to try and get you to return the pack.

ARE THERE GOOD CLAIMS MANAGEMENT COMPANIES?

The simple answer is yes. We must remember that, in the majority of cases, a claims management company works on a NO WIN NO FEE* basis so we do not receive any fee unless we successfully obtain PPI compensation.

It is therefore in the best interest of a Claims Management Company to do all it can to ensure there is a case for mis-selling of PPI, and then to argue the case leaving no stone unturned.

Banks don’t like Claims Management Companies because they know we won’t go away.

They know that if they reject a valid complaint, which if you look at Financial Ombudsman Service complaint data, they do A LOT, we won’t give up.

Banks employ so many tactics in order to avoid paying out compensation that the services of a reputable Claims Management Company could be of huge benefit.

Did you know for example, that 9/10 complaints that are rejected by banks and lenders do not get escalated to the Financial Ombudsman Service?

Is it any wonder that banks reject legitimate PPI claims then?

We won’t give up, we will take a case all the way through the process once we’ve established we believe there may be a case of mis-selling of PPI.

HOW CAN I FIND A GOOD CLAIMS MANAGEMENT COMPANY?

In my opinion, do not use a claims management company that has either cold called you or made claims via telephone or text message that would claim they know you are entitled to compensation, or state they know how much you are owed, or even put an amount on it.

They are not telling the truth from the start so why trust them any further?

Secondly, always check with the regulator that a Claims Management Company is regulated in respect of regulated claims management activities.

This can be done by visiting the Ministry of Justice website which currently regulates Claims Management Companies.

Finally, speak with the company. Ask them questions regarding timescales to expect, fees to pay and any other questions you may have.

No company can guarantee you will get compensation and timeframes can vary depending on if the case is escalated to the Financial Ombudsman Service. Check customer testimonials.

PPI database