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Ambulance chasers do worse than individual complaints
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ReportInvestor
Posts: 3,646 Forumite
The Scotsman
"...the Association of British Insurers reveals that those of us who have been warning that using endowment ambulance-chasers is a bad idea have been giving good advice.
Not only will they take up to half your compensation, but they are not that good at winning anyway. During the first three months of the year, consumers who complained directly to insurers won redress in 43% of cases, compared with 37% who went via a complaints handler :eek:."
Can anyone think of a reason for this extraordinary statistic?
Do people only use the Ambulance chasers for marginal cases? Do the ABI members fight the Amulance chaser cases harder in order not to set precedents that an Ambulance chasing firm could use?
The consensus is that using such people is a waste of money
"...the Association of British Insurers reveals that those of us who have been warning that using endowment ambulance-chasers is a bad idea have been giving good advice.
Not only will they take up to half your compensation, but they are not that good at winning anyway. During the first three months of the year, consumers who complained directly to insurers won redress in 43% of cases, compared with 37% who went via a complaints handler :eek:."
Can anyone think of a reason for this extraordinary statistic?
Do people only use the Ambulance chasers for marginal cases? Do the ABI members fight the Amulance chaser cases harder in order not to set precedents that an Ambulance chasing firm could use?
The consensus is that using such people is a waste of money
0
Comments
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Money Marketing had an interview with someone from the ombudsman and they said it was harder to deal with complaints from claims firms than individuals.
I personally think it can harm your claim if you use one of the firms that lists every potential mis-sale there can be under the sun on their complaint letter. If the insurance company/IFA has documented proof countering a number of those arguements it shows that the person claiming is either telling lies or has a bad memory. How can they then be trusted on the other points?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I quite agree with the points made by Dunston. One company produces a seven page complaint citing precedent and final notices from the FSA as well as complaint handling principles.
I am afraid I cannot believe or agree with the ABI findings. We win over 90% of all the cases we take on, these range from the very straightforward to very complex. 70% plus we win at the first attempt, the balance are taken to the Ombudsman where we have an 80% plus success rate.
I believe it is true that in some cases they do fight harder, we have specimen cases against Guardian, Royal & Sun Alliance, Nat West and Lincoln to name a few all of which have gone for an Ombudsman ruling any one of these found against the company concerned would cause big problems for the company concerned when/if we win.
It is also true that in recent months there has been a distinct shift against complaint companies their manner and style of communication has become unnecessarily agressive. Ican understand the companies not liking companies like mine but I do wish people would differentiate. We don't charge anything like 50% and if we don't think the case was missold we will not take the case, equally we will fight any type of case IFA, big company whatever if we think the client has been badly treated.0
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