Do Claims Companies Have More Clout/Success than the individual??

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
18 replies 1.7K views
kwackermankwackerman Forumite
48 Posts
Part of the Furniture 10 Posts Combo Breaker
edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
Hi All,

I will shortly be making a claim for a mis-sold PPI policy from First Plus.

If my claim is successful it will be for a substantial amount of money (14.5k) which does not include any interest or goodwill I may be entitled to.

My eyes were only opened up to the possibility of claiming because I was contacted by a company called "The Claims Guys". They will charge on a no win no fee basis 25% plus vat if successful. Obviously this is a large amount of money but will I stand more chance of success if I use professionals to make the claim? Will it get handled with more priority?

Appologies if I have covered some of this in my earlier post- I just want to ensure I make the correct decision before I start my claim- We are desperate for this money!!

Thanks for your insight.

Regards

Andy
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Replies

  • di3004di3004 Forumite
    42.6K Posts
    kwackerman wrote: »
    Hi All,

    I will shortly be making a claim for a mis-sold PPI policy from First Plus.

    If my claim is successful it will be for a substantial amount of money (14.5k) which does not include any interest or goodwill I may be entitled to.

    My eyes were only opened up to the possibility of claiming because I was contacted by a company called "The Claims Guys". They will charge on a no win no fee basis 25% plus vat if successful. Obviously this is a large amount of money but will I stand more chance of success if I use professionals to make the claim? Will it get handled with more priority?

    Appologies if I have covered some of this in my earlier post- I just want to ensure I make the correct decision before I start my claim- We are desperate for this money!!

    Thanks for your insight.

    Regards

    Andy


    Hi Andy

    In my opinion I would have a go yourself, you do not pay a penny this way, only on some stamps.

    There are many on here who have complaints against FP.
    I take it that FP arranged and sold you the loan?

    On this site you will have help through this step by step if required, and there are templates as well.
    For more information, link here to checklist and details of reclaiming with templates, you can use the templates if you want to, or use them as a guide, but with your reasons of how you were mis sold.;)
    http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

    They have 8 weeks to respond in full, basically keep at them until they either resolve your complaint to your satisfaction, do not go for any low goodwill offers, go for the lot.

    In the final response they should give details of the financial ombudsman service (FOS) who are free to investigate this for you.

    Post all letters by recorded delivery, for your proof of posting and ask for help when required.;)
    Good luck.
    The one and only "Dizzy Di" :D
  • dunstonhdunstonh Forumite
    106.8K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    Statiscally, there is evidence that claims companies in general have lower success rates than personal complaints. Although I have seen similar stats applied to template letters as being the thing that has lower success rates. Whatever it is, there isnt a lot in it in most areas.

    The problem at the moment is that there are a lot of dodgy claims companies out there and there are some good ones. The good ones will often filter the complaints and not put in opportunistic complaints or use "one size fits all" templates which can often work against you. They are likely to have better complaints stats in general as there is a quality control. The bad ones put in complaints about anything and everything whether its true or not.

    One complaint area that some claims companies focused on had a 1.5% chance of success (contracting out of SERPs). Yet you had some claims companies cold calling on these telling people that they were authorised by the Govt, helping you claim your share of a pot of money that was due to you blah blah blah, and taking £500 a go for putting in a template letter that was almost certainly going to result in a fail.
    will I stand more chance of success if I use professionals to make the claim? Will it get handled with more priority?
    You stand no more chance of success generally and no change in the redress payment. Although quality of the claim and the area you are complaining about will impact on that more than anything else. Some areas are quite complicated and require knowledge of what you are doing. Others are simple and require nothing more than pointing out where the problem is.

    Professional is an interesting term. You can be out of school with no qualifications and running as a claims company within no time with no qualifications. Many claims companies employ the use of sales agents who get nothing more than a bit of training and a cut of the money.

    There is certainly no difference in timescale on how its handled.

    So, in summary, a good claims company can be useful in difficult areas. A bad claims company will just take your money with little or no benefit to you. A simple area of claim doenst need a claims company.
    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.
  • melorablackmelorablack Forumite
    1.1K Posts
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    As a PPI complaint handler for a bank, the answer is NO.

  • melorablackmelorablack Forumite
    1.1K Posts
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    kwackerman wrote: »
    Hi All,

    I will shortly be making a claim for a mis-sold PPI policy from First Plus.

    If my claim is successful it will be for a substantial amount of money (14.5k) which does not include any interest or goodwill I may be entitled to.

    My eyes were only opened up to the possibility of claiming because I was contacted by a company called "The Claims Guys". They will charge on a no win no fee basis 25% plus vat if successful. Obviously this is a large amount of money but will I stand more chance of success if I use professionals to make the claim? Will it get handled with more priority?

    Appologies if I have covered some of this in my earlier post- I just want to ensure I make the correct decision before I start my claim- We are desperate for this money!!

    Thanks for your insight.

    Regards

    Andy

    Complaints should be looked at in date order, no matter how they were made.

  • mcfadwmcmcfadwmc Forumite
    15 Posts
    for a complaint of that size you should be able to find a true no win no fee solicitor willing to take on your claim. as the claim will undoubtably be put through the courts on fast or multi track, they can claim their costs from the other side and you can take out a policy to cover yourself against paying the other sides costs if you lose (called ATE or CFA).

    you can go through a good claims co who will get you a solicitor and put it through court instead of FOS. The solicitor will take their fee from the other side and you will pay 25%ish to the claims co for collecting all the relevant documents and managing your claim. visit the claims regulators website and search for any company before you sign up

    this will speed up your claim as the bank will be more willing to process the claim in a way to incur less fees payable to the solicitor/barrister which will probably double the total claim value if it goes to a court hearing.

    if you take your claim to the FOS on your own IMO they'll delay paying out and you'll be stuck in the long queue at the FOS ( currently 9-12 mnths??), you'll have to make sure you firstly collect the right info and get your story correct, then you'll have to keep your bottle when the 10% & 30% offers come in.
  • h24h3h24h3 Forumite
    5 Posts
    Complaints should be looked at in date order, no matter how they were made.
    A friend of mine used these guys and the debate rages on as to whether the customer stands any more of a chance of being successful with their claim. I can't comment on this at all. What I do know is that my friend could not be bothered filling out any templates and just wanted to sign on the dotted line once he'd given all the details verbally. The Claims Guys sent him a pack out; all the details he went through on the phone were pre-populated, he checked them and signed the document. Within 7 weeks he had a cheque for over £11K!!! He 'may' have received more if he completed all of the correspondance himself but he just couldn't be bothered or perhaps he thought it was like playing the lottery and down to chance. Either way the company got him his money back with very little effort on his part.
  • edited 6 August 2009 at 4:06PM
    marshallkamarshallka Forumite
    14.6K Posts
    edited 6 August 2009 at 4:06PM
    h24h3 wrote: »
    A friend of mine used these guys and the debate rages on as to whether the customer stands any more of a chance of being successful with their claim. I can't comment on this at all. What I do know is that my friend could not be bothered filling out any templates and just wanted to sign on the dotted line once he'd given all the details verbally. The Claims Guys sent him a pack out; all the details he went through on the phone were pre-populated, he checked them and signed the document. Within 7 weeks he had a cheque for over £11K!!! He 'may' have received more if he completed all of the correspondance himself but he just couldn't be bothered or perhaps he thought it was like playing the lottery and down to chance. Either way the company got him his money back with very little effort on his part.
    I can see where you are coming from on this one but also agree that there are a lot of dodgy ones and its sorting the good ones from the bad. Some people don't have time to do this for themselves and its a shame that we have to, (if we had not been missold in the first place then we would not have to spend time doing this) and worse still its a shame that these firms that sell them give us the run around too. Vicious circle really in that those that don't have time have to then give 25% of their cash away and them that do have to spend so much of their own time on it it can become stressful and they can often give up.

    We do as much as we can on here to help people and the templates are all there too but can often see why some choose a claims company of their personal choice of course. personally I would do my homework on this through the internet and not take any "one" that is recommended on here. After all, it could be a tout so to speak.

    Not saying your post is though.
  • melorablackmelorablack Forumite
    1.1K Posts
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    The claims guys are actually "I-smart consumer services ltd" one of the wost offenders for putting in claims for customer's who actually don't want to complain and the FOS are not happy with them at all at the moment.

  • h24h3h24h3 Forumite
    5 Posts
    That’s interesting Meloraback. I can’t comment at all as I didn’t go through the process personally but The Claims Guys are a claims management company so I assume that they use several companies that they have vetted before introducing their customers. My friend did want to make a complaint, said that he didn’t feel pushed into it but that he was just taking a chance, as he put it. He subsequently received his £11K cheque. In any event they don’t appear to be the same company as they have different Ministry of Justice authorization numbers. It also says this on the Claims Guys website: The Claims Guys act as an intermediary service for the general public and law firms that have authorised The Claims Guys as an introducer.

    Maybe I-smart receives applications from many different introducers and some introducers are not as selective or efficient in their processes as The Claims Guys.

    Don’t dispute your point though there are lots of companies jumping on the bandwagon any maybe some of them are pushy but I’m just pleased that my friend got his money back so quickly; he’s going on holiday shortly as a result! ;-)
  • melorablackmelorablack Forumite
    1.1K Posts
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    h24h3 wrote: »
    That’s interesting Meloraback. I can’t comment at all as I didn’t go through the process personally but The Claims Guys are a claims management company so I assume that they use several companies that they have vetted before introducing their customers. My friend did want to make a complaint, said that he didn’t feel pushed into it but that he was just taking a chance, as he put it. He subsequently received his £11K cheque. In any event they don’t appear to be the same company as they have different Ministry of Justice authorization numbers. It also says this on the Claims Guys website: The Claims Guys act as an intermediary service for the general public and law firms that have authorised The Claims Guys as an introducer.

    Maybe I-smart receives applications from many different introducers and some introducers are not as selective or efficient in their processes as The Claims Guys.

    Don’t dispute your point though there are lots of companies jumping on the bandwagon any maybe some of them are pushy but I’m just pleased that my friend got his money back so quickly; he’s going on holiday shortly as a result! ;-)

    Thanks for that, I wasn't aware of the moj authorisation bit apart from the fact that I knew they were both authorised. :rolleyes:

    I-Smart and the Claims Guys have used Letters of Authority with the other company's names on before now...ah well, I don't like any of them anyway ;)

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