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

h24h3

I'm sure you don't like them since in one of your last posts you said you were a PPI complaints handler for a bank that probably misold PPI in the first place! ;-)

melorablack

h24h3 wrote: »

I'm sure you don't like them since in one of your last posts you said you were a PPI complaints handler for a bank that probably misold PPI in the first place! ;-)

If you had to deal with them every day you wouldn't like them either I wouldn't mind except they act like the bank is the bad guy and they are the good guy...when they are charging the customer a fortune to get their own money back :mad: I do my job to help customer's, not claims companies who are just as greedy as the bank was in the 1st place!

h24h3

I do see your point, I really do! It's just that some people just can't be bothered or don't have the time or aren't that well organised to do this themselves. So having done very little in terms of sending out letters etc... they suddenly find themselves with a cheque; which naturally they're happy about. If there were plenty of free services funded by the government, (which effectively means the tax payer, so not free really) then there wouldn't be an industry for these companies.

In response to another post relating to the cost of these services:

"75% of something is much better than 75% of nothing!"

petermb_2

h24h3 wrote: »

I do see your point, I really do! It's just that some people just can't be bothered or don't have the time or aren't that well organised to do this themselves. So having done very little in terms of sending out letters etc... they suddenly find themselves with a cheque; which naturally they're happy about. If there were plenty of free services funded by the government, (which effectively means the tax payer, so not free really) then there wouldn't be an industry for these companies.

In response to another post relating to the cost of these services:

"75% of something is much better than 75% of nothing!"

100% is far better and there are one or two claims companies that do not charge a fee up front and you get to keep 100% of your conmpensation.

h24h3

Sure, but those companies still make money because they take those cases to court and then claim back their own costs from the defendant; so they only take on the big cases that will go down the litigation route.

petermb_2

h24h3 wrote: »

Sure, but those companies still make money because they take those cases to court and then claim back their own costs from the defendant; so they only take on the big cases that will go down the litigation route.

It depends what you mean as big cases. Sadly you are correct in that the law only allows a claim of £5000 or more to be run where the costs are recovered from the other side but then it is possible to have such a claim with as little as say £3000 or less of PPI premium.

Surely there is nothing wrong with companies making money as long as you dont have to pay it. I think that is the point here isnt it?

Rach39

Another thing to consider is if you employ a company and they are successful but the rebate is paid against your loan balance (which seems to be happening quite a bit at the moment). While IMO this is not fair and you have a valid case to pursue further with FOS, the company will at this stage say they have successfully got you a rebate and charge their fee. Unfortunately since, again at this stage, you haven't actually received any money, you will have to pay them out of your own pocket! Think very carefully about using a company, while it looks like an easy solution to a potentially complex action, it's really not difficult to do it yourself, especially with all the help and support you will find here. Good Luck!

petermb_2

Rach39 wrote: »

Another thing to consider is if you employ a company and they are successful but the rebate is paid against your loan balance (which seems to be happening quite a bit at the moment). While IMO this is not fair and you have a valid case to pursue further with FOS, the company will at this stage say they have successfully got you a rebate and charge their fee. Unfortunately since, again at this stage, you haven't actually received any money, you will have to pay them out of your own pocket! Think very carefully about using a company, while it looks like an easy solution to a potentially complex action, it's really not difficult to do it yourself, especially with all the help and support you will find here. Good Luck!

You are confusing companies utilising a free service and those that charge a fee. There are one or two companies who will do this without fee. In such a service it makes no difference if the borrower is sent cash for the compensation or the amount is deducted from the loan balance.

The FOS will only deal with the mis-selling aspect of claiming and will not assist in the recovery of non disclosed commissions and other issues that may be prevalent within the loan arrangement.

So if you only want the PPI premium and interest back then yes you are quite correct in that you can do this yourself, especially for those companies that have already been fined.