Money Claiming Expert

hope_123

Hi,

My best mate is in financial difficulty & had a call today from a company called "Money Saving Experts".

He said they were regulated by the MOJ & if you check out this website : claimsregulation dot gov dot uk & click on 'Authorised Businesses Search' at the bottom of the page & type in Authorisation no : CRM16588 - they are listed as 'Client Connection Limited' trading under the names 'CCR Claims' & 'Money Claiming Experts'.

He said that they helped to claim back mis-sold financial products & only contacted people who fit the criteria i.e. people most likely to be successful...(so they must have done checks on her financial history already ?)

He said that if she paid £300 up front, they would search back through all her credit & mortgage history & make the claims...if they're successful, they will take a 30% cut of all the reclaimed fees.

If they're unsuccessful, she gets her £300 back.

Now it seems like a win-win situation...but the old saying "if anything sounds too good to be true, it probably is" rings in my ears...

There's no way that she would do it herself, as she has no records of any previous mortgages/credit cards/insurances (as she shreds all her financial letters & statements when they've been paid) so she wouldn't even know where to start !

So, my Q is : should she go for this or is there another company who would do the same thing but take less of a cut ?

Any advice/comments are welcome. Thanks.

maxdp

hope_123 wrote: »

Hi,

My best mate is in financial difficulty & had a call today from a company called "Money Saving Experts".

He said they were regulated by the MOJ & if you check out this website : claimsregulation dot gov dot uk & click on 'Authorised Businesses Search' at the bottom of the page & type in Authorisation no : CRM16588 - they are listed as 'Client Connection Limited' trading under the names 'CCR Claims' & 'Money Claiming Experts'.

He said that they helped to claim back mis-sold financial products & only contacted people who fit the criteria i.e. people most likely to be successful...(so they must have done checks on her financial history already ?)

He said that if she paid £300 up front, they would search back through all her credit & mortgage history & make the claims...if they're successful, they will take a 30% cut of all the reclaimed fees.

If they're unsuccessful, she gets her £300 back.

Now it seems like a win-win situation...but the old saying "if anything sounds too good to be true, it probably is" rings in my ears...

There's no way that she would do it herself, as she has no records of any previous mortgages/credit cards/insurances (as she shreds all her financial letters & statements when they've been paid) so she wouldn't even know where to start !

So, my Q is : should she go for this or is there another company who would do the same thing but take less of a cut ?

Any advice/comments are welcome. Thanks.

Hi There

I would not touch them with a barge pole. If you look through the threads here you will see lots of people who are extremely unhappy after having gone along with these claims companies.

All your friend has to do is to send a SAr letter which is on a Sticky thread at the top of this thread to the various lenders that she has borrowed with and they will have to send all information about dealings that you have had with them. Alternatively she could just ring up the ones that she remembers and check if they have PPI added. Then if she feels that she has been mis sold she could claim it back. It is very easy to do.

Good Luck with whatever she decides to do.

dunstonh

MSE has issued a warning about this company. They pretend they are from here when there is no link whatsoever.

He said that they helped to claim back mis-sold financial products & only contacted people who fit the criteria i.e. people most likely to be successful...(so they must have done checks on her financial history already ?)

Information about your financial products is not in the public domain. If they have detail about you then they have it fraudulently.

the old saying "if anything sounds too good to be true, it probably is" rings in my ears...

And it is.

So, my Q is : should she go for this or is there another company who would do the same thing but take less of a cut ?

They all take a cut. However, given the low success rates that many of them have, the real income for them is in the up front charge. Most of them dont refund it or structure it in a way that looks like they will refund it if they say you have nothing to claim on but if the put a claim forward on your behalf and lose they will keep the fee. Strangely enough, they nearly always find something (even when it doesnt exist).

Many of the claims companies are dodgy as hell and should be avoided.

GeraldBiggins

Hi, this is my first post. I actually work for this company. I'm one of the cold callers (I know, I know, I apologise)

But, in all honesty, it is an established business. It's not a bogus company, we have a team of 70+ phone operators and we phone around 160,000 people a day. Most of them tell us to eff off, but, the ones we help had no idea what PPI was and that they'd been paying for it. You're lucky, you guys are on the ball, you know exactly who has scammed you (the banks) out of your money, mis-selling you PPI. The people we phone don't have a clue that they've been mis-sold this policy. So doesn't the £299 seem worth that information? Otherwise they would have been completely oblivious and had 100% of nothing. I know they can do it for free, but they wouldn't have known about it if it wasn't for us cold calling them.

GeraldBiggins

marshallka wrote: »

How long ago did you paY? There should be a cancellation period???

The cooling-off period and cancellations

When selling to consumers by mail order, phone, fax, internet or digital TV you must give them a cooling-off period during which they have an unconditional right to cancel the contract.

Money Claiming Experts has a 14 Day cooling off period. This is mentioned in every call.

marshallka

GeraldBiggins wrote: »

Money Claiming Experts has a 14 Day cooling off period. This is mentioned in every call.

How would you know that one GeraldBiggins? Do you listen to every call?

GeraldBiggins

marshallka wrote: »

How would you know that one GeraldBiggins? Do you listen to every call?

It's on the script we read out. Plus, our Quality Control department mention it at the end of the call.

dunstonh

Gerald, don't you think its a bit dodgy with your sales reps claiming to be phoning from moneysavingexpert?

GeraldBiggins

dunstonh wrote: »

Gerald, don't you think its a bit dodgy with your sales reps claiming to be phoning from moneysavingexpert?

They don't claim to be phoning from Money Saving Experts. They claim to be phoning from Money CLAIMING Experts. Thats the name of the company.

dunstonh

GeraldBiggins wrote: »

They don't claim to be phoning from Money Saving Experts. They claim to be phoning from Money CLAIMING Experts. Thats the name of the company.

There are multiple reports that is not the case. Indeed, MSE has also posted a warning about it.