MSE News: Banks put PPI claims on hold in defiance of regulator

petecorfu

debt55 wrote: »

pete - pretty obvious is it not?

the big cmcs are spending millions upon millions advertising on primetime tv and fishing out tens of thousand of extra claims... which i have nothing against.. but the banks, for pretty obvious reasons do!

those operations must have mammouth monthly cash flows, would only take 3-6 months to flush em

little guys like you will survive but they are not really worried about a few hundred claims from you a quarter.

VERY TRUE! i see it now! let the big guys fall, and me and bigdog will have to deal with the rest! We can form the new rebel alliance!

petecorfu

debt55 wrote: »

put on sky sports news

and sky news

watch for 30 mins and count em.... at least a dozen in that time!

costs about half a million a month to get that ad space.

i bet you they are putting in far more claims than they are not.. otherwise who pays the ad bills and wages? :cool:

My local solicitors are at now with big bill boards out! and the local H.I.P.S place! well i know they had to diversify! What im trying to say is that everyone is at it! they have just sprung up over the last 10 months!!

debt55

petecorfu wrote: »

My local solicitors are at now with big bill boards out! and the local H.I.P.S place! well i know they had to diversify! What im trying to say is that everyone is at it! they have just sprung up over the last 10 months!!

indeed, and everyone that springs up cost the banks more

they are simply trying to stem the flow... but they CANNOT end it.

petecorfu

marshallka wrote: »

They'll probably PAY the big CMC's to shut up then!!!! Cheaper than paying the consumers maybe!

They can buy me out if they want! £1000'000 and ill move abroad! out of this place, warm weather and sunshine most of the year and big thunderstorms! ahhh bliss! Tba 3 years in this game and im sick of the crap being pulled and dished out on a daily basis by the banks! and having to justify my honesty and integrity to cmc haters!
If i didn hate working for other people so much i would take a job in the city and earn 50k a year and be happy!

marshallka

petecorfu wrote: »

They can buy me out if they want! £1000'000 and ill move abroad! out of this place, warm weather and sunshine most of the year and big thunderstorms! ahhh bliss! Tba 3 years in this game and im sick of the crap being pulled and dished out on a daily basis by the banks! and having to justify my honesty and integrity to cmc haters!
If i didn hate working for other people so much i would take a job in the city and earn 50k a year and be happy!

You would only have to seemingly justify you honesty and integrity (being a CMC) on sites like this as its not really about advertising business and its one whereby some help others (free of charge) to claim back their PPI on their own. Each to their own TBH but mostly these claims can be done so easily by the consumer with no help from any CMC.

You can surely see why CMC's do have a bad name. Its all the cold calling they do (often giving you data that they should not have got hold of) and "telling" consumers they DO have a claim regardless of how they feel about it. Also the fact that they have rules to follow too (which is why consumers are putting claims in cause the banks did not follow them) and lots do not follow MOJ rules.

amersall

marshallka wrote: »

You would only have to seemingly justify you honesty and integrity (being a CMC) on sites like this as its not really about advertising business and its one whereby some help others (free of charge) to claim back their PPI on their own. Each to their own TBH but mostly these claims can be done so easily by the consumer with no help from any CMC.

You can surely see why CMC's do have a bad name. Its all the cold calling they do (often giving you data that they should not have got hold of) and "telling" consumers they DO have a claim regardless of how they feel about it. Also the fact that they have rules to follow too (which is why consumers are putting claims in cause the banks did not follow them) and lots do not follow MOJ rules.

My sentiments too marshalka, i would like to know why it takes 25% and sometimes more to win a claim. Lots on here have won with one letter to the bank and the cost of a first class stamp. Consumers are being hoodwinked again. The amount of people on this site who have gone with cmc and have posted on here to ask for info regarding a claim, and numbers to telephone for banks etc so they can chase their mis sell and then end up paying a % to a company who have done next to nothing, beggers belief.

marshallka

Yes amersall, I would like a CMC to justify why they take 25% of the claim (often more!!) when they send the complaint off to FOS? Lets say the average claim is a couple of grand. Why does it cost £500 to make the complaint? Surely its a matter of sending a letter just the same as a consumer and there is no law involved in it.

The average secured loan claim is much more than that and can you imagine what they make on those type complaint!!!

TheBigDog

marshallka wrote: »

You would only have to seemingly justify you honesty and integrity (being a CMC) on sites like this as its not really about advertising business and its one whereby some help others (free of charge) to claim back their PPI on their own. Each to their own TBH but mostly these claims can be done so easily by the consumer with no help from any CMC.

You can surely see why CMC's do have a bad name. Its all the cold calling they do (often giving you data that they should not have got hold of) and "telling" consumers they DO have a claim regardless of how they feel about it. Also the fact that they have rules to follow too (which is why consumers are putting claims in cause the banks did not follow them) and lots do not follow MOJ rules.

I'm happy to answer this one from my own perspective, and I agree with what you're saying. Undoubtedly, there are cowboys out there, and to be frank, I've seen some of their letters and they're appauling. I've also had the recorded messages at home stating 'do not hang up - are you owed thousands etc etc.'
I can only tell you the way I work and operate. I don't charge 25% - it's a lot less. I've been told lots of times by people I should charge more, but I don't, and the reason for it that I cover my bills and expenses so I'm happy. I'm not rich by any sense, but I do ok. I dont advertise, I dont do the voice recordings and I dont do any underhand tactics like buy mailing lists - all my clients come to me via word of mouth.
Now, coming onto the sales process itself, I've always used a questionnaire way before the FOS bought one out (and to be honest, the one I use is twice as long as the fos's). I run the client through it firstly to see if they have really been mis-sold. It's a common mis-conception that you've been mis-sold if you've got PPI. If I think it hasn't been mis-sold, I'll turn the client away. The reason for this is if it isn't mis-sold, the lender will defend, and then I'll have to go to the FOS - Chances are, they'll say it's not mis-sold as well, so I've wasted my time and the clients.
If it is mis-sold, then the first thing I'll tell the client is that I'm not a solicitor, can't imply that I am one and I cant give the impression that I have special powers - anyone can do this. I'll aslo point them to sites like MSE or Which and state to them, CLEARLY, there is nothing stopping you from doing this yourself. I'll then go through my fees so they know where they stand - I'm also happy to take a guess at what the redress will be if the clients got the CCA with them and I'll tell them in monetary terms how much it's likely to be.
Finally, I'll go through with why they've been mis-sold and explain to them whats gone wrong.
Once they've understood it, I then give them the choice, either you can do it yourself, or I'll do it for you. 99% of the time, the client will either say 'I dont have time, I cant be bothered etc.' and they'll ask me to do it for them.
I know that CMC's do try it on, but, to be fair, thats the way I operate on every case, I think it's fair and I'm always transparent, open and honest with the client.
I also don't use template letters, each complaint is geared to exactly what the client tells me. Prior to October the 8th, our letters were around 3 - 4 pages long - they've now gone to 5-6 pages long because I quote extracts from the BBA JR to them (admittedly, it's not paying me dividends at the moment, but hey ho!). Out of nearly 2000 claims, I've had 1 Ombudsman decision go against me, so I don't think it's a bad hit rate and I've only ever had 1 complaint made against me, which was by a lender who thought I was being too aggresive (ahhh! poor banks - they get it so hard don't they????) and the MoJ told them to go and whistle. (the nice ending is we won the complaint as well!)
It does wind me up sometimes when I see the CMC bashers on the forums, because we're not all sharks. The way I see it, we're all on the same side here.
I use MSE because it gives me a feel for whats going on - ie - is a lender suddenly paying up etc (or, on the other hand - is a lender suddenly shutting up shop and denying everything). Because I get benefit from it, then I'm happy to post on here as well and give my thoughts the same as everybody else. I like to think of it as giving a little bit back. I'm not here to advertise for my company - theres only about 2 or 3 people on here who know who I really am. But, I'm happy to help out if I can.

amersall

marshallka wrote: »

Yes amersall, I would like a CMC to justify why they take 25% of the claim (often more!!) when they send the complaint off to FOS? Lets say the average claim is a couple of grand. Why does it cost £500 to make the complaint? Surely its a matter of sending a letter just the same as a consumer and there is no law involved in it.

The average secured loan claim is much more than that and can you imagine what they make on those type complaint!!!

Like your avatar :cool: did not realise it was you!! i look for the lion :rotfl:
The secured loans with high frontloaded ppi are a "nice little earner" for these companies.As they charge their fee on the whole of the ppi and not on the actual cash the customer gets back. So ppi of £23000 won, that is 25% of this plus 17.5% vat =42.5%, so the customer gets ppi paid to date back of £7235 back to them.

(these are my figures and ppi just to show what happens, I DID not use a company thank god. all it cost me was 2 stamps,1 letter to fp and 1 letter to fos.)

the full ppi of £23000 comes off the loan balance. So the company want 42.5% of the £23000 that is £9775, so if i had used a company i would still owe the company £2520 !!!!! There was someone on the ppi board a while back who did not know this is what happens and now is lumbered with a bill for thousands. This is not a nice way to earn money. I have got friends ppi back for them and all for a letter and a stamp, these charges cannot be justified in my book.And i wont be convinced otherwise.

amersall

TheBigDog wrote: »

I'm happy to answer this one from my own perspective, and I agree with what you're saying. Undoubtedly, there are cowboys out there, and to be frank, I've seen some of their letters and they're appauling. I've also had the recorded messages at home stating 'do not hang up - are you owed thousands etc etc.'
I can only tell you the way I work and operate. I don't charge 25% - it's a lot less. I've been told lots of times by people I should charge more, but I don't, and the reason for it that I cover my bills and expenses so I'm happy. I'm not rich by any sense, but I do ok. I dont advertise, I dont do the voice recordings and I dont do any underhand tactics like buy mailing lists - all my clients come to me via word of mouth.
Now, coming onto the sales process itself, I've always used a questionnaire way before the FOS bought one out (and to be honest, the one I use is twice as long as the fos's). I run the client through it firstly to see if they have really been mis-sold. It's a common mis-conception that you've been mis-sold if you've got PPI. If I think it hasn't been mis-sold, I'll turn the client away. The reason for this is if it isn't mis-sold, the lender will defend, and then I'll have to go to the FOS - Chances are, they'll say it's not mis-sold as well, so I've wasted my time and the clients.
If it is mis-sold, then the first thing I'll tell the client is that I'm not a solicitor, can't imply that I am one and I cant give the impression that I have special powers - anyone can do this. I'll aslo point them to sites like MSE or Which and state to them, CLEARLY, there is nothing stopping you from doing this yourself. I'll then go through my fees so they know where they stand - I'm also happy to take a guess at what the redress will be if the clients got the CCA with them and I'll tell them in monetary terms how much it's likely to be.
Finally, I'll go through with why they've been mis-sold and explain to them whats gone wrong.
Once they've understood it, I then give them the choice, either you can do it yourself, or I'll do it for you. 99% of the time, the client will either say 'I dont have time, I cant be bothered etc.' and they'll ask me to do it for them.
I know that CMC's do try it on, but, to be fair, thats the way I operate on every case, I think it's fair and I'm always transparent, open and honest with the client.
I also don't use template letters, each complaint is geared to exactly what the client tells me. Prior to October the 8th, our letters were around 3 - 4 pages long - they've now gone to 5-6 pages long because I quote extracts from the BBA JR to them (admittedly, it's not paying me dividends at the moment, but hey ho!). Out of nearly 2000 claims, I've had 1 Ombudsman decision go against me, so I don't think it's a bad hit rate and I've only ever had 1 complaint made against me, which was by a lender who thought I was being too aggresive (ahhh! poor banks - they get it so hard don't they????) and the MoJ told them to go and whistle. (the nice ending is we won the complaint as well!)
It does wind me up sometimes when I see the CMC bashers on the forums, because we're not all sharks. The way I see it, we're all on the same side here.

We are not "cmc bashers". This is not a personal attack on you at all, good for you for being a decent one btw.
I do not tar everyone with the same brush, there are good and bad in every vocation.