Mis-selling by Claims Mgmt Companies

Enufofthis

Hi all,

I have just registered and read as much as I can about claims management companies. Convinced now that I have been scammed due to being told I can have loan written off some time ago, paying upfront fee and not hearing anything in over 1 year, like many others on here who were lied or exaggerated to. I now know from this forum it probably never was possible and I probably won't see the money again, which is theft in my book.

What I think having read other people's experiences too is that the CMC's are supposed to be putting right mis-selling and they are almost doing even more of it than the banks were. The banks lost their case and have been made to pay and the CMC's should be treated the same way. It shouldn't make difference that we signed something if we were mis-sold. We did that with the banks after all & they were made to put it right.

If you have been mis-sold by a CMC please post here by way of a petition and maybe we could band together and get something done about it.

Thank you.:)

roonaldo

Enufofthis wrote: »

What I think having read other people's experiences too is that the CMC's are supposed to be putting right mis-selling

They are not interested in putting things right, they are private companies looking to make a quick buck. Most of the people who work at them are sales people, not solicitors.

The banks lost their case and have been made to pay

They havent been made to pay anything, PPI is not illegal or wrong to have nor are charges etc. Mis-selling PPI was wrong which new guidelines were issued which they were not happy with, thats what they lost. They are not under any obligation to repay PPI unless found to be mis-sold.

If you have been mis-sold by a CMC please post here by way of a petition and maybe we could band together and get something done about it.

You should complain to the CMC, they will probably just ignore you so contact the Ministry of Justice. CMC's are becoming famous for leading people on.

There are numerous other posts about people who are unhappy with CMC's. Perhaps spill the beans and tell us which one? You wont be the only one.

Personally, I feel using a CMC is pointless, they dont do anything, they just complain on your behalf, which you could do anyway.

Enufofthis

Thanks Roonaldo,

There are plenty of people who with hindsight know not to use a CMC and if this helps one person not to use them in future that's a good thing. But a year ago PPI looked like a battle to be fought and the CMC's (Redress Claims in my case) made us think they could win for us when it turns out that often they weren't doing much. But to exaggerate/lie to dupe people in to signing up with them is as much mis-selling as the banks was doing. They got stopped & made to pay an awful lot of people back.

If there hadn't been the lies, a lot of people wouldn't of gone with a CMC. And if they'd followed the rules. Like not cold-calling & not taking upfront payments.

There are lots of threads. Would be good to unite them.

dunstonh

I'm an IFA but have received cold calls from claims companies telling me I have been mis-sold. That is not technically possible.

My compliance company (who handle compliance, complaints, legal issues etc for IFAs) have said that around 1/3rd of complaints they are getting are try-it-on complaints, mostly generated by claims companies (i.e. complaint about a product using a one-size-fits-all template letter. Yet the adviser didnt even recommend or put in place that product - some of the template are a joke in what they list).

There are no qualifications required to be a claims company. They say things that an FSA regulated adviser cannot say without comeback. The remuneration they give their sales reps is based on getting people signed up. So, if you have unqualifed, virtually unregulated individuals cold calling who are only paid if you sign up, then its inevitable that they are they going to mis-sell.

magpiecottage

roonaldo wrote: »

Most of the people who work at them are sales people, not solicitors.

A few years ago I was working for a firm which kept getting complaints from one particular CMC against one particular salesman.

A colleague eventually discovered that the salesman actually ran the CMC and was getting his clients to complain to his former employer. Having received commission from the employer for misselling the policies he then received more from his victims to put it right!