Claim Management Companies

markyrp

Hello All,
I received a telephone call yesterday from a Claims Management Company.
I got the big sell on PPI claims etc. I tried to explain that I have never had any PPI to my knowledge and so the conversation switched to my mortgage and mortgage arrangement fees. To cut a long story short, the person I was talking to on the telephone spent 90 minutes trying to convince me that I had a legitimate claim and proceeded to throw what seemed like ridiculous figures around. I was offered a number of options with varying percentage fees for successful claims. I eventually agreed to this company sending me out a free pack, which as long as I return within 14 days I will not incur any fees.
After the telephone conversation I decided to do a little research on the subject and the company involved. I was told during the telephone conversation that the company was called Total Financial Solutions. After researching this I believe that the company is linked to an individual named Karl Wayne Jones, trading under the names Debt Care Management and Total Financial Claims Solutions. There is a registration with Company House as well as MoJ registration and Claim Management Regulator authorisation details available on the internet for what that is worth.
The FSA website offers guidance on the use of these claim management companies and suggests checking for MoJ and Claim Management Regulator authorisations but then appears to have no jurisdiction over this element of the financial services.
The company in question is already in breach of the guidelines in my opinion by cold calling me via the telephone so why is it that the supposed regulatory authorities do not appear to be exercising any control. I am also intrigued as to why so many of the links to this sector appear to lead to the Swansea area.
Ultimately, my question is do these companies have any credibility and if not, why are the relevant authorities allowing this practise to continue?
Mark

magpiecottage

If you have given them your credit card details they will probably have raided your account by now, I'm afraid.

dunstonh

the person I was talking to on the telephone spent 90 minutes trying to convince me that I had a legitimate claim and proceeded to throw what seemed like ridiculous figures around.

That is what those participating in advance fee fraud tend to do. They need to make the pay off figure big enough to appeal to your greed. That way you dont mind paying them the smaller advance fee as you feel the promise of a larger amount makes it worthwhile.

The FSA website offers guidance on the use of these claim management companies and suggests checking for MoJ and Claim Management Regulator authorisations but then appears to have no jurisdiction over this element of the financial services.

The MoJ regulates claims companies but the FSA is having to deal with the mess that claims companies are creating as the FSA regulates the financial companies. Banks are now reporting up to half the complaints from claims companies are fraudulent. So, you can see the scale of the problem.

so why is it that the supposed regulatory authorities do not appear to be exercising any control.

The MoJ is a very weak regulator compared to the FSA (which has it's faults but would not have let claims companies act as they do). Claims companies themselves have very few rules. You could be up and running as a claims company in a few weeks. No qualifications required. No knowledge. No experience. That is how easy it is.

I am also intrigued as to why so many of the links to this sector appear to lead to the Swansea area.

Wales is a hotbed for the scam claims companies. No-one knows why so many exist in Wales.

Ultimately, my question is do these companies have any credibility and if not, why are the relevant authorities allowing this practise to continue?

The MoJ said a few weeks ago it was stepping up action. It banned over 700 firms last year. But everytime they shut one down another 3 seem to open up. Some are phoenixing under a new name.

markyrp

Thanks for the responses.
I have actually just received the paperwork from them.
I gather the consensus on this would be to simply return the paperwork with a no thank you, then avoid like the plague.
I'm glad that I didn't agree to any fee and I certainly haven't given them any credit card details.
Mark

McKneff

markyrp wrote: »

Thanks for the responses.
I have actually just received the paperwork from them.
I gather the consensus on this would be to simply return the paperwork with a no thank you, then avoid like the plague.
I'm glad that I didn't agree to any fee and I certainly haven't given them any credit card details.
Mark

...............

Phew !!!!!

Now they will plague you with telephone calls, just say
'no thank you' and put the phone down firmly.

markyrp

They mentioned something about a £50 admin fee if paperwork not returned within 14 days.
Is this enforceable?
Mark

McKneff

Just send it straight back with NOTREQUIRED across the front page.

Make sure none of your details are pre printed on the paperwork.

PHE2

I received a telephone call yesterday from a Claims Management Company.
I got the big sell on PPI claims etc. I tried to explain that I have never had any PPI to my knowledge and so the conversation switched to my mortgage and mortgage arrangement fees. To cut a long story short, the person I was talking to on the telephone spent 90 minutes trying to convince me that I had a legitimate claim and proceeded to throw what seemed like ridiculous figures around. I was offered a number of options with varying percentage fees for successful claims. I eventually agreed to this company sending me out a free pack, which as long as I return within 14 days I will not incur any fees.

My wife received a similar phone-call regarding PPI and they also asked what the interest rate was on the loan they then said that PPI had been added to the loan thru the interest rate could this be another tactic to get you to believe you have a complaint?we received the claim forms( which we never asked for) the next day, they will be sent back asap.I am writing a letter denying them permission to contact us do you think this will stop them cold-calling. Or should they ring again i'll say she's ' been abducted by aliens' and put the phone down.

ANDYP1972

Hi,I was called today(15/10/12) about Mis sold Mortgages by T tal Financial Solutions,they told me that Northern Rock were one of the worst lenders for mis selling & having inflated rates & charges,the caller said that I could claim back around £30,000 in excess charges & interest,they asked for an upfront fee of £299 then reduced this to £199 when told couldn't afford this & that this was refundable if the succesfull or the claim was under £5000,the address given was CoOperation House, CoOperation Road, Loughor, Swansea,SA46SD,also gave me what they said was their licence number,CRM22260,anyone had any dealings with this company,I found a link saying to stay away that they are a scam.
Thanks

magpiecottage

Swansea - PPI Scam capital.

Pay them money up front and you will never see it again!

easy_to_con.com

I also recieved a call today regarding mms, I said I wouldn't pay the 199, he gave me his name, and number and said call back. I thought I would have heard about on the news etc if this was a real thing?