PCN indemnity insurance

fivegoldstars

Kite2010 wrote: »

So how do they protect you against getting parking invoices?

My understanding is that they're running an ignoring service at £25 a pop.
It would be interesting to see what would happen if you 'sold' them a PCN after receipt of MCOL documents...

notts_phil

fivegoldstars wrote: »

My understanding is that they're running an ignoring service at £25 a pop.
It would be interesting to see what would happen if you 'sold' them a PCN after receipt of MCOL documents...

But how do they legally take responsibility of a ppc invoice?

fivegoldstars

notts_phil wrote: »

But how do they legally take responsibility of a ppc invoice?

They don't. But if you pay them, and the letters stop coming, they've done a great job, right?

fb1969

Given the "coincidence" of the address my take is that it works like this:

1. Victim gets a ticket, pays the £25 fee and fowards all paperwork.

2. PPC is contacted and given a percentage of the £25 - the old boy network ensures that the matter is dropped immediately.

3. Victim thinks its a great system as they paid less than the ticket would have been. Plus they still think the ticket was genuine.

4. PPC gets some money (say £10) and the indemnity firm gets the rest. All for doing next to nothing.

fivegoldstars

fb1969 wrote: »

Given the "coincidence" of the address my take is that it works like this:

1. Victim gets a ticket, pays the £25 fee and fowards all paperwork.

2. PPC is contacted and given a percentage of the £25 - the old boy network ensures that the matter is dropped immediately.

3. Victim thinks its a great system as they paid less than the ticket would have been. Plus they still think the ticket was genuine.

4. PPC gets some money (say £10) and the indemity firm gets the rest. All for doing next to nothing.

Tin foil hat time.

notts_phil

You can see why someone has done this though

Seen a way of making EASY money!

fivegoldstars

notts_phil wrote: »

You can see why someone has done this though

Seen a way of making EASY money!

Exactly. It's one con piggybacking on another. The beauty of it is, anybody who is going to fall for a parking ticket should fall for this too. For them it's £25 instead of £50, so they believe they've saved £25, when in reality, they've lost it!

notts_phil

fivegoldstars wrote: »

Exactly. It's one con piggybacking on another. The beauty of it is, anybody who is going to fall for a parking ticket should fall for this too. For them it's £25 instead of £50, so they believe they've saved £25, when in reality, they've lost it!

Quite

Bit like along the lines of cash for gold, companies getting in their first, then you get loads of other companies doing it

DavidFx

PCN Indemnity Ltd are not authorised by the FSA

However, I believe they are selling and underwriting an insurance product and should be authorised.

From Wikipedia

Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; the insured, or policyholder

And from their T&Cs

Subject to our acceptance of your Parking Charge Notice PCN Indemnity Ltd. will confirm to you, in writing, that we have taken full legal responsibility for your PCN. We will handle all correspondence regarding the alleged debt, and in the event that any legal challenge made by us should be unsuccessful, will agree to underwrite any costs or charges subsequently incurred.

ppc_guy

David,
From the inside of the industry i would imagine it is the same company as UKPC. There has been talk of it for a while now.

As for insurance im not sure they would be classed as such but the use of the word underwrite is probably incorrect to give a more professional appearance. After all as they are one and the same then they know there is no costs so they are not underwriting anything.