PCP Claims via My Claim Group

PNY405

Has anyone got any information about the Insurance Policy required by the engaged solicitor. For instance MY Claim Group has the following clause. This sounds a bit risky to me that No Win No Fee is totally correct? can anyone help? many thanks

When initiating the claim, your "no win no fee" your solicitor may need to secure a specialized legal protection insurance policy for you. This policy covers costs in the event of an unsuccessful claim and ensures that the process remains risk-free. This insurance is always in place as a precaution.

This will be done if you lack an existing legal protection policy that offers adequate coverage. Such coverage is sometimes included in home or motor insurance or as a benefit of certain credit cards. It's a simple matter to verify, and your "no win no fee" solicitor will confirm this when commencing work on your claim.

As you don't need to make any payments in the event of a loss, "no win no fee" arrangements eliminate the financial risk associated with pursuing a financial claim. Notably, this approach guarantees equitable access to justice for cases involving financial disputes resulting from undisclosed commissions.

However, pursuing a compensation claim on "no win no fee" terms is contingent on your solicitor:

Agreeing to handle your claim under these terms initially.

Ensuring that suitable legal protection insurance is in place, which means you won't be required to pay if the claim is unsuccessful.

Determining that your claim has a consistently good probability of success, usually 50% or higher.

Adhering to the terms of the insurance policy at all times.

MyRealNameToo

PNY405 said:

Has anyone got any information about the Insurance Policy required by the engaged solicitor. For instance MY Claim Group has the following clause. This sounds a bit risky to me that No Win No Fee is totally correct? can anyone help? many thanks

When initiating the claim, your "no win no fee" your solicitor may need to secure a specialized legal protection insurance policy for you. This policy covers costs in the event of an unsuccessful claim and ensures that the process remains risk-free. This insurance is always in place as a precaution.

This will be done if you lack an existing legal protection policy that offers adequate coverage. Such coverage is sometimes included in home or motor insurance or as a benefit of certain credit cards. It's a simple matter to verify, and your "no win no fee" solicitor will confirm this when commencing work on your claim.

As you don't need to make any payments in the event of a loss, "no win no fee" arrangements eliminate the financial risk associated with pursuing a financial claim. Notably, this approach guarantees equitable access to justice for cases involving financial disputes resulting from undisclosed commissions.

However, pursuing a compensation claim on "no win no fee" terms is contingent on your solicitor:

Agreeing to handle your claim under these terms initially.

Ensuring that suitable legal protection insurance is in place, which means you won't be required to pay if the claim is unsuccessful.

Determining that your claim has a consistently good probability of success, usually 50% or higher.

Adhering to the terms of the insurance policy at all times.

Solicitors will by ATE (After The Event) insurance to cover the third party's costs should the claim be unsuccessful. Often this insurance is self covering so you only actually pay for it if you win the case or discontinue it but not all are. 

The problem with "no win, no fee" is they can only talk about their own fees, they can't make a promise that if it goes to court and you lose that the judge wouldnt award costs against you which is why they recommend the insurance if you dont have LE cover elsewhere that applies.

The other problem with conditional funding, beyond how much of your award they take, is that you become locked in. If you want to discontinue the case you have to pay the lawyers for their time and disbursements inc the insurance. 


Typically solicitors buy their ATE from the same place, or a small number of places. The insurers then can price in how good the solicitors are at winning their cases. 

Nasqueron

Is this about DCA/commission or just in general?

If the former, don't use a claims company

dunstonh

PCP Claims via My Claim Group

Any reason you are signing up to an ambulance chaser for something as simple as this?

PNY405

I dont have the information going back to 2007 to start with. It would still be good to know what theis insurance policy is even if I dont use them and how much the rip off is despite them saying no win no fee

dunstonh

PNY405 said:

I dont have the information going back to 2007 to start with. It would still be good to know what theis insurance policy is even if I dont use them and how much the rip off is despite them saying no win no fee

The claims company doesnt have that info either and its not in the public domain. So, they cannot find out.

The FCA is consulting on a free to use redress scheme.  All claims will be put through that.  And you would will just end up paying a fee for someone inputting your name and address into that.

Nasqueron

PNY405 said:

I dont have the information going back to 2007 to start with. It would still be good to know what theis insurance policy is even if I dont use them and how much the rip off is despite them saying no win no fee

This information is not in the public domain, claims companies will simply send emails to every firm going and see if any sticks

MyRealNameToo

PNY405 said:

I dont have the information going back to 2007 to start with. It would still be good to know what theis insurance policy is even if I dont use them and how much the rip off is despite them saying no win no fee

Its already been explained what it is, its ATE Insurance