Claim Mangment Companies

hardcore_kid101 · 2 April 2009 at 5:34PM

Just a couple of quick question really.

Has anyone had any experience with a claim managment company - good or bad?

Is it worth signing up with a claim managment company inorder to get your PPI and bank charges claimed back. I know they take a cut from your eventual payout at the end, but is this cut worth not having all the hassle of the claim?

di3004 · 2 April 2009 at 5:38PM

hardcore_kid101 wrote: »

Just a couple of quick question really.

Has anyone had any experience with a claim managment company - good or bad?

Is it worth signing up with a claim managment company inorder to get your PPI and bank charges claimed back. I know they take a cut from your eventual payout at the end, but is this cut worth not having all the hassle of the claim?

Hi there

You do have a choice here, for instance:

You could do this yourself for free by using templates on the site here, and more info here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Or if you go for claims companies always get advice first and never pay upfront charges for this, there are a few that are free but not a great deal so always worth checking them out.

I'm sure others will post to give their views on this as well, good luck.;)

petermb_2 · 3 April 2009 at 9:06AM

hardcore_kid101 wrote: »

Just a couple of quick question really.

Has anyone had any experience with a claim managment company - good or bad?

Is it worth signing up with a claim managment company inorder to get your PPI and bank charges claimed back. I know they take a cut from your eventual payout at the end, but is this cut worth not having all the hassle of the claim?

I think the advantage of using a professional claims management company is that should there be other issues surrounding your loan other than simply claiming back ppi they will be able to win you the extra compensation due.

The disadvantage to using them is how do you know they are professional and how much do you have to pay for the service. Many are just fee gatherers. Charging Hundreds of Pounds without actually having the infrastructure to challenge the lender.

My own view is very biased in that I believe that any claims company worth anything at all would offer a Totally Free Service , in that you pay nothing win or lose. This is achieved by charging the lender and not the client. I only know of one claims company that offers such a service.

Natalie6999 · 3 April 2009 at 10:30AM

Don't sign up to anyone who is recommended to you by anyone on here, consult CAB or do it yourself. Too many people are signing up to claims handlers who are making false promises & failing to deliver the service they say they can provide.

If your case is straightforward then there really is no need for a claims handler & if not do a thorough investigation of anyone who you consider employing - check out companies house, FSA register etc.

dunstonh · 3 April 2009 at 12:31PM

General rule of thumb is that if a claims company want money up front then there is little chance of success.

It is also worth noting that the FOS stats and comments have suggested that overall, complaint companies have a lower success rate than consumers making their own complaints. Probably down to the use of template letters.

dreamer33 · 3 April 2009 at 8:03PM

dunstonh wrote: »

General rule of thumb is that if a claims company want money up front then there is little chance of success.

It is also worth noting that the FOS stats and comments have suggested that overall, complaint companies have a lower success rate than consumers making their own complaints. Probably down to the use of template letters.

I'm going down this route but there is no up-front fees to pay and like petermb states, they charge the fees to the lender so the claimant gets all their money back.

I originally went to the CAB myself and they told me I did not have a chance of getting PPI back so have lost faith in them myself. They actually directed me to a Solicitor who was based miles away from myself and I would have had to drive for miles to see them, waste of time in my case.

If you are recommended someone who has been used and was successful then go for it, not paying any fees up-front of course or them taking 15-30% of winnings.

maxdp · 3 April 2009 at 8:42PM

dreamer33 wrote: »

I'm going down this route but there is no up-front fees to pay and like petermb states, they charge the fees to the lender so the claimant gets all their money back.

I originally went to the CAB myself and they told me I did not have a chance of getting PPI back so have lost faith in them myself. They actually directed me to a Solicitor who was based miles away from myself and I would have had to drive for miles to see them, waste of time in my case.

If you are recommended someone who has been used and was successful then go for it, not paying any fees up-front of course or them taking 15-30% of winnings.

And so say all of us.:T

petermb_2 · 5 April 2009 at 4:32PM

dreamer33 wrote: »

I'm going down this route but there is no up-front fees to pay and like petermb states, they charge the fees to the lender so the claimant gets all their money back.

I originally went to the CAB myself and they told me I did not have a chance of getting PPI back so have lost faith in them myself. They actually directed me to a Solicitor who was based miles away from myself and I would have had to drive for miles to see them, waste of time in my case.

If you are recommended someone who has been used and was successful then go for it, not paying any fees up-front of course or them taking 15-30% of winnings.

The only issue with such a scheme is that the premium for the ppi has to be at least £2500 to enable the free service to be available used. That is to do with the legal side and its workings.

Natalie6999 · 5 April 2009 at 4:50PM

If you really must use a reclaiming company then get any contract checked by CAB of a local advice centre as often there are things written in the small print that you need to be aware of - after all they are out to make money from you one way or another.

Beware of fast talking salesmen who promise everything & deliver nothing & never sign a contract or agreement without taking the time to get it checked out, if they insist that you sign straight away, walk away.

Too many of these companies are out to rip you off.

maxdp · 5 April 2009 at 5:18PM

I am sure there are people on here who have used claims companies and have not been ripped off. I would think that most people that get on this site would check paperwork anyway having been burnt before with paperwork.

I think if you use a double glazing company you are always best to go with somebody who have used them and they do a good job. Same as Claims companies. As long as it is not through monetary gain that they are suggested then if somebody has had a positive experience then that is a good endorsement.

Most people are quite happy to do things on their own but there are times where it is not possible to go through the usual route.

My opinion only not advice!

Natalie6999 · 5 April 2009 at 7:23PM

When you have seen the result of bad financial advice & the effect it can have you learn to be very wary.

Claims management companies are springing up all the time, making false promises, charging clients massive amounts & tying them into contracts that are difficult to understand. In most instances they could have made the claims themselves & had all of the money claimed for themselves.

On a forum like this no one should be recommending anyone to manage claims or pushing anyone in that direction.

Claim Mangment Companies

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free