Which PPI claims company to use?
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Posts: 24 Forumite
I know the MSE advises not to use a PPI claims recovery company, but I just don't have the time to d it myself.
So was thinking which PPI claims company is the best one to use, and which ones to avoid?
Are they regulated by a government body, if so which one?
How much should I expect to pay the PPI company from any money they recover.
Any good and bad points?
Anything to look out for?
Are there scam PPI companies out there?
Any other points?
Thanks in advance
So was thinking which PPI claims company is the best one to use, and which ones to avoid?
Are they regulated by a government body, if so which one?
How much should I expect to pay the PPI company from any money they recover.
Any good and bad points?
Anything to look out for?
Are there scam PPI companies out there?
Any other points?
Thanks in advance
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Comments
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None of them.
If you don't have time to do it yourself, you definitely don't have time to use a claims company, as you will have to explain things to them, and then again to the lender.
Plus, of course, you lower your chances of success.
Just go direct and save time and money.0 -
Claims companies rely on you doing all the work, they just post off your complaint after adding a load of spurious or even false claims on the end about miss-selling which will harm your case (e.g. claiming you were forced to take it out but also that you didn't know you had it).
To put in a PPI complaint, just write to the lender with your complaint reasons and proof, or use the template on the lender's website, or even *shudder* if it means not using a CMC, use the MSE tool Resolver which does it all for you.
A CMC will harm your complaint and results in losing 24% of your refund by getting someone to post your letter for you0 -
I know the MSE advises not to use a PPI claims recovery company, but I just don't have the time to d it myself.
What makes you think you save time paying a claims company?
The info you give the CMC is the same info you would give to the bank.So was thinking which PPI claims company is the best one to use, and which ones to avoid?
They are all parasites jumping on a bandwaggon. Most employ students and bored mums looking for money.Are they regulated by a government body, if so which one?
They are about to be regulated by the FCA. That should give them a shock. They are currently regulated by the MoJ but on a very light touch basis. You could be set up as a CMC wtihin a fortnight and just agree to follow a few basic guidelines. Many of which are routinely ignored by CMCs. This is in part why they are being moved to the FCA as its a stronger and harder regulator.
24%How much should I expect to pay the PPI company from any money they recover.Any good and bad points?
only bad,
All they do is get the info they need from you and put it in an envelope and send it to the same address you would have sent it if you were doing a postal complaint. They then sit back and wait. That is it.
Plus, CMCs have a lower success rate than personalised complaints. This is in part because some use template letters which are damaging (they leave in reasons easily refuted and that damages credibility) and some just send in complaints where no PPi exists but are trying it on.
Plenty. A week doesnt go by on this site without seeing a post from someone being scammed in this way.Are there scam PPI companies out there?
By the time it took you to write your post here, you could have virtually completed a PPI complaint with a bank using their online methods.Any other points?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Yes, but aren't the banks just as bad as the CMC (claims management companies), fobbing people off when they shouldn't.0
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No - because they have too much to lose.
The claims companies can just disappear and reopen.
It would be cheaper and more effective to buy your own chimp and train it to stick stamps on envelope.0 -
Yes, but aren't the banks just as bad as the CMC (claims management companies), fobbing people off when they shouldn't.
CMCs are worse as they are acting just as the banks did 30 years ago. The banks have undergone a massive change in culture in just the last 3-5 years. This is reflected in the FOS complaints stats which has seen the uphold rate fall so much that now they reject more PPI complaints than uphold.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Yes, but aren't the banks just as bad as the CMC (claims management companies), fobbing people off when they shouldn't.
No, banks are fine. No-one is fobbed off, the bank deals with each complaint and if they don't find any evidence of miss-selling or they can prove the person complaining is telling porkies/mistaken then they can dismiss it. In many ways, people are as bad as the CMCs (such as the 50%+ of complaints at the FOS for people saying they were miss-sold when they never had PPI)0 -
If there was one phrase I'd happily excise from the English Language it's 'fobbing off'
I suggest you do some reading about CMCs, what they do [buy a stamp] and what they charge [24% for a stamp], send your complaint [ with spurious complaint reasons] and pretend they have special powers when all they ave is the same complaints process you would use.
Phone whoever you want to compain to up and make a complaint, go to the website of whoever you want to complain to and send a complaint.Shampoo? No thanks, I'll have real poo...0 -
That's a whole other (irrelevant) discussion.Yes, but aren't the banks just as bad as the CMC (claims management companies), fobbing people off when they shouldn't.
You asked for Claims Management Company recommendations.
You won't get any publicly and any you may receive privately are from spammers.
If you have a valid and compelling PPI mis-selling complaint then make it directly to the seller.
Saying you don't have time is simply a nonsense.
Certainly, the use of a CMC will only cost you money-not save you time.0 -
Oh boy you had to ask that question didn't you?So was thinking which PPI claims company is the best one to use, and which ones to avoid?
It goes down like a sack of poop round here.
I asked the same question a while ago and got shot for it, even when i explained to people i had a stroke (brain injury for the irrelevant) and i am not able to think the way i used too and would have been happy to pay the 20 or 30% they wanted, following my stroke i now have a concentration span of somewhere between 5-10 minutes and going through all my paperwork is out of the question, IMO this is some kind of discrimination but nobody cares.
Anyway in the long run i have been able to find a local mental health chairty to help with mine, as for CMC I have yet to find anyone say anything good about them in large numbers mainly because people think they do nothing for their money, but if you can't be bothered to do it yourself for whatever reason (and not for me to judge you) then i say go for it after all doing nothing yourself you will get zero yet using a CMC you may well get 70% of something, you have hathing to lose.
All10
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