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CAN A CLAIMS MANAGEMENT COMPANY TELL ME WHAT I AM OWED IN PPI COMPENSATION?

We’ve all had the text messages and the telephone calls from companies claiming that they know how much PPI compensation we are due, or that records indicate we are entitled to compensation.

Can a Claims Management Company tell you what you’re entitled to? The simple answer is NO NO NO NO NO.

I actually enjoy receiving text messages and telephone calls from these companies.

Maybe I’m a little sadistic or childish but I tend to play along with the game.

I’ve even managed to get three companies to visit me at work to get me ‘signed up’.

Imagine their surprise when they turn up to find they’ve arrived at a Claims Management Company.

On a serious note though, it’s these types of companies that give the rest of the good guys a bad name.

I’m realistic and I am aware that there will always be bad apples but I believe it’s time to fight back against these scammers.

NO CLAIMS MANAGEMENT COMPANY HAS ACCESS TO YOUR BANK AND LENDER RECORDS WITHOUT YOUR SIGNATURE

There is absolutely no legal way that any company can access your records without your written authority.

Whatever line is spun to try and convince us otherwise is quite simple a lie.

There is no ‘PPI database’, and do we honestly think that banks would release such information to a company whose sole intention would be to reclaim that money from the bank?! I think not.

DO NOT FALL FOR THE TACTICS

Many of these rogue Claims Management Companies employ these tactics as an opening line, or to obtain contact if they send a text out.

They need to get you on the other end of the telephone so they can get your name and address details.

Once they have these it’s highly likely you will receive a claim pack in the post, followed by countless calls in order to try and get you to return the pack.

ARE THERE GOOD CLAIMS MANAGEMENT COMPANIES?

The simple answer is yes. We must remember that, in the majority of cases, a claims management company works on a NO WIN NO FEE* basis so we do not receive any fee unless we successfully obtain PPI compensation.

It is therefore in the best interest of a Claims Management Company to do all it can to ensure there is a case for mis-selling of PPI, and then to argue the case leaving no stone unturned.

Banks don’t like Claims Management Companies because they know we won’t go away.

They know that if they reject a valid complaint, which if you look at Financial Ombudsman Service complaint data, they do A LOT, we won’t give up.

Banks employ so many tactics in order to avoid paying out compensation that the services of a reputable Claims Management Company could be of huge benefit.

Did you know for example, that 9/10 complaints that are rejected by banks and lenders do not get escalated to the Financial Ombudsman Service?

Is it any wonder that banks reject legitimate PPI claims then?

We won’t give up, we will take a case all the way through the process once we’ve established we believe there may be a case of mis-selling of PPI.

HOW CAN I FIND A GOOD CLAIMS MANAGEMENT COMPANY?

In my opinion, do not use a claims management company that has either cold called you or made claims via telephone or text message that would claim they know you are entitled to compensation, or state they know how much you are owed, or even put an amount on it.

They are not telling the truth from the start so why trust them any further?

Secondly, always check with the regulator that a Claims Management Company is regulated in respect of regulated claims management activities.

This can be done by visiting the Ministry of Justice website which currently regulates Claims Management Companies.

Finally, speak with the company. Ask them questions regarding timescales to expect, fees to pay and any other questions you may have.

No company can guarantee you will get compensation and timeframes can vary depending on if the case is escalated to the Financial Ombudsman Service. Check customer testimonials.

 

PPI database

PPI database

About the author

Daniel Lee

Company Director

2 Responses

    nonocon3@hotmail.co.uk' Nora says:

    I was cold called by a man who said he had access to the PPI database and he could see l was owed £1926 and some odd pence!! He was very convincing and commented on my lovely accent and my lovely name!! Yuk!!
    Then told me of a telephone number I needed to ring to allow him/his company permission to investigate and release the money. He quoted the number but as he knew I was driving I wouldn’t be writing it down so suggested he would ring the number for me as he had a direct line and if l tried it later l could hold for ages trying to get connected!! yea right!!
    Anyway he advised he would ring the number and all I needed to do when the operator asked if l was happy for him to get my details was to say “yes”. I would then be asked a few personal details and all I needed to do was give those and hey presto he could then do the rest!!
    Needless to say I terminated the call just as he rang this number. He rang back and I pretended I had been cut off so he rang the number again!! on his 3rd call back I didn’t answer. like you Daniel I had had enough fun!!

    Danny.Lee@yourmoneyclaim.co.uk' Daniel Lee says:

    Nora,

    Thank you for your message above. This is exactly the type of spam call we are talking about.

    It may be of interest that the Information Commissioners Office (ICO) is starting to take action against such cold callers.

    I personally have started recording all incoming calls and have raised various concerns with the ICO and our regulator regarding such calls.

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