No Win, No Fee – The Info
No win, no fee is a term that gets banded about very often but you may have your concerns as to whether or not a company is being honest and what you can do yourself to check whether or not they’re a legitimate business.
Pros and Cons
To clarify, if a claims management company (CMC) goes by their “No Win, No Fee” policy, they will not charge you a fee for their services. So, it’s a no brainer to go with one of these companies, right?
For you, the customer, the pros to the no win, no fee policy are the fact that we will always strive to do our utmost to ensure that the outcome of any claim you make with us is settled in your favour.
After all, we don’t want to be wasting our time by not striving to ensure that you get a satisfying outcome because we won’t receive any payment. If you would like, you can have a read through some of our testimonials to give you that peace of mind that we always work to get the right outcome for our customers.
The cons to the no win, no fee policy are that you need to be careful who you choose to go with in terms of making your claim. We’ve a few points for you to check before agreeing to go with a company.
- Check that they are a regulated company.
- Are they easy to contact and have a UK address?
- Are their terms of engagement and their terms and conditions readily available?
All of the above can be doubled checked for Your Money Claim and if you’re happy with all of that, why not start a claim with us today.
Quite often, though, a lot of people don’t check for these things and they just go ahead and start a claim with a company and hand over sensitive and personal information without checking. This is where people get stung.
Bad Practice and Scammers
There are a few things for you to be aware of when you’re looking for a company to start your claim with. If ever you’re contacted by someone who claims to be working on behalf of a claims management firm and they start asking you for details, don’t hand over any of your personal details.
No matter what you may be told over the phone by a claims management company, they should be avoided if they try to tell you that you have a claim or that you are definitely entitled to compensation. If companies like this are found to be breaching the rules and regulations, then the regulator has the power to shut them down if necessary. To give you a bit of insight into CMCs that have been shut down, we did a blog post earlier in the year.
There are a lot of cases out there in the news that show just how easy it is to fall for the tricks of the scammers. One woman was contacted by a company called Hamilton-Reid & Co Limited who claimed to be a claims management company.
Hamilton-Reid & Co Limited
Hamilton-Reid & Co Limited are a company who, when contacting this particular customer claimed, that they had a “100% viable case” for this particular customer as she had been mis-sold payment protection insurance on her credit card.
The big factor for this woman going ahead and giving this company her details was the fact that they told her they operated on a no win, no fee basis. They said that they would have their costs of £395 covered by the card issuer and that the customer wouldn’t be charged.
She willingly handed over her card details and later found out that she had been charged £454 and now she is struggling to get through to the company which it turns out aren’t even licensed.
This case is a prime example of what we’ve mentioned in this post. If you’re being contacted by anyone you MUST check. Ask them the questions that you need to, ensure that they’re regulated. ASK, ASK, ASK.
Don’t just fall for what they’re saying about no win, no fee. As has proven with the above case, the woman couldn’t get back in touch with Hamilton-Reid and subsequently lost her money. You can avoid becoming another statistic by simply doing the checks that you need to do.
If you do have a claim that you would like to start and you would like it to be handled by a fully regulated CMC, why not download one of our PPI claim forms today or alternatively you can click here to start your claim with us today and get the ball rolling.
If you’ve got any other questions, we’ve got experts on hand to answer them with a live chat feature on our website. Alternatively, you can give us a call and we’ll be more than happy to assist in any way we can.