What claims management companies or Claims Handlers do?
They take up complaints against financial services companies on behalf of people like you.
They deal with many types of complaints about financial services but are particularly interested in PPI complaints at the moment.
They might contact you by letter, telephone or text, offer to make a complaint on your behalf and promise to get you a large compensation payment
How to know who to trust with your claim
When making a claim, those who have been mis-sold PPI will be looking to find the best possible company to handle their claim. There are hundreds of companies available, however some are far more reputable than others.
There are a number of things that must be evaluated before choosing a company to handle your claim and remember to be wary of scams.
Below is basic guide to show you what to you should look for in a CMC and how to go about it.
Things to look for in a claims company
Authorised companies will have been allocated a Claims Regulation Number by the Ministry of Justice, which should be found on their website with their company registration number. PPI claims are regulated by the Claims Management Regular, an organisation set up to “protect and promote the interests of consumers and the public.”
If you want more information on a claims company there are a few things you can do to find what you need to know. One option is to contact the Ministry of Justice who will be able to give you information on the reputation of the company that you’re researching.
You can also search online for information, as there are a number of forums devoted to informing consumers. An online search can reveal personal testimonies and give you a better idea of what to expect from a company.
Most reputable claims handlers don’t charge a fee upfront; they work on a No Win, No Fee basis which means they only get a fee if they win the case.
In addition to checking that the firm is regulated, Another good indicator of a company’s ability and reliability is to ask about their success rate and how many cases they have been successful on, and how well their customers rate their service.
What should I be aware of before choosing a company?
Before choosing a company to handle your claim, you should ensure that the company is authorised by the Ministry of Justice. You can check whether a company is authorised at www.claimsregulation.gov.uk/search.aspx.
Are there any claims companies that I should avoid?
A number of companies have been suspended and had their licences cancelled, which is a sure sign that they should be avoided. You can find the full list on the FCA’s website. To check claims companies registration on FCA register click here.