The Rise and Fall of the PPI Claims Management Firm
Today, the Financial Services Compensation Scheme published its dating showing how, year on year, the number of people making PPI claims against 'bust' firms has nearly doubled. More than 19,000 of you submitted claims in 2012's financial year, nearly doubling those of the previous year. The good news is that the share of people using claims management companies (CMCs) is slowly falling as, one by one, these firms slowly succumb to their inevitable fate.
Power to the People
People are now empowered by such activists as Martin Lewis, the money saving expert, and the equally informative website that is PPI-Claim-Support.com. The PPI industry is now experiencing a radical overhaul. The power shift from CMCs to the everyday people is one to be celebrated.
Why?
Figures show the average payout to people who, in 2012, used PPI-Claim-Support.com (a sight that provides the tools to submit your own claim) was almost 4,845 pounds compared to 3,837 pounds when using a CMC. That's a saving of over 1000 pounds. The figures show that of the 136 million pounds paid out in PPI claims since 2008, 22 million pounds was needlessly paid to claims management companies.
Mark Neale, Chief executive of FSCS, said "Claims management companies take a sizeable chunk of any payout. Consumers who make a claim directly to FSCS keep every penny of their compensation." This is reiterated by Sebastian Thomas working for PPI-Claim-Support.com who said "Bringing a PPI claim yourself is by far the most financially sensible option. The Courts have ruled that those who have mis-sold policies must repay the premium including statutory interest at 8%. It makes little sense if you then pay 30% of your compensation to a CMC as this interest is completely swallowed up and your premium is less than what you paid. Take advantage of sites like ours, and keep all your compensation."
" PPI-Claim-Support is undoubtedly a thorn in the side of every CMC out there, we're a consumer champion for the people daunted by the task of taking on a multinational bank. Whether you don't have time or are lacking in knowledge, the advice is simple - don't use a CMC there is a wealth of information out there and help if you need it."PPI-Claim-Support have everything you need to submit a successful claim, just answer the questions on their claims form - making use of their step by step guide on how to answer each question - and you could submit your claim in under 30 mins at 0% commission. That's faster than a claims management company and a 1000 pounds cheaper as, if your claim is successful, you'll keep 100% of your compensation money.
What is PPI?
PPI or payment protection insurance is an insurance policy specifically created to cover credit repayments, such as loans or credit cards, in the event that you were unable to work due to illness, injury or redundancy ensuring any loan repayments were kept up to date. PPI can cover repayment of car finance, personal loans, credit and store cards, catalogue debts and mortgages.
Payment of PPI is often combined with the loan repayments. However, although they're taken out at the same time, it's important to remember that the loan and PPI are two different things. When a lender sells you PPI, they must make this clear. You must be told the price of PPI separately to the cost of the loan or card and you should be asked to sign for it separately. If this doesn't happen, you may be able to make a claim for mis-selling.
Go to PPI-Claim-Support for more information
Power to the People
People are now empowered by such activists as Martin Lewis, the money saving expert, and the equally informative website that is PPI-Claim-Support.com. The PPI industry is now experiencing a radical overhaul. The power shift from CMCs to the everyday people is one to be celebrated.
Why?
Figures show the average payout to people who, in 2012, used PPI-Claim-Support.com (a sight that provides the tools to submit your own claim) was almost 4,845 pounds compared to 3,837 pounds when using a CMC. That's a saving of over 1000 pounds. The figures show that of the 136 million pounds paid out in PPI claims since 2008, 22 million pounds was needlessly paid to claims management companies.
Mark Neale, Chief executive of FSCS, said "Claims management companies take a sizeable chunk of any payout. Consumers who make a claim directly to FSCS keep every penny of their compensation." This is reiterated by Sebastian Thomas working for PPI-Claim-Support.com who said "Bringing a PPI claim yourself is by far the most financially sensible option. The Courts have ruled that those who have mis-sold policies must repay the premium including statutory interest at 8%. It makes little sense if you then pay 30% of your compensation to a CMC as this interest is completely swallowed up and your premium is less than what you paid. Take advantage of sites like ours, and keep all your compensation."
" PPI-Claim-Support is undoubtedly a thorn in the side of every CMC out there, we're a consumer champion for the people daunted by the task of taking on a multinational bank. Whether you don't have time or are lacking in knowledge, the advice is simple - don't use a CMC there is a wealth of information out there and help if you need it."PPI-Claim-Support have everything you need to submit a successful claim, just answer the questions on their claims form - making use of their step by step guide on how to answer each question - and you could submit your claim in under 30 mins at 0% commission. That's faster than a claims management company and a 1000 pounds cheaper as, if your claim is successful, you'll keep 100% of your compensation money.
What is PPI?
PPI or payment protection insurance is an insurance policy specifically created to cover credit repayments, such as loans or credit cards, in the event that you were unable to work due to illness, injury or redundancy ensuring any loan repayments were kept up to date. PPI can cover repayment of car finance, personal loans, credit and store cards, catalogue debts and mortgages.
Payment of PPI is often combined with the loan repayments. However, although they're taken out at the same time, it's important to remember that the loan and PPI are two different things. When a lender sells you PPI, they must make this clear. You must be told the price of PPI separately to the cost of the loan or card and you should be asked to sign for it separately. If this doesn't happen, you may be able to make a claim for mis-selling.
Go to PPI-Claim-Support for more information
