There was this guy, angry at having been mis-sold to by banks, decided to fix things ‘old school’. He’d break into a bank. Fix things himself.
So he did, he broke into a bank, but when he opened the safe he only found boxes, and inside the boxes he could only find cups of yoghurt.
‘This is a waste of time,’ he thought, ‘but at least I got something to eat.’ He ate his fill and left.
Next morning’s headline read ‘Sperm Bank Robbed’.
Bear with me, there is a point.
Claiming and Checking PPI is not simple for consumers.
Increasingly, it’s being accepted that the reality of claiming PPI – and particularly of checking that a PPI claim offer is correct – is not as simple as the majority of people said it was.
The real value in using a good Claims Management Company (CMC) is really in two vital areas (obviously this is subjective to types of claims);
1) The ability of the CMC to be very specific in claiming.
A good CMC sees claims day in, day out. They know the language used, know the types of items to look for, and have the systems and people to do this effectively. You may well have to take a lot of time out, which is difficult when you have a job, a life, kids… they don’t have to do that.
They purposefully exist for this very thing.
It’s also reasonable to suggest that a CMC is better positioned to suggest to the bank what a claim should be. It’s a lot more sensible than taking the bank’s word for it, or guidance on it – they mis-sold you in the first place, remember?
So basing the claim on the right information and in the right way is likely to be easier for a CMC than for an individual.
That way, you don’t rob a Sperm Bank by mistake (metaphorically speaking).
2) The ability of the CMC to check the offer in more detail than, ordinarily, a consumer could.
It’s evidential and factual that the banks have still not been doing their job properly to a huge extent. That’s a FACT. It’s PROVEN.
For example, HUGE amounts of claims were rejected – and they shouldn’t have been.
Of those rejections, The Ombudsman is upholding 70% of those that are challenged. 70%! That’s extraordinary.
To be clear, these were rejected wrongly by the same banks who advised ‘just come to us, it’s easier’. I’ll bet – easy to arbitrarily reject and underpay!
CMC’s can more effectively target the money you should get back and not ‘just claim’.
That way you can better avoid finding only cups of yoghurt in the safe (or, as we read at the start of the blog, worse…).
Changing Statistics show Something is Wrong.
All the statistics in the claims sector keep changing. It’s because it’s all a mess. Part of the ongoing mess is that the banks didn’t only mis-sell the policies in the first place.
They mis-sold the solution too.
So now we have unfairness, and they still have lots of your money.
Hence the nonsense that well-meaning ‘money advice’ websites gave – about claiming yourself as it’s easy – is now being increasingly understood by those who know the depth of the problems, to have been naive and unhelpful.
‘Just do it yourself’ is what the banks said at the beginning of the scandal, years ago. Just do it yourself.
Well, here are some fundamental questions to think about when you hear that phrase;
- Why do you think they said that?
- Why do you think they tried to give all CMC’s a bad name?
- Why have they been allowed to make so many mistakes in calculations; rejections; offers; etc?
- Why do they all now run ‘softly-softly’ adverts on TV and media?
- Why are some banks posting record profits, suddenly, as soon as 2017?
Their game is a simple one; to retain as much profit as possible by paying out as little as possible, for as short as possible.
An effective way to achieve that is to convince you to ‘do it yourself’.
That leaves them with the power.
It lets them decide the calculations, what to reject, what to include, what to keep.
It allows them to only tell you what they want to tell you. Exactly like they did when they mis-sold to you in the first place!!!
We must keep challenging them.
Because that’s the right thing to do.
See us at www.maplefinancial.co.uk.