Over the years, more than £22 billion has been recovered just from mis-sold PPI (1), a staggering amount of money considering that, on far too many occasions, consumers were paying out for cover they didn’t even know they had and couldn’t have used, even if they had wanted to.
Since the realisation of the PPI scandal the subject has always been the epicentre of national financial embarrassment. However in a recent report by the Public Accounts Committee (1) the finger of accusation has been firmly pointed, not at the banks responsible for the mass mis-selling of the product, but at the Claims Management Companies (CMCs) responsible for helping recoup money owed to the victims of the scandal. This is directed towards the £5 billion profit made from charging clients for the services provided (2).
Unfortunately what isn’t highlighted strongly enough in the report, is the unwillingness in the first place of some banks to return all of the money obtained through mis-selling, directly to the client who is entitled to it. The reality of this means that without this cooperation the market has been opened up, not only to the legitimate and professional Claims Management Companies like ourselves, but also to the rogues of the industry looking to illegally contact consumers and make a quick buck.
If you choose to make a claim against your mis-sold PPI, using a CMC is just one of the options available to you. Anyone affected is entitled to pursue a claim themselves with the Financial Ombudsmen Service (FOS) and this service is free of charge. The role of the FOS is to resolve any complaints which cannot be settled between banks and their clients. This means complaints must go through banks first and as we have seen in the past this can result in rejection of valid claims, slow payments or clients receiving less than they are entitled to.
This could be a factor as to why 80% of people have chosen to use the services of a CMC (1). So that they can utilise their expertise and experience to support them through the process from end to end, ensuring they get the money they deserve.
Contrary to this latest report, most of us wouldn’t use a service and expect it for free, the same as you wouldn’t take your car to a garage and expect it to be serviced free of charge. And whilst the banks are not being forced to rightfully return any money taken from their clients as a result of mis-selling, there is still a need for those who wish to be supported by Claims Management Companies.
As part of the service clients receive from us, one of our expert team will take all of the information required to determine if you have grounds to make a claim. If we believe that you do, we will send you all of the information in a welcome pack for you to simply read, sign and return back to begin the process.
After this, our experienced Claims Managers will then use all the information provided to establish if you wrongly paid for PPI. If you did, we will seek any compensation that you may be owed and ensure that correct redress is paid. This process sounds simple, but can often take weeks to carefully work through. If necessary, we will refer your claim to the FOS, with your agreement, if we do not agree with the decision made by the bank. Over 700,000 people have already utilised our services and we have helped them to claim back half a billion pounds for mis-sold financial products.
If EMCAS are successful with your PPI claim we do charge a fee of 33% + VAT for the work undertaken to win you back your money. However, if we are unsuccessful, or determine that no money is owed to you then you will not be charged a penny*.
EMCAS have worked for over a decade to claim back money from mis-sold products such as PPI. Unfortunately the issue is yet to be put to bed and until that time comes, the services of Claims Management Companies will continue to be a vital part of recovering compensation in respect of PPI.
If you would like to be one of the many people that have benefitted from using our services then please contact us on 0800 0934 309 or request for one of our experts to call you back.
(1) PPI victims should have got £5bn more – BBC News
*Subject to fees in the event of cancellation, please see our Terms & Conditions.