The Ministry of Justice are bringing in new measures to regulate false claims made by claims management companies.
Back in December, This is Money covered a story about the growing number of cold calling claims management companies lying to people who have been mis-sold PPI by banks & building societies. These companies were by making ridiculous claims about being the only authorised company in the UK to deal with the claim, or advertising their ability speed up the refund process by dealing directly with the bank.
Of course the above claims are totally false & the Ministry of Justice have made a statement announcing that they are aware of what is going on & are looking into this case by case. Any PPI reclaim company found out to be mis-selling their services will be immediately banned from trading in this industry.
A Ministry of Justice spokesperson went onto say “We are prioritising complaints about the PPI claims market & have a dedicated team in place that will take action against companies who break the rules”
So how do you know who the good guys are in this industry? Here are a few tips to keep you safe….
- Do not ever deal with a PPI Company that cold call you.
- Always read the fees pages, you should never pay more than 20% including VAT.
- If someone offers a 15% PPI service check the small print as additional charges & VAT are often added mid way through the claim process.
- Check the companies authorisation umber & ensure they are registered with www.claimsregulation.gov.uk
- Find out how long they have been trading for by downloading their company accounts from Companies House.
- Check how long they have been trading online for by looking at their website information at whois.domaintools.com if their site is only weeks or months old you might want to stay away from them.
Consumer Finance Claims have been handling PPI complaints on behalf of our customers since 2008 and have fought the banks to win thousands of cases in excess of £2 million. Visit the site to start your claim or call 0845 371 2545.
