Who Regulates The Ppi Claims Market Place

With more and more bad publicity surrounding Claims Management Firms that operate

in the ppi claims flip it is only a matter of time before people start to complain about the fees they are charged for the service.

Many organisations including the Financial Ombudsman, FSA and may even other reputable news are already reporting how much claims management companies is likely to make in the next year that will no doubt lead to complaints.

So how do people visit make their complaints should they feel they have been over charged and what you can do about it?

If you feel you've been over charged as you paid 25% or more then your first place you need to complain to may be the company that charged the amount in the first place. These people have a duty to deal with your complaint and respond in a timely manner if you are not satisfied with their outcome them you have the right to complain for the regulator.

The Ministry Of Justice accounts for the regulation for claims management firms that operate in the ppi claims market and if the bad publicity continues I noticed them being at a loss for the amount of complaints they are going to receive.

The unfortunate thing for consumers would be that the Ministry of Justice is only able to make recommendations towards the claims companies but cannot force then to pay compensation to consumers although they do have the powers to analyze their licence.

One other thing that consumers have to be aware of is that claims management companies don't require professional indemnity insurance so if they stop trading they have absolutely no potential for getting any form of compensation to be overcharged for the service provided.

If you are being you have been overcharged I would suggest you get your claim in today before these firms disappear or cease trading as if that happens you will have to accept the amount you have paid them as final.

What we would say to all consumers will there be is an unfair term that could be put on the contract as a reason for law and we would encourage anybody that has paid 25% or maybe more to consider this option.

Any company that charges an unreasonable amount runs the potential risk of having an unfair term within their contract and in my personal having processed hundreds of missold ppi claims any more than 15% is an unreasonable amount in line with the work involved in a ppi case.

Charging fees for ppi cases is not any different to a solicitor, financial advisor or accountant charging their fees for your work they undertake for you personally and all their fees must be accountable in hourly rates, so just why should the claims market be any different?

If a company bills you 100 per hour then they have to justify that rate without having to be unreasonable and this is how the unreasonable test could be examined by a court.

Dont tolerate being overcharged by these companies that want to charge you 25% and above do something now and ask for reimbursement down to 15% or submit a complaint for them and the Ministry of Justice saying you have been overcharged for the service you received.

Dont think about it if you have paid an excessive amount of for your ppi statements to be dealt with get the complaint in today.

by: jemma

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