Which? warns of cowboy claims management firms

| October 24, 2009 | 0 Comments
Which? warns of cowboy claims management firms

Consumers seeking to reclaim bank charges or mis-sold PPI are better off making a claim themselves rather than using a claims management company.

Research by consumer advice group Which? found claims management companies typically charge a 25% commission plus VAT if successful, and may also charge upfront fees.

Which? also discovered that many claims management firms exaggerate their success rate, and a significant minority were unable to explain to Which? how they are regulated.

Martyn Hocking, Which? magazine editor, said: “Claims management companies have some very crafty ways to encourage you to use them, from exaggerating their success rates to suggesting they’d be more successful at getting your money back than if you did it yourself.

“Not only are the firms breaking rules in some of these cases, but making a claim for mis-sold PPI or bank charges is a simple process, and you can do it yourself.”

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