Crack down on ‘Cowboy Claimers’

One of the UK’s largest claims management companies, iSmart, is calling for a crack-down on cowboy companies to help raise industry standards and increase transparency for consumers wanting advice on mis-sold Payment Protection Insurance (PPI).

According to iSmart, consumers wanting to process PPI claims through a third party should only speak to reputable companies who have an established track record and avoid, at all costs, those hitting consumers with hidden charges. iSmart is warning consumers to avoid claims companies that ask for money up front or are not regulated by the Ministry of Justice as well as steering clear of companies that guarantee or promise un-realistic pay-outs.

Despite the fact that banks and financial institutions are setting aside huge sums of money to compensate people who have been mis-sold PPIs, iSmart is reporting that customers with potentially viable claims are being put off by the fear that banks will hold their claim against them. iSmart’s research also revealed that a lack of knowledge about PPI is putting people off from claiming, with one in five potential claimants not making claims because they did not know enough about PPI.

Ryan Horne, managing director of iSmart, commented: “Consumers have the right to claim back what is owed to them and as an industry it is important that our services are as transparent as possible. Unfortunately, there are far too many cases where consumers have been stung by hidden and often substantial charges and this obviously reduces the actual compensation received.

“As an established claims management company that has worked in the industry for many years, we want to rid the industry of cowboy claims companies. So if you’re looking for help to process a potential PPI claim to recoup losses from mis-sold PPI, we would always urge consumers to choose a reputable company. As such a company, we adhere to a strict code of conduct and want to ensure that all consumers are given the correct information and choice to make an informed decision about reclaiming PPI.”

iSmart Consumer Solutions is one of the country’s leading claims management companies and works hard to protect its reputation. It has handled thousands of claims for customers and with no upfront charges at all, iSmart works on the basis that if the customer does not get compensation, there is no cost to the customer.

Quick Guide to Claims Management

How to choose a reputable claims management company:

• Avoid companies that charge you any up-front costs
• Choose a company that works on a no win, no fee basis
• Ensure you check the company’s credentials and suitability for acting on your behalf. For example do they cover the sort of claims you want to make?

Why you might have been mis-sold PPI?

• You are not eligible for the policy i.e. if you are a student, pensioner or self-employed
• You were told it was a condition of the loan or credit or store card etc i.e. you could not proceed with the agreement unless you took the PPI policy
• You didn’t know you had the policy i.e. it was added on without you knowing
• You were sold the wrong thing i.e. the policy was for single cover and you were told it was joint cover

iSmart is determined to help as many people as possible get back what is owed to them – they were mis-sold the insurance and have a right to be recompensed – and the right to choose a company like iSmart to pursue to claim.

So, if you think you may have been mis-sold PPI and don’t want to handle it yourself, give iSmart Consumer Solutions a call and see how they can help you.

For further information about PPI or reclaiming PPI visit www.ismartsolutions.co.uk or call 0800 862 0295.

-Ends-

For further press information please contact:

Amy Puttick on 0116 274 6177 or amy.puttick@bigcommunications.co.uk

Diane Kenny on 07702 847147 or diane.kenny@i-smartbusiness.co.uk

Notes to Editors

Research carried out on 1,000 UK adults, by Atomik on behalf of iSmart, March 2012

About iSmart Consumer Solutions

iSmart Consumer Solutions, based in Northampton, is currently one of the country’s leading financial services organisations with plans to strengthen its existing market position whilst exploring a range of new and diverse business channels.  The aim is to provide customers with a transparent and competitive service across the business.

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