MANCHESTER, England, April 26, 2012 /PRNewswire/ --
The decision of banks and credit card companies to make the claims process for mis-sold payment protection insurance (PPI) simpler is just a PR exercise to encourage more consumers to avoid using claims management companies.
That's according to Precision Claims - a firm that specialises in PPI claims - which says that the latest announcement from banks simply serves to put them in a position where they can continue to drag their feet over claims and pay up when they want.
It was recently revealed that banks and credit card companies met with Which? and Money Saving Expert to agree to standardise complaints processes across the industry, as well as to draw up plans to explain to consumers why claims management companies are not worth using.
However, Precision Claims managing director Simon Thompson believes this is just a case of the banks being opportunistic.
"In my opinion, banks are only doing this to make sure they can control when and how much they pay out to consumers whose money they have effectively stolen," he said.
Mr Thompson added: "We saw this recently when the banks started to write to victims of PPI mis-selling to invite them to make a claim. Did it make it look like the banks are co-operative? Yes. But has it sped up the amount of time it takes for the public to get their money back? No. We know that banks continue to make it difficult for people to claim compensation when they make a complaint on their own.
"Besides, these institutions stole billions of pounds from innocent customers. What makes them trustworthy all of a sudden? Claims management companies do take a fee when they help to reclaim PPI for a customer, but that's just to cover all the genuine hard work they put into the process.
"Our claims managers are experts in taking complaints to big corporations like banks and forcing the issue, ensuring they cannot simply sweep the case under the carpet like they do with so many who go it alone. We communicate directly with banks, something members of the public often find a daunting and frustrating experience, which typically speeds up the process of successfully claiming compensation."
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SOURCE Precision Claims