PPI Claims as an industry is changing, many older companies that employed the trading methods of the past are struggling against many of the companies of today that are driving forward with new and innovative methods of trading, which is not only more pleasing to the consumer, but actually much more attractive.
There is also the issue of company closure, more and more companies are experiencing issues.
Companies in the UK are closing down due to a number of factors including but not limited to:
Lack of regulatory diligence – Many claims management companies have not take the time to make sure that they adhere to the regulatory guidance and rules provided by the ministry of justice and the office of fair trading, as a result many of these companies have had to close down.
Miss leading marketing practices – companies have over-emphasized the difficulty and the effort required in order to successfully claim back payment protection insurance, this has lead to many of these companies being ordered to cease trading by the MOJ.
Old marketing methods not working as well – Many of these companies have been engaging in ‘text message sends’ in order to generate customers, the problem with this is, once the data and records have been used a certain number of times, they become old data: you can only ‘squeeze’ the proverbial orange so many times before needing to move on to a new piece of fruit & this is just one example of an aged marketing method.
The changes in the payment protection insurance claims industry are set to continue, as more and more consumers become increasingly aware of their rights, and the obligations of the companies that are there to serve them, finance in general has to ‘toe the line’ a lot more to meet the increasing demand the British Consumer.
Make sure that you understand the obligations of any company that you are considering claiming your compensation with, because it is essential that these firms deliver the service to you within certain performance parameters, their terms and conditions will provide you with more insight into their input into your claims process.