iSmart Solutions

iSmart Solutions

July 10, 2012 06:45 ET

Claims Management Companies-Beware Hidden Costs!

LONDON, UNITED KINGDOM--(Marketwire - July 10, 2012) - When people are deciding whether to use a claims management company for their PPI claim, one of the questions they ask themselves is: "How much is this going to cost me?" Many of the claims management companies headline their marketing with "No Win, No Fee." But how true is that, and how does a customer find out what the charges will actually be?

What people need to bear in mind is that if companies are claiming "No Win, No Fee," there should be no costs or charges up front - regardless of what they may be called. Some companies hide additional charges under the guise of a "deposit" on the application pack or as administration costs. But they are still upfront costs, and will usually be charged, regardless of whether the claim is successful or not.

Customers must be advised of the charges which will be levied. Any request for money before you have received a service should be rejected - especially if they claim to be a "No Win, No Fee" company.

Reputable companies will only charge a fee when they have been advised that you will receive compensation. The fee will vary from company to company, but customers should check the terms and conditions of any agreement they sign. These should contain clear explanations of what charges will be made, how they will be made, and when they will be made.

iSmart Consumer Solutions is one of the country's leading PPI claims management companies and stands behind its "No Win, No Fee" status.

Ryan Horne, Managing Director, comments: "We have always worked on the basis that we only earn a fee if we win compensation for our customers and that we do not want them to have to find money upfront to process their claims.

"Customers need to be proactive and ensure that they do not hand over any money until their claim has been confirmed as successful."

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