Beat The Banks - No Ordinary CMC
You have all heard the advert – “Just give us your name and we will find out if you have paid PPI.” Accurate? Frankly, not in the slightest.
Pretty much the single most important thing when reclaiming mis-sold PPI, is what precisely happened at the time of the sale.
So, all claims companies recover your full lender records to make sure your claim is as accurate as possible and that they don’t miss any claims? Don’t remotely kid yourself on this one. Aside from a very, very small minority of which we are one, they simply don’t.
Way too much paperwork for their liking given their claims volumes, coupled with a limited knowledge of practical banking experience to allow them to fully interpret, the often substantial records, provided by the lender.
Lenders only allow borrowing records to be CMCs in one of two ways – A “Mini Sarn,” or a “Full Sarn.” Both are Subject Access Request Notices, but that is the only thing that they have in common.
The first option gives you the briefest outline of your connection with a lender and absolutely no supporting paperwork. Records recovered this way are not covered under the terms of the 1998 Data Protection Act. Establishing what happened at the time of the sale of a product with PPI can only be guessed at.
A “Full Sarn,” by comparison, is packed full of lender information and often several inches thick. Typically for banks, this would include the following:-
Account opening agreements for all borrowing held, contact notes were written by staff, loan statements and all borrowing applications, plus bank statements back as far as 20 plus years ago, dependant on the lender.
This is the only way Beat the Banks will ever recover your file from a lender.
You only get one chance and that’s why we want to be as deadly accurate as possible.
It’s not just that though. Our team, packed full of banking experience is able to apply what we call “financial forensics.” Your lender records are fully audited to determine possible PPI claims against otter lenders. Easy if you know how!
Surprisingly, not all claims companies have to be regulated.
Regulation invariably means that your chosen representative has to work to a high professional standard or they then risk of falling foul of the Regulator.
It’s not just that, many lenders will simply refuse to deal with companies that are not Authorised by the Claims Management Regulator.
So how is this possible? Well, the Regulator only has powers over claims submitted on behalf of residents of England and Wales and NOT Scotland or Northern Ireland.
In Scotland, our principal market, unfortunately very few of our peers have chosen to be regulated. We believe this can often produce very poor outcomes for consumers.
So if you want to employ a claims company, make sure you chose one that has unrestricted access to deal with every UK lender and that’s authorised by the Claims Management. Ask them too exactly how they present each case. We only ever submit our claims via a 12-page Ombudsman Questionnaire and supported by evidence extracted from the lender via a previous FULL Subject Access