Daniels Silverman help to reclaim commission from PPI claimants
The mis-selling of Payment Protection Insurance (PPI) has been widely documented over the last few years. It was initially estimated that there were as many as 2 million consumers who had been sold PPI unnecessarily. However, it has become clear that there are considerably more people affected than this. As a result, it is estimated […]
The mis-selling of Payment Protection Insurance (PPI) has been widely documented over the last few years. It was initially estimated that there were as many as 2 million consumers who had been sold PPI unnecessarily. However, it has become clear that there are considerably more people affected than this. As a result, it is estimated that there are more than 20 million mis-sold PPI claims processed against lenders. These compensation claims average around £600 per person and might cost lenders as much as £12billion in compensation.
Whilst anyone affected can make a claim directly to the company who sold them the policy in the first place, many find using a dedicated PPI claims company simplified and expedites the process for them. Despite their good work, sometimes the claims companies face a long journey before they finally get their commission and that’s where Daniels Silverman can help.
Daniels Silverman currently works on behalf of 29 PPI claims companies and has over 25,000 accounts referred to them by clients seeking to recover over £15m. So far, around 28 per cent of over due and unpaid commission has been recovered for those clients, equating to over £4m.
Most PPI companies work in one of the following two ways:
1 They request their commission when they receive a written offer from the person’s creditor.
2 Or they request their commission from the consumer when they receive their money from the creditor.
Unfortunately, problems securing the commission can occur for a variety of reasons but mainly because either the claimant has a credit card with a balance on it and the creditor applies the refund directly on to the card as opposed to providing a cheque to them. The claimant then has no additional money in hand and uses this as a tool for disputing the commission.
Or, the claimant disputes the payment of commission or simply refuses to pay.
This is where the specialist collection team at Daniels Silverman really comes into its own. Each client has its own dedicated account manager who works hard to understand the complexities of every dispute and looks for ways to solve even the most daunting issues such as difficulties in tracing individuals.
These include internet searches, CCJ’s, electoral roll information, land registry data including property value and likely equity levels, insolvency searches to check on IVAs and bankruptcies. Land registry searches can also prove useful tools and are routinely included as part of the service.
Unlike many debt recovery companies, Daniels Silverman refrains from using the usual auto-dialling systems. Staff are financially compliant and operate in accordance with strict codes of practice liaising with insolvency practitioners and providing representation where appropriate.
Every collector at Daniels Silverman has on-line access to a variety of investigation tools, allowing them to establish ways of contacting debtors to evaluate their ability to pay. With bespoke reporting procedures also in place, the team provides comprehensive regular progress updates for clients.
Armed with in-depth background information on each debtor they ensure every avenue is explored to recover debts in full and obtain unprecedented results thereby boosting profits and increasing cash flow for the clients they represent.
The organisation’s considerable experience and expertise in working in the PPI arena provide a solid platform for other PPI claims companies to pass on their accounts for collection secure in the knowledge that their commission recovery is in safe hands.