Claims Management Companies (CMC) - Are they ALL bad ?
Just a quick Wiki overview so we better understand what we are talking about here.
http://en.wikipedia.org/wiki/Claims_management_company
Now when it comes to what we are doing there appears to be a number of different types of CMC involved.
1. The Good
2. The Bad
3. The Ugly
1. The Good
Yes there are some good CMC's out there. They basically do what we do, but in a more official capacity. Their costs are borne by the OC's and DCA's via County Court Act charging structure.
Even the companies that charge a fee for Bank reclaims can come under this heading, as long as their fees aren't disproportionate to the service offered.
2. The Bad
Well on the obverse there's the companies that charge the claimant large fees and/or percentage of success. This applies both to unenforceability as well as more normal charges reclaims. Also under this I would include some of the No Winners, where by they force the claimant to sign up to a loan agreement to cover their costs.
3. The Ugly
Well I'm sure you know what sort of companies come under this heading.
Our old "friends" Basil and the C word for starters.
These are the companies that cold call claimants and feed them a complete pack of Bovine Excrement.
You know the kinds of things, The OFT has won and all fees are claimable, CCA "loopholes", HUGE charges simply to look at agreements, dodgy assignments, etc.
Their business model is based on fleecing claimants and affiliate marketing scams. It's companies that fall into this category that need to be reported to MoJ etc..
Some companies are covered here: Bank Charge Reclaim Companies - Legal Beagles
Just a quick Wiki overview so we better understand what we are talking about here.
http://en.wikipedia.org/wiki/Claims_management_company
Now when it comes to what we are doing there appears to be a number of different types of CMC involved.
1. The Good
2. The Bad
3. The Ugly
1. The Good
Yes there are some good CMC's out there. They basically do what we do, but in a more official capacity. Their costs are borne by the OC's and DCA's via County Court Act charging structure.
Even the companies that charge a fee for Bank reclaims can come under this heading, as long as their fees aren't disproportionate to the service offered.
2. The Bad
Well on the obverse there's the companies that charge the claimant large fees and/or percentage of success. This applies both to unenforceability as well as more normal charges reclaims. Also under this I would include some of the No Winners, where by they force the claimant to sign up to a loan agreement to cover their costs.
3. The Ugly
Well I'm sure you know what sort of companies come under this heading.
Our old "friends" Basil and the C word for starters.
These are the companies that cold call claimants and feed them a complete pack of Bovine Excrement.
You know the kinds of things, The OFT has won and all fees are claimable, CCA "loopholes", HUGE charges simply to look at agreements, dodgy assignments, etc.
Their business model is based on fleecing claimants and affiliate marketing scams. It's companies that fall into this category that need to be reported to MoJ etc..
Some companies are covered here: Bank Charge Reclaim Companies - Legal Beagles
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