Can you help me how to promote PPI claims business?

[JhonnyMew]

I need some free ideas to promote a PPI claims business in UK.

Many thanks in advance.

Jhonny

 

[THESALESSURGERY]

A difficult one for any business development consultant or marketing consultant as it is a highly competitive market place at the moment with many organisations throwing silly money at marketing to win the business.

I would be honest enough as a proven consultant to say good luck in your search for free ways that will beat the bigger financed solutions. Heres some of the top of my head you can do but the effectiveness is questionable;

Post as many links in free ad sections with back links to your website advertising your service.

Speak to local lawyers/accountants that have no interest in this market, but will however refer to you should they get an enquiry.

Door knock or stand in shopping malls pestering people

If you have any budget at all there are slightly better ways but still going to be difficult.

A weird and wonderful tactic would be to hire a foam credit card outfit and walk around local shopping centres, humour always is a great ice breaker.

I am always here if you want to chat just PM or contact me.

Steve

 

[I Love Spreadsheets]

Is there even a market left for this now the banks have to write to all their clients to tell them their personal PPI situation.

 

[WJP]

Is there even a market left for this now the banks have to write to all their clients to tell them their personal PPI situation.

Spreadsheets is right, the customer contact exercises the FSA announced at the start of March will kill a lot of the market. CMCs tend to pick up a lot of business from people who wouldn't otherwise claim (i.e they don't pick up many clients who otherwise would do it themselves). However, if a customer doesn't answer a letter from their own bank then they're probably not going to bother to find your CMC and start the process themselves...

 

[pinklaura1234]

Is there even a market left for this now the banks have to write to all their clients to tell them their personal PPI situation.

I don't think there is a market, I wrote a simple 2 sentence letter to my bank and got my PPI back. Why would I pay a third party a few £100 to do this.

 

[TCCuk]

There is that many companies doing this now plus I'm sure the banks are now obliged to send letters to everyone that is owed PPI

 

[WJP]

I don't think there is a market, I wrote a simple 2 sentence letter to my bank and got my PPI back. Why would I pay a third party a few £100 to do this.

CMCs don't pick up work from customers like you, they pick up work from people who otherwise wouldn't bother. There definitely has been a market - PPI claims have made CMCs millions. And you'd be amazed, even in customer contact exercises response rates can be as low as 10 per cent. If a CMC can work out how to prompt people who might otherwise ignore contact exercises to sit up and take listen, they'll be onto a goldmine.

 

[I Love Spreadsheets]

If the bank writing to me to tell me I'm eligible to claim doesnt get me to claim then I dont think any amount of advertising by third party companies is going to convince me differently.

Even if it does I already know I can claim for free and directly from the bank myself without the need to complicate things with a third party

 

[lynxus]

I agree, The market is really quite saturated to the point that its next to impossible to join in. Coupled with the way the FSA are handling it recently its just gonna be a non start ( Just my view )

Ive personally used a PPI claims. Mainly because i just dont have time nor can be bothered to sort it myself.

If i get a few quid back then fine.

 

[tony84]

I have about 2-3 people/companies a day asking me to lead generate for them with my clients/leads ive bought in for mortgages/insurance etc.

I refuse everytime despite the fact i can earn from them. It doesnt sit comfortably with me knowing that some company will charge upwards of 20% for something people can get back free of charge when in reality there is very little work involved.

 

[I Love Spreadsheets]

It looks like the whole industry is going on the anti PPI claims companies war path. From the BBC news today

http://www.bbc.co.uk/news/business-17792044

I think the days are numbered for this industry (and not too soon in my opinion - I think it should have been the responsibility of the banks and governments to sort this out and not 3rd party companies who were out to make a profit from doing next to nothing)

 

[Chase]

Is there even a market left for this now the banks have to write to all their clients to tell them their personal PPI situation.

It has vastly improved the market for CMC's. Now when they call consumers, instead of getting the usual moan, they are saying that they have receivfed a letter from the bank saying they could have been mis-sold PPI and how do I get the money back?
when in reality there is very little work involved
I find that comment strange when you are not in the industry. You will be surprised at how much work is involved,. The lenders hate CMC's and so make it very difficult for them to opersate by being really difficult
Door knock or stand in shopping malls pestering people
That's against MOJ regs I'm afraid. Which is veery strange. You can have a 'stall' in a shopping precint but you are not allowed to approach anyone. But, if you were flogging credit cards ( getting people into debt) you can!!

I know CMC's get it in the neck, but most clients are thankful for the service when they get their money back. Just like the client who got £48K back and was too scared to deal with the bank. She was over the moon. Claims companies are simply offering clinets a service that they do not want to do themselves. I know how to wallpaper and paint my front room, but I'm not very good at it and I hate DIY, so I get a decorator to do it. But I know I can do it for free.
And why is there a 'war' against CMC's ? because the lenders know that the majority of people will wrongly fill the form in and gives the lenders an opportunity to dismiss the claim. I understand there are companies who charge 'upfront' fees, they should be completely banned. There are those who are asking the lender for more compensation or ' they will take it to the FOS' as they know it willcost the bank another £800. They should be banned. The whole industry needs cleaning up ( just like the unfair credit agreement industry) but, let's not stop offering a service to the most vunerable clinets who WANT a claims company to help them. For all of you who have the knowledge and the tenacity to do it yourselves, good for you, but don't slag companies off for offering a service for those who don't. Also, not forgetting the clients who get their money back and then simply have no intention of paying the company for their services. ( and there are a lot of them)

 

[I Love Spreadsheets]

I know a fair few people that have completed claims and they seem to fall in to two groups.

Those that have written to their bank directly using one of the many template letters available online have had their claims dealt with quickly and have kept 100% of their money.

Those that opted for using 3rd party companies have waited a lot longer to get their money and have had to pay for the privilege.

I can see why lenders hate the CMCs, they are taking money from what is rightly their clients.

You pointed out the lady who claimed £48k via a CMC because she was afraid to approach the bank herself. That is exactly what is wrong with this industry, people have been bamboozeled with marketing speak that gas made it over complicated in the minds of the public. As a result a company was then able to step in, take advantage of her fear of "complicated process" and take a slice of her money for doing something she could have done with a simple letter.

 

[Chase]

I know a fair few people that have completed claims and they seem to fall in to two groups.

Those that have written to their bank directly using one of the many template letters available online have had their claims dealt with quickly and have kept 100% of their money. As I said in another post, good for them. I am happy they have the tenacity to deal with it themselves. Claims companies ONLY deal with people who WANT a claims company to do it for them

Those that opted for using 3rd party companies have waited a lot longer to get their money and have had to pay for the privilege. That's right, they pay for a service that they don't want to do themselves. ( like the decorator)

I can see why lenders hate the CMCs, they are taking money from what is rightly their clients. WHAT?????? The lenders have taken money from CLIENTS that is rightly theirs. CMC's are simply getting that back from them and charging for their service

You pointed out the lady who claimed £48k via a CMC because she was afraid to approach the bank herself. That is exactly what is wrong with this industry, people have been bamboozeled with marketing speak that gas made it over complicated in the minds of the public. As a result a company was then able to step in, take advantage of her fear of "complicated process" and take a slice of her money for doing something she could have done with a simple letter.

Not at all. Some people just cannot cope with the stress of dealing with banks.. Not everyone is as capable of doing this as you clearly are

 

[I Love Spreadsheets]

There is no tenacity involved in dealing with the banks in these cases. It is a simple process that marketing of the claims companies has made sound complicated.

I dare say there is more paperwork involved with dealing with a claims company than there is dealing with a bank directly. Writing to the bank directly = 1 letter, dealing with a claims company means talking on the phone, signing forms to give you the authority etc.

This is where the banks and the government should have stepped in earlier and made the process crystal clear to the public. Instead they let an industry spring up based around a perceived fear and complexity that the industry created themselves.

As a result people only believe they can not cope with dealing with the bank directly because the market has been clouded with advertising and marketing that makes it sound more complicated and scary than it is.