starting a claims management co.

[meemee]

hi I was wiondering if anyone knew how to set up a claims management co and how it would work

there are many where I live and seem to be doing really well, I am also tierd of working for other people and was wanting to get into something

 

[vvaannmmaann]

Why not play piano in a brothel ? At least you will keep your self respect.

 

[Newchodge]

The first thing you will need is a Ministry of Justice licence. They are not cheap.

What do you know about claims management?

 

[meemee]

Why not play piano in a brothel ? At least you will keep your self respect.

oh gosh what do you mean lol ?

 

[meemee]

The first thing you will need is a Ministry of Justice licence. They are not cheap.

What do you know about claims management?

if im totally honest nothing at all except my friends sister is a medical professional who works in the industry and gets more than she got when she was working for the nhs, im due to get made redundant at the end of the month and tbh I thought it cant be that hard once I know what to do?

 

[Newchodge]

You might start by reading this https://www.gov.uk/claims-management-company-regulations-guidance-and-legislation

If you have no knowledge of the industry you might want to consider how you are going to learn how to do the work and to comply with the regulations. Mind you, having no knowledge of handling claims won't make you very different from the many sharks out there who rip people off and do this work.

Apologies to any sharks that this comment may have offended.

 

[meemee]

oh okies thank you so much everyone for your help
what I was actually kinda stuck on is how do you actually make money say for e.g you have a solicitor working with/for you and the claimant gets 100 percent of the clam then how does the company make any money?

 

[Newchodge]

The claimant doesn't get 100% of the claim. You get 30%. You don't use a solicitor, the legal work required for most claims is negligible. And most people can do it for themselves with a little guidance. That's why claims management companies are generally beneath contempt

 

[meemee]

so all of the adverts that are shown that say 'you get 100 percent of the fee' ect ect are not telling the truth ...oh dear

 

[Newchodge]

That is only personal injury claims and is likely to change shortly anyway.

if you win a personal injury compensation claim the other side has to pay your legal fees. Or it did, this wonderful government has now changed that so your legal fees now come out of your compensation.

Caims management firms tend to deal more with things like mis-sold PPI, etc.