Introducer Today

Claims Financial

Claims Financial are a market leader in the £30 billion financial compensation market and 99% of our work comes from partners just like you.

If you already deal with consumers and financial services then I expect our offer will fit neatly alongside your primary business and generate significant commission without much more effort

KEY FACTS

You may have other questions which we would pleased to answer (please see FAQ below) but your main questions are probably:

  • Would the people we visit or talk to be interested in your services?
  • How much commission do you pay us per claim form we send you?
  • How much commission do we get paid and how long does it take?

 

Claim type About the service Average commission per case Lead time (claim to payment)
Credit Card default Fees If your client has missed payments or exceeded their credit limit (who hasn’t?), they will have been charged penalty fees of up to £40 a go and we can get a full refund going back 6 years. (Remember the average person has 2.8 credit cards) 12% commission
 
Average of £10 per card 		80 days
Unfair Mortgage/loan fees
 
(Admin exit fees and arrears fees) 		If your client has re-mortgaged or sold a house in the last 6 years then they can reclaim their mortgage exit admin fee (usually £250). If they have missed mortgage/loan payments then they have another claim. Any late payment charge on a mortgage or loan has to be fair and related to the cost incurred. We all know it doesn’t cost £50 to send a letter. 12% commission
 
Average of £10.50 per loan 		50 days
Mis-sold
Payment Protection Insurance
  		If your client has been sold PPI/loan insurance alongside any loan since January 2005, whether a credit card, mortgage or consolidation loan, then they may have been mis-sold. There are 20 million of these policies out there. 12% commission
 
Average of £50 per policy 		122 days
Unfair bank Charges Millions have already claimed. If an individual has charged by their bank for exceeding their overdraft limit or for bounced cheques and failed direct debits they probably have a claim forthousands. 12% commission

Average of £65 per account 		Pending High Court decision (assume 5 months)

 

 

 

To find out more about this programme and why it is perfect for brokers like you please CLICK HERE

Example:
Tristan runs a small brokerage and in a typical day each of his 4 brokers have about 3 appointments dealing mostly with mortgages but also secured loans. That is about 20 appointments a day. 
The recent credit crunch has meant that mortgage approvals have slumped and Tristan’s strategy has been to ride out the storm by adding profitable revenue streams to the main business. Financial compensation seemed like the obvious choice.   At the end of each appointment (including telephone calls), they always mention financial compensation because nearly every client has at least one claim. 
Occasionally, the client will want to go through their financial papers there and then to find out what claims they may have. It can take a few minutes but it is worth it. Recently, a client brought down all their loan documents from the last 2-3 years and it was immediately obvious that they had been sold expensive PPI policies alongside 3 loans without even knowing about it. - watertight cases worth £50 each to the broker Many clients have 4-5 credit cards which they have been struggling to pay for years resulting in hefty monthly penalties. Tristan often sees one client sign up there and then for their credit card charges, arrears fees, and mis-sold PPI. It means the appointment ends on a high note because the client is not being asked for money but rather we are telling them that there is an easy way to put money back in their pockets on the basis that the service is free unless they win a refund.
In a normal days’ work Tristan would expect to see half the appointments resulting in some claim forms. Those who are interested usually think it makes sense to claim back everything they are entitled to in one go. With the average client have 1 or 2 current accounts, 3 credit cards, mortgages/loans in the last few years an average day might yield:
1.       12 credit card claims                                                       £120 commission (£10 each)
2.       10 bank charge claims                                                    £650 commission (we hope £65 each)
3.       4 Mortgage exit fee or arrears claims                         £42 commission (£10.50 each)
4.       3 Mis-sold PPI policies                                                     £150 commission (£50 each)
Tristan is able to help his clients and generate pipeline commission of about £975 each day and this isn’t even the main business.
The key selling point is that if Claims Financial don’t win a refund we don’t charge a penny.

To find out more about this programme and why it is perfect for brokers like you please CLICK HERE

Frequently Asked Questions        
How long do the claim forms take to fill in?
Our forms are quick and simple requiring only what is absolutely necessary for us to run the claim. The forms take about 1 minute to complete each. If someone has 5 claims then they need to be on 5 different forms but each one represents a separate commission. The PPI claim form takes about 4-5 minutes to complete but the commission is 5 times more which hopefully justifies it.
Is Claims Financial regulated?
Yes. We are regulated by the Ministry of Justice is respect of our claims management activities.
How do you report to us?
We report to you on the 14th of each month (or the first working day thereafter). Our report will include a commission statement telling you how much you need to invoice us for each month. We are very approachable and you can pick up the phone to us any time with any query.
Do you have problems with unpaid invoices or clients cancelling after we send you our forms?
We do have some bad debts and cancellations BUT this has already been factored into the averages we  have quoted to you. When we say you will get an average of £10.50 or £50 per case this is the actual average you receive after debtors or cancellations. What you see is what you get.
 
The possible commissions on bank charge refunds look impressive but isn’t it on hold right now?
Yes it is. The OFT/Consumers won in the High Court in April but it has been appealed and the outcome known by January. Our current partners take the view that these are worth signing up as they are easy to generate and the upside of £65 per case makes it very attractive. Also, since everyone has heard about these claims it is a natural ‘way in’ to discussing the other claims.
If we wanted to focus on just PPI (because they are worth more) and were able to sign up high volumes would you be willing to negotiate on commission?
Yes. Our aim is to help consumers and work with partners in a way that makes the most sense. For example if you were to focus on high value mis-sold PPI you may find your average commission is triple the average we have quoted.  If you think you can become a ‘power referrer’ lets talk. 

 

To find out more about this programme and why it is perfect for brokers like you please CLICK HERE

 

 


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