Viewing 15 posts - 1 through 15 of 15 total. Posted 5 years ago. Or is there a way of working out how much I should be owed? Do you mind if i ask? Trimix Free Member. Did you use a PPI claim firm? Were you to accept the insurance company's offer, it would mean accepting a compensation offer before a medical assessment has ascertained;. The practice of pre-medical offers is controversial and has been criticised in Parliament. So why do insurance companies still employ this strategy?
For a claimant, the prospect of a quick and hassle-free settlement can be compelling. Insurance companies are well aware of this and, as such, pre-medical offers are usually on the low side.
A recent article in the Law Society Gazette highlights the real reason. Insurance companies want to ' buy off 'victims to save money. Should I accept a pre-medical offer? As with pre-medical offers, an immediate offer of money following an injury can be very tempting. Insurance companies may try to offer just enough to tempt you to settle your claim, rather than the real value of your claim. Even if you have had a medical assessment, you still might not know how long you will need to recover.
An early-stage offer may be tempting, but your solicitor may advise holding your nerve and negotiating further. How often do injury claims go to court and what if they do? A commonly reported tactic is when insurance companies tell claimants not to instruct a solicitor. Insurers claim that they will be able to pay more as a result.
If you are contacted by an insurance company in this manner, you should speak to a solicitor without delay. Once an insurer knows that you intend to seek legal advice, they may recommend you use one of their panel solicitors. Saga Magazine's personal finance expert Annie Shaw deals with one reader's question about Payment Protection Insurance which, rather than providing a welcome cash boost for the recipient, is making them feel uneasy.
Reader's question: I recently had a cold call from one of those PPI firms [claims management companies that say they can get your money back for you if you were mis-sold payment protection insurance on a loan]. I had some credit cards a few years ago and also a couple of personal loans but, as far as I can recall, if ever I had PPI I knew what I was buying and was happy with the deal. However, the fellow on the phone was very persuasive, and it was as much to get him to go away that I gave him my details and said he could put together a case for me to claim compensation for mis-selling.
To cut a long story short, the claims company fired off a few letters and got a flea in its ear from most of the lenders. However, one said that, since the records that they had about me were incomplete, they would send me several hundred pounds in compensation.
You say that you were happy with any insurance that you purchased. Can anyone offer me any advice please? Hi I have a similar situation with Santander. The figures look on the low side to me however? My understanding was that PPI often worked out to be on average per loan taken out rough figures admittedly.
I am not sure whether I should accept this or reject and refer to the Ombudsman. They have said this is final offer. Any help would be much appreciated!
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