Amazing isn't it when a salesperson gets you to sign some documents and briefly explains what it entails. Only to discover at the end of an injury compensation claim that it wasn't mentioned. And only to be told then 'well, it's all in black and white and you signed the papers'...
You then become frustrated with salespeople asking, or begging for a compensation claim? You don't know them and they want to be your best 'buddy'. For a while, I guess?! You don’t have a clue about their company, what they do and how they complete. But you're about to make a mistake, thanks to their sweet talk...
An injury claim service is something we need in society. A service, we may not need right now, but could surely need it in the future. It's just like insurance... we pay a premium for an intangible item. A premium to cover costs of an accident that 'might happen', not 'will happen'.
Compensation claims is nothing new, it’s been going on for years. However, as time goes by, procedures and conditions change. Sometimes for the better... but not always!
Loan agreements came about, with banks, large banks such as RBS, funding a personal injury claim. It wasn't needed for a claim, but handlers were making money, substantial amounts, per case. As the clock ticked, people caught on and slowly found it’s way to the back door. But not completely with every company, so beware!
Once service providers figured out the lack of business generation due to the use of loan agreements, they needed something new. A new direction to help them to be more profitable… another business strategy! Anyway, back to the drawing board and after weeks of playing with the small print, the birth of kick backs came alive!
A kick back is a term used by claim handlers to receive money from a claimant’s compensation. This is a service charge, administration or management fee for maintaining the clients so called 'best interest'. It's just an alternative scheme to loan agreements. However the amount deductible was dependable on different factors.
This was working perfectly, until large amounts became deductible by different companies. Some were charging four figure sums and for the claimant, it got annoying!
Injury compensation claims began spreading like a forest on fire, many setting up and deducting smaller management fees to get business. It got smaller and smaller, then 'bang' it began saturating. Why?
People caught up AGAIN…
Still going on today, however for some, it was back to the drawing board!
Brainstorming sessions now lasted months leading to 6 then 12 months, as something tactical was required. Then a new baby was born…
It was fantastic and worked like a charm, well only in the eyes of claim companies…
The answer to everyone's question, 'give me all my compensation money or I’m not giving you my personal injury claim?'
In the beginning, it was like a dream come true, until right at the end of the case, 'boom' this time... more deductions. But how you may ask?
Once an injury claim is settled, the specialist pays out 100% compensation, as promised. But the disclosure of deductions after a case is your job to ask, before a company commences in the initial stages.
So How Do You Avoid These Dilemmas?
- Ask if there is a loan agreement in place? No... then proceed.
- Ask if there is any kick back in place? No... then proceed.
- Ask if you get 'all' of the compensation money (i.e. 100% Compensation)? No... perfect.
Now this is how you erase dilemmas to get ALL the money for your injury claim... by asking.
This article was posted on Aug 15, 2005