Maximise your ROI from Purchased Finance Leads
Maximise your ROI from Purchased Finance Leads
What this means if you are an introducer who purchases finance leads:-
Previously, for Payment Protection Insurance reclaims submitted by our network of introducers, we would outsource these to a third party solicitor, who would make the claim on behalf of the client, and then invoice once a successful claim was made. The charge to the client in this case, was 25% + VAT (e.g claim value 1600.00, so 400.00 + VAT =500.00) We would receive a commission of 40% (200.00) which would then be divided 70%/30% in your favour, so 140.00 commission.
Now, as we are proceeding in processing these claims in-house, the charge to our mutual client will remain the same as above, however, we will (generously) split the overall commission 50/50! Meaning 250.00! An extra 80.00 for three additional signatures, no additional work, just an extra four forms to sign. Additional benefits are obviously that you can monitor the progress of each claim much more easily, whether on behalf of the client, or for your own reasons! (i.e. commissions)
It would obviously be wise to have copies to take along with you on client
visits to make sure Payment Protection Insurance cases are fully completed for submission, enabling you to maximise every profitable opportunity. However if you know the clients details prior to your client meeting, you can pre-populate the client details on the portal system, and take printed forms simply requiring the client(s)
signature.
It is however recommended to have additional spare forms as some clients will
discover Payment Protection Insurance policies that they were previously unaware of, (mis-selling in itself!) These may be listed as Protection Cover, Accident & Sickness Protection and various other combinations, and/or acronyms meaning the same thing! Ask your clients if you can see original copies of loan agreements/ credit card/ store card statements, and you may unearth a little pot of gold! There are many rumours in our industry at present, whether or not claims management companies will succeed against the lenders, however when these are coupled with a debt management service, the fact that these clients are in a particularly poor financial situation, this stands us in good stead for successful claims. It also means that brokers can maximise their return on the purchase of finance leads as offering more services improves the chances of having at least one product to be able to offer each and every client that contacts you.
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