Consumer Advice Bureau on Selling ‘The Assist Pack’

How do you Sell The Assist Pack™?
Sales focus on Payment Protection Mis-selling Claim PRICE PLANS / Commissions

GG The Assist Pack - UK £99.00 Commission £35.00 GG The Assist Pack - UK £145.00 Commission £55.00 GG The Assist Pack - UK £195.00 Commission £80.00

CRITERIA • • • • • • • • • Secured Loans with Payment Protection Unsecured Loans with payment Protection Credit Cards with Payment Protection Car Finance with Payment Protection/GAP Insurance Store Cards with Payment Protection Mortgages with Payment Protection Any finance agreement with payment Protection Insurance taken out in last 6 years. Agreement does not have to current/live – does not matter if paid off. Copy of PPI agreement with signed contracts POINTS TO WATCH OUT FOR Any client currently in arrears or owing money on defaulted balances will have any refund taken off their outstanding debt to the company, if there is a surplus they will receive it, they will be invoiced on the total amount recovered. Any client in a Debt Administration Plan, IVA, or Bankruptcy will also have any refund deducted from the amounts outstanding. If a credit card and it has a current balance some lenders will automatically reduce the current balance by the amount of refund, some will also try to reduce the credit limit by the same amount to stop the client using the card, we will attempt to stop this happening, if the client wishes to pay the fee off the card that has been refunded we can take payment by phone Some lenders will attempt to re-write the loan agreements to reflect a lower monthly payment as well as refunding the client in cash, we only charge on the amount recovered.

Moral of the above is really to try and avoid people with large arrears etc as the chances are they will not be able to pay our invoice.

Version 26.02.2010

The call flow: Version 26. It is important that you follow the flow example as defined below to achieve optimum results from every call.02.Consumer Advice Bureau on Selling ‘The Assist Pack’ The aim of this training aid is to focus on using a reclaim for payment protection mis-selling service approach and script to achieve a positive sale.2010 .

What does PPI cost? Loan Type Unsecured personal loan Unsecured personal loan Hire purchase for car Hire purchase for car Unsecured loan Secured loan Secured loan Conditional sale for car Unsecured personal loan Loan Amount £8.000 £3. Even more worrying.000 £4.059 £6.394 47% 43% 34% 13% 49% 29% 56% £13. The Consumer Advice Bureau can assess a clients PPI sale. Payments can also carry high interest charges when lenders add insurance charges to the loan total. If you've taken out a mortgage. sickness. Small print exclusions and administrative nightmares are usually to blame.933 PPI Premium £2. a loan for a kitchen or a car.Consumer Advice Bureau on Selling ‘The Assist Pack’ Background information What is Payment Protection Insurance (PPI) PPI is an additional insurance plan that many lenders 'sell' to their customers which may potentially help them in the event that they are unable to repay their loan due to accident.000 £5.02. payment protection insurance will almost certainly have come into the equation.367 26% (Source Citizens Advice Bureau evidence report findings Sep '08) The Citizens Advice Bureau reports that PPI premiums can add between 13% and 56% to the price of a loan. As the table above shows PPI is n cheap and the average PPI claim is £3000+ Version 26. applied for a credit card or consolidated your debts. Some unscrupulous salespeople automatically include payment protection insurance in the quotes they give for monthly loan repayments.000 £35.150 £2.300 £5. unemployment.217 Premium as % of total loan 25% £11.600 £25.133 £2.127 £10. which will reveal whether the sale was in the client’s best interest. Statistics reveal only 4% of people ever claim on their PPI policies and that one in four of these claimants is refused.2010 .895 £5.317 £744 £12.157 £2. you might have payment protection insurance without even knowing about it.

Below are examples: (Fined £7. LVBS added the cost of PPI to the quotation without the customer asking for it. (Fined £840.000) For: failing to have adequate systems and controls for selling insurance which includes PPI and for failing to treat its customers fairly.080. Version 26.000) for: failing to treat its customers fairly when selling PPI in connection with home shopping products.co.000) For: failures relating to its sale of (Fined £455. LVBS then put pressure on them to take the PPI. the FSA has taken action against a number of firms and are continuing to investigate 150 others.2010 .000) For: failing to treat its customers fairly when selling PPI.uk did not have appropriate systems and controls to minimise the risk of unsuitable sales. mortgage related PPI in the sub-prime market (Fined £56.000) For: failing to treat its customers fairly when selling PPI.000) The FSA has fined Liverpool Victoria Banking Services Limited (LVBS) £840.000) For: failing to treat its customers fairly when selling PPI in connection with home shopping products. (Fined £1.000 for serious failings in the sale of single premium payment protection insurance (PPI). If customers realised they did not have to buy the cover and objected to it.085. (Fined £1.02.Consumer Advice Bureau on Selling ‘The Assist Pack’ What is the regulator doing about the mis-selling? During the investigation of the PPI Market. The penalty was imposed for failings in relation to PPI offered to customers who telephoned LVBS seeking unsecured personal loans between 14 January 2005 and 8 August 2007. The FSA found that Loans. The FSA found that HSBC did not have adequate systems and controls in place to minimize the risk of unsuitable sales. The regulator said that when customers rang LVBS to apply for a personal loan. (Fined £610. The FSA found that A and L did not have adequate systems and controls in place to minimize the risk of unsuitable sales.000.

6. Did the adviser include the PPI without actually telling the customer? If so it was missold 4. Customers have to be over 18 years old. You can use a claims management company • Benefits of using a claim’s Company • • • We will look at multiple credit cards and loans Full backing of legal & finance experts Will increase any claim with an interest calculation. (Fined £721. Customer must have a loan with PPI or previously paid off a loan which had PPI 3. and any finance going back to 1974. Customer must have a credit card with PPI What can be wrong with the sale of PPI which means I can make a claim? 1. and 75% of all claims started by individuals are unsuccessful due to the lack of expertise with dealing with the banks. which can double a claim Version 26. Did the adviser fail to ask any questions about the customer’s previous medical history? If so it was mis-sold 3. We can look at current and paid off loans.000) For: serious failings in its sales of credit card payment What are the parameters of a client’s potential claim? Customers have to have had a loan or credit card. It does not matter whether the client’s loan or credit card is now finished. 2. but remember you will be dealing with the banks. Did the adviser tell the client it was mandatory to take out the PPI? If so it was mis-sold 2. Did the adviser fully discuss the cost of PPI and how interest is added to the PPI.2010 . 95% of all PPI mis-sold claims are upheld by the financial ombudsman Ways to assess your loan or credit card PPI • You can make a claim for mis-selling yourself. 1. Only a full assessment will identify if you have to pay it back or not.02. If not then it was mis-sold 5.Consumer Advice Bureau on Selling ‘The Assist Pack’ protection insurance.

what to expect in response and what to do next.99 for the pack Don’t go on and say that they can pay after they have received their money back.02.5 billion pounds is sold in PPI premiums Do give out examples wherever possible Don’t forget to emphasise that it is an example Do try to explain the whole system to the customer Don’t give the impression that you work for or on behalf of a bank Do offer peace of mind by giving out our contact details to verify us Don’t imply that we are associated in any way to any government bodies. Do explain that we only charge £99. Version 26. Step by step guide on how to claim. Which explains what the customer should do. • DO’S & DON’TS • • • • • • • • Facts • • • 80-85% of all loans and credit cards are not written on the correct paper work and that means that they are missing key information. Full back up support.Consumer Advice Bureau on Selling ‘The Assist Pack’ • We will provide a full financial audit on your loans and credit cards What does the customer receive? • • Legal documentation and a guide on how to complete them. and a step by step management team who will provide all of the necessary claims support through to the end of the claim. There are 7 million credit agreements taken out each year in the UK Each year £5.2010 .

then you will need to make sure you ask the right questions. that we don’t just look at current loans & credit Cards.... and so that the client will buy the services of The Assist Pack we need to highlight the importance of all of the linked services.. and you are entitled to make a claim? (3) Did you know you are entitled to a service which will assess all of your loans both current and past. we can also audit previous loans and cards for a PPI compensation claim..Consumer Advice Bureau on Selling ‘The Assist Pack’ PPI mis-selling Scripting Important Information: When we discuss our PPI mis-selling service we need to make sure we highlight with the client.02... my name is AGENT NAME and I am calling you today from the CONSUMER ADVICE BUREAU.. which the client will become entitled to.... did you know there is a 75% chance that these were sold with a PPI policy that may have cost you thousands of pounds? (2) Are you aware that loan and credit card companies who have been selling payment protection insurance have been fined millions....... I need to ask you a couple of important questions? I will only take 2 minutes of your time? (1) Have you had any loans or credit cards since 1974. and have been asked to call you regarding an important public announcement regarding people with loans and credit cards. we are a consumer notification service. If you choose to focus on a script based on the PPI mis-selling claim service.. and our specialists will identify how much you can claim back in PPI premiums? (4) Did you know that a number of high street banks have been fined millions of pounds for mis-selling PPI (refer to the fines in the background info section) Version 26....2010 ..... Examples: Hello Mr/Mrs ..

8. after all. For most people they don’t even know they have had PPI sold alongside the loan or credit card.Consumer Advice Bureau on Selling ‘The Assist Pack’ Client shows interest £5. and what is even better we only charge £99. 2. do not worry if you do not have the paperwork we will apply for this on your behalf. This typically runs into thousands of pounds. Closing Paragraph Thank you for your interest today. 6. which can add a further 50%+ to claim size..2010 . As I have mentioned The Assist Pack™ is more than just claiming back PPI premiums. And finally we will complete an audit on your loans and credit cards to check whether you actually have to pay back the balance or cancel the entire debt. Exciting isn’t it. offering advice and information as and when you need it. I would like to tell you some exciting information regarding what the Consumer Advice Bureau can do for you! 1. we will also make a second claim for interest applied to the PPI premium. the loan company isn’t just going to roll over and say here is your money back 7. We offer professional help to guide you through the process. Our exclusive team of experts will work with you. And I am sure you cannot wait to get the process started. If you have been mis-sold PPI on loans or credit cards we will be able to manage a claim to recover it for you. That is your money and we will help you claim back what’s rightfully yours.5 Billion pounds a year is raised by banks by selling you worthless PPI on loans and credit cards.02. 4. Once we have identified the claim. and its a real surprise when we send them a cheque for thousands.99 for this service which is a bargain considering how much you are going to get back! Version 26. Once we have got all of the information regarding your loans and credit cards we will be able to indentify exactly how much money you will be entitled to claim back in PPI premiums. We will initially assess all of your loans and credit cards. 5. 3.

..99 for The Assist Pack. Is that OK? [OBTAIN POSITIVE RESPONSE “YES”] And you are aware you will be charged a one off upfront fee for The Assist Pack.. I require you to confirm some of the details that my colleague took from you..... Proceed to the verification script... Is that OK? [OBTAIN POSITIVE RESPONSE “YES”] IF NO CANCEL VERIFICATION AND START SALES PROCESS AGAIN In the next few days you will receive The Assist Pack in the post....Consumer Advice Bureau on Selling ‘The Assist Pack’ I will now need to run through some questions to make sure the pack gets out to you as soon as possible...02........ is that MR/MRS/MS …………………...... and also provide awareness of new products and services and as you are aware there is a fee of £99.. VERIFICATION SCRIPT THE FOLLOWING MUST READ VERBATIM AND BE RECORDED IN FULL [START RECORDING] Hello (good morning/afternoon). this is the verification department for THE ASSIST PACK. This call is now being recorded for security...2010 ... PAUSE Is that OK Mr /Ms.. confirming your commitment to order the “The Assist Pack “. in addition to this.…………………….. legal and contractual purposes on the [DATE DD/MM/YYYY] and the time is [TIME].. This call will act as your verbal agreement.My name is ……………. it will allow you to identify whether you have a shortfall in your financial planning. Firstly..... could you please provide me with your full name please? [LET THE CUSTOMER ANSWER] Version 26.....? (Pause for response) [OBTAIN POSITIVE RESPONSE “YES”] Before I am able to arrange The Assist Pack to be sent to you..……...... (Read slowly the next statement) The Assist Pack provides information which will allow you to assess your entitlements...……………….

.... The name that will appear on your bank or card statement for the £99... Goodbye. DO YOU UNDERSTAND THAT? [OBTAIN POSITIVE RESPONSE “YES”] One moment whilst we process this now for you.... I need to give you our contact details in case you need to speak to us at any time... but remember the amount you are reclaiming is a lot more than that....com is that OK? [OBTAIN POSITIVE RESPONSE “YES”] And is there anything else I can help you with? (Pause for response) Ok.. this is non refundable..Consumer Advice Bureau on Selling ‘The Assist Pack’ And your full address House Number / Flat Street: Town/City: County: Postcode: And your contact telephone number? And your email address? And your date of birth Thank you Mr / Mrs..2010 .theassistpack...... have a nice day.02. if you change your mind you can write to cancel. (Process transaction whilst customer is on the line) OK that fee has now been taken from your account. this will be refunded less a 25% administration charge.... you have a 14 day cooling off period should.... the pack will be with you in the next few days. this will be charged today...... After the 14 day cooling off period. [STOP RECORDING] Version 26.. so thank you for your time and I wish you every success with The Assist Pack. Can you confirm that you agree to this? [OBTAIN POSITIVE RESPONSE “YES”] Would you like to pay using a credit or debit card? [LET THE CUSTOMER ANSWER] Confirm to me your card number? Start Date? And the expiry date? Issue No (if switch card) And the 3 digit security number on the back of the card is? Thank you. thank you.... Under the distance selling regulations 2000 (amended)......99 we have just taken will be The Assist Pack or IGS GROUP for this transaction...99 for The Assist Pack... (Ask them to get a pen and paper) Our customer service helpline number is 0871 221 3878 and website www... to make your life richer. Is that Ok? [OBTAIN POSITIVE RESPONSE “YES”] Before I go... as mentioned earlier there is a one off Fee of £99.. now.

Version 26. be assertive.02. I don’t like paperwork – I haven’t got the time The Assist Pack has been designed to be user friendly. We also have a significant legal team who are all regulated by the law society. to make sure any data we hold is completely secure. we are that confident that we will win. The whole point of The Assist Pack is to make the customers life easier. working in association with regulated companies whom are regulated by The Ministry of Justice. if we don’t get them anything they get their money back. be honest with the client. and easy to complete. the layout and return documents are clearly labelled. due to its success. Inform that they risk losing out on thousands of pounds in compensation. How do I know you are a genuine company We are marketing company.Consumer Advice Bureau on Selling ‘The Assist Pack’ Overcoming objections I can’t afford it Inform the client of the guarantee. Ask them one thing. tell them when you first started working on this project you too thought it was too good to be true.2010 . We do the hard work whilst they sit back and wait for the offers of compensation. but the company has been around for three years running this service and it has grown globally to the USA and Australia. Be confident. We are also regulated by the ICO (information commissioner’s office) for data protection. what would they do with thousands of pounds if we recovered it for them. ask what they would do if someone gave them two thousand pounds today? It looks too good to be true For many of our customers they say that trading standards have warned them of offers that are too good to be true.

Consumer Advice Bureau on Selling ‘The Assist Pack’ Will this affect my credit rating? Our process is simple. I don’t believe it? Please refer to a BBC news article on the 7th October 2009 about a credit card which was provided by MBNA for £8000 which was written off by the court. once we have written off the outstanding debt.2010 . and no more are due.02. Now you will believe it! Please refer the client also to the companies who have been fined for mis-selling PPI Version 26. your credit file will show that all payments are up to date.