FinLegal: Transforming the way Mis-Sold Car Finance Claims are handled.

Solving the Headache of Managing Large Volumes of Mis-Sold Car Finance Claims

Individuals who purchased a car, van, or motorbike through finance (excluding leasing) before January 28, 2021, might be eligible to receive thousands in compensation. The Financial Conduct Authority (FCA) has initiated an investigation into concealed and unfair car finance commissions. Martin Lewis suggests that this could lead to the return of billions of pounds, previously overcharged, to consumers' pockets. Considering the high volume of potential claims, law firms face a significant administrative burden in managing these cases.

As we are aware, clients won't be paid for these claims for at least 9 to 12 months. Therefore, firms must manage these claims as cost-effectively as possible. To assist in this, FinLegal can be integrated to automate onboarding, validation, and communication with claimants. Once set up, the law firm can then focus on other revenue-generating activities.

We speak to law firms all the time about the challenges they face, here are some examples:

Client Intake and Assessment: The initial stage of client onboarding involves gathering client information and documents to assess the viability of their claims.

Solution: FinLegal automates the onboarding process using an online portal. It gathers and validates claims using third-party data and soft credit checks, streamlining the initial assessment.

Extracting Information from DSARs: Many clients might have discarded their PCP agreements. Given the nature of these agreements, clients have an average of 1.4 claims each. Law firms will create Data Subject Access Requests (DSARs), and finance providers may not present this information in an easy to digest format.

Solution: FinLegal's AI extraction tool can import DSARs and automatically extract pertinent details like interest rates and monthly payments saving your team HEAPS of time.

Handling Inbound Claim Updates: Clients frequently request updates, especially if they haven't heard from the firm in a while. Managing updates for hundreds or thousands of claims can be overwhelming.

Solution: FinLegal's platform maintains client engagement throughout the claim process. It includes explanatory videos and texts about the claim and its next steps, helping set clear expectations and reducing inbound update requests. Clients can also log in to their portal to view the progress and understand what is going to happen next.

Chasing Clients for Information: A significant amount of time is spent pursuing inactive clients for additional information or documentation needed to advance their claim.

Solution: FinLegal enables setting up automated reminders to gather necessary information via text or email, efficiently prompting client responses.

In summary, FinLegal offers innovative solutions to streamline and manage the complexities associated with mis-sold finance claims, essentially allowing firms to take on more claims without the admin or hiring of new employees.