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Introducers
What is a commission structure for an Introducers?
Introducers are rewarded as follows:
*£100 per application submitted (per case NOT per client)
*£500 per successful claim (per case NOT per client)
This gives the opportunity to earn an excellent level of commission restricted only by yourself and the number of applications you submit. As a guideline submitting 3 applications per week and working on a conservative 50% success rate (in reality this is currently 83%) you will earn approximately £55,000 per annum. Much higher earnings than this are easily achievable. This would equate to higher success rates or more claims being submitted.
You also have the opportunity to earn additional income from the submission of Premium Payment Insurance, Bank Charges, and Late Payment Penalties on old Credit Cards. This has not been taken into account in the figures mentioned above.
*If the clients claim does not pass Audit Stage and we pay a Full Refund back to your client we ask that the £100 initial fee is repaid. In reality this tends to just be taken from the next case that an Introducer submits to us.
*If the Fee that Credit Smart UK receive is £500 or less on successful claims Credit Smart UK will pay any Introducer 80% of the Fee that Credit Smart UK receive.
What is the Recruitment Incentive?
We offer an additional income opportunity to our existing Introducers. If you refer a new Introducer to us who decides to join, we will then pay an override commission based on the claims that individual submits.
We will pay £50 per case that goes through the process and ends up having compensation paid to the client at the back end.
If we use the usual basis of 120 claims per Introducer being written off then this would equate to an additional £6000 income per individual. There is no limit on the number of Introducers you could refer so based on 10 Introducers this would equate to an additional £60,000 income.
This Recruitment Incentive will only apply to Introducers you directly recruit and not apply to Introducers recruited further down the line. In effect it only drops down one level.
You would have no responsibility for the ongoing Training and Support of these individuals as Credit Smart UK will provide this. All we ask is that you provide suitable candidates who will be responsible and diligent.
What Investment is required for me to become an introducer to Credit Clear UK?
We require an investment from each introducer of £99.00. This gives you:
• Access to our Introducer Website containing all the marketing and sales support and a case tracking system for you and your clients to access via the web
• Personalised Business Cards
• Letter headed Paper
• Personalised Template Flyers
• Template Letters
• Initial Training
• Ongoing Support
Will it be time consuming?
We understand that having worked in a regulated Financial Services Authority environment that the paper work side of the job can be incredibly time consuming!
We have therefore made the job as simple as possible. All it takes is completion of the following documents:
• 3 page Fact Find- personal client details and account numbers to claim on
• Take payment from client on Credit and Debit card payment form
• Get Client to sign Credit Smart UK Terms and Conditions
• Talk client through Credit Smart Claim Process
• Give client Frequent Questions and Answers information
In our experience this would take no longer than 1 hour to fully complete in a compliant manner.
Once completed just place all the documents in a Freepost envelope and send to us. We do the rest and keep you constantly updated through the process using your nominated email address.
When will I receive my commission and how will it be tracked?
The ‘front-end’ commission of £100 per claim will be paid out at the end of the month after the payment has cleared. You will receive an email report once this payment has been made and it will be paid direct BACS into your nominated account.
The ‘back-end’ commission will be paid in exactly the same manner as above once payment has been received by Credit Smart UK for each successful claim.
What Investment is required for me to become an introducer to Credit Clear UK?
We require an investment from each introducer of £99.00. This gives you:
• Access to our Introducer Website containing all the marketing and sales support
• Personalised Business Cards
• Letter headed Paper
• Personalised Template Flyers
• Template Letters
• Initial Training
• Ongoing Support
Will it be time consuming?
We understand that having worked in a regulated Financial Services Authority environment that the paper work side of the job can be Incredibly time consuming!
We have therefore made the job as simple as possible. All it takes is completion of the following documents:
• 3 page Fact Find- personal client details and account numbers to claim on
• Take payment from client on Credit and Debit card payment form
• Get Client to sign Credit Smart UK Terms and Conditions
• Talk client through Credit Smart Claim Process
• Give client Frequent Questions and Answers information
In our experience this would take no longer than 1 hour to fully complete in a compliant manner.
Once completed just place all the documents in a Freepost envelope and send to us. We do the rest and keep you constantly updated through the process using your nominated email address.
When will I receive my commission and how will it be tracked?
The ‘front-end’ commission of £100 per claim will be paid out at the end of the month after the payment has cleared. You will receive an email report once this payment has been made and it will be paid direct BACS into your nominated account.
The ‘back-end’ commission will be paid in exactly the same manner as above once payment has been received by Credit Smart UK for each successful claim.
Will be able to track the status of my client claim and know when it has gone to the solicitors?
Our head office has access to a client management and tracking system and this is carefully monitored. Each introducer will be emailed notifying them of any change in the status of their clients claim.
Can an introducer work on leads provided by an associate and how does this affect the commission structure?
Yes an introducer can be provided with leads by an associate. The payment scheme for this arrangement will be one between yourself and your associate. There is no transactional relationship that is available between Credit Smart UK and your associate, therefore any financial arrangements or agreements will only exist between you and your associate
Who can become an Introducer to Credit Smart UK?
Anyone over the age of 18 who agrees to our Terms and Conditions can become an Introducer or a Business Partner.
Do I need to become regulated by the Ministry of Justice (MoJ)?
YES if you are looking to submit more than 25 applications per quarter for compensation claims (i.e. Bank Charges/ Credit Card Charges / Mis-Sold PPI Insurance) you will need to become registered with the MoJ. This ensures that all of all our introducers work to the same standard and ethics that we do.
Currently, you do not have to be registered to submit Unfair Credit Agreement claims.
Please find a link to the Ministry of Justice website,
http://www.claimsregulation.gov.uk/
What is an MoJ number?
This is a unique identification number that identifies you to the MoJ and shows that you are regulated by them.
How long does registration take?
This entirely depends on the workload of the MoJ but as a guide you should give yourself a minimum of 6 weeks.
How many claims I introduce once I have in MoJ number?
Once you are registered with the MoJ you will be able to submit unlimited introductions for compensation claims. You can submit applications for Unfair Credit Agreements without being registered by the MoJ.
What are the essentials codes of conduct that must be followed?
The MoJ has strict Rules of Conduct which cover the claims industry and are applicable to introducers. These cover advertising, marketing and other soliciting of business, contracts with clients and representing clients.
Among the requirements of the rules are:
a) Cold calling in person is prohibited; other cold calling must be in accordance with industry codes.
b) Where business is referred to a solicitor then the business must be acquired and referred to the solicitor in accordance with the Solicitors' Practice Rules.
c) Referral fees paid must be disclosed.
d) Certain information must be given to clients before they sign a contract.
e) There is a 14 day cooling off period after a contract has been signed.
f) Where a contract is cancelled any cancellation fee must be reasonable in the circumstances and reflect work done.
g) There must be an internal complaints procedure.
h) Where client money is held it must be held in client accounts that meet stipulated standards.
How do I become a successful introducer?
Credit Smart UK will provide you with all the tools necessary to become a successful introducer. This includes marketing material, stationary, business cards, advertising ideas and sales aids such as answers to common objections.
It is also up to you to follow the guidelines and codes of conduct and offer an excellent service. This will ensure that each client refers you on and referral business is always the most successful. By aiming for referrals a limited client bank can soon multiply endlessly.
Referrals will be gained by acting a professional manner at all times, being upfront and honest about the process and using the support given by Credit Smart UK to help you achieve your desired goals.
What am I not allowed to do as an introducer?
You are not allowed to work outside of the guidelines stated by the MoJ or outside of the Terms stated in your introducer agreement with Credit Smart UK. Written guidance on all the guidelines will be provided.
How do I get started?
Please visit the REGISTER YOUR INTEREST page to supply us your details and a director will contact you to discuss the business opportunity in more detail.
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