Written by Ben Dunn on 22 Mar 2016
Following on from my last insight into the Momenta Interview, I'm keen to cover the next stage of the process, the Momenta PPI Assessment.
The PPI assessment consists of an all paper case file and is an advised, single premium PPI sale, all the evidence you need to come to an ‘uphold’ or ‘defend’ decision is provided. You will be doing an end to end case consisting of:
Review/Investigation >>> Redress Calculation >>> Final Response Letter
The entire assessment takes 90 minutes and is done on a laptop using the Microsoft Office suite but you will be provided with a paper pad for note taking/calculations if you so wish.
Before I breakdown the assessment there are a few things to remember while taking the assessment that will help to maximise you score:
As may well be known to the experienced PPI contractor, the review stage is the investigation into the initial sale of the PPI product, going through the information and evidence provided to come to a decision to either uphold in favour of the customer or defend the banks initial decision. The key points that need to be addressed in the stage are:
The review stage is designed to be the longest stage of the PPI assessment, with the most marks available, so it is recommended to allocate approximately 40-45 minutes for this section.
If the outcome of the review stage is an uphold decision, then the customer will be due some compensation. To calculate this you will be provided with a pre-formulated Excel calculator. All you need to do identify the correct figures that you need to insert, such as APR and interest.
The redress stage is designed to take approximately 10-15 mins but there are the least amount of marks available, so do not get bogged down as there are plenty more marks to attain in the next section.
Final Response Later (FRL)
The FRL is the final stage of the process and of the assessment. Here you will be tasked with bringing together all the information from the previous two stages, to communicate the outcome of the case back to the customer. The FRL is a templated letter and requires no bespoke writing. What you have to do is outline the initial complaint points, insert the correct paragraph that corresponds to the complaint point and your findings, then outline your decision and justify it. A few tips to ensure that you pick up maximum marks are:
This section is worth the second most marks and should take you around 30-35 minutes to complete but remember try and leave time to check over your work. After that you should be near the 1 hour 30 minutes time limit and ready to finish and hand in your work.
Telephone Roleplay (Case Handlers Only)
For Case Handlers the final stage of the process is a telephone roleplay to test phone manner and communication skills. This will be booked in and explained to you on the assessment day but will last around 10-15 minutes and consist of you playing the role of a case handler and the assessor a customer.
Once all of these sections have been completed you’re finished so await your feedback, but in the meantime ensure that you’re on top of your vetting and working with your Momenta vetter to get your file processed as quickly as possible.
I hope you’ve found these blogs interesting. To find out more about our PPI opportunities give us a call on 020 7374 5645.