PPI Recovery service i-sm@rt advice needed please.

clairibel, do you mind discussing what happened as a result of your inquiry? I'm currently finding myself in the same predicament. When I first decided to use i-Sm@rt, I thought the 10% was worth it, however, now they're asking for 100% of the interest accrued, which is a lot... If I had known in the first place, I would done it myself instead. Speaking with customer services states that it was in the contract which I signed. Unfortunately I am currently unable to locate my own copy to verify this, but I read it through thoroughly, as I frequently do when putting my name to anything. I recall it saying 10% of all charges recovered, and no mention of any interest.

i-sm@rt either charge 10% + vat + interest (advantage claims) of what you recieve back or 25% + vat (i-sm@rt). the better rate for claiming back credit cards and payment protection insurance (which supposedly covers you for loss of job or sickness etc) is the 25% rate because its only 25% of the whole amout. whereas bank charges the interest tends to be quite low depending on how much they total up to and how far your charges go back is better suited to the 10% rate. many people do not even realise that they have ppi on loans because it is usually added without the knowledge of the customer many major banks and card companies have been fined millions of pounds for mis-selling ppi including:

• HFC Bank: £1,085,000
• GE Capital Bank £610,000
• Loans.co.uk: £455,000
• Redcats (Brands) Ltd: £270,000
• Hadenglen: £182,00
• Capital One Bank £175,000
• Regency Mortgage Corp: £56,000
• Home & County Mortgages: £52,500
• Capital Mortgage Connections: £17,500
• Alliance & leicester £7,000,000

so my advise to everyone is to jump on the band waggon and check your statements (credit card, loans, business accounts and bank accounts) for charges that may have been applied to your account.

use the following list to see if you are able to reclaim any PPI charges to date:

1. You were not in work or self employed at the time of sale
2. You were told that you had to take the PPI out at the same time as the loan or not at all
3. You were not asked whether you had any other insurance which would cover the loan
4. You were not told you could buy PPI elsewhere to cover the loan
5. You were sold a policy which had age restrictions which you fell outside of
6. You were led to believe that Payment Protection Insurance was compulsory
7. You were told that you would stand more chance of getting the loan if you took the Payment Protection Insurance (ppi)
8. It was not explained to you that there were certain exclusions within the policy that could affect you
9. You were pressured into buying the PPI
10. You paid upfront for the PPI but it was not explained that there were some PPI policies where you could pay monthly
11. Your PPI was an upfront premium and you repaid the loan early and received no refund
12. You increased your loan and the PPI was increased automatically
13. The Terms & Conditions of the small print were not fully explained to you.

also when you start claiming cancel your ppi policy otherwise they will carry on charging you

any money claimed back on loans some tends to go towards a loan reduction and the rest will be a cash rebate.

i hope this helps people confused about fees, charges andd ppi policies.

islandbluenose wrote: »

i'm same. i,ve worked out that the bank are giving me 1800 pounds back of which i'll only get about 3 hundred. i-sm@rt will get 1500 for sending a couple of letters. most of the money i'm getting back is on interest. should have read the small print. i-sma@rt are claiming all the interest.plus 25 percent (exc vat) !!!!!!s. :mad:

its either 25% + vat or 10% + vat + interest perhaps you could try ringing the company asking them to outline the invoice for you