PPI Recovery service i-sm@rt advice needed please.
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clairibel
Posts: 3,657 Forumite
Hi all,
Just wondering if anyone can shed any light on an issue i have regarding PPI's and companies that reclaim on your behalf.
I went with i-sm@rt consumer services Ltd for ppi claim with Northern Rock, well anyway i have won the case and am being reimbursed but i-smart said there fee would be 10% which i was fine about to save me the hassle and time which i don't have a lot of, but now they have sent me an invoice which states i owe "interest paid by bank direct to you:(in addition to the policy)" which is a larger sum of money than the 10% originally stated also on top of that they are asking for VAT charge at 17.5%.
So i would be very grateful if anyone knows if this is right as it seems an awful lot of money for there services. I have just rung them and the customer services person said they will ring me back after i queried the bill and what it meant, surley they would know straightoff??? Thanks for any input Claire.
Just wondering if anyone can shed any light on an issue i have regarding PPI's and companies that reclaim on your behalf.
I went with i-sm@rt consumer services Ltd for ppi claim with Northern Rock, well anyway i have won the case and am being reimbursed but i-smart said there fee would be 10% which i was fine about to save me the hassle and time which i don't have a lot of, but now they have sent me an invoice which states i owe "interest paid by bank direct to you:(in addition to the policy)" which is a larger sum of money than the 10% originally stated also on top of that they are asking for VAT charge at 17.5%.
So i would be very grateful if anyone knows if this is right as it seems an awful lot of money for there services. I have just rung them and the customer services person said they will ring me back after i queried the bill and what it meant, surley they would know straightoff??? Thanks for any input Claire.
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Comments
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Hi Do you have a copy of the agreement that you will have signed with them?
You should also have a terms of business document which outlines what you should be charged.I am a former Broker, former IFA and former compliance officer, for my sins.
However, I have since seen the light.0 -
Hi Peter, thanks we have sorted it out now with the company. :j0
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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.0
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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:0
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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:0
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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.
Perhaps Claribel can help you are she seems to have sorted hers out.0 -
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
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.0 -
they are regulated by the ministry of justice and are always happy to help with complaints but they are better dealt with in writing. their Authorisation Number is CRM2506 with can be looked up on the ministry of justice's website0
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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:0
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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.
If you do decide to "jump on the bandwagon" do it yourself and don't use a claims company like i-Sm@rt or any of the others. If they charge a fee don't go there.
Do it yourself and remember the company you are complaining to do not charge to investigate your complaint, the FOS don't charge and if you really want help with your claim the CAB are free too.0
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