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  • FIRST POST
    • clairibel
    • By clairibel 5th Dec 08, 9:34 AM
    • 3,500Posts
    • 7,147Thanks
    clairibel
    PPI Recovery service i-sm@rt advice needed please.
    • #1
    • 5th Dec 08, 9:34 AM
    PPI Recovery service i-sm@rt advice needed please. 5th Dec 08 at 9:34 AM
    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 youin 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. :confused:
Page 1
  • petermb
    • #2
    • 5th Dec 08, 11:03 AM
    • #2
    • 5th Dec 08, 11:03 AM
    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.
    • clairibel
    • By clairibel 5th Dec 08, 3:32 PM
    • 3,500 Posts
    • 7,147 Thanks
    clairibel
    • #3
    • 5th Dec 08, 3:32 PM
    • #3
    • 5th Dec 08, 3:32 PM
    Hi Peter, thanks we have sorted it out now with the company.
  • iSE
    • #4
    • 29th Jan 09, 6:11 PM
    • #4
    • 29th Jan 09, 6:11 PM
    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.
  • islandbluenose
    • #5
    • 5th Feb 09, 1:10 PM
    • #5
    • 5th Feb 09, 1:10 PM
    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.
  • nee-naw
    • #6
    • 6th Feb 09, 7:23 PM
    • #6
    • 6th Feb 09, 7:23 PM
    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.
    Originally posted by islandbluenose
    Take a look on page 4 of ppi's discussions, about page 37, you will see advice about companies charging extra, as I was thinking of going down that route, and one of the group told me that there are companies who do what has been done to you, and a few others, who take little or no charge. Hope this helps
  • marshallka
    • #7
    • 6th Feb 09, 8:49 PM
    • #7
    • 6th Feb 09, 8:49 PM
    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.
    Originally posted by iSE
    If this was not in your original terms and conditions then you can always make a complaint to the Ministry of Justice about them. I take it they are regulated by them.

    Perhaps Claribel can help you are she seems to have sorted hers out.
  • mmackay
    • #8
    • 12th May 09, 9:49 PM
    the fees
    • #8
    • 12th May 09, 9:49 PM
    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.
  • mmackay
    • #9
    • 12th May 09, 10:05 PM
    ministry of justice
    • #9
    • 12th May 09, 10:05 PM
    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 website
  • mmackay
    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.
    Originally posted by islandbluenose
    its either 25% + vat or 10% + vat + interest perhaps you could try ringing the company asking them to outline the invoice for you
  • melorablack
    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.
    Originally posted by mmackay
    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.

  • melorablack
    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 website
    Originally posted by mmackay
    I wonder why? They are charging you 25% plus of your refund!

  • rachaels
    I have an issue with i-smart too.I have recently received settlement for reclaiming a ppi. However i am not happy with the invoice from the company who claimed it on my behalf. (I-smart consumer services).
    The loan is a 15 year loan, with 12 years left. I-smart have charged us 25% of the refunded ppi that we have paid over the last 3 years. We are happy with that. I thought that was it. Job done.
    I-smart also want 25% of the rest of the value of the ppi over the next 12 years! (as we benefit from not paying it)!
    This means our refunded ppi claim amount equals their invoice.
    What a waste of time and money!!
    I have paid them the 25% of our settlement and asked them to prove to me where and when I agreed to pay the rest. I received no terms and conditions to my knowledge. Our claim was a result of them phoning us.
    Please can anyone help me out? I am sure I have a reason to complain about this. I have written to them making a formal complaint as I feel this is a hidden clause they have not explained to us. Any advice would be appreciated. Thanks.
  • tiggrae
    I have an issue with i-smart too.I have recently received settlement for reclaiming a ppi. However i am not happy with the invoice from the company who claimed it on my behalf. (I-smart consumer services).
    The loan is a 15 year loan, with 12 years left. I-smart have charged us 25% of the refunded ppi that we have paid over the last 3 years. We are happy with that. I thought that was it. Job done.
    I-smart also want 25% of the rest of the value of the ppi over the next 12 years! (as we benefit from not paying it)!
    This means our refunded ppi claim amount equals their invoice.
    What a waste of time and money!!
    I have paid them the 25% of our settlement and asked them to prove to me where and when I agreed to pay the rest. I received no terms and conditions to my knowledge. Our claim was a result of them phoning us.
    Please can anyone help me out? I am sure I have a reason to complain about this. I have written to them making a formal complaint as I feel this is a hidden clause they have not explained to us. Any advice would be appreciated. Thanks.
    Originally posted by rachaels
    take your complaint to the Claims Regulation Unit (ministy of justice) https://www.claimsregulation.gov.uk/contact.aspx you should only have been charged on what they get back for you and NOT what you've not yet paid for.

    If you find you have signed terms of agreement which say this then I would put in a claim in the County Court for an Unfair Contract Term under the Unfair Consumer Contract Terms Regulations 1999
    I reclaim PPI for a living - but happy to help out where I can
  • matsumi83
    i-smart company and mis-sold premium insurance on credit cRD
    Hello there,

    I have a few questions abt i-smart company and mis-sold premium insurance. I also have contacted i-smart company in hope that my claim could be processed quicker than if I would do it myself. After a few weeks of the date I have contacted them they have sent me a letter with info that my case and many others are on hold bcos banks have won the case. That was over a year ago and I havent heard anything else from them since.
    Recently, I have decided to go for it myself. And because of this I have got a few questions.
    Firstly, If I will go through this process by myself, will I still be liable and charged by i-smart company or not? I did give them a ring last week but I ve been through to answer machne and after pressing all of those silly buttons, finally the answer machne was telling me that any claims against HSBC are still on hold what is not true. Basically I couldnt get through to talk with any call service.
    Secondly, I would like to know how I can get missing statements from the bank.Stupidly enough I have signed for online bank statement and after that I cant findany charges on them. Could someone help me with this problem and does anybody know how I should compose the letter to the bank? I would really appreciate any help. People help me, please ;-) Kathy
  • amersall
    Hi there, i assume you signed a contract with these?, if you did you may not be able to get out of this i am afraid.
    Dont know if it will help you but you could write to the company and see if you can dispense with their services, but you may be charged for the work they have already done for you, as you must appreciate that it is worth every penny of 25% to fill in a template letter and post it to the bank!!!!!

    I know this thread was started in 2009 but the latter posts will maybe help you with this, take the time to look through and see if you can glean any info you need to help you with this.

    This company have left some posters with o after they take the fee on the whole ppi and not just what they win for you
    The statements you need , are these to see how much ppi you paid? if it is you can write to the bank and ask them for a copy of your credit agreement and they will send this to you for a fee of 1.

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