PPI - Money Boomerang

wiccibat

Moneyboomerang seem to be claiming they can get ppi refunds on loans made 15 years ago. As everyone else states 10 years I thought that sounded to good to be true. What is the time limit on these claims?

roonaldo

wiccibat wrote: »

Moneyboomerang seem to be claiming they can get ppi refunds on loans made 15 years ago. As everyone else states 10 years I thought that sounded to good to be true. What is the time limit on these claims?

Its a lie, they cannot do anymore than you or the next company. There may be time limits, depending on which firm (some are out of FOS jurisdiction) and particularly on credit cards some destroy records from over 6 years ago.

LC_Clogg

My daughter naively used Moneyboomerang to reclaim PPI from a bank. It has taken nearly 2 years for the refund process to run its course, but the bank has only just paid all the refund into her ex-husband's bank account, despite clear instructions to split the proceeds 50/50, as the claim was made against a joint account. My daughter has received not a penny, yet Moneyboomerang are now threatening legal action as, for obvious reasons, she has refused to pay their 25% fee. Moneyboomerang are saying they have fulfilled their part of the contract in obtaining a refund, but my daughter hasn't had a penny!

dunstonh

LC_Clogg wrote: »

My daughter naively used Moneyboomerang to reclaim PPI from a bank. It has taken nearly 2 years for the refund process to run its course, but the bank has only just paid all the refund into her ex-husband's bank account, despite clear instructions to split the proceeds 50/50, as the claim was made against a joint account. My daughter has received not a penny, yet Moneyboomerang are now threatening legal action as, for obvious reasons, she has refused to pay their 25% fee. Moneyboomerang are saying they have fulfilled their part of the contract in obtaining a refund, but my daughter hasn't had a penny!

Your daughter should not have used a claims company. Her circumstances are such that she was never going to get the full amount yet the claims company will charge against the full amount. That said, the claims company, if acting fairly, should have made her aware of that and she may have grounds for complaint if they didnt.

If your daughter did not do this with her ex husbands agreement then he never entered into a contract with the claims company and doesnt have to pay them. The person that enters into the contract does.

She needs to read her contract and look carefully at the wording in respect of how their charge is made. e.g. if it says against the compensation you receive then she hasnt received anything and therefore the figure is nil. However, if it says something like the compensation paid by the bank, then she is on thin ice refusing to pay that.

Will her ex-husband share the redress payment?

You also need to explain to your daughter the importance of understanding contracts in future. Mis-sold PPI. Now getting potentially mis-sold or misunderstood claims company bill. Its starting to show a trend. So, a parent's advice style conversation needs to be had (easier said than done I know).

magpiecottage

The terms and conditions of Money Boomerang say it will "act in your best interests at all times in pursuing your claim for Compensation".

Whilst it does not seem to be Money Boomerang's fault that the money was sent to your daughter's ex, the job has not been completed and so Money Boomerang should go back to the bank and tell them to put it right - if necessary taking the matter to FOS.

If it is attempting to charge at this stage, it is clearly acting outside the terms of its agreement with her and I suggest she makes a complaint in accordance with its complaints procedure.

LC_Clogg

This was a joint claim which both parties signed, i.e. daughter and ex-husband, although all correspondence was directed to her address. Saying this, there is clear evidence, by way of e-mails, which clearly provided instruction to MB to notify the bank of the requirement to spit the refund 50/50. What exacerbates matters is the refusal by her ex-husband to either share the proceeds or contribute to paying the fee.
She is now aware of the advice which was offered via this thread and I think it would be wise for her to follow it up, so thanks to those who contributed.

dunstonh

What exacerbates matters is the refusal by her ex-husband to either share the proceeds or contribute to paying the fee.

So, your daughter could start action against her ex then as he is breach of the agreement and retaining fund he is not legally entitled to.

A threat of the small claims court maybe enough to swing him around.