anyone used consumer money matters to reclaim PPI

dunstonh

Without the claims company's prompting, who in their heart of hearts would have got round to making a claim at all?

Yes, they have been successful in encouraging people to complain. However, they have also been successful in encouraging fraudulent try-it-on complaints.

The FOS uphold rate on PPI has fallen from 92% to 68% and claims companies are a big reason for that. Firms have been saying that try-it-on complaints now account for 1/3 to 1/2 of PPI complaints received. We had someone post on here that they handle complaints for a firm and half the complaints they get dont even have PPI. Yet the complaint letter from the claims company, which is nearly always similar to the free downloadable templates, lists all the reasons they were mis-sold and what they did wrong and what was said. A clear lie.

dave-meach

I was sick to death of all the phone calls I was receiving telling me that I was entitled to a refund because of mis-sold PPI so in the end I agreed to see a representative who duly arrived around Feb 10th of this year. I explained that the only loan I had taken out was over 20years previously with RBS. The rep took all details and left me an info pack. I was told that no fees would be taken unless my claim was shown to be valid and then a percentage would be deducted. If the claim was unsuccessful then there would be no fees applicable. Well this morning while checking my bank account to ensure my pension had been paid in I was stunned to see that 120 pounds had been taken by Consumer Monet Ltd (the PPI company). I've rung my bank and Consumer Money ltd but don't hold much hope of having the money returned.
Beware of these people offering help when all they really want is access to your bank account

rickvanman

I'm so glad I read this forum, I've got a guy from Consumer Money Matters scheduled to come to my house tomorrow for a PPI claim.
After doing a lot of reading on this and other web forums, I now see that this is certainly not a company I want to be doing business with.

The compulsory hard sell of a pension review, wills, life insurance and other financial products from a salesman who won't take 'no' for an answer? No thanks - not in the sanctity of my home! Not to mention the upfront fee for the PPI claim that has been so tactfully and dilligently left out of all conversations so far.

I'm going to phone up and cancel the appointment first thing in the morning and I'm going to video tape the conversation and audio, so if it turns into an ordeal, it's going on YouTube for my 19,000 subscribers and the rest of the world to see!

Wish me luck!

dunstonh

The compulsory hard sell of a pension review, wills, life insurance and other financial products from a salesman who won't take 'no' for an answer? No thanks - not in the sanctity of my home!

The fact is that they are not authorised to review those things and give advice. They don't hold the qualifications either. To do those things you need to be registered and authorised by the FSA.

joefish85

Best of luck to yourself and the many others. After reading through the link and advice on MSE it is so much easier to just file the process yourself and keep whatever you are owed. I have a sales person from Consumer Money Matters calling out to me next week, but it is safe to say I will be canceling this arangement!!
I have never been passed from pillar to post so much in my life. From one manager to another advisor, I felt lost. I have watched enough Watchdog, Don't Get Done Get Dom etc. to feel as if something was suspicious from this cold-caller.

NO MORE.

Thank you to every person here who has opened my eyes to the world of money and the greed PPI companies feed off. Fingers crossed I can get my money back.:j

oldslyfox

My scheduled visit was for today but before he arrived I'd found this thread and he didn't get thro' the front door, he said he would phone his manager and I said, " you can phone who you want but I'm now shutting the door". Within 2 min. of sitting down my home number was ringing and that went to 'Ans' my mobile started.
I was told they could go back 30 / 40yrs but what I've seen on here it could be that 2005 could be the limit, would someone please confirm how far back PPI goes ??

Regards

Nige

PS Their Rep told me that the up front charge had stopped 6 mnths ago but the % cost to me is now approx. 34%

[Deleted User]

oldslyfox wrote: »

Their Rep told me that the up front charge had stopped 6 mnths ago but the % cost to me is now approx. 34%

Daylight Robbery.

-taff

oldslyfox wrote: »

I've seen on here it could be that 2005 could be the limit, would someone please confirm how far back PPI goes ??

Most banks etc keep their records for 6 years. They may have info for longer or shorter depending on whether you still bank with them or not, but 6 years is typical.
The only way they'd go back 30 years is if you had comprehensive records yourself.

AgentScully

no point in trying to have a discussion!

dunstonh

I enjoy reading posts about various companies on this website but am shocked at people's attitude towards those companies that take a fee when they obtain compensation on your behalf!

Its not so much the fee but the lies they tell. If someone wants to pay a fee after knowing the truth about the service offered then so be it.

However, think about it this way - according to CMM's website, the average amount paid for PPI at the time of taking out a loan was £1,200. They reclaim this amount from the companies that ripped you off in the first place. They also manage to extract a payment from the banks for the interest on that money that you have been deprived of over the years at a rate of 8% which is the rate the County Courts use.

That is not correct. They do no extra a payment for interest. The FSA defined redress method requires it to be added. It is not some extra obtained by claims companies. Whether you DIY or use a claims company, the redress will be the same (minus the fee).

So, if they then take 34% as mentioned above, that totals £680. So realistically in using them, you are still £120 better off!

Wrong because of reason above.

Yes, these firms may be a pain in the backside in constantly ringing us, but not only are they providing jobs in this bleak world, they are also providing the likes of you and I with an opportunity to reclaim some money back that was unfairly taken from us. Should they not be paid for their work?

most of them are opportunistic leeches putting in fraudulent complaints at a rate of over half to earn a commission that is usually greater than the commission that was earned on the product by the original seller.

Also, with regard to the other comments of them looking into wills and pensions etc..... Have you got a will?

Pensions are regulated by the FSA. Pension advice is regulated by the FSA. Claims companies are not regulated by the FSA.

As for the pensions side of things, my husband has worked for 3 companies in his lifetime and has 3 separate company pensions, all frozen. If someone is capable of getting info from the pension companies about those pensions, deciphering it all (as we have no idea what it all means) and advising us that we would be better off amalgamating them into a better pension - then doesn't that deserve paying a fee for?

That falls under the remit of an IFA. Not an unregulated company that just sells the lead onto others to earn another commission.

I have researched CMM Ltd in detail and see they are regulated by the Ministry of Justice for the work they do. I have no idea how that regulation works, but it suggests to me that because they are registered, they must be a legitimate company.

How it works is you fill i a form agreeing to abide by some rules and then a few weeks later you get authorised by the MoJ. No qualifications, no checks on knowledge. Nothing. You could be up and running as a claims company in a few weeks and cold calling people to tell them they have been mis-sold.

Also in my research, it seems that any business they are not regulated for and which falls under FSA registration is passed on within their group of companies to a suitably registered company. Is this wrong?

There are some companies that have an FSA regulated company they pass stuff onto. However, that is an absolute disgrace. Putting in fake complaints as an excuse to review a product which they then churn to another provider to earn a commission, often doing the very same things the complaint letter said. Totally unethical.

I really do not see what you are all griping about and worried about. I seriously think I'll give them a call and see if they will look into a few things for me!

Either you have been brainwashed or you work for a claims company.