Reclaiming PPI through finance company

mr_blippy

Hi,

I recently took the lazy route of claiming PPI on my bank loan through a finance company. I did the usual checks to make sure they were registered and not some cowboy company. Everything seemed fine.
Paper work went backwards and forwards and I was offered all the money back I had paid on PPI from the bank of which (I thought) the finance company would take their 25%+VAT. The amount was £640, therefore I thought I would be paying them £160 +VAT for their services. It now turns out that they are claiming £400+ and arguing that I am recieving 'future benefit' since the insurance is now cancelled. This company advised me not to cancel the insurance as this could affect the outcome of monies due back to me and I know that I could have walked into my local bank branch and cancelled the insurance within a few minutes.
Basically I am now being made to pay a finance company £400 out of £600 of my money. I will not physically see the so called 'future benefit' but they are claiming it as income plus I could have cancelled this insurance but was advised not to by someone in this finance company. They are throwing the whole 'it's in your terms and conditions' yes I know this but under advisement I did not cancel...was this actually because they knew they could get more money out of me???
They are not budging and have just told me that whatever happens I still have to pay them their £400...absolute con and ripoff!!!

Any suggestions please!?

Very angry!

dunstonh

I did the usual checks to make sure they were registered and not some cowboy company. Everything seemed fine.

Most cowboy companies are registered. Being registered with the MoJ is not an indication of quality.

It now turns out that they are claiming £400+ and arguing that I am recieving 'future benefit' since the insurance is now cancelled.

Check your contract as that seems like a pretty dodgy clause.

This company advised me not to cancel the insurance as this could affect the outcome of monies due back to me and I know that I could have walked into my local bank branch and cancelled the insurance within a few minutes.

There is no truth in that.

They are throwing the whole 'it's in your terms and conditions' yes I know this but under advisement I did not cancel...was this actually because they knew they could get more money out of me???

Possibly. They tell so many lies to get people to sign up so it wouldnt surprise me.

marshallka

So there is a lesson to everyone. If you DO use a CMC to claim back PPI "most" (thinking money here and obviously not in your best interest!!!) would say to you to NOT cancel the PPI before making the claim as this then means they lose out on the money taken off your loan if you do in fact win.... what do your terms and conditions actually state?

mr_blippy

As it happpens and after a very long and very heated 'discussion' with this finance company they saw sense (some might say they knew full well that they were conning me and figured it best not to pursue it) and refigured their invoice to me. This was only because it states in my loan documentation that I have the right to cancel at anytime after 12 months which I was well over and pointed out to the finance folk this so they really had no leg to stand on had I contested this further. They ofcourse pointed out that they were only waivering the 'future benefit' sum as a 'good will gesture'...well thankyou very much! My fault for being lazy and installing some degree of trust into greedy folk wanting money!

rachaels_2

The same has happened to us.
We 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 though 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, 'future benefit they call 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. Our claim was a result of them phoning us.
Please can anyone help me out?

amersall

rachaels wrote: »

The same has happened to us.
We 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 though 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, 'future benefit they call 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. Our claim was a result of them phoning us.
Please can anyone help me out?

Do as poster above has done, give the company a ring and you may get lucky too, on the "future benefit" part.

tiggrae

mr_blippy wrote: »

Hi,

I recently took the lazy route of claiming PPI on my bank loan through a finance company. I did the usual checks to make sure they were registered and not some cowboy company. Everything seemed fine.
Paper work went backwards and forwards and I was offered all the money back I had paid on PPI from the bank of which (I thought) the finance company would take their 25%+VAT. The amount was £640, therefore I thought I would be paying them £160 +VAT for their services. It now turns out that they are claiming £400+ and arguing that I am recieving 'future benefit' since the insurance is now cancelled. This company advised me not to cancel the insurance as this could affect the outcome of monies due back to me and I know that I could have walked into my local bank branch and cancelled the insurance within a few minutes.
Basically I am now being made to pay a finance company £400 out of £600 of my money. I will not physically see the so called 'future benefit' but they are claiming it as income plus I could have cancelled this insurance but was advised not to by someone in this finance company. They are throwing the whole 'it's in your terms and conditions' yes I know this but under advisement I did not cancel...was this actually because they knew they could get more money out of me???
They are not budging and have just told me that whatever happens I still have to pay them their £400...absolute con and ripoff!!!

Any suggestions please!?

Very angry!

they should have a complaints procedure, if you get nothing back from them take your complaint to the Claim Regulation Unit (Ministry of Justice) they should be able to help. You need to ask for a copy of the T&C's you've signed, if it's in there and they decide to take you to court to get their money - I'd claim as my defence an Unfair Contract Term under the Unfair Consumer Contract Terms Regulations 1999

tiggrae

rachaels wrote: »

The same has happened to us.
We 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 though 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, 'future benefit they call 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. Our claim was a result of them phoning us.
Please can anyone help me out?

Hi rachaels I've answered in the two places you've posted

rachaels_2

thankyou for you advise. very helpful.