Reclaim PPI charges or Write off your WHOLE credit card balance.....Apparantly

14wrence

I have been contacted 3 times now by different companies. The last one being (to name and shame) Redress Financial Management Ltd. Redress Financial Management Ltd spoke to me as though they actually were / working on behalf of the government claims regulation body (https://www.Claimsregulation.gov.uk) as that was certainly the impression I left the call with until I checked it out more closely.

These companies will start by asking if you have ever had PPI applied to any loans. If you say no - like in my case - they will then offer to clear your entire credit card balance if you have ever had your credit card balance raised but you didn't ask for it to be. All they ask for this is a princely fee (for me £495) which will be paid up front but cleared when your balance is.

Now as for the PPI thing I have never had PPI - but I am sure you do not need to have these companies charge you £495 to send a letter you can find the template for online and send yourself.

But the clear the balance thing seems like nothing but a big fat scam to me. I have asked the claimsregulation.gov.uk site about it and am awaiting a reply. However I want to ask the Forum community - Has anyone actually had any success with this sort of claim?

If so, why isn't it widely publicized like the bank charges and PPI claims? My advice until I hear otherwise is to steer well clear.

dunstonh

But the clear the balance thing seems like nothing but a big fat scam to me.

it is.

The courts ran some test cases in Dec 09 and Jan 10 and they all ruled in favour of the lenders and set some ground rules in place that virtually killed off these shameful attempts.

Many of the claims companies that pinned their hopes on this "loophole" as they called it went into administration and took the up front payments made with them. Those that are left doing it today have to be scamming as there is no logical reason for them to do it.

If so, why isn't it widely publicized like the bank charges and PPI claims?

Banks won bank charges court case and you see very little on bank charges now. Lenders won the unenforceable debt court cases and you see very little on it now. Its only really the PPI cases you see stuff on now.

14wrence

That's what I thought - I hope this thread and others like it will warn people away.

The fact it was not at all publicized made me think it must be a scam.

Don't suppose any one knows how I can get off their databases so I am not called anymore?

Going-Under_2

Hi,

Sorry about the caps, but PLEASE DO NOT TOUCH THESE COMPANIES!!!
I have used the one mentioned, to my great regret now. What a fool I've been, but I was reeled in by the fact that they were authorised by the Ministry of Justice.
They said they could get the loan written off but a year later I've heard nothing about that after their 'audit' to see if it could be done.
They told me that the PPI complaint had been sent to the Ombudsman at the beginning of the year but I've called twice & the Ombudsman have no complaint filed and the bank confirmed today that they have not had a request from the Ombudsman for information, so no complaint can have been filed.
Lies, lies,lies.
If the banks hadn't caved in I'd have never got my money & now they're asking for a huge portion. Hadn't heard from them since February either.
It's wrong that they appear to be endorsed, IMO.

14wrence

I'm sorry to hear that - my first instinct was to back off...

I can only suggest that everyone who is suckered in by this complains to the contact at claimsregulation.gov.uk they may take away there endorsement of the company.

They will most likely not do anything unless they get a lot of complaints about one company though, so needs everyone to do so.

Going-Under_2

I think it beggars belief that they are still & have been saying for so long that they can get the value of loans written off & the MoJ hasn't spotted it & put a stop to them, taking away their 'authorisation'. They've also been taking upfront fees which the MoJ told them not to do, in 2009 I believe. (See the website)
It seems that they have to be very very bad & a lot of people hurt before the authorisation may be withdrawn. Is that not shutting the stable door after the horse has bolted?