PPI through claim companies. Am I legally bound to their contract?

Eddyweddy1

Hi,

I need some advice please?

About a year ago I put in a claim through a PPI claim company as I was misold PPI about 8 years ago. In hindsight this was a stupid thing to do as I could have claimed back the PPI direct with the bank myself. However this was before the court action took place and after the refund of bank charges was abolished I thought this might go the same way and a company such as this would have more luck than little old me claiming it!

A year on I have received notification that the said bank is going to refund just over 3k however this company is taking 33%. In my calculations I never imagined it would be this much and am gutted this company is getting 1k of my money for the fee.

Going over the paperwork I am sorry to say I did sign a "letter of engagement" but I'm just wondering am I legally bound by this? Could I write back to the company and say I'm not happy with the fee?
Has anyone gone through something similar?

dunstonh

In my calculations I never imagined it would be this much and am gutted this company is getting 1k of my money for the fee.

Despite all the issues there are with claims companies. Their percentage based charge is usually pretty clear and 33% is in the typical range.

Going over the paperwork I am sorry to say I did sign a "letter of engagement" but I'm just wondering am I legally bound by this?

yes you are. That is what contracts are for.

Could I write back to the company and say I'm not happy with the fee?

You can but it wont make any difference. If you were not happy with it then you shouldnt have signed up and employed them with that agreed fee.

Too late to complain about it now.

magpiecottage

You can only really get out of it if you can show a breach of these rules.

Client specific rule 12 on page 8 is the one most likely to have been breached, I think.