Advice needed regarding a payout of PPI

clausey

After being contacted via phone call, I signed up with a 'no win no fee' company to action my PPI claim (Had previously tried and failed to make a claim so thought it was worth another shot but unlikely to come off!) This Company contacted my creditor initially to raise the claim however, my creditor contacted me directly after this time and not the 'no win no fee' company. I have since been offered a settlement by the creditor however the 'no win no fee' company are not aware of this. The creditor explained that they prefer to deal directly with the customer and not independent companies in order to protect data etc. Therefore the independent company have not been involved in correspondence with the creditor apart from the making the initial claim. Do I have to pay the 'no win no fee' company? (They want 35% if they are successful)

clausey

Any ideas's Anyone?

dilus

clausey wrote: »

After being contacted via phone call, I signed up with a 'no win no fee' company to action my PPI claim (Had previously tried and failed to make a claim so thought it was worth another shot but unlikely to come off!) This Company contacted my creditor initially to raise the claim however, my creditor contacted me directly after this time and not the 'no win no fee' company. I have since been offered a settlement by the creditor however the 'no win no fee' company are not aware of this. The creditor explained that they prefer to deal directly with the customer and not independent companies in order to protect data etc. Therefore the independent company have not been involved in correspondence with the creditor apart from the making the initial claim. Do I have to pay the 'no win no fee' company? (They want 35% if they are successful)

You can bet your bottom dollar that they will have been informed by the creditor and I would put aside enough of your payment to honour the agreement you have signed with them as they will come shouting for their payment and rightly so. They have done what you asked them to do.

magpiecottage

Should've gone to [STRIKE]Radio Rentals[/STRIKE] FOS!

Would have been free then.

clausey

I've been given two options, to either take a cheque for £2450 or have that amount deducted from my outstanding balance. Now If i were to take option 2, then how would i be able to pay the company?

dilus

clausey wrote: »

I've been given two options, to either take a cheque for £2450 or have that amount deducted from my outstanding balance. Now If i were to take option 2, then how would i be able to pay the company?

You won't be able to pay the company if you take option 2. Take the cheque, put 35% of it to one side and use the remainder to pay off some of the debt. I would rather know I'm in a position to pay the claims company than have them chase me through the courts. If they don't chase you after a decent period of time (and I don't expect it to take them long) then you might get off light. Play this one safe if I were you