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PPI claim snag!
mojestic
Posts: 2 Newbie
A common but and upsetting problem for people who take out a No Win No Fee PPI claim and have an existing debt with the bank that they are claiming the money back from, if they are lucky enough to get a result from the bank, they will not give them a cheque they will just take the money they owe them off thier existing negative balance thus reducing their debt, but now as no cash was returned to the CM company to take their chunk out of they send them a bill for their services often over £500, so someone who was short of cash in the first place has a reduced debt but is also now £500 down in actual cash, one person I am aware of is being taken to court for non paymeny by a CM company as he physically didn't have the £500 they were requesting all he got was a £2,000 reduction in his considerable debt!
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Comments
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A common but and upsetting problem for people who take out a No Win No Fee PPI claim and have an existing debt with the bank that they are claiming the money back from, if they are lucky enough to get a result from the bank, they will not give them a cheque they will just take the money they owe them off thier existing negative balance thus reducing their debt, but now as no cash was returned to the CM company to take their chunk out of they send them a bill for their services often over £500, so someone who was short of cash in the first place has a reduced debt but is also now £500 down in actual cash, one person I am aware of is being taken to court for non paymeny by a CM company as he physically didn't have the £500 they were requesting all he got was a £2,000 reduction in his considerable debt!
and your point is.....dont use Claims management Companies?0 -
We have said it many many times on here. Never use a claims company if you have arrears, defaults or amounts written off. You could end up owing money to a claims company despite not seeing a penny redress.
Some would say you should never use a claims company as they just leech redress that is so easy to get yourself.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
pay up and don't use a claims company next time !!0
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