PPI info

RioRita

Hi there hoping someone out there will be able to answer my query about PPI. I have a couple of credit cards and have been told by one of these reclaim insurance comapnies that the Banks have been charging me PPI insurance without my knowledge. I had looked at my statements but could not find any unexplained charges on there and as no one had tried to sell me a policy I was under the impression I had not got a policy, but this company have told me that the banks have been charging me without telling me that it was happening and I could claim nearly £4000.00.
Is this possibly the case? or are they spinning me a line.
When I cut the conversation short the consultant on the other end of the phone did get alittle bit agitated with me so that would lead me to suspect they were out to make some sort of money out of me on other financial dealings I might make.
Any help on the subject would be appreciated, if I am due for a payout I am quite capable of dealing with it myself

amersall

Hi there, you are correct,they dont know they can get you this money back,it is a ploy to get you to sign up for their services and they most likely want you to pay money upfront.

Ring these
http://www.justice.gov.uk/global/contacts/claims-management-regulation/index.htm

Tell them what this company said to you,they should not cold call and lie.


If you have ppi on a Credit Card,this will show as a seperate monthly payment.

If it is ppi on a loan,then it will be in the agreement.

dunstonh

been told by one of these reclaim insurance comapnies that the Banks have been charging me PPI insurance without my knowledge.

Seeing as your data is not in the public domain, how do you think they know that your bank has committed fraud (note that what the claims company is saying is not mis-selling of PPI but actually fraud - two different things).

I had looked at my statements but could not find any unexplained charges on there and as no one had tried to sell me a policy I was under the impression I had not got a policy, but this company have told me that the banks have been charging me without telling me that it was happening and I could claim nearly £4000.00.
Is this possibly the case? or are they spinning me a line.

There are many dodgy claims companies who spin all sorts of stories to get you to sign up. Their sales reps are on commission for getting people signed up. As there is virtually no regulation of claims companies (its very light touch) they can get away with saying all sorts.

They have lied to you on it being hidden and the average PPI refund is closer to £1200 (the figure was recently published). So, their £4000 figure is not even close.


The banks did typically mis-sell PPI (although they are partly unlucky in that the FSA did an almost overnight U-turn with no warning on something that the FSA had no problem with for over 25 years). However, claims companies are acting far worse than the banks did.

RioRita

Thanks for the info it has been most helpful and it is what I suspected but not being an expert in this field I was alittle unsure.
I could not see how I could be paying for PPI unknowingly and the figure did seem very high.
When I challenged the person on the other end of the phone he did say if I went ahead and did a claim for myself I would be lucky to get around the £1200 mark

magpiecottage

RioRita wrote: »

When I challenged the person on the other end of the phone he did say if I went ahead and did a claim for myself I would be lucky to get around the £1200 mark

Then he has breached the Conduct of Authorised Persons Rules 2007 which prohibit a firm from suggesting consumers will receive a more favourable outcome than making their own complaint under a matter covered by the Financial Ombudsman Service.

dunstonh

Given the number of breaches you have had in your contact, you should report them to the ministry of justice. Just say exactly what you have here but also name the company so they can review it as a complaint.

info@claimsregulation.gov.uk

The MoJ are a weak regulator. They are reactive rather than pro-active rely on volume of complaints against firms to bring their attention to issues. Only if you complain to them and enough others do as well will they then look at the company.