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PPI Reclaiming Discussion Part 5

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
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  • edited 27 May at 2:04PM
    [Deleted User][Deleted User]
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    edited 27 May at 2:04PM
    lyns88 said:
    I received a ppi payout my egg loan and now SW Reclaim are insisting for part of the payment? During the whole process I was the one ringing Canada square and giving them details etc 
    Claims Management Companies do very little other than ask you to fill out a generic FOS complaint form (which may have their own heading) and they post it for you. 
    That's it. 
    They do not chase the complaint, they just wait for the eventual result and in return you pay a large percentage of any refund you obtain (plus VAT) for the "work" they did. 
    As long as you signed a Letter Of Authority for this firm to represent you in PPI complaints then they have done precisely what you employed them to do I'm afraid. 
    They are not so much "insisting" on payment, they are legitimately billing you.
    Failure to pay on your part will result in them taking you to court, so hardly a "scam" but certainly expensive. 

    No one on this forum recommended the use of Claim Companies during the PPI debacle because it was a simple and free process if you did it yourself. 
    Too late now, so you'll have to pay up. 
    Sorry. 
  • edited 5 June at 8:04PM
    ol_lon2ol_lon2 Forumite
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    edited 5 June at 8:04PM
    I had a loan with Lloyds/BlackHorse for the furniture I purchased from DFS. BlackHorse are saying the policy sold by another party (DFS) and notified them (copied me). As a final decision, BH stated they were not reponsible for the mis-sell of PPI, though they were responsible for the lending of the loan. DFS did not respond at all. They offered approx. 30% of PPI I paid as a part of the loan. Shall I accept it and close it? Or take it further to the Financial Ombudsman Service? And who supposed to be responsible for mis-sale - DFS or BlackHorse?
  • zx81zx81 Forumite
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    A mis selling complaint is always against whoever sold it to you.  In your case, that is DFS.
  • Maggie13111961Maggie13111961 Forumite
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    Hi 
    I have received a PPI ..I am now being chased for legal fees. Is this common practice, I would assume the payment for fees would be taken before the pay-out to the client is debited into their account..
    Would appreciate feedback on this.
    Kind regards
    Maggie
  • zx81zx81 Forumite
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    Payment goes directly to you, so you need to settle the fees from the funds you received.
  • dunstonhdunstonh Forumite
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    I have received a PPI ..I am now being chased for legal fees. Is this common practice, I would assume the payment for fees would be taken before the pay-out to the client is debited into their account..

    Financial firms pay levies each year to cover the FCA, FOS and FSCS to allow them to be available to consumers at no charge and because of that, if you choose to pay someone for using the free-of-charge complaint process and it is you that needs to settle the bill.    So, when you receive the redress, that is what would have won had you posted it yourself.   Out of that you pay the CMC you employed.

    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.
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