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PPI Reclaiming Discussion Part 5

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
11K replies 1.7M views
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  • edited 27 May 2020 at 2:04PM
    [Deleted User][Deleted User] Forumite
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    edited 27 May 2020 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 2020 at 8:04PM
    ol_lon2ol_lon2 Forumite
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    edited 5 June 2020 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.
  • roberto9987roberto9987 Forumite
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    Hi, I sent in a PPI claim to my bank over 18 months ago, they rejected it. I then used a link via this site which took me to a company called ingeneous, then claimed on my behalf & the claim was accepted! (i received £300). The solicitors no want their large fee (btw I was never sent any t&c's). My question is had the bank paid me when i personally claimed I would have received 100% of the payout. Is this fair?  Can i reclaim the solicitors fees from the bank who rejected my personal claim?   Thanks for your help.
  • brettctabrettcta Forumite
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    Firstly, you can’t claim any CMC fees from the bank. Ingenious didn’t do anything you didn’t do, it’s just possible that when you initially complained the lender didn’t have access to your details but subsequently brought them online (I.e. were able to access a previously unavailable archived file) and that just so happened to be when you had instructed Ingenious.

    secondly, you didn’t click through to Ingenious from this website. It’s almost certain that you clicked onto them through an advert on Facebook.
    helpful tips
    it's spelt d-e-f-i-n-i-t-e-l-y
    there - 'in or at that place'
    their - 'owned by them'
    they're - 'they are'
    it's bought not brought (i just bought my chicken a suit from that new shop for £6.34)
  • dunstonhdunstonh Forumite
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    My question is had the bank paid me when i personally claimed I would have received 100% of the payout. Is this fair? 

    Financial firms, like banks, pay a levy to ensure that the complaints process is free of charge to consumers.     If you choose to employ a company to use the free of charge complaints process then you are liable for their fees.

    There is an appeals process you could have used and banks do sometimes change their minds.    Instead, you paid for someone else to do that for you.

     Can i reclaim the solicitors fees from the bank who rejected my personal claim?

    No.  The rules are quite clear on this.  You are liable for the costs.    It is also possible that as you used a solicitor rather than a CMC, they decided that it was cheaper to settle than argue the case.  A payout of £300 is the type that would be within the auto-payout range as their own solicitors would charge them more than that to argue the case.

    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.
  • MattypattsMattypatts Forumite
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    My partner successfully re-claimed Mortgage protection insurance in around 2017. Having now repaid the mortgage he has recently noticed Halifax are still taking out the PPI payments despite the claim having been successful and the mortgage now repaid. There are potentially 2 years worth of payments that have gone out of his savings account at the rate of £165. a month (I still need to add up exactly how much has been taken) Halifax won't speak to me about it and ran him around several different departments when he called. How can we get the payments back and would he be entitled to make a new claim?
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