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I used a company as I had no paperwork or records of either the loan or card,
Just to clarify this for anyone else who might find this page, CMCs do not have any special powers to find this information, the only methods they have are available to you for free such as searching your credit history or ringing up each bank and asking themSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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I completed the questionnaire immediately and returned it to them.
Thank you for highlighting just how these CMCs get you to do the work. The same questionnaires are available from the FOS or the banks etc and you can post them directly to the banks etc.
They wont know because the complaints dept of the lender doesnt keep the CMC informed.I have emailed them again to ask for the status of the claim but to date no response!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 -
I used a Company called "Investor Compensation". Mainly as they appeared to offer a fully online service. I didnt research PPI claims on this site or anywhere else really. A person at work had some success and thought I would try.
They sent me a form and a "claim pack" and I filled it out just saying "Barclays" I had no account or card numbers (it was VERY speculative)
I had no contact from them at all but about a month later got a letter from Barclays saying they had found my accounts and were investigating. The next day a cheque arrived (for £4000!)
Investor Compensation advertise a "claims portal" (assumed its their version of the resolver tool) It doesnt work and no one updates any information on there so is totally useless . A few days later, I get a call from IC telling me "Good News" (about the cheque I had already received) and was basically a call chasing me for payment. I said I would wait for the Bill through the post which eventually turned up and I paid . (£1600 with their 30% fee and Vat!)
Last week I get ANOTHER Cheque from Barclays - this time for a Credit card (and this time for £5000!) Still havent heard from IC about this...but no doubt the bill will eventually arrive.
My impression of this company (and I am sure all the others are the same) is that they do very little, are completely disorganised - they take ages to answer the phone and are fairly unprofessional. They have flasy websites which promise a lot but I suspect are just a front for a cold calling operation out of a dingy office. I have heard Barclays are the easiest of Banks to deal with through this process so am kicking myself that instead of having £9000, I will end up with £6500. A big difference for the price of a stamp.
I have PPI (and evidence through statements ) from other providers and have now used the Resolver tool on this site - lets see what happens!0 -
Check the legally-binding contract you've signed with the company. It's very likely you've agreed for them to represent you in ALL PPI complaints, not just those to a particular lender.I have PPI (and evidence through statements ) from other providers and have now used the Resolver tool on this site - lets see what happens!0 -
Will admit I'm using a claims company right now (Taylor Edwards, one of the few times I've ever clicked on a banner ad - their comment about basically any PPI now being considered missold piqued my interest)
Always said I wouldn't feed into this and would just accept responsibility for being talked into PPI a couple of times, but figured if you can't beat 'em join 'em, I might as well get something out of the number of times I've been harassed by PPI reclaim companies over the years and know that I did have it at one point years ago. I'd never reply to a company that spams text messages or illegally cold calls me (I'm on TPS) but a banner that appeared on I think it was BBC News, seems fair enough to me.
They do charge a huge fee - 30%+VAT! But end of the day it was convenient and I was never going to get around to it otherwise. They have the legal expertise and mouths to feed too and I'd just never have had the confidence or motivation to try and claim myself, I would've stressed myself out about screwing it up and have only ever put it off. Furthermore the MSE page on this said you need to gather evidence which frankly I don't have - these are ancient accounts I can't find the paperwork for. These guys seem to be able to get the companies to check for the evidence themselves which surprised me as I'd have thought the burden of proof lies with the claimant.
Anyway I filled in a couple of very short forms mentioning the two companies I think I might have had PPI with. Both came back positive a couple of weeks later, and I've had confirmation that one has been upheld. It's only £65, which after their big slice of the pie is about £42, but hey - it's £42 I would never have had otherwise. Pays for Mario Kart
Awaiting a final result from the other claim which I think may be of a higher value (and hence more difficult to squeeze out of them). Call me stupid and gullible but I really don't mind letting someone take a share for doing all the chasing around. 0 -
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their comment about basically any PPI now being considered missold piqued my interest
It is also a lie if they said that. Whilst some types of PPI have a high uphold rate. Some have under 50% uphold rates.They do charge a huge fee - 30%+VAT!
Especially when you consider how little they do. Just put a stamp on an envelope containing the FOS form or their version of it.They have the legal expertise
No they don't. They are claims companies. Typically employing students or mums working part time on sales type contracts.Furthermore the MSE page on this said you need to gather evidence which frankly I don't have
You dont need evidence unless your complaint is rejected on an unprovable allegation. That is the same whether you use a CMC or DIY.These guys seem to be able to get the companies to check for the evidence themselves which surprised me as I'd have thought the burden of proof lies with the claimant.
Again, they did not. The FCA requirement is for firms to use all available evidence they have.Call me stupid and gullible but I really don't mind letting someone take a share for doing all the chasing around.
As they did no chasing around, I guess we have to call you that
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 -
What is this "banner" you speak of? The BBC would never advertise or encourage the use of a claims company..but a banner that appeared on I think it was BBC News, seems fair enough to me.
To fill in the same form that you would have done if you had simply contacted the bank?it was convenient
They really really don't.They have the legal expertise
PPI is not a legal issue anyhow.
They have no special powers to collect evidence, nor will the Bank check for "evidence". They will simply have requested the Bank check their records (which you could have done yourself)These guys seem to be able to get the companies to check for the evidence themselves which surprised me as I'd have thought the burden of proof lies with the claimant.
As I said, the SAME forms you would have had to fill in if you had complained alone.I filled in a couple of very short forms
Imagine for a few seconds if you had paid more in PPI.It's only £65, which after their big slice of the pie is about £42, but hey - it's £42 I would never have had otherwise.
A £650 award would net you only £420.
A £6500 award would cost you £2300!
Doesn't seem quite so palatable does it?
The amount in question really is irrelevant to your chances of success.Awaiting a final result from the other claim which I think may be of a higher value (and hence more difficult to squeeze out of them).0 -
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It was MSN News, got mixed up with the BBC there
Well, what can I say, I didn't have the confidence or the prior knowledge that it was literally as simple as filling in one form and having such a high likelihood of success, and I'm sure the MSE page at the time (which seems to have altered now) said right off the bat, find your statements, gather evidence. If I'd tried myself and failed, would've blamed myself and been more annoyed..
If you're already familiar with it and how simple it is, I can see how you'd find people like me total idiots (I feel the same way about computer users a lot of the time being more of an expert with those!). Is it really necessary to dogpile me with condescending posts and insults though? I'm not saying other people should do what I did, just that based on my very limited knowledge it seemed worthwhile or at least didn't upset me too much. To be honest, the other claim got about 500 which will obviously be about 300 by the time they've done with it so if it makes you feel good, yay I got ripped off over 200 quid. Serves me right. Happy?It is also a lie if they said that. Whilst some types of PPI have a high uphold rate. Some have under 50% uphold rates.
You might want to inform whoever writes the MSE page then:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance5. Now, due to Plevin, even just having PPI means most were mis-sold0
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