First Target Recoveries

paul202

dunstonh wrote: »

That is a really dodgy way of doing it. If it is disclosed in the contract you signed then its what you agreed.



What does your contract with them say?

The contract states that any reclaimed ppi is subject to their charges but if I haven't yet paid the interest can it be classed as reclaimed??

dunstonh

paul202 wrote: »

The contract states that any reclaimed ppi is subject to their charges but if I haven't yet paid the interest can it be classed as reclaimed??

It isnt the interest they are charging you on. They are charging you on the basis of the higher premiums you would have paid if you had you still been paying it.

Its a dodgy method with monthly premium but potentially fraudulent one with single premium PPI. Was your PPI monthly premium or single premium?

paul202

The ppi was added to the loan so I would think it was a single payment,

Alpine_Star

paul202 wrote: »

The contract states that any reclaimed ppi is subject to their charges...

Actually it's more restricted than that.

Under 'definitions' in their T&Cs 'fees' are defined as ''the fees payable by the Client to the Company for each successful PPI Refund Claim that results in Compensation being paid by the Provider (see section 6 below for details). If we do not secure Compensation on your behalf, no fee will be payable to the Company.''

Cleary the non liability for future interest is neither compensation paid by the provider or a refund of anything and there is nothing else in the T&Cs that allows them to levy a charge in these circumstances in my opinion.

I would write a formal letter of complaint and state that should you not be satisfied with the response you'll take your complaint to the Legal Ombudsman who have jurisdiction for CMC complaints from 28 January.

dunstonh

I agree with Alpine Star. They do not appear to have any right to bill you for that figure.

paul202

Thankyou for the help, much appreciated.
:beer::beer:

hillbees1_2

The charges charged by some PPI organisations such as First Target, are as much as a scandal, as the miselling of PPI by the banks.

Insider101

hillbees1 wrote: »

The charges charged by some PPI organisations such as First Target, are as much as a scandal, as the miselling of PPI by the banks.

The charges are extortionate, but if you agree to them then you agree to them. The bigger scandal is the way they lie and missell their services, which is every bit as bad as the banks with PPI!!!

magpiecottage

Insider101 wrote: »

The charges are extortionate, but if you agree to them then you agree to them. The bigger scandal is the way they lie and missell their services, which is every bit as bad as the banks with PPI!!!

Probably worse than PPI.

At least PPI can have some benefit.

Hillbees1

I engaged “First Target Recoveries,” as they kept on and on at me. I already knew that I did not have any PPI’s attached to the loans that I had with Lloyds Bank. Let them waste their time on my behalf I thought!
Yes you guessed it, I was repaid some PPI money that I just know I am not entitled to. This Company are currently being investigated by the Regulator. They charge a commission fee of 37.50%, but I don’t have a problem with that, because I agreed to it.

However I believe that any claim put forward on my behalf is just not right. In my case I believe the bank have been taken for a ride. I wonder just what did the Claims Company do and say to obtain this money on my behalf?