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Investor Compensation
MattJunior_2
Posts: 1 Newbie
I need some advise please...
I used Investor Compensation to get my PPI back and at first all was going well, I filled in the forms and they got some money back for me, and took their big fees.
But I filled out one of their forms for a loan with a bank without giving them the loan number as I did not know it.
After hearing nothing and reading on how to claim myself on MoneySavingExpert.com I decided to try claiming myself, I went to the bank managed to get my loan number and then filled in the form that MoneySavingExpert.com provide, and sure enough the bank wrote back and gave me a very nice cheque.
All was well, but now Investor Compensation have e-mailed me saying that they have my loan number and want me to give them more details about my claim so that they can chase the bank. I have told them that I no longer want them investigating this loan and that I will not accept any compensation that they might win.
Does anyone know if I am likely to have to pay them their fees if they find out that I have received compensation from the bank when I did all the work and they have nothing yet?
Thanks
I used Investor Compensation to get my PPI back and at first all was going well, I filled in the forms and they got some money back for me, and took their big fees.
But I filled out one of their forms for a loan with a bank without giving them the loan number as I did not know it.
After hearing nothing and reading on how to claim myself on MoneySavingExpert.com I decided to try claiming myself, I went to the bank managed to get my loan number and then filled in the form that MoneySavingExpert.com provide, and sure enough the bank wrote back and gave me a very nice cheque.
All was well, but now Investor Compensation have e-mailed me saying that they have my loan number and want me to give them more details about my claim so that they can chase the bank. I have told them that I no longer want them investigating this loan and that I will not accept any compensation that they might win.
Does anyone know if I am likely to have to pay them their fees if they find out that I have received compensation from the bank when I did all the work and they have nothing yet?
Thanks
0
Comments
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Normally, the claims companies put in their contract that it is all loans and debts with a bank (or words to that effect). So, you will need to look at your contract to see what it says.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
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You should have cancelled the contract with the CMC before attempting anything alone.MattJunior wrote: »Does anyone know if I am likely to have to pay them their fees if they find out that I have received compensation from the bank when I did all the work and they have nothing yet?
I'm afraid they will still present you with a bill for their share of your "very nice cheque".0
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