Stake your claim

hobbesy_2

Just got a call through Payplan (we on a debt management plan) who talked about PPI and put me through to their sister company 'Stake you claim' who offered to go through our creditors and see if we could claim back any PPI.

Has anyone used or had any dealing this company before we actually commit to anything with them, they run on a no win no fee basis. I was concerned that by 'poking the bear' (our creditors) this may cause problems with the set-up we have via Payplan but they said trying to claim back PPI would affect our debt management plan at all.

Cheers

Rob

amersall

You do not have to use the company that the Debt plan company referred you too, you can do the claims yourself for free, all you need are the account numbers and reasons for mis sell, payplan can help you with the account numbers if you do not know them, why pay a fee to a company for something you can do yourself for free.

You are under no obligation to go with a claims co so don't let payplan bully you.

hobbesy_2

Would it be easier for them to do it, I think they take about 14% of the money as a fee

-taff

Any redress will first go towards amounts written off or defaulted on, so if you want to give 14% od anything left to someone else, go ahead.
You'll also be taxed 20% on the interest, but unfortunately, if you pay tax usually, you do have to pay that.

hobbesy_2

Don't mind if it goes right back to them, little bit more money paid off

15365

Do it yourself! I'm with payplan and have done mine myself. It will only cost you a postage stamp!

amersall

hobbesy wrote: »

Don't mind if it goes right back to them, little bit more money paid off

You could also take the 14% plus Vat off the debt that you would have to pay the claims co.
It is so easy to do yourself, give it a go and decrease your debt even more.

ofy

If you use them..

The'll ask you to fill in a form, contact the company to see if you.ve had PPI

If you have then they register a complaint
Send you a form to fill in and send it to the company.

If you get a payment then it will go towards paying the debt.

You will then be sent a bill for 14% plus vat.

You need to then find that money to pay them..


If you do it yourself.
You ring up the company, ask them if you have PPI
If you do then say I'd like to make an official complaint about PPI misselling.
Within 5 day they acknowledge.
Send you a form.
You fill it in.
They may ask you for more information if needed.
They send you a letter upholding the claim with an offer or they say no.

For the 14% plus VAt

All they do is ask if you've had PPI. Send you a form and send It to the company.

I'm not sure if it's regulated but I'd do that for you for mmmmmmmm. £100.

Bloo

Does the claim money always go to pay off a debt even if the debt has been sold on and is being repaid as part od a Payplan DMP?

I have got as far with Stake your Claim that they have found I do have a claim on MBNA and B/card and want me to sign docs to pursue this. they said they always try to get the claim paid to you but 'sometimes' it goes towards the debt...' MY debts have been sold on and are in an up to date payment plan with Payplan.

I'd rather have the claim money, do I trust them?

dunstonh

Does the claim money always go to pay off a debt even if the debt has been sold on and is being repaid as part od a Payplan DMP?

Not always but it can do. It depends on how the third party contract is set up with the original lender.

You should never use a claims company when you have arrears, defaults or amounts written off as part of a settlement. In those cases, you may never see a penny in your hands but the claims company will bill you against the amount awarded by the lender (even if you dont get a penny).

-taff

Bloo wrote: »

they said they always try to get the claim paid to you but 'sometimes' it goes towards the debt...' MY debts have been sold on and are in an up to date payment plan with Payplan.

I'd rather have the claim money, do I trust them?

https://forums.moneysavingexpert.com/discussion/5013413