Are the PPI claimback company ripping me off?

LittleMick

Hi, last year I used a PPI claimback company to claim back PPI on various loans I had over the years. Two of those loans were with LloydsTSB, I got PPI out with both of these loans, after some money troubles I got a third loan out to consolidate the previous two loans, I did NOT get PPI on this third loan.

Using Investor Compensation (PPIClaimback) I received a refund from LTSB with a complete breakdown of what I was getting back.
They gave me the following

- PPI I had originally paid on two loans
- Interest I had lost due to paying PPI
- Charges I had received on the third loan
- A charge received on one loan but not related to the PPI

Now Investor Compensation are trying to charge me for the whole refund, as I only entered into an agreement to claim back the PPI surely this is what they should be billing me for?
I am under the impression IC cannot charge me for the third loan, I never gave them any information about this. The fact that LTSB gave me the refund is irrelevant.
I am also under the impression IC cannot charge me for the refund of interest I lost due to paying the PPI.
I am also under the impression IC cannot charge me for the refund for the charges I incurred during these loan periods.

Am I in the wrong here or are Investor Compensation ripping me off?
I would hate to have to enter a legal battle with them after winning a case against LTSB.

Regards
Mick

-taff

I suggest you read your contract with them carefully. You might be surprised at what it covers, including any future claims. If you can't find it, ask them for a copy.
And yes, they will take you to court if you don't pay them.

roonaldo

if the 3rd loan you refer to was actually the 3rd in a chain of loans, although it has no PPI, it will include an element of borrowing that paid off the last loan with PPI.

LittleMick

But I only gave IC details about 2 loans + PPI, I mean this sounds like going into a garage for a service and the garage not only performing the service but they repair a load of stuff you didn't even know about and try to charge you for, which is illegal.

Mick

[Deleted User]

LittleMick wrote: »

I mean this sounds like going into a garage for a service and the garage not only performing the service but they repair a load of stuff you didn't even know about and try to charge you for, which is illegal.

It might "sound" like that, but as already advised, check the terms and conditions of the legally binding contract you have signed with this company. I think you'll find you've signed for them to represent you in all PPI claims, not just ones you've actually provided details of.

There have been many threads where a complainant has subsequently decided to "go it alone" for other PPI complaints and then been surprised when the CMC has presented a bill for these too.

roonaldo wrote:

If the 3rd loan you refer to was actually the 3rd in a chain of loans, although it has no PPI, it will include an element of borrowing that paid off the last loan with PPI.

I agree this sounds like the most likely scenario.

-taff

Even if you only gave details of 2 loans, the company is obliged to investigate all loans in a chain in case.

roonaldo

LittleMick wrote: »

But I only gave IC details about 2 loans + PPI

As I previously mentioned I suspect the 3rd loan included over payments of PPI from previous loans that were refinanced.

When redressing PPI the firm has to put you into the position had you never taken the PPI. If PPI had never existed in loans 1 and 2 then you would never have borrowed so much in loan 3. So it sounds like what they have done is correct.