PPI Reclaiming Fiasco

davtay24

I was contacted by a company (Redress Claims Ltd) to tell me they could possibly get money back to using the legislation for PPI claims. I was taken in by this company and stupidly gave them details of my credit card account where they took almost £3000 pounds from my account. I did not feel too bad at the time as they said that it was "No Win No Fee" and I would get my money back as a bare minimum. Recently the company have been in contact with me to tell me that they have done as much as they can with my claims and that they are now giving it over to a solicitors to continue with but in order to do so I must sign over my "No Win No Fee" claim and pay a further £200. Can anyone suggest an avenue that can be taken to get a) this company shut down b) me to get my money back. I am glad there are companies out there helping people get what the deserve back from big companies but I hate these unscrupulous people who exploit hard working people to earn a quick buck. I look forward to hearing from the forum.

[Deleted User]

davtay24 wrote: »

I am glad there are companies out there helping people get what the deserve back from big companies but I hate these unscrupulous people who exploit hard working people to earn a quick buck.

The two are one and the same. Even the most "respectable" of PPI Claim Management Companies do little more than put a stamp on the envelope containing the complaint you could have sent yourself. The CMC then charges a huge percentage of any successful claim.

In your case you've made the mistake of going with a company which charges upfront and it sounds, to be honest, like you've been scammed out of £3000.

dunstonh

I was contacted by a company (Redress Claims Ltd) to tell me they could possibly get money back to using the legislation for PPI claims.

There is no legislation. It is not a legal issue. It is an FCA issue.

I was taken in by this company and stupidly gave them details of my credit card account where they took almost £3000 pounds from my account. I did not feel too bad at the time as they said that it was "No Win No Fee" and I would get my money back as a bare minimum.

Ouch. Yes, you were taken in. Never ever every pay a claims company money up front.

Recently the company have been in contact with me to tell me that they have done as much as they can with my claims and that they are now giving it over to a solicitors to continue with but in order to do so I must sign over my "No Win No Fee" claim and pay a further £200.

This is now sounding like a scam. Firstly, there are no solicitors involved. PPI involves using the free of charge complaints process regulated by the FCA.

However, there are a number of claims company scams where they keep coming after you for money once they have you marked as an easy target (and paying £3k up front to use a free of charge complaints process would have you as an easy mark).

I am glad there are companies out there helping people get what the deserve back from big companies

Even the most honest of the ambulance chasers only puts a stamp on a template letter or a form you have filled out yourself (either in writing or by answering the same questions for someone else to fill in).

but I hate these unscrupulous people who exploit hard working people to earn a quick buck.

Which covers most claims companies.

You need to complain to the ministry of justice about redress claims.

Cockney_Wideboy

Some very useful information here. It appears that you are not alone and that the MoJ are already well aware of Redress Claims - and have revoked their license.

GOTO: www theguardian com/money/2013/feb/03/redress-claims-never-saw-cash

Put dots in place of the spaces. As a newbie in this forum, I'm not allowed to post links because apparently I might be spamming....sigh.

How about those that are on here all day (there are plenty of you) policing the place and each post so that there won't be the need for such restrictions?

-taff

post some more and you can do it.

davtay24

I looked at the article in The Guardian and found some useful information, I will contact my credit card company to see if they can help.

[Deleted User]

-taff wrote: »

post some more and you can do it.

Only if the posts remain on the forum, of course.;)

Cockney_Wideboy

Moneyineptitude wrote: »

Only if the posts remain on the forum, of course.;)

They will if Taff doesn't start being an idiot

(oops there goes another post....)

-taff

I am not responsible for your posts, you are.

magpiecottage

CMCs are not allowed to make cold calls and then refer the business to solicitors.

The OP is a victim of advanced fee fraud and should report it to consumer@moj.gov.uk and also report it to ActionFraud.

When reporting to Action Fraud, they should also give the name of Michael Ward, its sole director who is responsible for it.

It seems he was born in December 1991 and set the business up in May last year when he was 20.

It seems unlikely somebody of that age would have any significant experience of financial services. If he had been taking a law degree, he could not have qualified until this year.

I think this demonstrates how easy it is to get authorised by the MOJ.