PPI Reclaim - Bank-Smart

Woodsylou

Hi

I would really appreciate some advice. I have been a bit stupid i know, so anything positive would be helpful, before i put my head in the oven!! (I joke. its electric!)

I've been reading through these posts all day and i wondered if anyone could help me please?

I received early last year from Bank-Smart and unforunately i signed up and sent info etc. I didn't really look into it (stupid i know, i could kick myself) and when they send me letters asking for things, i send them back in good faith.

It's been a LONG while now since this all started (19/1/2013 was the first time BS did something on my behalf) and as yet i haven't received a single things. The latest update on my online account says
"A Letter Before Action has been sent to your bank. This is the final demand for money before court action or FOS referal is initiated . As your bank has failed to provide statements no claim amounts are yet known"

Now originally i was of the mindset that anything is better than nothing, but the more i search (Stop i know!!) the more upset im getting. I understand now that the amount im likely to get back is dramatically smaller than the amount i could of got with other legitiment companies (I would of never got round to doing it myself, i was always ok with paying a fee and %, but i had no idea how bad Bank-Smart was). So basically, what im asking is
1. What does the latest update mean to me?
2. How long do you estimate it will be before i see any kind of money and
3. am i likely to get any money myself or am i going to be paying them so much that i won't get anything?

Any replies would be gratefully received!

Woodsylou

Ive just had another thought. Could i write to the people BS are claiming on my behalf and tell them that i am cancelling my contract with BS and that i will write to them myself. and then cancel with BS?

magpiecottage

If you cancel the contract you will get a bill for the work done.

What you could do is contact the bank yourself and ask if they have received any correspondence from the ambulance chaser. If not, you will know what BS really stands for and have legitimate grounds for complaint against them.

Maz4501

I would advice you to contact your bank on the PPI complaint number provided on their website and tell them that you would like to cancel the authority you have given to Bank-Smart to act on your behalf.

If you are owed any PPI repayments than you should receive everything rather than having to pay a large commission to Bank-Smart.

Woodsylou

upon closer inspection i can see this next to some of theclaims:

"CANCEL CLAIM

If this claimis within the 14 day cooling off period you may cancel it without paying a fee.To do so please click the link below and inform us of your wish to cancel andthe reason. We will then respond to you cancellation request within 7 days.

Should the claim be outside of the initial 14 day cooling off period there willbe a charge of between our reasonable costs and the full commission and coststo cancel the claim. The exact size of the cancellation fee depends on thestage that your claim reaches and the costs incurred by Bank-Smart in itsprogression to date and can only be calculated exactly at the point ofcancellation. You may email or write to us to get a current figure oncancellation costs. You may cancel your claims using the link below andconfirming in your email that you wish to cancel your claim or by sending us anemail. All cancellation requests are processed and cancellation invoices raisedwithin 7 days of cancellation. "

I have heardawful stories of them cancelling claims even if you're just calling to enquireand then slapping huge bills on you. They quote £100 per claim + VAT + charges.They're chasing 8 claims for me so that's £960 + charges to cancel!!!! Can theydo that?! Please advice. Thank you so so much x

[Deleted User]

Woodsylou wrote: »

"Should the claim be outside of the initial 14 day cooling off period there willbe a charge of between our reasonable costs and the full commission and coststo cancel the claim. The exact size of the cancellation fee depends on thestage that your claim reaches"

Can theydo that?! Please advice. Thank you so so much x

It's all there in the terms and conditions of the legally binding contract you've signed. You've left it far too late to cancel without paying any fee for "work done"

Maz4501 wrote: »

I would advice you to contact your bank on the PPI complaint number provided on their website and tell them that you would like to cancel the authority you have given to Bank-Smart to act on your behalf.

Poor advice. This action would only result in the Claims Company sending a bill for work done so far.

Unfortunately, I think the only thing to do now is wait it out.

magpiecottage wrote: »

What you could do is contact the bank yourself and ask if they have received any correspondence from the ambulance chaser. If not, you will know what BS really stands for and have legitimate grounds for complaint against them.

This may be an option, though I doubt the complaint will not have been made at all since this would not generate any money for the CMC.

magpiecottage

Moneyineptitude wrote: »

This may be an option, though I doubt the complaint will not have been made at all since this would not generate any money for the CMC.

I agree - but that seems to be the only option available to the OP.

meer53

Maz4501 wrote: »

I would advice you to contact your bank on the PPI complaint number provided on their website and tell them that you would like to cancel the authority you have given to Bank-Smart to act on your behalf.

If you are owed any PPI repayments than you should receive everything rather than having to pay a large commission to Bank-Smart.

Bad advice.

If you do this and the bank pay you directly, you will still receive a bill from Bank Smart for what they have already done.

amersall

I would cancel and ask for a bill for the work done thus far....... then argue the point with them that the fee is extortionate for the work they have done (and it will be) and ask for a full breakdown of the charges to justify the cost or you will make a complaint to the claims regulator.

[Deleted User]

Personally, I think to wait it out is the best option. If you cancel and your complaint is not upheld then you will end up paying the Claims Company regardless. If your complaint is eventually upheld, on the other hand, at least a large portion of the redress will be yours.
Unfortunately, it's too late to cancel now...

dannyboy31

I have had few problems with bank-smart if anyone can help? 2 years ago I stupidly signef up with them and since then not received a penny.so cos if this I tried cancelling but now they are trying to charge me 1600 quid for fees etc.they havecsent me a breakdown and what tney are charging me for is crazy.12 pounf to send a letter.I have been in touch with cab and other ppl and wondered if anyone out there has been in same situation or can help,? Their t and c's seem to be different every 6 months aswell.cheers