PPI payment after bank reconsidered

dickavis

About two years ago I used a company to try to claim on mis-sold PPI. After several months I eventually was told that my claim was unsuccessful. A year later I've now had a letter from the bank saying that they've reviewed the claim and have sent me a cheque (in full and final settlement). They have also advised me to inform the claims company of this. I haven't bank the cheque yet and would like some advise before I go any further. The amount on the cheque is for roughly £220.

[Deleted User]

The terms of your legally binding contract with the Claims Company will mean you have to pay them their commission despite the long delay.

You should check your contract, but they are normally pretty watertight.

There is no reason to hold off banking your cheque, but if you spend all the money then don't be surprised when the CMC's bill lands on your doormat even if you don't inform them yourself.

dickavis

What I'm worried about is after having banked the cheque, the claims company may want more from me than the value of the cheque. Alternatively there may have details of changes in legislation that mean I'm entitled to more than I've been offered. It could be that I've been sent a small amount in the hope that I'll go away.

dunstonh

What I'm worried about is after having banked the cheque, the claims company may want more from me than the value of the cheque.

That only happens where people use claims companies if they have been in arrears, defaults or had amounts written off. It does not happen if there are none of those.

Alternatively they may have details of changes in legislation that mean I'm entitled to more than I've been offered.

There has been no change in legislation. Indeed, PPI is not a legal issue.

It could be that I've been sent a small amount in the hope that I'll go away.

If it is a goodwill gesture, then quite possibly. However, if its a refund then it wont be.