PPI?? Hidden?? Included in Repayments??

Conceptwear

I had a very interesting phone call today and wonder if some financial experts out there could shed some light. I am self employed and as such (given various exclusions within PPI policies) have never taken out the insurance on loans or mortgage. I have also checked my statements and documents and can find no record of PPI or other worded additions. However, Scarlet Financial.com (a registered Government company for claiming back PPI) called me. They are absolutely adamant that the PPI would be hidden within my monthly repayments. I have started the process as it is free to me at this stage - but equally have called Scarlet back twice today stressing that I do not believe them. Again they are adamant that as I banked or borrowed from Santander and MBNA, apparent worst offenders (their words not mine) that they are renowned for hiding these charges with no mention on statements. Scarlet also told me that the banks have this year been fined again for hiding the charges. I cannot find any evidence on-line to support them. Can anyone shed some light, equally if I just run through the process for the heck of it, on their advice, will I do myself any harm? Many thanks for your time and thoughts very much welcome.

dunstonh

I am self employed and as such (given various exclusions within PPI policies) have never taken out the insurance on loans or mortgage.

Whilst self employment can be an issue with some loan PPI, it is rarely an issue with MPPI.

However, Scarlet Financial.com (a registered Government company for claiming back PPI) called me.

They have nothing to do with the Government and registration is with the ministry of justice. You could get registered with the MoJ in a couple of weeks. It only takes a quick form fill.

They are absolutely adamant that the PPI would be hidden within my monthly repayments.

It cant be hidden.

Again they are adamant that as I banked or borrowed from Santander and MBNA, apparent worst offenders (their words not mine) that they are renowned for hiding these charges with no mention on statements.

If these are credit cards, then both would have had entries on the bank statements. Santander only ever sold MPPI on monthly premium basis and would appear on the bank statements. Loans would have had it disclosed on the credit agreement signed.

Scarlet also told me that the banks have this year been fined again for hiding the charges.

No they havent. Also, banks do not get fined collectively. The FCA does issue fines for issues and publishes those fines and the reasons behind them. They are on a firm by firm basis and not a group basis. Issues at one bank will not see others fined.

Claims companies are worse than the banks. They put in complaints whilst acting the same way they are accusing the banks of operating.

[Deleted User]

Conceptwear wrote: »

a registered Government company for claiming back PPI

Are you spamming? The company you named and tried to link to is NOT a "registered government company". The government don't own or run or authorise any company to claim back PPI.

If you are not spamming, I recommend you take much less notice of people who cold call you trying to persuade you to pay a claims company to represent you using a complaints process which is completely free (other than the cost of some stamps).

-taff

They are lying. It would help in future if you don't sign up to any old thing without checking first, otherwise you could find yourself in trouble next time.

Conceptwear

Many thanks for the feedback, I had suspected as much and normally totally ignore the calls. However, on this occasion because they were so completely adamant PPI was a hidden charge and that I wouldn't know about it, they had my interest albeit I am 100% sure I have never ever taken out PPI and had told them as much. Spamming! um nope, not sure why a spammer would spam with rather negative comments. Thanks again to those that have commented.

[Deleted User]

Conceptwear wrote: »

not sure why a spammer would spam with rather negative comments.

You asked if there was "any harm" in running through the process with them for "the heck of it". This seems rather like promoting them "for the heck of it".

If this is not the case and you did not intend this, I apologise.

dunstonh

However, on this occasion because they were so completely adamant PPI was a hidden charge and that I wouldn't know about it

I'm an IFA. I have heard similar yet know its not possible. I have also been told by claims companies that I can complain about PPI and one even said I could complain about (non-PPI) insurance that I took out myself. These cold callers are unqualified, inexperienced (in financial services) and on commission to get people signed up. Many operate in cold calling offices run under a heavy handed sales environment.

Conceptwear

I appreciate the advice. I felt at the time it was far fetched. What is more worrying is that I did check out this company via the Gov.uk website. If you look on the website and search PPI claims you get to a list of authorised business - they are on there. That indicates to me 'general member of Jo public with no financial qualifications' that they are tested, trusted, gone through some hoops and process to gain that 'authorisation number'. To discover its a quick form and couple of weeks to get is concerning. Their advice is clearly inaccurate and sales led, surely they should not hold that 'authorisation badge' which is in the end what led me to have an element of trust with them. Rant over, process has been cancelled and I am slightly more educated thanks to all your comments. Many thanks

-taff

If you complain about them to the Moj it's possible they would be removed but as has been said, they could just set up again tomorrow.


No one should ever use claims companies unless they can't read/write/understand english.

dunstonh

What is more worrying is that I did check out this company via the Gov.uk website. If you look on the website and search PPI claims you get to a list of authorised business - they are on there.

You could get listed on that site in about a fortnight. It requires no qualifications, no skills or knowledge assessments. Just a promise to follow a selection of rules. The MoJ do not visit firms to assess them or do any monitoring. They rely solely on complaints made to them and when a firm gets a enough to be an obvious problem, then they take action. However, as soon as they close one down, it sets up under a new name. Just take a look at the history of trading names you get for claims companies in Swansea (the cold calling scam capital of the UK).

One of the things they are not meant to do is give any indication that they are approved by an official body.