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ppi fees
steelcity69
Posts: 4 Newbie
ive just recieved a large ppi offer from my bank but the company who did the claim for me is charging me over 4 grand for the service.
are the banks not supposed to pay the fee as they were at fault in the first place.
dont get me wrong i wasnt expecting anything like the offer i got but seems wrong that i give a large chunk away to a third party.(i did claim before i knew i could do it myself).
can anyone clarify if this is correct and how do i know if the offer is correct ?
are the banks not supposed to pay the fee as they were at fault in the first place.
dont get me wrong i wasnt expecting anything like the offer i got but seems wrong that i give a large chunk away to a third party.(i did claim before i knew i could do it myself).
can anyone clarify if this is correct and how do i know if the offer is correct ?
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Comments
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no the bank doesn't pay the fee, you do.
The bank just has to pay the amount that was owed due to the mis-selling.
You agreed to pay the claims company when you signed the contract with them, quite why you did that when you could have done it yourself and got all the money back......0 -
You chose to employ the company because you didn't do any research.
You signed a contract with them so you have to pay them. It comes out of your money because the bank didn't employ the company, you did.
If you don't pay them, they will take you to court.Non me fac calcitrare tuum culi0 -
are the banks not supposed to pay the fee as they were at fault in the first place.
No. The complaints process is provided free of charge for you to use. If you choose to employ a third party to make a complaint via the free of charge system, then you pay for it.but seems wrong that i give a large chunk away to a third party
its not wrong but it is silly for most people.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
steelcity69 wrote: »ive just recieved a large ppi offer from my bank but the company who did the claim for me is charging me over 4 grand for the service.
are the banks not supposed to pay the fee as they were at fault in the first place.
dont get me wrong i wasnt expecting anything like the offer i got but seems wrong that i give a large chunk away to a third party.(i did claim before i knew i could do it myself).
can anyone clarify if this is correct and how do i know if the offer is correct ?
No. They have a free complaints service. Its also fairly self evident that if you're not happy with a company you can make a complaint to them. Therefore if you choose to make it through a third party, it is you who has to pay. I'd be very surprised if their offer wasn't made without admission of liability.
The CMC are supposed to advise you when you sign up that you can complain directly. If they didn't then there may be scope for complaint against them. However, I would wager it is in their paperwork somewhere.0 -
It's free to complain, all they did was send a letter that you could have done yourself. If you chose to pay a company £4k to do that then thats up to you.0
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The Bank pays you the refund, they don't pay the Claims Management Company you chose to employ to represent you!steelcity69 wrote: »are the banks not supposed to pay the fee as they were at fault in the first place
It was your choice to employ the CMC, so you have to pay them-nobody else..0
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