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Bust mortgage company and PPI
stoob_2
Posts: 28 Forumite
I recently got a letter from a company called Commitments Protection Ltd, saying:
""We tried to call you recently regarding the advice you received from Mayfair Mortgages Ltd on 30/11/2006 and the recommendation to take out a single premium PPI policy. We administered this policy, for £3000 which was added to the mortgage.We beleive you may have a valid claim etc etc...
Commitments protection administered your policy and holds the policy documents to assist with your claim. Call us on yadda yadda...""
So I did, and to cut a long story short, they want £195 fee, and the solicitors will want 30%, so Ill get £2000 ish back.
Surely, if they adminstered the policy, and hold the documents, they should just send me a £3000 cheque? Or does "adminstered" mean bought the debt off someone else?, because the mortgage company we used has gone bust now.
Im at a loss as to what to do now.
""We tried to call you recently regarding the advice you received from Mayfair Mortgages Ltd on 30/11/2006 and the recommendation to take out a single premium PPI policy. We administered this policy, for £3000 which was added to the mortgage.We beleive you may have a valid claim etc etc...
Commitments protection administered your policy and holds the policy documents to assist with your claim. Call us on yadda yadda...""
So I did, and to cut a long story short, they want £195 fee, and the solicitors will want 30%, so Ill get £2000 ish back.
Surely, if they adminstered the policy, and hold the documents, they should just send me a £3000 cheque? Or does "adminstered" mean bought the debt off someone else?, because the mortgage company we used has gone bust now.
Im at a loss as to what to do now.
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Comments
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Your letter is junk mail and the demand for money upfront should tell you not to proceed any further..0
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I just did a search on the ministry of justice claims company register and that company do not appear to be listed. So, they are not authorised to charge for making complaints.
General rule of thumb is to avoid up front charges. Many of these are scams and the fact this one doesnt appear on the register does not look good.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 -
what should I do now?0
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Edit, never mind, if they are bust it's not a matter of straightforward complaining to them, depends whether anyone exists still to complain to
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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yeah. I want my £3000 back lol0
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That's not a valid reason I'm afraid. In order for the insurance to be refunded to you, it must have been mis-sold to you. Do you have reason to suspect the policy was not suitable for your circumstances?I want my £3000 back
Are you still paying this mortgage?
Do note that, even if the company was still trading, mortgage PPI complaints generally fail. The insurance is actually quite useful and protects probably your most valuable asset-your home.0 -
"it was added to the mortgage without my consent, knowledge or understanding"0
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Weakest complaint possible. Did the Claims Company provide that phrase?"it was added to the mortgage without my consent, knowledge or understanding"
A hearsay reason for which you can provide no evidence. The mortgage paperwork will show clearly that you did agree to the insurance and you'll have applied your signature to that effect, It may even have been a condition of the mortgage.0 -
just do the research and put in the claim yourself or try and find a claims company that doesn't charge the earth or ask for up-front fees.
It is also important to point out that most claims companies are registered with the MoJ, solicitors do not need to be registered as they are covered by the law society, whilst this lot look hookey and you shouldnever pay any form of up front fee, let alone 30% it don't mean they are not allowed to handle claims0
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