PPI Reclaiming successes and failures

Jetters

adl999 wrote: »

12% not 25% - if it was 25% I would be less inclined to say it was a fair amount.

Only 12% most CMC charge 25% or maybe more 30% at this late stage with the deadline looming!:)

adl999

I got in early... :beer:

Jetters

adl999 wrote: »

I got in early... :beer:

Good for you!:T

[Deleted User]

Jetters wrote: »

most CMC charge 25% or maybe more 30% at this late stage with the deadline looming!:)

There is a cap on CMC fees now.

None can charge 30%.

Please only post factually so as not to confuse others.

-taff

The cmc didn't do this out of the goodness of their hearts, they did it for a payout. You could have complained for free, taken it to the ombudsman for free.

Jetters

Moneyineptitude wrote: »

There is a cap on CMC fees now.

None can charge 30%.

Please only post factually so as not to confuse others.

Apologies what I should have said is I have read that some CMC are/were charging more than 25% but if you say that has now been capped I didn't know that and it is only on a forum like this that we become enlightened. Thank you

brettcta

Some CMCs (which I won’t name) are ‘cheaper’ and ‘work’ on a rate of 10% + VAT (which is roughly 10% + VAT too much)

MANCU

I signed up with this company ages ago even they “cold-called” me. I didn’t know anything about PPI then and wasn’t sure if I had such insurance when I took out a mortgage. They said on the phone, it’s no claim no fee. Just today because of deadline looming, they yet again, emailed me to sign the letter of authority for them to carry out the claim before the deadline. What shocked me was the charges, and they didn’t tell me that the mortgage lender will ask for fees and if my claim (should I be successful) is smaller than the fee, I will have to pay up! I wasn’t explained (or I can’t remember) that was explained to me during the phone call!
I’m now panicking! If I don’t answer them, am I liable to pay Hidenda fees?
Thanks.
Judy

brettcta

If you’ve not signed the letters of authority, you won’t have to pay them anything.

Make the complaint yourself direct to the lender.

Also, they work on percentages, so they can never charge more than you receive (unless your redress goes toward unpaid debt)

SonOf

What shocked me was the charges, and they didn’t tell me that the mortgage lender will ask for fees and if my claim (should I be successful) is smaller than the fee, I will have to pay up!

The lender does not ask for fees. The lender provides a free-of-charge complaints process for you to use and a free-of-charge appeals process. The only one that will charge is the claims company.