PPI Claim confusion

Sleeper341

Hi,


I made a claim for my Egg card via a PPI claims company. I signed the agreement and the company started my claim. All their paperwork says they will process the claim and they would make any payment due to me directly, deducting off their fee.
Egg (Now Canada Square Operations) contacted me directly for some information and I responded and they have come back to me directly with a settlement figure. My question is, should I contact the claims company I used so that they can get the payment and deduct my fee before paying me or can I get the full value back from Canada Square Operations and not give the claim company anything? Would the claim company know I have settled and if so would they chase me for their cut?


Thanks

dunstonh

All their paperwork says they will process the claim and they would make any payment due to me directly, deducting off their fee.

The vast majority of financial firms will not pay the redress to the claims company but pay it direct to you. You then need to pay the claims company.

My question is, should I contact the claims company I used so that they can get the payment and deduct my fee before paying me or can I get the full value back from Canada Square Operations and not give the claim company anything? Would the claim company know I have settled and if so would they chase me for their cut?

Im not sure if you are attempting to commit fraud or its just badly worded. However, you do nothing as the financial firm will let the CMC know. They will ask you for their payment in due course.

Remember that the CMC does absolutely nothing other than pop your complaint in the post. Then sit back until they have been notified of your complaint income and then come after you for their money.

Sleeper341

thank you for clarifying this for me dunstonh,
I've never done this before and did not know that I would receive the money and then have to pay the CMC after receiving it. The way things were explained (or how I understood it at least) was that the CMC got the money, took their cut and gave me the rest.


So should I just accept the offer and wait for the invoice from the CMC?

dunstonh

So should I just accept the offer and wait for the invoice from the CMC?

Yes. And put the fee plus 20% to one side for when they ask for it (the fee is VATable so needs 20% added to it).