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Using 'stake my claim' in a dmp
Everclear1973
Posts: 1 Newbie
Hi. First post here,hope it's in correct place etc! My wife and i have been in a dmp with payplan for probably 10 years or so now,and the other day while looking at the amounts we have paid to lots of creditors thought about reclaiming ppi. Happened to see 'stake my claim' and got a pack. At the stage where they have contacted creditors,and starting to get accounts coming back with ppi. I'm due 2nd phone call tonight from smc to do questionaire for 7 accounts but realised after questionaire last night that any money claimed will probably be offset to debts leaving smc owed 12%/plus vat by us? Really worried now as they seem to brush that part under the carpet,do i pull out now but they get nasty or continue? I really don't know! Help please! Tia
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If you are in arrears, defaulted or had amounts written off as part a settlement, you should avoid using a CMC (ignoring the point that you should avoid using one anyway as they are a waste of money).
Firms are allowed to offset the capital refund of any redress against any unpaid debt. However, CMCs can charge against that amount even though you do not get the money personally.
CMCs are meant to warn of the consequences and there have been some CMCs that refuse to transact where they know there are bad debts because of this reason.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 -
I'm afraid so.Everclear1973 wrote: »but realised after questionaire last night that any money claimed will probably be offset to debts leaving smc owed 12%/plus vat by us?
You should definitely cancel if you stand to gain nothing but still owe the Claim firm's fee.Everclear1973 wrote: »Really worried now as they seem to brush that part under the carpet,do i pull out now but they get nasty or continue? I really don't know!
The problem is that the firm may still charge a cancellation fee!
You need to explain your circumstances to them and make them aware that they should have warned you this was the case where monies are still owed.0 -
Didn't someone post yesterday that Stake Your Claim and Payplan are run by the same guy?
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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Hi, I have also been with payplan for 6 years (finishing this summer thank goodness) and have also used stake your claim to claim back PPI on the accounts within the DMP. You can of course do this all yourself but if honest I neither had the time or the inclination to do it! 12% is also far less than most of the "claims" firms charge. I have had some success with claims all against HSBC loans and credit cards and although we still owe them money they have always just paid the money straight into my non HSBC account as requested. The paper work always comes through with my old HSBC account on it as the account they are going to pay into and I just cross it out and add new account details. I think payplan and stake your claim are linked and have always been polite and friendly to deal with. Actually still have one claim ongoing which they found for me from a loan nearly twenty years ago which was nothing to do with my DMP.
It's your choice at the end of the day but I've had no problems!
Good luck either way!0 -
Hi, I have also been with payplan for 6 years (finishing this summer thank goodness) and have also used stake your claim to claim back PPI on the accounts within the DMP. You can of course do this all yourself but if honest I neither had the time or the inclination to do it! 12% is also far less than most of the "claims" firms charge. I have had some success with claims all against HSBC loans and credit cards and although we still owe them money they have always just paid the money straight into my non HSBC account as requested. The paper work always comes through with my old HSBC account on it as the account they are going to pay into and I just cross it out and add new account details. I think payplan and stake your claim are linked and have always been polite and friendly to deal with. Actually still have one claim ongoing which they found for me from a loan nearly twenty years ago which was nothing to do with my DMP.
It's your choice at the end of the day but I've had no problems!
Good luck either way!
1) You state "I neither had the time or the inclination to do it" - how did Stake Your Claim know which accounts you had, your complaint reasons, your evidence etc without you telling them? In reality, while you say you didn't have the time or inclination, you in fact did have the time and inclination as you gathered all that for them and they then posted it off for you, so you paid 12% (plus VAT on top) for them to post an envelope. With the info you provided to them, you could have done the complaint yourself and kept everything
2) If someone is in a DMP or had debts written off, any PPI payments could be used against unpaid debts meaning they got nothing but still had to pay the claims company on top of that leaving them more in debt - you got lucky (presumably the debts were not recoverable by the bank), in most cases people will see nothing and then get screwed over again
3) If Payplan and Stake Your Claim are linked, it's a nice little earner for them to refer you to SYC to get a further cut of money
In short you basically willingly got conned into paying 12% (+ VAT) of your refund for a stamp
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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Hi, as I mentioned it's the persons choice to do it themselves or use a fee paying company. My life at the time was very chaotic ( two young children, my wife and I both working full time and juggling child care) and I knew I would never get around to doing it. It took one phone call and then a some signatures on the paperwork. I may have been charged 12% but I never would have got any money if I had left it for me to sort out! If you have the time then good for you fantastic, make those calls, type and print out templates, send them off to wherever they need to go. I decided to let them do it for me as for me time is more precious than a 12% of not a lot ��0
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And once again - YOU DID THE WORK - THEY POSTED THE FORM - all the time you spent giving them the details of your finance and signing the form could have been spent sending off your own complaint and keeping it all - you did not save any time using a CMC
You paid 12% + VAT for them to buy a stamp and post your complaint
Anyone in a DMP or with PPI relating to finance which was defaulted should NEVER use a CMC - you were extremely lucky, imagine if all that refund was used against the debt and you then had a bill for 12% + VAT which you had to pay on top of your debtsSam 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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Once again everyone has a choice. Maybe as you say I was lucky. Either way once again time is too short to be on here debating the pros and cons. I just wanted to share my experience in a similar situation. Good luck to the original poster hope it works out for you whatever you choose to do.0
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Hi, as I mentioned it's the persons choice to do it themselves or use a fee paying company.
Its a bad choice to use a CMC though. usually takes more work and, statistically, complaints via CMCs have a lower success rate than personal complaints.My life at the time was very chaotic ( two young children, my wife and I both working full time and juggling child care) and I knew I would never get around to doing it. It took one phone call and then a some signatures on the paperwork.
Had you complained direct to the company, it would have been one phonecall if similar length or less and no signatures.If you have the time then good for you fantastic, make those calls, type and print out templates, send them off to wherever they need to go.
What you mean is that if you have money to burn and want it to take longer and have a lower chance of success then do what you did.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 -
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