PPI charges

lynxeffect2016

Has anyone contested the charges PPI companies charge for a sucesful reclaim? I got money money back from Lloyds and after they took their cut the PPI company took 36% off me ( £730) I lost over a third in charges which makes a mockery of the whole thing

[Deleted User]

No. You agree the costs up front in return for the high quality service they provide.

magpiecottage

Why did you not do it yourself?

That would have been both easy and free.

dunstonh

lynxeffect2016 wrote: »

Has anyone contested the charges PPI companies charge for a sucesful reclaim? I got money money back from Lloyds and after they took their cut the PPI company took 36% off me ( £730) I lost over a third in charges which makes a mockery of the whole thing

You are not doing very well are you. First you were mis-sold PPI. Now you paid £730 to a claims company to put a stamp on an envelope to use the free of charge complaints process.

You need to stop agreeing things you do not understand.

lynxeffect2016

do you have a link to this free of charge process?

dunstonh

lynxeffect2016 wrote: »

do you have a link to this free of charge process?

It is called the complaints process. Every regulated firm has to follow the complaints process that is set by the FCA. From your small one man band mortgage broker right up to multi-national companies.

In the case of PPI, you either phone the bank, write a letter to the bank or send the FOS template to the bank and they will look at your complaint free of charge. Every firm puts their complaints address on their website

For example:
Lloyds: http://www.lloydsbank.com/business/complaints.asp?srnum=2
Barclays: https://www.help.barclays.co.uk/faq/making-a-complaint/how-do-i-make-a-complaint-.html
Barclaycard: https://www.barclaycard.co.uk/personal/help-and-support/complaints

All the CMC did was send their form/letter to the bank using the same address you should have used. Indeed, they may have even used the same FOS form with you (or their branded version of it). If they got you to fill the form out, then that is going to hurt (or if they asked you the same questions over the phone).

Effectively, you chose to employ an unqualified call centre worker to make your complaint for you by filingl out a form (that was probably the same as the default form) to post to the complaints department of the firm you were complaining about.

[Deleted User]

lynxeffect2016 wrote: »

do you have a link to this free of charge process?

You post a letter or telephone the financial institution concerned. You complain you were mis-sold. The recipient has eight weeks in which to consider your complaint. If your complaint is upheld, you receive a full refund of PPI and 8% simple interest. That's the "process".

It does cost the price of a stamp or call, otherwise it's completely free.

Are you really saying you didn't know that you could make a straightforward complaint?

You can complain to any retailer or purveyor of services..

lynxeffect2016 wrote: »

Has anyone contested the charges PPI companies charge for a sucesful reclaim?

You've signed a legally binding contract with this company. You can't "contest" the charge after already signing that you agree to it!

You should have read the terms of the contract if you didn't want to pay…

Too late now….

Clackyd

I wrote to my bank requesting my data information which they sent me. I have also today received another letter from my bank with a credit agreement attached to it. Within the letter it is stated that "insurance has been added to the above account" . Does anyone know if this means I am now owed some money? If so where do I go next, not sure who I contact as the paperwork is all so complicated. The date is from 1990. Any advice? Thank you.

dunstonh

Does anyone know if this means I am now owed some money?

No. it just means you had PPI.

If you think it was sold incorrectly you now need to make a complaint giving your reasons.