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2 companies chasing 1 PPI claim

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Good morning, wonder if anyone can help. I mistakenly instructed 2 online companies to look into any PPI I may have had with Barclays many years ago. Today I received a letter from Barclays & one of the companies telling me I had a payout coming, presumably this company got in there first but the other company does know there is PPI on the account.

My question is what happens to the other company, will they seek any money from this payout even though Barclays say they wont talk to them anymore now its been settled?

I was tempted to call them to say I have now settled with the other company & Barclays but fear they may want a cut even though its a no win no fee contract. To cancel now they would request £700 :(

Confused if I should just let them keep trying or let them know..

Thanks

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    You need to check the terms of the the two agreements you signed.

    And also check if you instructed anyone else to post any letters for you as well.
  • scan1703
    scan1703 Posts: 26 Forumite
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    You need to check the terms of the the two agreements you signed.

    And also check if you instructed anyone else to post any letters for you as well.

    Thank you for your reply. Its only 1 agreement though, obviously I am happy to pay the company who Barclays have settled with. Its yourmoneyclaims who are the other company and on their website it does suggest they need to be the sole 'chasers'. I think as Barclays have settled now they will refuse to deal with yourmoneyclaims going forward so wondering if they will take that as 'no win no fee'? I am unsure how they would know Barclays have settled this with another company, do these companies have that much access to banking systems?

    Or should I just call them and tell them whats happened?

    Confused
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Why do you only have one agreement? Do you mean you actually only instructed one to chase, not two?

    In which case, you don't have a problem.
  • scan1703
    scan1703 Posts: 26 Forumite
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    Why do you only have one agreement? Do you mean you actually only instructed one to chase, not two?

    In which case, you don't have a problem.

    Sorry, to clarify, I had several Barclays accounts years ago. Earlier this year I mistakenly authorised 2 separate claims companies to investigate. Now Barclays have settled with company 1 so I am wondering if company 2 (yourmoneyclaims) will demand some of the settlement too?

    When I first realised I had instructed 2 companies, company 2 asked me for £700 to cancel (they don't about the other company by the way). This was for admin costs and sending a letter to Barclays..

    My thinking was if Barclays refuse to deal with company 2 what can they possible do, although they may guess whats happened :(

    Thank you
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    In which case, you need to check both the agreements you signed to see what their terms are.
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
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    scan1703 wrote: »
    I mistakenly authorised 2 separate claims companies to investigate.
    It is your agreements with these two companies that zx81 is suggesting that you check.
  • dunstonh
    dunstonh Posts: 116,699 Forumite
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    Earlier this year I mistakenly authorised 2 separate claims companies to investigate.

    When you realised your mistake, did you look to cancel one of them?
    After all, both would have sent you contracts to sign. So, you must have realised at some point before engaging the second one that you had two?
    When I first realised I had instructed 2 companies, company 2 asked me for £700 to cancel (they don't about the other company by the way). This was for admin costs and sending a letter to Barclays..

    It is normal for a cancellation charge to involved to reflect the time and work done to date. A figure in the low to mid hundreds is common. £750 is high but if that is the contract you agreed, then so be it.
    My thinking was if Barclays refuse to deal with company 2 what can they possible do, although they may guess whats happened

    They can take you to court for non payment. Claims companies typically do follow through on their threats of legal action for non-payment.
    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.
  • scan1703
    scan1703 Posts: 26 Forumite
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    Thanks, to be completely honest I only realised when Barclays told me who they had settled with my mistake as I through these 2 companies were the same thing! One dealt with everything by phone, the other with bundles of forms!

    Anyway thanks all I have contacted them now and agreed a cancellation fee of £450 :(
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    scan1703 wrote: »
    I only realised when Barclays told me who they had settled with
    You need to understand that Barclays settled with you, not with any claim companies who just represent you.

    Your case is the worst example I've seen of what a total waste of money CMCs are. You've paid one company a third of your redress for basically putting a stamp on the envelope containing your complaint and another company £450 for forlornly duplicating the actions of the first.
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