Forum Home» Reclaim PPI & Other Insurance

MSE News: PPI claimants told to contact card firms for refunds after CMC goes bust

New Post Advanced Search

MSE News: PPI claimants told to contact card firms for refunds after CMC goes bust

edited 4 November 2016 at 6:30PM in Reclaim PPI & Other Insurance
7 replies 1.6K views
Legacy_userLegacy_user
0 posts
MoneySaving Newbie
edited 4 November 2016 at 6:30PM in Reclaim PPI & Other Insurance
PPI claimants may have lost £100s after handing over deposits to a Swansea claims management company that's gone bust...
Read the full story:
'PPI claimants told to contact card companies for refunds after claims firm goes bust – NEVER pay to reclaim PPI'
OfficialStamp.gif
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

Replies

  • dunstonhdunstonh Forumite
    102.8K posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ✭✭✭✭✭✭
    Swansea based.... need we say more. The scam capital of the UK.
    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.
  • reduxredux Forumite
    22.7K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    How on earth can a firm go broke by collecting fees in advance and then not doing the work?
  • dunstonhdunstonh Forumite
    102.8K posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ✭✭✭✭✭✭
    redux wrote: »
    How on earth can a firm go broke by collecting fees in advance and then not doing the work?

    Standard model for this is that they take money up front. Do little or nothing for it, directors take the money out of the business and when money needs to be returned, it is no longer in the business. So, it folds. Directors move on to do the same again under a new name.
    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.
  • reduxredux Forumite
    22.7K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    Also in August, it was reported that the company was being investigated by the Claims Management Regulator, on suspicion of unprofessional conduct.

    In July, it was reported that the regulatory regime was to be made tougher by transferring responsibility to the FCA.

    In my opinion, it is surprising that MSE quotes the liquidator as recommending people claim fees back from credit cards. I wonder if the credit card firms will ask the liquidator and company directors where the money went.
  • [Deleted User][Deleted User]
    0 posts
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    MoneySaving Newbie
    redux wrote: »
    In my opinion, it is surprising that MSE quotes the liquidator as recommending people claim fees back from credit cards. I wonder if the credit card firms will ask the liquidator and company directors where the money went.
    Chargeback and Section 75 refunds are only available to those who paid their "deposit" by card. It's then the card companies who become creditors of the dissolved company and who then seek reimbursement from the Liquidator (if there is anything left)
  • Pleased to report that Nationwide appear to have refunded my £495 to my credit card, but I am still fuming that JSA got away wth it and that Nationwide will have to foot the bill. It was, however, a very straightforward process.
    I hope I've learned a lesson from this!!
    Good luck everyone.
  • SrgurSrgur Forumite
    188 posts
    Just when you thought you couldn't be punished anymore for opting to pay crazy money for someone to fill in a form on your behalf - they then don't even do that whilst keeping the money.

    I've considered CMCs gits from the very start, I know their fees are clear and up front but my God it's been the easiest money any so called outfit could ever make - surely making millions, again denying you money that was wrongfully taken in the first place.

    A colleague only paid £900 for his £2100 refund..... £900! All he had to do was fill in all the forms the CMC sent (like you do when you do it yourself), then answer any Qs over the phone (like you do when you do it yourself) and Bobs your Uncle. "£2100 is better than naffin mate" "yes but £3000 is considerably better than £2100..."
    'Every great fortune begins with a crime' - Honore de Balzac
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support