TCG's & Capital One ppi

Katy1963

Ok so heres my scenario. Before reading this sight i knew nothing about claiming PPI on my own, so i let The Claims Guys chase my PPI on my Capital One card ( still active) . Today i received a letter in the post saying my claim was successful and Capital One was 'offering' me £88. wow. disappointing to say the least especially as TCG's were taking £31 for their fee. I rang them up and said i wasnt about to accept the offer as i have had my card since 2007 and seeing as they have admitted there was PPI there im sure over 10 years it would have amounted to more than £88 ! Youngish bloke on phone said to me he would have a word with his manager and kept going back and forth with my replies, ended up saying they would not pursue the matter any further as i would be very unlikely to get anymore money from them, so now i have a few questions if anyone can help? Firstly, do i still have to pay the fee even though i dont claim my offer? Also, can i go back to Capital One myself and pursue the matter? I really confused as to what my next step should be? I always had a high balance on my card so must have been paying a bit in PPI .. Many thanks in advance :beer:

[Deleted User]

If you think it should be more, you need to provide evidence.

You will still be liable for the CMC fees, as they have done their job.

-taff

You can take your complaint to the FOS.

If you go back and pursue the matter yourself, you still have to pay them.

It's only if you had an outstanding balance every month that you would have paid it.
Are you still paying it or was it cancelled at some point?

You don't get to haggle about how much you get, redress is defined, the amount you paid in premiums plus 8% simple interest, thats it.

[Deleted User]

Katy1963 wrote: »

do i still have to pay the fee even though i dont claim my offer?

Yes, The Claims Company will still want their fee regardless.

Katy1963 wrote: »

can i go back to Capital One myself and pursue the matter?

Yes, but wait until you actually receive the offer letter direct from the bank. The low amount suggests either that you cancelled the insurance early on or the bank no longer have any records of the amount you paid. The Bank's letter should provide a full breakdown of the redress and how it has been calculated.

PPI redress is defined as a full refund of any PPI paid plus interest, so you'll never receive more than you paid.

Do note that, if you do pursue it yourself, that won't absolve you from still having to pay the claim company their full share of anything extra you might be awarded. Remember also that it was in the claims company's best interests to secure as large a redress payment as possible, so if they doubt they can pursue any further it's even more doubtful you'll be able to do so yourself.

Katy1963 wrote: »

I always had a high balance on my card so must have been paying a bit in PPI

Your comment here suggests you don't actually know or have any of your own records pertaining to PPI. If that's the case, it's difficult to see you advancing any request for a larger redress.

-taff wrote: »

You can take your complaint to the FOS.

That option is open, but the Ombudsman will only check to see if the redress is the correct amount. They can't magic up additional records and won't award any more redress if it's already a full refund.