PPI Claim info - confusion

PensionKid

Hi Guys,


I started the PPI claim process with 'The Claims Guys' several weeks ago and they have come back to me stating I have PPI on two credit cards (there may be more to follow).


However, I have recently used Resolver to claim back some Natwest PPI (£1000 but I didn't really understand how they arrived at that figure).


My question is 'If I use Resolver again - How do I know if the settlement offered by a credit card company is the amount I am actually owed ? How do they arrive at a settlement figure?


Should I go with a claims company as it is in their interest to get the maximum amount owed and take the hit on the fee?


Can any experts enlighten me?


Thanks,


PK

amersall

Do not sign anything with the claims co, as you know, you can do it yourself for free.

If you get redress, it will be PPI you actually paid with the interest on that plus, the 8%.
This is as set out by the financial ombudsman.

If the card company, or you do not have much or no paperwork referencing your card/s, they will make a comparative redress or, you will get nothing.

Do this yourself, this is easy.

Partridge89

The redress is calculated using a method defined by the regulator and isn’t up for negotiation so no advantage using a CMC. All they will do is ask for your info and post it to the lender - nothing you couldn’t do yourself.

PensionKid

Thanks for the reply Partridge,


I have only asked them to find out if I have ppi on several cards I have used. I am now at the stage where they have come back to me with forms saying 'Right Lets get this claim started'!


I think at this point I may be able to cancel the ppi claim with them.


PK

[Deleted User]

PensionKid wrote: »

Should I go with a claims company as it is in their interest to get the maximum amount owed and take the hit on the fee?

What would be the point of "maximising" the redress (if that were even possible) if you then paid fully a third of it (plus VAT) to the Claim Company? CMCs are very expensive and a waste of money. All they do is post your complaint for you.

I also don't know why so many fall for this "Free PPI check", it's nothing you could not do yourself very simply by contacting your lenders and asking them!

PensionKid

Hi MoneyIneptitude,


I don't have records of every lender that I have ever used - I was under the impression that they would find out/chase lenders for you if you didn't have the documentation. For example I know I had a Egg card at some point but cannot find any old statements etc.


Thanks


PK

Partridge89

Hi PK

They ask you what lenders you’ve been with then ask them if you had PPI. CMCs don’t have any way of finding anything you couldn’t yourself.

McKneff

If you have instructed them at some point to find out if you did have ppi, i would imagine they could bill you for this work.
Dont be surprised if they do

[Deleted User]

PensionKid wrote: »

I don't have records of every lender that I have ever used - I was under the impression that they would find out/chase lenders for you if you didn't have the documentation.

They have no power (or ability) to "chase" anyone. They can, just like you, send your old lenders Subject Access Request (SAR) letters if there is no paperwork. These would cost you £10 for each lender; not fully a third of any redress you might subsequently win. :eek:

People give the claim companies entirely too much respect. They do absolutely nothing you cannot do yourself simply and free.

McKneff wrote: »

If you have instructed them at some point to find out if you did have ppi, i would imagine they could bill you for this work.

No, the current "offer" is a free PPI "check" which of course they hope will lead to them gaining a paying customer. While they don't charge for this "service", what they will do is inundate the potential customer with telephone calls trying to persuade the customer to employ them as a representative in a PPI complaint.

There is even reason to believe that these "checks" are not bonafide.