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Ppi fee cap

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Hi all,

If a claims company had a letter of authority signed in October 2018.

Would this mean the fee cap is 25% we aren't sure the exact date they rang her initially.

Also is a single page stating the name of the bank and my gran has written her adreess and signed it. The letter states she gives authorisation for this company to be the sole people to make her claim.

Am I able to share a copy of this LOA on here for someone to check? It doesn't list and terms and conditions or say explicitly what the fee is?

They have currently charged her 39%

Many thanks

Danny

Comments

  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    edited 13 June 2019 at 12:00PM
    dannyjebb wrote: »
    They have currently charged her 39%
    In your original thread, two weeks ago, the fee was 50% and your grandmother was adamant that she had never signed anything.
    https://forums.moneysavingexpert.com/discussion/6007094/ppi-team

    You can't post links to the LOA for someone here to "check", but as the Bank have already accepted it's validity there would be little point.

    If the contract was put in place before the cap then the cap will obviously not apply. It's this contract which will contain T&Cs and the % fee charged. Why haven't you asked the company to provide a copy of that?

    EDIT:
    Remember that the fee is a percentage of the gross redress before any tax and that VAT is charged in addition to that. The fee cap is actually 20%, but that effectively becomes 25% with the VAT.
  • dannyjebb
    dannyjebb Posts: 428 Forumite
    Part of the Furniture 100 Posts
    Hi

    Yes originally I thought it was 50% but after the advice on the forum I realised it was less than this. Their website still advertises the fee at 39%

    So alongside the LOA they should also have a signed agreement which states how much the fee will be? It's taken me a week to get them to send me this, and I did ask for all signed documents they have and this is the only one sent.

    Thanks

    Danny
  • Nasqueron
    Nasqueron Posts: 10,620 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Send them a SAR (request for all the data they hold on you). They have to respond to this by law and provide you with it within a set period (might be 30 days now, can't be bothered to look it up)

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    dannyjebb wrote: »
    So alongside the LOA they should also have a signed agreement which states how much the fee will be? It's taken me a week to get them to send me this, and I did ask for all signed documents they have and this is the only one sent.
    Why did you only ask for signed documents? Ask them for everything on file and especially the terms and conditions/contract. If Gran agreed over the 'phone you could request the recording manuscript.

    What you need to do is make a formal complaint that there has been a regulated fee cap of 20% since July last and that they shouldn't be charging any more than this. If they reject this complaint, this gives you access to the Ombudsman which should stop all this one way or the other...
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