Contacted by Tesco directly 22 October 2019 at 8:23PM edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance 8 replies 1.1K views

Shane1

Hi
I recently made my first PPI claim through a PPI company, and today the company contacted me by phone to inform me that my Tesco Loan PPI claim has been successful. The PPI company went on to tell me that they will now send a letter out to me, which I believe I need to sign and return to them if I accept the deal.
I don't really understand how these processes usually work, but since I first applied with the PPI company, Tesco had sent me several updates on how my claim was doing by post.
In addition to the good news I recieved from the PPI company by phone today, I also received a letter directly from Tesco Bank Complaints, which outlines my reward and asks me to return the enclosed letter to accept my refund.
I am very confused now, because I thought I was dealing with a PPI company, not dealing directly with Tesco bank.

I hope that someone might be able to explain to me what is going on and if I need to wait to receive the letter from the PPI company or respond to the letter from Tesco Bank Complaints. Perhaps this is how the process works anyway??

Many thanks for any help.
Shane

Moneyineptitude

Your complaint went to Tesco.

The Claim Company are simply your appointed representative in this complaint.

As such, Tesco pay you directly the refund that is awarded and you then pay the Claim Company.

So, you accept Tesco's redress and then wait for a bill to arrive from the Claim Company which you pay from the proceeds..

Shane1

That's great. Thank you for explaining. I will do just that.

SonOf

I don't really understand how these processes usually work, but since I first applied with the PPI company, Tesco had sent me several updates on how my claim was doing by post.

That is what you would expect.

I am very confused now, because I thought I was dealing with a PPI company, not dealing directly with Tesco bank.

No. You employed a claims company to put your complaint in an envelope and post it to Tesco to use the free-of-charge complaint process. After that the Claims company does nothing.

CMCs only do a few minutes work. The rest is between you and the bank/finance company.

Moneyineptitude

Shane1 wrote: »

That's great.

I'm not so sure that is an apt description of you paying the Claims Firm fully 20% (plus VAT) of the refund you will receive. :eek:

Barney_Rubble_0403

Moneyineptitude wrote: »

I'm not so sure that is an apt description of you paying the Claims Firm fully 20% (plus VAT) of the refund you will receive. :eek:

That's what you call very expensive stamp:shocked:

DCFC79

Could save yourself some money if you had done the process yourself.

Shane1

I was just thanking you for explaining, but thank you also for pointing out something that I can't undo, unless of course the point is that I can?

Moneyineptitude

Shane1 wrote: »

I was just thanking you for explaining, but thank you also for pointing out something that I can't undo, unless of course the point is that I can?

No, it's rather a warning to others that Claim firms have no special powers or expertise and that they charge a lot for doing very little. For you it's too late..

Now that PPI complaints are at an end, the Claim firms are scratching around looking for another such money train to exploit..,