Find my PPI or DIY????

Blackcat29

Hi all

Just before the deadline I applied through a claim company to lodge a claim for PPI. I knew I had PPI c2000 but I had no paperwork or account numbers etc.

The claim company have written back to me this week to say they've identified 4 account numbers and I need to fill in some paperwork and sign an agreement for them to pursue the complaint; it does say on the paperwork I don't have to claim through them and can contact the financial ombudsman but I was concerned that if I didn't go through them it would be classed as a new complaint and they'd say I'd missed the deadline.

Today however I've received 2 letters from my bank to say they've identified I had PPI and have automatically opened a complaint so I don't miss the August deadline, they are investigating and will be in touch within around 8 weeks.

So my question is - am I just giving away 24% of any possible payout if I return the forms to the claim company? Will the bank just continue to write to me if I don't send the claim company paperwork back? Can the claim company still ask for their cut if the bank do payout?

If the bank are looking into it (I haven't supplied any details other than registering with the claim company that I had PPI in the past), will they ask me for more information or just base it on the fact that I've said I've had it and their records confirm I did.

Thanks for any advice

SonOf

it does say on the paperwork I don't have to claim through them

That is a regulatory requirement as the complaints process is free of charge for consumers to use and the success rate actually higher if you DIY. All CMCs do is put your complaint in the post to the bank and then sit back.

but I was concerned that if I didn't go through them it would be classed as a new complaint and they'd say I'd missed the deadline.

No. As long as you enquired before the deadline, there is a limited window to raise the complaint after it.

Today however I've received 2 letters from my bank to say they've identified I had PPI and have automatically opened a complaint so I don't miss the August deadline, they are investigating and will be in touch within around 8 weeks.

And there you go.

So my question is - am I just giving away 24% of any possible payout if I return the forms to the claim company?

yes you would be.

Will the bank just continue to write to me if I don't send the claim company paperwork back?

yes. The CMC does nothing.

Can the claim company still ask for their cut if the bank do payout?

Without the contract being signed, no.

If the bank are looking into it (I haven't supplied any details other than registering with the claim company that I had PPI in the past), will they ask me for more information or just base it on the fact that I've said I've had it and their records confirm I did.

The bank may come to you with questions if they cannot immediately identify a failure. Remember that there is nothing wrong with having PPI. So, just having it is not a reason you will succeed. There has to be a missale identified.