ImpaktClaims.Co.Uk - Missold Credit Claims

ManyWays

Its a mistake to use a claims company for something you can do yourself, especially if you still owe money on the balance, as you may find the refund just reduces the balance and the claims company wants to be paid in cash right now, some of them will go quickly to court for a CCJ if you cant pay.

Debt Camel has templates that people on the Debt Free Wannabe board (https://forums.moneysavingexpert.com/categories/debt-free-wannabe) have used.. 

BUT if you are eligible for a Debt Relief Order (DRO), this can often be your best and quickest option, so why not post on the Debt Free Wannabe board and talk about your situation? 

dunstonh

Yeah a couple of them have defaulted and are with debt companies? 

In which case, it is vital you do not use a claims company.  

If redress is payable, the capital element of the redress (i.e. the refund) can be retained by the lender to set off against the arrears, defaults or amounts written off.     Only the interest element is paid to you.

However, the CMC will take their percentage against the whole amount, even though you aren't getting it.  So, you could end up owing the CMC more than you are paid.

whossayswhat

ManyWays said:

BUT if you are eligible for a Debt Relief Order (DRO), this can often be your best and quickest option, so why not post on the Debt Free Wannabe board and talk about your situation? 

Thanks for advice and links i'll give them a read over the weekend.  

whossayswhat

dunstonh said:

Yeah a couple of them have defaulted and are with debt companies? 

In which case, it is vital you do not use a claims company.  

I appreciate that, i'll bear that in mind.

Is it safe to send them over a credit report for them to look at, so they can see which ones if any would be worth persuing? 

Thanks. 

J 

middlingditch

The trouble is that once you start sending them documents, this may constitute consenting to them acting for you, if that makes sense. You'll tick an innocent-looking box about their privacy policy or similar, and it'll turn out that in the fine print there is something that means you have just handed over a chunk of anything they pursue for you, or you are agreeing to them pursuing everything possible on a fishing trip and paying for their work in doing so, rather than just the "no obligation advice" that they claim to be offering.

I don't know that for sure, of course. This is just what has happened to loads of other people who wanted to get a claims company to "check what might be worth pursuing" and have ended up coming to this board to complain (rightly) that the company was now charging them for work they had done on their behalf when they didn't realise they had "consented".

So technically "safe" or not, I wouldn't.