PPI Novice – Have i just made a big mistake??

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
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bpk101bpk101 Forumite
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edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
A work colleague of mine recommended a PPI Claims Management Company to me yesterday. He recently signed up with them and has already received £7k in compensation... okay, so they take 20% commission but that's 20% of money he never would have had in the first place.

I don't have a great deal of free time at the moment and figured 20% was steep but okay given the deadline for claims is approaching and i wouldn't find time to do the paper work either.

I called the company today to find out a little more about their process and was met by a very heavy handed sales man on the end of the line. He took basic details for myself and my wife (name, DOB, address) and a asked for an overview of some of the banks we'd had financial products from in the past.

He said he'll be sending the forms out asap, which we need to sign and return before they can start approaching banks.

However... he did ask me to say that 'i agree to use their services' during the (recorded for training purposes) call.

Does this mean i have inadvertently signed up to them and can no longer use another service (or submit claims myself) as he alluded to?!

I haven't actually signed anything yet and have received nothing in the way of terms and conditions etc. I just wanted to ask about their services.


:(

Replies

  • Carrot007Carrot007 Forumite
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    bpk101 wrote: »
    okay, so they take 20% commission but that's 20% of money he never would have had in the first place.


    It's pretty much a third once they add vat. He did realise they would add vat right ;-)


    Either way. It's the way to go it you are too lazy.


    All they do is send letters off to comanies you tell them they you might have had things with.


    I did mine myself as I knew it was only ever one company as I refused it where possible, so I knew it was misselling.


    OH used a company. I signed too in case any were joint (I knew none were). OH just listed a lot of companies and got a few hits. Nothing big though as expected, you would know about them! (or should).
  • edited 26 June 2019 at 2:39PM
    The_squirrellThe_squirrell Forumite
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    edited 26 June 2019 at 2:39PM
    Carrot007 wrote: »
    Either way. It's the way to go it you are too lazy.


    With respect, I would suggest that if someone is "too lazy" then they probably don't have a valid reason to complain?


    And no, you haven't made a mistake yet. The CMC can only approach a lender with a signed Letter of Authority. When the paperwork arrives, just put it in the bin and send your own enquiries. The lenders will then confirm if any PPI was present and you could then Complain if you feel you have a valid reason for doing so.
    I work in Data Protection and spend my days dealing with CMC's. Only here trying to help!!
  • bpk101bpk101 Forumite
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    send your own enquiries. The lenders will then confirm if any PPI was present and you could then Complain if you feel you have a valid reason for doing so.

    How do i go about doing this?

    And is there enough time to wait to hear back from lenders and complain before the Aug 29th deadline?

    Myself and my wife over the years have had various financial products (credit cards, loans, mortgage, overdrafts etc) with Barclays, Lloyds, HSBC, American Express, Saffron Building Society. Will we likely benefit from doing our own check?
  • zx81zx81 Forumite
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    It's easier and quicker to do it yourself, let alone cheaper. Just contact each lender.
  • The_squirrellThe_squirrell Forumite
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    Just put a stamp on an envelope and send it to each lender. Any addresses will be on the websites.
    Just ask for confirmation if you had PPI on any loans or cards etc. If you then feel that that you have cause for complaint, you can make one and it will be fairly investigated
    I work in Data Protection and spend my days dealing with CMC's. Only here trying to help!!
  • [Deleted User][Deleted User] Forumite
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    Carrot007 wrote: »
    It's pretty much a third once they add vat. He did realise they would add vat right
    It's actually around a quarter once VAT is added (still far too much, of course).

    You do realise the government add the VAT, right? ;)
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