Ppi
P.W._Racher
Posts: 4 Newbie
Mis-sold, (To engage in fraudulent sales practices). If I was to do this I would have a criminal record. The banks got found out, fined and told to repay there customers. So why when I make my claim they get to make me an offer, I don't want a offer, If the bank owes me £50 why is it allow to offer me say £1, surely this is also misleading and fraudulent, If they took £50 of MY money I want £50 back. How can i make sure what offer I get is the right one, because I read on Martins log "Don't accept the first offer, this is all part of banks dance routine".
So how do I get 100% of MY money.
Kind regards
P. Racher.
So how do I get 100% of MY money.
Kind regards
P. Racher.
0
Comments
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The offer is the full redress you're entitled to.
If you don't want, reject it, but it's not negotiable.0 -
Martin's blog was written years ago, at a time when banks were not yet routinely refunding mis-sold PPI. The blog needs an update, but this is unlikely since "Martin" sold this site a good while back.
If the bank agree you were mis-sold, you are awarded full redress which is defined by the regulator as a full refund of the PPI policy plus any associated interest plus 8% simple interest.
This amount is not somehow negotiable, unless you can somehow show that the bank's calculations are wrong or if you have documentary proof which contradicts the amount being refunded.0 -
Mis-sold, (To engage in fraudulent sales practices). If I was to do this I would have a criminal record.
Its not fraud though.So why when I make my claim they get to make me an offer, I don't want a offer, If the bank owes me £50 why is it allow to offer me say £1, surely this is also misleading and fraudulent,
If the redress calculation shows you are owed £50 then that is what you get. no more. no less.How can i make sure what offer I get is the right one
Because the redress calculation is set by the regulator.because I read on Martins log "Don't accept the first offer, this is all part of banks dance routine".
That is certainly not the case and hasnt been for almost a decade. I suspect you have read an out-of-date version of the article from the days before the calculation methods were defined by the regulator.
It is not uncommon for articles on this site to go out-of-date. Especially since Martin sold the site. It always made me laugh when the old pensions article recommended a best buy on a product that was removed from the market 8 years earlier. In the regulated world, that would be a breach. In journalism, there are no such rules.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Ok then, If redress which is defined by the regulator is in place and non-negotiable, a firm that I have asked to look into my complaint should know this. So if this firm advise me not to take the first offer because quote "DO NOT ACCEPT ANY OFFERS FROM THE BANK WITHOUT CONSULTING US FIRST, AS THEY MAY TRY TO PAY YOU CONSIDERABLY LESS THAN YOU ARE DUE" are misleading me?
Kind regrads,#
P. Racher.0 -
Of course they're misleading you. They're a claims company who sell stamps for 40% of your redress.0
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Is that legal then? Can a company that I ask to help me mislead me?0
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They are not "helping" you, they are CHARGING you for the use of a free-to-use complaints process. They don't want you to accept any refund without recourse to them simply so that they definitely get their cut.P.W._Racher wrote: »Is that legal then? Can a company that I ask to help me mislead me?
If you wanted 100%, why have you agreed to give around a third of it (plus VAT) to a Claims Management Company? :eek:0 -
Ok then, If redress which is defined by the regulator is in place and non-negotiable, a firm that I have asked to look into my complaint should know this.
Are you talking about an unregulated claims company that employs students and bored mums looking to earn money through commission?So if this firm advise me not to take the first offer because quote "DO NOT ACCEPT ANY OFFERS FROM THE BANK WITHOUT CONSULTING US FIRST, AS THEY MAY TRY TO PAY YOU CONSIDERABLY LESS THAN YOU ARE DUE" are misleading me?
Many firms will not keep the CMC notified of when they pay out or how much. So, this is how the CMC finds out you have been paid and that they can now take their share.Is that legal then? Can a company that I ask to help me mislead me?
CMCs are doing much the same as the banks did years ago. The culture at banks is much better today than the wild west approach of the mid 90s onwards. That came about through regulation that was slow but consistent. CMCs are due to be regulated properly soon. Although its a bit late as it will be after the PPI deadline. In the meantime, you largely have to take what a CMC says with a pinch of salt.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If you wanted 100%, why have you agreed to give around a third of it (plus VAT) to a Claims Management Company? :eek:[/QUOTE]
Because like the majority of people think, I can not do what a legal firm can. I'm a heating engerneer, I wouldn't ask a legal firm to put in my heating. 36% of my redress is better than 0.
They say I have a claim and sent me forms for me to fill out to proceed with the claim. As i was unsure on what to do i wrote on this site for impartial advice.0 -
Because like the majority of people think, I can not do what a legal firm can.
CMCs are not legal firms. You can set yourself up as a CMC inside a week. My 18 year old daughter can too.
They send a template letter or fill out their version of the FOS template form by asking you the same questions the form has.
They then post that to the same address you would use if you posted it yourself.
The process used whether you send it in or a CMC does is exactly the same. Although the statistics show that using a CMC actually has a slightly lower success rate than personalised complaints. The same staff at the bank review the complaint in exactly the same way as the complaints process is regulated by the FCA.
After posting your complaint, the CMC sits back and waits for the outcome. Their work and cost is a few minutes on the phone, a few pages of A4, a stamp and envelope.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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