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  • FIRST POST
    • P.W. Racher
    • By P.W. Racher 6th Aug 18, 12:32 PM
    • 4Posts
    • 0Thanks
    P.W. Racher
    Ppi
    • #1
    • 6th Aug 18, 12:32 PM
    Ppi 6th Aug 18 at 12:32 PM
    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.
Page 1
    • zx81
    • By zx81 6th Aug 18, 12:46 PM
    • 18,093 Posts
    • 19,307 Thanks
    zx81
    • #2
    • 6th Aug 18, 12:46 PM
    • #2
    • 6th Aug 18, 12:46 PM
    The offer is the full redress you're entitled to.

    If you don't want, reject it, but it's not negotiable.
    • Moneyineptitude
    • By Moneyineptitude 6th Aug 18, 12:48 PM
    • 20,773 Posts
    • 11,602 Thanks
    Moneyineptitude
    • #3
    • 6th Aug 18, 12:48 PM
    • #3
    • 6th Aug 18, 12:48 PM
    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.
    • dunstonh
    • By dunstonh 6th Aug 18, 12:55 PM
    • 93,956 Posts
    • 61,746 Thanks
    dunstonh
    • #4
    • 6th Aug 18, 12:55 PM
    • #4
    • 6th Aug 18, 12:55 PM
    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). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • P.W. Racher
    • By P.W. Racher 6th Aug 18, 1:16 PM
    • 4 Posts
    • 0 Thanks
    P.W. Racher
    • #5
    • 6th Aug 18, 1:16 PM
    Ppi
    • #5
    • 6th Aug 18, 1:16 PM
    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.
    • zx81
    • By zx81 6th Aug 18, 1:24 PM
    • 18,093 Posts
    • 19,307 Thanks
    zx81
    • #6
    • 6th Aug 18, 1:24 PM
    • #6
    • 6th Aug 18, 1:24 PM
    Of course they're misleading you. They're a claims company who sell stamps for 40% of your redress.
    • P.W. Racher
    • By P.W. Racher 6th Aug 18, 1:29 PM
    • 4 Posts
    • 0 Thanks
    P.W. Racher
    • #7
    • 6th Aug 18, 1:29 PM
    • #7
    • 6th Aug 18, 1:29 PM
    Is that legal then? Can a company that I ask to help me mislead me?
    • Moneyineptitude
    • By Moneyineptitude 6th Aug 18, 1:51 PM
    • 20,773 Posts
    • 11,602 Thanks
    Moneyineptitude
    • #8
    • 6th Aug 18, 1:51 PM
    • #8
    • 6th Aug 18, 1:51 PM
    Is that legal then? Can a company that I ask to help me mislead me?
    Originally posted by P.W. Racher
    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.

    If you wanted 100%, why have you agreed to give around a third of it (plus VAT) to a Claims Management Company?
    • dunstonh
    • By dunstonh 6th Aug 18, 1:57 PM
    • 93,956 Posts
    • 61,746 Thanks
    dunstonh
    • #9
    • 6th Aug 18, 1:57 PM
    • #9
    • 6th Aug 18, 1:57 PM
    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). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • P.W. Racher
    • By P.W. Racher 6th Aug 18, 2:06 PM
    • 4 Posts
    • 0 Thanks
    P.W. Racher
    If you wanted 100%, why have you agreed to give around a third of it (plus VAT) to a Claims Management Company? [/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.
    • dunstonh
    • By dunstonh 6th Aug 18, 2:29 PM
    • 93,956 Posts
    • 61,746 Thanks
    dunstonh
    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). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • zx81
    • By zx81 6th Aug 18, 2:30 PM
    • 18,093 Posts
    • 19,307 Thanks
    zx81

    Because like the majority of people think, I can not do what a legal firm can..
    Originally posted by P.W. Racher
    That's very unfair on the majority. Nearly everyone can buy a stamp and post a form.
    • Moneyineptitude
    • By Moneyineptitude 6th Aug 18, 5:03 PM
    • 20,773 Posts
    • 11,602 Thanks
    Moneyineptitude
    Like the majority I can not do what a legal firm can.
    Originally posted by P.W. Racher
    If that is the case, then how is it that many many successful PPI complaints are made without recourse to expensive "legal" firms?

    Basically, you were ripped off first by being mis-sold PPI and now you are allowing yourself to be ripped off again by paying a firm to put a stamp on the envelope containing the complaint that you made yourself by filling in the Claim Company's form.

    i wrote on this site for impartial advice.
    Originally posted by P.W. Racher
    You've asked here far too late for anyone to help you now.

    At the start of this thread you were demanding a 100% refund, but you'd already needlessly signed 36% of it away, I'm afraid.
    • -taff
    • By -taff 6th Aug 18, 5:13 PM
    • 7,549 Posts
    • 5,676 Thanks
    -taff
    The CMC tell you to tell them what the banks 'offer' because if you didn't, they would have no way of knowing what the outcome was, since banks don't give the money to the CMC and then the CMC gives it to you, the banks give it to you, then you pay the CMC over 30% for the price of a stamp.


    CMCs legal? I had a very good belly laugh about that. PPI complaints are free, SARs are free, stamps cost money. Actually, you could have gone on the banks website and complained directly to them [which is written in black and white on all of the major banks websites] and it wouldn't even have cost you a stamp. You could have used Resolver [ also free apart from their annoying habit of selling on your details to marketing firms].


    I would recommend in future if you have a problem with anything, do a little bit of research first before employing anyone to do anything for you.




    P.S. I wouldn't consider not paying the CMC if I were you, if you signed a contract, they'll take you to court.
    Last edited by -taff; 06-08-2018 at 5:15 PM.
    • ~Brock~
    • By ~Brock~ 8th Aug 18, 10:55 AM
    • 1,585 Posts
    • 1,479 Thanks
    ~Brock~
    I, like many on this site, have had grave concerns about CMCs for many years. They are typically set up by the type of individuals that hop around from one get rich quick scheme to another and usually leave a trail of destruction in their wake.

    Their business plan is simple - extract as much up front cash as possible and stay ahead of any real accountability for as long as possible, despite what your marketing and other promises may state.

    As others have said, they do absolutely nothing that can't be done yourself for the price of a stamp and a couple of minutes of form filling.

    As is typical, regulation has been ten years too late in catching up with them and during that time they have routinely abused a complaints and redress process that was never intended to be the subject of commercial gain, which has driven up costs for all concerned and ultimately been paid for by us all by way of ongoing product pricing. Nothing comes for free.
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