PPI Claim, can I....

Eighth Avenue

Eighth Avenue

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Iain
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Hey everyone,

need a bit of advice from anyone in the know. Recently contacted a PPI company (thought I might as well give it a bash) and started proceedings against my old bank for PPI on a credit card.

Things went quiet from the company, when I last phoned they said the bank had up until a certain date to respond (which has now been and gone) but this morning out of the blue I got a cheque through the door for my settlement from the bank.

Question is, am I obligated legally to inform the PPI company it has come and give them a cut (around 30%) or can I just cash it and have a nice chunk towards a 5D mkiii?

Thanks in advance

Iain
 
If you engaged the services of the PPI company you will have to pay their cut, unless they have made provision to cover that separately from the bank.
 
Check your contract with them, to see how payment is to be taken, personally having working in the banking sector and at that rate the customer services department of a banking organisation I'd never use a PPI claim back company why pay some company a large fee to do something that you can do yourself with less than an hours worth of work utter madness, but unless they have another mechanism to get payment from the bank then you will have to payment
 
You dont need a PPI company, you contact the company you had the loan/other credit agreement with and ask for a PPI form or send in a generic letter to their PPI Department demanding a refund and they HAVE to pay it.

Expect to loose 1/3rd of what you are owed to such companys for filling out that form for you.
 
BarryDawsib said:
You dont need a PPI company, you contact the company you had the loan/other credit agreement with and ask for a PPI form or send in a generic letter to their PPI Department demanding a refund and they HAVE to pay it.
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No they dont, only if you were missold it.
 
BarryDawsib said:
You dont need a PPI company, you contact the company you had the loan/other credit agreement with and ask for a PPI form or send in a generic letter to their PPI Department demanding a refund and they HAVE to pay it.

Expect to loose 1/3rd of what you are owed to such companys for filling out that form for you.
Click to expand...

They only have to pay it back if it were mis-sold
 
BarryDawsib said:
Prove they didn't.
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Isn't that the wrong way round?

What ever happened to innocent until proven guilty?...
 
H2O said:
Isn't that the wrong way round?

What ever happened to innocent until proven guilty?...
Click to expand...

In my case, there are two sides to all this. In 1996, When I tried to close up an endowment mortgage in favour of a repayment one, I was told by the lender that I couldn't have the new mortgage unless I took PPI with it - but I'm glad I went along with it as I was laid off from my old workplace two years ago and one year's worth of mortgage was covered (it is only a small mortgage anyway, but the cover came in useful as I got my money's worth out of it - I then closed the policy the moment the cover stopped as I have only seven years left to go on the mortgage anyway and due to my increasing role as a carer for an elderly mother it is very unlikely I'll be in full time employment).

On the other hand, five years ago, I bought a new PC tower on credit from a well known computer supplier (if they can call themselves that), I made it very clear that I do not want to pay any additional cover or warranty - just the loan itself for the computer to try and keep the monthly cost as cheap as possible. And lo and behold, I noticed an extra direct debit along with the one for the loan itself appear in my bank statement - yep, they snucked in PPI cover anyway but cancelled that although they wouldn't give me back that one rouge payment anyway.

Anyway, fast forward to now, I'm glad I'm in a position where I'm totally free of all borrowings, credit, loans and overdrafts - and intend to stay that way for as long as I can (gave up the car three years ago). The day I find myself turning to payday loan sharks would be the day I might as well give up and die.

Sorry for going off topic and telling you my life story in here. :D
 
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BarryDawsib said:
Prove they didn't.
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They can if that is the case, obviously, there is a reason it is called misselling and not just refund all ppi.
You have to have a valid misselling, there is no default pay up rule as you appear to say, prove there is?
 
I've read conflicting information on PPI claim time limits but does anyone know if there's a time limit for claiming? I recently found an invoice where I was missold PPI (the invoice confirms I was self employed). It's from 2001.

Sorry for hijacking, by the way.
 
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