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PPI CMC want fee for EACH LOAN in a chain?


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Hi,

 

I have posted this on another forum so apologies if you are members of both and have already seen this post.

 

I need help understanding something with my PPI payout.

 

I instructed a claims company to look into my PPI claim (yes I know, should have done it myself)

and my bank have upheld the two queries on loans,

explained everything that will be paid out and why.

 

 

Attached to the bottom of this is another loan (that my claims company were not instructed to look into)

and this has no PPI.

 

 

However, loan A was refinanced by loan C (no ppi)

and my bank have stated that because of the PPI on loan A,

the amount on loan C was higher than it needed to be and have refunded me the over payment.

 

My claims company are wanting to take their percentage (plus VAT) off the amount refunded on loan C.

 

Now this is what I cannot get my head around.

 

 

My claims company have in their T's and C's:

Please note that your bank may uphold other mis-sold PPI that you have purchased as a result of our approach to them.

If this is the case, we will deal with these cases on your behalf and the same charges of 25% + VAT will apply.

 

There is no mention of any over payments from refinanced loans being subject to their fees.

 

 

The way I see it, they are wanting 2 lots of fee's for the same loan.

 

 

Loan A - PPI refund and then the additional amount I had to refinance to cover that PPI in loan C.

 

Am I just reading this all wrong?

 

 

If someone could explain this to me in a simple way I would be grateful.

 

 

I understand from the other forum that it will more than likely have to be paid,

I just want to understand why.

 

Thanks

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they are not correct and are trying to fleece you

 

 

the amount that was refinanced from loan A contained PPI

no latter loans had it.

 

 

ask them to show you WHERE in the later loans the AGREEMENT shows you took out PPI?

 

 

they DONT.

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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so loan b has ppi on the agreement?

 

 

thing is, even if it does, its a chain, ONE fee only.

 

 

as they are linked by refinancing.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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so where does loan b fit in?

 

 

was this before loan a then and paid off?

 

 

you've lost m e totally.

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

then they can only charge fees for loan A end off

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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What have you actually authorised them to complain about? Because they are entitled to their cut of any redress which arises as a result of their complaint.

 

It is true that with a single premium policy, if the loan is refinanced early, you will pay more in repayments and interest on the subsequent loan as a result of the less than proportionate rebate, even if the later loan had no PPI. The FCA requires redress calculations to take this into account. Because the total amount is all a result of their complaint then they are entitled to a cut on all of it.

 

Loan B is, from what you've said, a separate issue but obviously if you authorised them to complain about that then they will take a cut of that as well.

 

I am no fan of CMCs whatsoever but I doubt if you are going to be able to get out of this one I am afraid. If you don't pay them then expect to have to argue your point in court.

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