Getting worked for 3 distinct banks over the previous couple of years as a PPI complaints handler, I’ve observed thousands of prospects complain that their PPI policies on their secured loans, credit cards and other financial facilities had been mis-sold by way of high-priced Claims Management Firms (CMCs) who have carried out really tiny operate on their behalf – and benefitted from up to 40% of the value of your claim!
In my view, complaints received from a CMC are far much less credible than a complaint produced by the consumer directly. Some CMCs even use the exact identical letter for each and every customer, containing just about every doable generic complaint point in the hope that one of them sticks (occasionally even contradicting themselves – arguing that the buyer did not know they had PPI and that they took it simply because they felt pressured to do so!) This approach tells us absolutely nothing about why they really feel that your PPI policy in particular was mis-sold. Seeing the similar letter once again and once more gives the bank the impression that you are just an additional customer who has jumped on the PPI bandwagon right after seeing 1 of the a lot of adverts on daytime Television and do not really have a purpose to think that your policy was mis-sold.
Out of curiosity, I wanted to see how quick these corporations make it for a consumer to make a complaint, so I contacted one of the greatest and pretended I had a secured loan with PPI. Prior to generating the telephone calls, I designed a story that the secured loan was for £15,000.00 to support fund my wedding and that I took the PPI supplied simply because I was not entitled to any rewards via my employer and the advisor advised me to take the policy. From this facts alone, there is no explanation to believe this policy was mis-sold, despite the fact that the firm I rang was delighted to tell me that I had most absolutely been mis-sold the policy when I had the secured loan! The rest of the tedious conversation took about ten minutes and when I thought we had finished I was told that I would be sent a pack in the post to complete and return. I contacted them once again shortly afterwards to tell them I would not be proceeding with the claim as I had spoken to the secured loan provider straight. I was then entirely shocked to be told that they would get back more revenue than I would be capable to! This is totally not the case, as I can confirm that the three banks I worked for handle complaints in the very same manner regardless as to whether or not the complaint comes from the client directly or a CMC.
Firstly, as a buyer, a telephone contact or a short letter to the bank to make the complaint would have been far faster and even though some banks do post questionnaires for you to supply extra info about your complaint, and they will still review your complaint if you decide on not to return it. https://www.refundee.com/ is required to offer a response inside the exact same eight week timescale to you or the CMC and if you are not satisfied with their response you can refer your complaint to the Financial Ombudsman Service at no price. If the bank does agree that your policy was mis-sold, they should really make an give to put you in the position as if you did not take the PPI, which ought to be a refund of the PPI premium paid, any interest you have paid on the premium and an added eight% interest (as it could be argued that if you did not pay for the PPI, the cash could have been in a savings account earning interest).
If your account is in arrears, the bank is likely to deduct your arrears from any amount that is due to you. This can be a problem if you have employed a CMC, as they will still anticipate their fee from you which is ordinarily a proportion of the worth of the PPI claim – in some arrears circumstances their charge is additional than the quantity of money you will obtain, leaving you to locate the rest of their charge oneself.