Advice needed PPI claim

[sattichan]

I would like some advice please.

 

I asked a PPI management company, many months ago, to reclaim PPI paid on a mortgage.

I was foolish in not finding out I could have done this myself.

I signed the forms they gave me.

 

In March, this company asked me if I had any other loans and I again, foolishly told them I had but that I had no documentation.

They said that would not be a problem as the banks have that information.

 

they sent me numerous forms to fill in followed up by persistent phone calls and text messages, saying that if I did not complete these forms

and send them back I would lose out on getting money owed to me. I never filled them in because I did not wish to go ahead with this company.

 

I was delighted when my bank confirmed payment of my mortgage insurance in April,

but stunned when two weeks later my bank sent me a letter saying they would refund me all PPI on all past loans and listed them.

 

As I had not made the link to this PPI management company I assumed it was part of the bank's process, once one complaint had been met.

A month after my bank had made the offer, this PPI firm sends me an invoice for just over 40% of my refund.

 

I contacted the Ministry of Justice who advised I speak with my bank to find out what had happened.

 

My bank informed me that the company had submitted a letter stating that I had given authorisation for all PPI funds owing to me to be repaid, and I had signed it.

I felt complete disbelief.

 

Afterwards I checked that form I had initially filled in for the mortgage PPI claim, and saw that I had signed two identical letters in small print at the back of the form,

without reading them.

 

At no time did this company, whilst asking me to complete the application forms, inform me they had contacted my bank.

I feel deep upset by what has happened and they way they have behaved.

But on speaking with a rep from the ministry of Justice, he said that because I had signed the small print, in the end, that is what they will use and it is legally binding.

 

Do I have any rights at all on this matter?

I ask because even though I can see it is legally binding,

 

I am shocked that they can just take so much of my money without consulting me, and that the banks permit this.

 

I apologise if I come across as foolish, I now seek to know what option I have, and that if I have none, to find a way to accept the loss.

 

I would appreciate any advice.

 

Thankyou for reading this.

[Dot1]

Hi sattichan,

Sad to hear how you have been treated by that company. I am not an expert on this but I think the MOJ might be right.

Members who are more experienced will come along and guide you later on. Over 40% is very high.

Good luck

[Conniff]

You must have had known or at least had an idea how much their charges were when you did your initial enquiry. You can't put any blame on the banks, this has nothing to do with them, they have just responded to a letter sent to them and authorised by you.

 

One of the ppi guys will be along later, but may be slow as it's weekend.

[dx100uk]

yes was rather foolish

 

i cant see how you can get out of this.

 

ok you are intimating you only signed for the mortgage reclaim

and i've got to agree with that

but whatever is on the cotract regarding 'other' PPI reclaims

needs to be looked at with a fine toothcomb.

 

if you specifically told them you did not want them to investigate

any further account [in writing?] the good

 

if it was just a thought in your head

then a bit difficult.!!

 

have you actually calculated how much they ARE taking

 

and does that match their terms in the contract.

 

dx

[sattichan]

Thankyou for your advice and feedback.

 

Sadly I did not reply to any of their calls for filling in the forms and avoided them,

thinking they could not go ahead without these documents.

I did not explicitly tell them I did not want them to go ahead with any claims as it did not occur to me they could do so.

This was my ignorance.

 

My error was in answering their questions on the phone about whether I had any other loans and with which back.

Had I not given them this information they could not have used the small print I signed on the back of my original claim for the money back on PPI for my mortgage.

 

This PPI management company is Investor Compensation.

 

In a subsequent letter they are threatening me with more interest for the equivalent of one week's interest on non payment of the amount due.

By now it will have increased even more.

 

I am now going to pay them the original amount due by cheque by special delivery.

 

If they come back asking for the additional interest,

do I have the right to refuse to pay them?

 

The original amount to pay this company by May 14th was £7718.43.

As of May 25th, they were asking for £7755.65.

 

They say they have the right to collect the additional interest based on 6.69 of the County Court Act 1984.

 

I would be grateful for your help on this.

 

Thankyou

 

best wishes

Satinder

[means2anend]

Are there any cancellation rights on the form that you allegedly signed with Claims company and I assume that if there was..the time for cancelling has expired

[dx100uk]

cant charge int if its not been to court

 

me thinks they are pulling a fast one.

[dx100uk]

and why do you owe +£7k

 

how much PPI in total did they get back?

 

dx

[sattichan]

Hi,

 

I got back £21440.08 for my loans with LloydsTSB.

 

The form I originally signed was for PPI back from the mortgage with Cheltenham and Gloucester,

and I got back £3479.40

for which I paid Investor Compensation £1252.58 after receiving the money.

 

Lloyds put the PPI money for my loans directly into my bank account,

which is why I had no idea that Investor Compensation had anything to do with it.

The charge 30% and VAT of 20% of the 30%.

 

In the letter of authority that they got me to sign at the back of the Mortgage PPI claim,

they assert that all monies should be paid directly to them,

but Lloyds paid everything directly to me.

 

The company then had to contact LLoyds and get the information about my claim and then wrote to me.

The whole thing is very bizarre.

 

And they have clauses for every possibility, whether the bank pays me directly or not. There is no loop hole left.

 

I am afraid I have no recourse for cancellation

- they say that 'you may cancel the agreement by providing written notice to us within 14 days of the commencement of the instructions'.

 

This was not possible for me as I did not know they had taken any action until a few weeks after Lloyds had paid me.

 

I have just checked their terms and conditions in detail and they state 'we may at our discretion charge interest on any unpaid invoice at a rate of 8% per annum'.

 

Thankyou for your replies.

 

Whatever happens, it really helps to know I can clarify my situation with someone.

 

with good wishes

 

sattichan

[means2anend]

This may sound very technical...but as with the Merchant of Venice....'within 14 days is not really giving you THE FULL 14 days...if they are using every shylock method then they may also be caught within it.

 

The cancellation format may not be in the prescribed requirement...you are fighting for your life here (well not literally...but you know what I mean) and you need to pull every means out 'of the hat'

Edited June 12, 2012 by means2anend

[sattichan]

would it be best for me to consult a lawyer regarding the cancellation matter?

[means2anend]

You could do...However one thought to keep in mind though is that they may use the argument that 'it would not have made any difference in particular to you because by the time you had made any attempt to cancel it was well outside the full 14 days anyway...

 

you need to weight it up ...dont want you to throw good more money after bad...