mis sold ppi

[Tracey./11]

I have been contacted to say that I could be owed around £12k for mis sold ppi. If i get this i understand that I have to declare it to my case worker, what is the likelihood of me being able to settle my IVA. It seems a waste of time if they just take it and I am no better off

[kallis3]

You would also not get the full amount as the company who went after the claim for you would get substantial fees.

Either the creditor to whom you owed money would offset any claim against their debt, or you would have to pay it into your IVA.

Either way, your creditors would be getting a better dividend.

[plasticdaft]

Who contacted you to say you were due the money?? Did they have your financial details? If not how the heck would they know what you were due. Ambulance chasers of the highest order.

Paul

[Andrew Graveson]

Paul makes a very good point.

There are loads of these operations around calling people up and promising the world to try and get your/our business.
The bit that I find hardest to swallow is the assumption that if you purchased PPI it was automatically missold. No doubt selling processes were poor in many financial institutions but many people still purchased PPI because the benefits were worth it in their opinion.

If there is a PPI claim to be made (like the others I doubt that there is much point but no harm in looking into it) I'd suggest you find a claims company or solicitor yourself by finding good reviews of their service and checking that their commercial terms are reasonable.

[itsmeragain]

Check all your loan agreement over the past 6 years and see if PPI (payment protection insurance was added to it. If so you may have a cliam that it was mis-sold to you. Go to the Financial Services Ombudsman website (just google it) and read all about it. There are template letters for you to send to the financial company you borrowed from. But dont give up when they say NO. Dont take that as final keep at them. Then eventually you may have to get FSO involved and at present they are finding in favour of the claimant at an 80% success rate. This way will only cost you postage and the cost stationary.

[PoorbutHappy]

We complained via the Financial Ombudsman. Follwed their guidelines. Cost a couple of stamps. And a few months. In the end my refund of £4K was just knocked off my balance, so I never actually saw any of it (and therefore wouldnt of had any money to pay the ambulance chasers!). Let my IP know what had happened.

Felt better afterwards anyway.

PBH

[kallis3]

Exactly, you won't see a penny of it, it will go to the creditors. Personally I wouldn't bother, it's a lot of effort for nothing.

I agree with Paul that these companies are ambulance chasers.