Bank smart

[Kerrie]

Hi just wanted to say hello to everyone firstly.

We recently started to claim ppi back using bank smart, so far it hasn't been too bad. Correspondence on their behalf isn't always great tho. Some claims were rejected so no fee has been added.
We have decided to try and pursue the claims ourselves as they have now been passed to the FOS, we signed all previous LOA for contacting the loan company but haven't sent the ones to contact FOS on our behalf.
After reading all the bad reports on bank smart(I wish we had researched better before we started) We want to do the rest ourselves.
I know there will be some fees to pay on 2 but these will be a lot less than if we let them carry on with the claim.
I just want to know what I do next any help or advice would be appreciated

Many thanks

Kerrie

[Amethyst]

Re: Bank smart

Do you have an idea of how much the PPI refunds are likely to be ? It's worth working out what the commission fee would be if you continue with banksmart vs how much they would charge you if you cancelled.

BankSmart have a way of maximising their fees and currently there's no limits on what they can charge - although the MOJ are consulting on some rule changes to put an end to that.

[Kerrie]

Re: Bank smart

Hi
We were in a bad way a few years ago and took out a loan with welcome finance, we didn't realise at the time that the PPi & other insurances had been added to the loan, we were also told having the PPI & insurances would help us get the loan. So the total of PPI & insurances added was £2490 for the duration of the loan which I think was 6years(I need to dig out the paperwork when I get home)
So this is why we think we will be better off cancelling with bank smart. Plus the loan is still running so it will also be put straight into the loan account and then we will have to find their fee and pay it ourselves.

[wales01man]

Re: Bank smart

If you want to cancel contact them and confirm what you will have to pay them if you do otherwise they will charge for everything than can if you get any refund to the loan account you will be liable for their fees no doubt.