Made big mistake with PPI claim

[Doglover3033]

Hi, I recently applied for PPI through Fast Track on a couple of credit cards and a previous mortgage that I had with the Halifax, there was PPI on all 3 of them. The problem I have is I got into debt several years back on the cards (not the mortgage, I'm with NRAM now) and the debts were bought by a debt company. I have recently lost my mum and have not been myself and totally forgot at the time of filling the forms out of that I have arrears on them both. The paperwork, in the last 2 days has been sent to the Halifax to claim the PPI. I was phoned last night from Fast Track and was told that if the Halifax uses the money to pay off the debts that I still have to pay them 30%. I am now really panicking as I do not have any money to pay them. Can someone please advise me?

[Amethyst]

Re: Made big mistake with PPI claim

Fast Track ?

Are they a claims management company ?

And yes, if Halifax do use the refund to repay the debts ( although if the debts have already been sold on to debt purchasing companies they may not ) you would still owe the fees to the CMC/

[Amethyst]

Re: Made big mistake with PPI claim

These people ? ( just so i can check out their T&C's )

[Amethyst]

Re: Made big mistake with PPI claim

Hmmm interesting

Example C: Compensation is used to offset arrears consumer has on credit card or loan

Total compensation: £3000
Of which award is £0
Set off arrears £3000
Fee charged @ 30% £900
VAT@ 20% £180
Total Fee £1080
Consumer pays £1080
(and a reduction of £3000 in their outstanding loan)

3.3 You must notify FTR if the account and/or credit card is in arrears. IF example C above occurs, in which the full award is applied against any arrears, then FTR will only be entitled to recover fees once the account/credit card has been paid off in full, unless otherwise agreed between FTR and yourself. The amount you are required to pay FTR will not exceed the monthly amount you were required to pay to the original lender and/or credit card provider. You can choose to make additional payments to FTR towards the fee.

You'll need to check YOUR agreement with them to see if that term is in there.

[Doglover3033]

Re: Made big mistake with PPI claim

I'm even more worried now! Will have to check my agreement when I get home from work, but yes, that is the company. I just hope Halifax refuses to pay out the PPI then I won't need to pay anything. Thank you

[Amethyst]

Re: Made big mistake with PPI claim

You should be LESS worried now ... honestly - that clause says if you are in arrears with a debt then you don't pay the fees until the debt is paid off.

How long ago did you sign up with FT ? ( you would be much less stressed just claiming yourself )

8. TERMINATION

8.1 You may terminate this agreement with FTR, in writing at any time. No cancellation fee will be charged if you decide to terminate this agreement prior to the claim being successful. Your claim is deemed successful if we send a letter of complaint and you go on to receive an offer from the lender which you accept, (even if post termination). Upon signing this agreement you will have 14 days to cancel the agreement without any consequence or charge. This process is known as ‘cooling off’, and where FTR are instructed to do so, they will acknowledge that the agreement has been terminated in writing.

[Amethyst]

Re: Made big mistake with PPI claim

Also should probably have a look at the debts you have outstanding - credit cards ?

Do you hear anything from the DCA's who now own them?
How long ago did you default on them?

Ahh reading your original post

totally forgot at the time of filling the forms out of that I have arrears on them both.

so the clause on not paying till the debt's clear might not kick in.

However when debts have already been sold on it is more likely Halifax would make any refund direct to you.

[Doglover3033]

Re: Made big mistake with PPI claim

You should be LESS worried now ... honestly - that clause says if you are in arrears with a debt then you don't pay the fees until the debt is paid off.

How long ago did you sign up with FT ? ( you would be much less stressed just claiming yourself )

Hi, I'm just not in the right frame of mind at the moment to do anything as been very depressed since my mum died, I should never have even done this myself, I wasn't thinking.

I signed up to Fast Track approx the beginning of August 2017.

[Amethyst]

Re: Made big mistake with PPI claim

Okay you may as well just stick with it then as you're past cancellation period There really is no point worrying about it, and really don't beat yourself up, the CMC's can be very persuasive. You could cancel with them no for no charge, but if Halifax DID go on to refund you anything you would still be contractually obliged to pay the 30% to them, so you might as well leave them to run the case. You have enough to be dealing with by the sounds of it so really deal with an issue IF it happens. We'll help you out with it all we can xxx

Also, thinking on it, if you got a refund from your Mortgage protection insurance, that would likely be enough to cover any fees owed on the credit cards IF the refunds were sent over to the DCA's.

[Doglover3033]

Re: Made big mistake with PPI claim

I was told by Fast Track that because my mortgage (as well as the cards) were with the Halifax that I probably wouldn't get that either. I can't believe I was so stupid to sign up to it in the first place, but they constantly push you to do it and I just wasn't thinking straight. I was thinking of seeing Citizen's Advice Bureau, but not sure if they could help me in anyway, which is why I came to you.

[Doglover3033]

Re: Made big mistake with PPI claim

I was told by Fast Track that because my mortgage (as well as the cards) were with the Halifax that I probably wouldn't get that either. I can't believe I was so stupid to sign up to it in the first place, but they constantly push you to do it and I just wasn't thinking straight. I was thinking of seeing Citizen's Advice Bureau, but not sure if they could help me in anyway, which is why I came to you.

I have read a couple of your other posts, which I missed. Hopefully if the debt has been sold I may still get it then. I did actually pay one of the debts up, which was a Halifax one.

Can I just say a really big thank you for all your help, I DO feel alot better now and am so grateful to you. Will keep you informed. x

[Doglover3033]

Re: Made big mistake with PPI claim

Just an update on the problem I had with PPI & Fast Track.

Luckily the Halifax only paid out direct to me £56, so only had to pay Fast Track £22, such a relief!! :

Thanks for all your help x

[Amethyst]

Re: Made big mistake with PPI claim

lol, funny to be pleased with such a small settlement .... was that from one of the credit cards ? You had 2 credit cards and a mortgage PPI claim in with fasttrack initially - have the others been turned down or just nothing was paid on them?

£22 hurts a lot less from £56 than £220 would from £560.