PPI

[sprite1275]

Heard about for years but never took any notice. More and more people keep telling me to check if I'm owed anything.

There's plenty of firms offering to do it for me but obviously they will take there cut.

Has anyone claimed either diy or through a firm?

[SteveR]

I always saw it as a bit of a scam to get lazy people who couldn't be bothered to chase it themselves.

But my mother-in-law used one of the firms you see advertised on TV and received thousands back. From old credit cards, even an old Next account. She's very clued up and nothing really gets past her so that has changed my opinion of the firms.

One sister in theatre got about £10k from an old mortgage years ago too. She'd forgotten about the claim and around 6 months later received confirmation of the money she was owed.

I suppose you could say it's money you absolutely wouldn't have had, so the PPI company getting whatever percentage they ask for is a small price to pay.

[qpop]

The claims companies tend to charge 25-33% for a job that really does require one or two letters. Big fees!

Money Saving Expert has a comprehensive guide and templates - http://www.moneysavingexpert.com/rec...loan-insurance

The reclaims are time-barred, some time in 2018 IIRC, and the default assumption is that you were mis-sold now.

[burnside]

Very easy to do it yourself using the link provided above. No need to go through a company.

[SteveR]

My point was there was PPI paid on accounts my MIL literally knew nothing about so she wouldn't have known to write to such companies to claim anything back. Unless you can look through your whole credit file and write to every firm on there maybe?

[catch21]

Very timely, thanks OP, I also need to do this.

Maybe directly claim the ones you know about yourself and leave the "unknown" ones to the PPI firms?

Anyone recommend a PPI firm if this is a good strategy?

[watchmad]

I chucked it at the claims guys thinking if they get me £1000 30% would be worth it and I'll happily take £700.

Lazy maybe but all I did was sign my name 20-odd times on pre-filled forms they sent me....I netted £5K from 4 different claims.

[Omegamanic]

Was this some kind of PPI?

When I took out my first mortgage, at the very last minute, the bank added an additional charge/amount onto the total mortgage, because I paid less than x% deposit (I could have paid more if I had known prior to the date of signing but it really was sprung on us last minute, and we needed the cash available asap to complete), which I had to pay off monthly over the life of the mortgage. I'm not sure if this falls under the mppi or not - too many years away from banking for me!

[Rob Leeds]

We claimed directly through my bank and they paid out on both my bank account and credit card.
Self employed people should never of been offered it.

[tiny73]

I claimed directly from Barclays relating to loans around 17 years ago and got £1700 back, essentially for nothing. Well worth making the effort especially since it seems that PPI came with loans irrespective of whether you asked for it or not (I never knowingly took PPI).

[sprite1275]

Ive filled in an online enquiry with my bank so ill see what comes of it. I know i bought a car on finance about 17 years ago but i had the finance through the garage i bought it from which has long closed down. Not sure if this will show up with nationwide although they might see the payments i made over 5 years and who they went to.

[Frankie169]

I took the laziest option and still walked away with 12.5k. Benefits of using my own card for company expenses for years I suppose, yes 25% is a steep charge but better than 100% of fuck all as I hadn't thought about it before.

[eletos]

I do struggle with the whole PPI industry. Fair enough some of the cover may have not been required but the money that has been paid out on this is astonishing.

Individuals should take responsibility for signing their own contracts, any 'losses' as a consequence of a lack of due diligence is their responsibility.


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[pastrana72]

I have done the DIY route, of contacting the banks myself after getting fed up of all the PPI calls we all receive.

Really easy to do, do not need to have documents, have to fill in some forms when they send you them.

You could use a firm, but it is so easy you really do not need too.

[SteveR]

I took the laziest option and still walked away with 12.5k. Benefits of using my own card for company expenses for years I suppose, yes 25% is a steep charge but better than 100% of fuck all as I hadn't thought about it before.

This is my view too.

There are old credit cards and accounts that you can't even remember. My colleague got about £20k on an old mortgage she had for example. It wasn't silly of her signing up for it as it was literally missold or added without her knowledge.

I do also agree that this PPI firms everywhere is getting a bit much as every man and his dog is now going to have a claim just in case they get a few quid back

[Rob Leeds]

I do struggle with the whole PPI industry. Fair enough some of the cover may have not been required but the money that has been paid out on this is astonishing.

Individuals should take responsibility for signing their own contracts, any 'losses' as a consequence of a lack of due diligence is their responsibility.


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The thing is though it was mis-sold to us.
Many people didn't even know it was being offered to them, and myself as being self employed should never have been offered it.
Bank workers were given bonuses for mis-selling us all sorts including endowment mortgages where people have lost out by thousands.
I still had to pay tax on my PPI when in went back in to my business account.

[paule23]

PPI is a shocking scandal, and the amounts being paid out are just a reflection of the amounts consumers were ripped off, and I say this as an employee of one of the banks with large payouts.

People thought they were buying insurance, only to Find in many cases they weren't eligible to claim. It is a clear case of misleading customers and misspelling and was rightly stamped on eventually, hard.

Re. Using claims companies, yes they probably don't do much for their cash, but the choice is yours whether to use them or not. As long as you are clear what you are paying them for, and are aware you could do this yourself, I've got no issue with them or the people who choose to use them.

[paule23]

The thing is though it was mis-sold to us.
Many people didn't even know it was being offered to them, and myself as being self employed should never have been offered it.
Bank workers were given bonuses for mis-selling us all sorts including endowment mortgages where people have lost out by thousands.
I still had to pay tax on my PPI when in went back in to my business account.

You should look at the payout as in many cases 20% tax was deducted from any interest paid on claims. If your bank deducted this and you've paid in in your business account you have double paid.

[Rob Leeds]

You should look at the payout as in many cases 20% tax was deducted from any interest paid on claims. If your bank deducted this and you've paid in in your business account you have double paid.

Thanks,
It wasn't the bank that deducted it, I was taxed on it at the end of the financial year.
I wasn't sure if this was the case for everyone or just self employed people.

[paule23]

No, everyone. It's also only the interest portion that is taxed. The actual premiums refunded are tax free (a straight refund) but you are also entitled to interest at 8%, and similar to interest you make on your savings accounts, 20% tax is deducted as the interest is considered income.

For anyone who has had interest deducted who is not a taxpayer (I.e. Non earner or earns below the tax free threshold) should contact HMRC about a refund.

[catch21]

I do struggle with the whole PPI industry. Fair enough some of the cover may have not been required but the money that has been paid out on this is astonishing.

Individuals should take responsibility for signing their own contracts, any 'losses' as a consequence of a lack of due diligence is their responsibility.


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Ridiculous. Not if things are hidden, misrepresented or you are misled, which planet are you on?

[Pretzel]

Any recommendations for a company that does PPI claims?

[Wolfie]

Any recommendations for a company that does PPI claims?

Similar question from me... i avoided all the PPI stuff over the years, but, no harm in checking? As I've had various lines of credit/ loans over a long period, I wouldn't know where to start doing it myself

[timlin]

And me, no idea if i have ever had PPI but cannot look back through many accounts now. I would just like to instruct someone else to do it but a recommendation would be great.

[sprite1275]

Ive only ever been with nationwide so anything ive had they should flag up. Spoke to my mum tonight and shes still got paper work for the finance i took out to buy a car 17 years ago apparently it was with lloyds.

[lordloz]

Any recommendations for a company that does PPI claims?

no because you should do it all yourself as posted above go to money saving expert forum and have a read through.

Be careful of what you sign early on but the PPi companies can do the donkey work for you (they fill in exactly the same forms as you would).

then before you sign the declaration you can fill in the questionnaire or call the bank themselves, it takes 10 minutes...

25% to £30% saved ....that's a good chunk towards a new watch....

£750 I just got from Natwest for consolidation loans which I was satisfied with,

the problem I have now is the only other PPi is a Co Op Credit card, they are more tricky to calculate if offer is fair because PPi on cards is done on percentage of the debt with some other amounts thrown in as well. Hard to get a proper breakdown.

Just offered £148 by them and that seems far too low for a debt between £3000 to £5000 over 10 years or so and a small enough figure to wait for and have let the 14 day offer expire - am going to chase this further to Ombudsman which could take a year but worth a gamble.

[5avvy]

Was this some kind of PPI?

When I took out my first mortgage, at the very last minute, the bank added an additional charge/amount onto the total mortgage, because I paid less than x% deposit (I could have paid more if I had known prior to the date of signing but it really was sprung on us last minute, and we needed the cash available asap to complete), which I had to pay off monthly over the life of the mortgage. I'm not sure if this falls under the mppi or not - too many years away from banking for me!

That was mortgage insurance, an insurance that protects the bank on high LTV loans.

[golf]

Alway been quite careful and asked about ppi
Since I was young so never thought I hag any to claim. I did it anyhow as I got £50 of ms vouchers free for doing it. Gave them details of loans,cards and mortgages I got the grand total of 27p back!!

[Pretzel]

no because you should do it all yourself as posted above go to money saving expert forum and have a read through.

Be careful of what you sign early on but the PPi companies can do the donkey work for you (they fill in exactly the same forms as you would).

then before you sign the declaration you can fill in the questionnaire or call the bank themselves, it takes 10 minutes...

25% to £30% saved ....that's a good chunk towards a new watch....
.

I don't think that I have ever had PPI and I don't have the time, or enthusiasm to challenge in the same way as you, hence my original question. If a PPI claim company wants to have a go on my behalf they are welcome and I will pay them their share.

If I thought that I had been mis-soldl PPI I would probably take your approach.

[cbh]

I don't think that I have ever had PPI and I don't have the time, or enthusiasm to challenge in the same way as you, hence my original question. If a PPI claim company wants to have a go on my behalf they are welcome and I will pay them their share.

If I thought that I had been mis-soldl PPI I would probably take your approach.

Indeed, I'm 99% certain that I've never been mis-sold PPI, therefore I'm more than happy for someone else to do the legwork, no result then I've wasted none of my own time.

[Wolfie]

Indeed, I'm 99% certain that I've never been mis-sold PPI, therefore I'm more than happy for someone else to do the legwork, no result then I've wasted none of my own time.

Quite... this exactly my point... as far as it's concerned it's zero

If someone wants to have a look, they can take a cut... but, would rather go with a better company that took a resoanable share

The question remains on this thread... who would you recommend as a company?

[lordloz]

Quite... this exactly my point... as far as it's concerned it's zero

If someone wants to have a look, they can take a cut... but, would rather go with a better company that took a resoanable share

The question remains on this thread... who would you recommend as a company?

ismart were very good and efficient and got details quickly, the forms are clear, the call centre/office whatever very helpful. can't help with final claim as completed myself but they didn't cold call, i called them after looking around.

[Wolfie]

ismart were very good and efficient and got details quickly, the forms are clear, the call centre/office whatever very helpful. can't help with final claim as completed myself but they didn't cold call, i called them after looking around.

Ta

Will give them a try

[gavsw20]

Use this - https://www.resolver.co.uk/

It's endorsed my MSE and creates an email letter template based on what you enter into the relevant fields.

Takes 2mins to create the email and sends to the relevant party for you.

[lordloz]

I have suggested that Gav but wolfie wanted to use a company- ive missed my 14 day window with the co op but will press on with it as i think im owed more-

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[julian2002]

Definitely do it yourself. Note that you have to have a reasonably good reason why PPI was miss-sold, I was self employed for a period which invalidates PPI for example.
Also remember that they are required to pay you interest at a shockingly high rate for the time that you had PPI. On just one credit card i got over £18,000 (yes eighteen thousand pounds) back, most of which was interest - I've had the card for years though.
Which was nice.

[ibby7]

Use this - https://www.resolver.co.uk/

It's endorsed my MSE and creates an email letter template based on what you enter into the relevant fields.

Takes 2mins to create the email and sends to the relevant party for you.

Any ideas if there is another approach, think something along the lines of spray and pray :) one company or route that does the whole lot... ??

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[cbh]

Indeed, I'm 99% certain that I've never been mis-sold PPI, therefore I'm more than happy for someone else to do the legwork, no result then I've wasted none of my own time.

Well it turns out that I had indeed been mis-sold PPI going back to a car loan in the mid 90's, and I have now been very well recompensed

Not for one moment did I think that I had been mis-sold PPI, so not wanting to waste my own time I contacted ismart through the recommendation here, they did all the work, I signed a few letters and had a 5 minute phone call with one of their reps, I certainly don't begrudge paying the fees, money well spent

[Morrissey]

Do Ismart check all companies? Sure there's some I can't even remember using .


Mozza


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[Wolfie]

Well it turns out that I had indeed been mis-sold PPI going back to a car loan in the mid 90's, and I have now been very well recompensed

Not for one moment did I think that I had been mis-sold PPI, so not wanting to waste my own time I contacted ismart through the recommendation here, they did all the work, I signed a few letters and had a 5 minute phone call with one of their reps, I certainly don't begrudge paying the fees, money well spent

Good result! I've got a load of letters in my work bag that I need to get off... I think you've just inspired me!

Ben

[solwisesteve]

So what does miss-sold mean?

It was in the small print but you decided not to read it? You thought the payments you were making were for something else (again not reading the contract). <confused>

[Wolfie]

So what does miss-sold mean?

It was in the small print but you decided not to read it? You thought the payments you were making were for something else (again not reading the contract). <confused>

Guilty... was always careful to avoid PPI, but, generally skim read credit agreements

Understand the key facts and trust everything else is not daft

I imagine (if we are being honest) I am not on my own

Ps... not suggesting it's the right thing to do, by the way

[Gyp]

I've always been careful to avoid ppi, on the basis that I reckoned I was in safe employment and any risk of unemployment would be better mitigated by paying any ppi premium against the loan to pay it off more quickly.

That said, I will be checking as, if I was sold it and I wasn't aware, it was definitely mis-sold.

There is however an inventive to claim as late as possible, as all refunds are subject to 8% compound interest. Perversely, those that took out ppi when it was inappropriate for them were actually making a very clever investment decision.

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[Saint-Just]

I just emailed the bank, mentioning loans, mortgages and credit cards but without giving any more references (their records are easier to access than mine). Within a fortnight I had a reply and several thousands of pounds in my account, without having to pay any one a commission. Writing the email took less than a minute (probably 2 because I send it twice, once in my name and once in Mrs SJ's). I was also convinced there would be nothing.

[solwisesteve]

I'm willing to bet that in every case it was mentioned in the T&Cs/Contract/Agreement. So people were made aware but they just didn't read the terms... sorry but it's one of my bug-bears at the moment where it's my pension pot that ends up bailing people out. I think at least five people I know have done this ppi claim thing and at least three of them knew they were paying extra for it but decided it was a good thing to say they didn't and get thousands handed out to them. The other two should have read the terms so no excuse as far as I'm concerned. Someone I know got over 60K handed to them by Barclays - no questions asked, nothing like 'well it does say it here on the agreement'.

[Saint-Just]

The courts have found that it was mis-sold. Feel free to appeal if you wish.

[jamesianbriggs]

In my youth I was boringly prudent about money - never really used credit cards, bought old bangers at auction instead of taking car loans. So until now I've looked at PPI claims with a mixture of frustration and resignation.

However, this thread has made me wonder if it's worth a punt. What's the routine? Do you simply give them your addresses and then they search a bunch of databases?


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[Middo]

Well I have just stuck my details into Ismart too see if I get anything.

[solwisesteve]

I do struggle with the whole PPI industry. Fair enough some of the cover may have not been required but the money that has been paid out on this is astonishing.

Individuals should take responsibility for signing their own contracts, any 'losses' as a consequence of a lack of due diligence is their responsibility.


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So those that actually claimed money on their ppi policy... do they have to pay it back? If those that never claimed can get the their 'miss-sold' payments back then surely those that actually received a payout have to give this back and with interest. 'What's good for goose is...'

[P9CLY]

Heard about for years but never took any notice. More and more people keep telling me to check if I'm owed anything.

There's plenty of firms offering to do it for me but obviously they will take there cut.

Has anyone claimed either diy or through a firm?

Like you heard about,wind back several years to my first claim,called the bank asked them to look into it( no need to use anyone else),after several weeks a succesful claim had me just short of 10k back in my bank account.
Roll forward to last year now,a letter dropped on my carpet from the Yorkshire bank saying action is required in bold red,filled it in,returned it,7 weeks later we went on holiday for a week,on our return all the crap the postman had delivered + the response from the Yorkshire bank,oh and to say it was about 3am having just arrived home from the airport,so the wife opened it,quickly deduced having read a little that nothing owed!.
7am I got up and read the several pages from page 1 to last,the wife read a small part of it that said 3 claims weren't possible for them to action,BUT she failed to see all the others we were to be receiving a settlement on.........15k yippee,I had to wake her up and tell her.

So do it,and DON'T use anyone else,you DO NOT have to do anything other than call whoever you borrowed money from and say you think you MAY have been mis-sold PPI,sit back and let it run its course,your banks do ALL required until you receive a settlement if one is due.