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Thread: PPI - am I too late?

  1. #1
    Master
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    PPI - am I too late?

    I haven't claimed anything on PPI as I have not had many loans and generally don't take out protection if I can avoid it, preferring to self insure.

    As the claim deadline is now approaching, is there a decent claims company who will do all the hard work for a share of any refunds? I see lots advertised but who is best given my lack of time to manage the process and a likely lack of evidence?

    Anyone?

  2. #2
    Master vagabond's Avatar
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    Still 1 week left - you can use the tools and guides on Money Saving Expert (Martin Lewis' site) to do all the paperwork;

    https://www.moneysavingexpert.com/re...oan-insurance/

  3. #3
    Master
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    Did the deadline sneak up in. It has gone a bit under the radar

  4. #4
    Master PhilipK's Avatar
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    Quote Originally Posted by Gurmot View Post
    I have not had many loans and generally don't take out protection if I can avoid it, preferring to self insure.
    So what makes you think that you might have a claim?

  5. #5
    Master
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    Quote Originally Posted by PhilipK View Post
    So what makes you think that you might have a claim?
    Talking to a colleague who thought he wouldn't be eligible but he claimed anyway and has received over £5k.

  6. #6

    Hello

    I'd do it yourself on Moneysaving Expert.Com.

    Very easy to do.

  7. #7
    Master
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    Quote Originally Posted by burnside View Post
    I'd do it yourself on Moneysaving Expert.Com.

    Very easy to do.
    I will take a look thanks. Although I don't have records for older mortgages, loans or car finance.

  8. #8
    Quote Originally Posted by JPCain86 View Post
    Did the deadline sneak up in. It has gone a bit under the radar
    years of extensions; massive advertising campaign on TV at the moment (cartoon Arnie) and loads of media coverage. Wouldn't say it's been under the radar !

  9. #9
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    Quote Originally Posted by dandanthewatchman View Post
    years of extensions; massive advertising campaign on TV at the moment (cartoon Arnie) and loads of media coverage. Wouldn't say it's been under the radar !
    I suspect this may be sarcasm. Of course I saw the ad's, I had dismissed them until I spoke to someone about this last week.

  10. #10
    A few friends worked in the PPI claims departments for banks and pretty much anyone that applied saying they had been mis-sold receive a large payout. Must have cost the industry so much money as a large % of the people claiming would have been fairly sold PPI everyone just jumped on the bandwagon and legal firms also made a killing.

  11. #11
    Craftsman
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    Why give the claims company any of your money? Most banks have their own PPI claim sections. I've just completed 3 separate forms on the main people I've ever had loans or mortgages or credit cards with over the last 30 years.

    Took 10 mins each.
    Last edited by broxie; 22nd August 2019 at 14:51.

  12. #12
    All good advice here..read moneysavingexpert..do it yourself...easy!

    Took me an hour or two but gained £1K, easiest grand i've earned (back)...

  13. #13
    Grand Master GraniteQuarry's Avatar
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    I used these guys:

    https://www.reclaimppi.co.uk/

    5 mins to tick all the boxes, correctly identified the couple I did have and got something like 200 quid.

    The stories of being paid just for applying are nonsense, folks probably weren't aware they were paying for cover they didn't need.

  14. #14
    Master
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    Thanks - SWMBO is now on the case

  15. #15
    Journeyman nick wood's Avatar
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    Got three claims in at the moment, just hope they pan out in my favour

  16. #16
    Grand Master
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    You don't need to go to anyone at all as you say to save you running about.I did it several years ago with the two banks we borrowed from,I simply asked them to action any PPI claim I might be able to pursue.First one we got a Cheque for approx 9k,the second was for just under 15k.So just call the bank your with and ask them to look into it,your bank has all the details,I didn't need to furnish them with any proof of mis-selling,so no need to give money to someone else yet again for money you may have already paid.


  17. #17
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    Quote Originally Posted by GraniteQuarry View Post
    I used these guys:

    https://www.reclaimppi.co.uk/

    5 mins to tick all the boxes, correctly identified the couple I did have and got something like 200 quid.

    The stories of being paid just for applying are nonsense, folks probably weren't aware they were paying for cover they didn't need.
    Just used this website for the wife and I and it was very easy...Thanks for the heads up because Iíve been meaning to do this for the past year.

  18. #18
    I know I had it in a couple of store/credit cards years ago with bank of Scotland. Applied and got told they had no records and I had to provide details of account numbers etc. No idea on the account numbers so just wrote it off. Always some loud mouth at work saying they got thousands they werenít entitled to, good luck to them if they actually did!

  19. #19
    Master Skyman's Avatar
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    Cannot be bothered with such background shit. Did you ever miss the money you are so-called due?

  20. #20
    Quote Originally Posted by Skyman View Post
    Cannot be bothered with such background shit. Did you ever miss the money you are so-called due?
    Nope, the prospect of crawling around the loft looking to see if Iíd saved and of the statements was way to much hassle.

  21. #21
    Grand Master
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    Quote Originally Posted by Barton Red View Post
    Nope, the prospect of crawling around the loft looking to see if I’d saved and of the statements was way to much hassle.
    I didn't have to do anything otherthan make the call to the banks,the legwork was done entirely by them,I recieved the statements showing what would be paid out on,for some odd reason some accounts couldn't be found!,fortunately most could be looked at,an offer was made and refused on the two times we successfully claimed and the payments were duly paid,the higher one was waiting for us after a week away on holiday.At 3am my Wife opened and quickly and wrongly glanced at the ones that weren't succesful,we went to bed and in the morning I went through it from front to back and it was great to see all the ones listed with the appropriate settlement/offer that would be paid out on.So a great surprise for the Wife when she decided to get up.

    So for us it was absolutely no hassle whatsoever.No having to look around in the loft or anywhere for any proof.
    Last edited by P9CLY; 22nd August 2019 at 20:27.


  22. #22
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    It's not too late and the FCA website that makes it quite simple.

    https://www.fca.org.uk/ppi/

    I looked at all the providers that I could have had any sort of dealings with and asked them if they owed me anything. Because everyone's doing it, most organisations have made it really easy to check, usually online, you don't need anything other than your name and addresses, they do the rest.

    I got £500 back, it was mostly interest and fines.

  23. #23
    as a large % of the people claiming would have been fairly sold PPI
    I doubt many were told the commission the bank was making, something that apparently if proven means it was miss sold. Or if the cost of the product was more than 50% commission

    https://blog.moneysavingexpert.com/2...ans-due-money/

  24. #24
    Quote Originally Posted by kace View Post
    I doubt many were told the commission the bank was making, something that apparently if proven means it was miss sold. Or if the cost of the product was more than 50% commission

    https://blog.moneysavingexpert.com/2...ans-due-money/
    I use to sell loans around 15 years ago and everything was on the paperwork and pointed out, just because half the people getting the loans did not read the paperwork or really listen to the information you were telling them hardly means it was mis-sold. Yes we all had insurance targets to hit and it made the business profits but it was pointed out. And I worked for 2 companies, the first was a high apr type place and the second was a HSBC offshoot and the paperwork you had to fill in was insane.

    Not that it matters now as people still were "miss-sold"

    Total rubbish, people just saw a easy way to get some money back and jumped on the bandwagon

    Plus when you buy a watch do the AD tell you their profit margins? at least with loans the total payable (broken down into loan payable and insurance payable) is on the paperwork and its the client decision if they want to take the loan or not, its not like we forced people to take money off us!

  25. #25
    Master Albellisimo's Avatar
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    Just use this - it has links to all the cards and loans etc. Even if the card ownership has changed. Using companies is just a rip off.

    https://www.fca.org.uk/ppi/how-to-check

  26. #26
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    Quote Originally Posted by NikGixer750 View Post
    I use to sell loans around 15 years ago and everything was on the paperwork and pointed out, just because half the people getting the loans did not read the paperwork or really listen to the information you were telling them hardly means it was mis-sold. Yes we all had insurance targets to hit and it made the business profits but it was pointed out. And I worked for 2 companies, the first was a high apr type place and the second was a HSBC offshoot and the paperwork you had to fill in was insane.

    Not that it matters now as people still were "miss-sold"

    Total rubbish, people just saw a easy way to get some money back and jumped on the bandwagon

    Plus when you buy a watch do the AD tell you their profit margins? at least with loans the total payable (broken down into loan payable and insurance payable) is on the paperwork and its the client decision if they want to take the loan or not, its not like we forced people to take money off us!
    Wasnít the case when I went into my local bank to get a 25K loan. On application I told the woman I would be paying it back within the year. She asked if I wanted to take out insurance but failed to mention the 7K cost of said insurance was front loaded making my 25K loan a 32K loan. Imagine my surprise (anger) when I found out how much I still owed when I went to clear it a year later.

  27. #27
    Quote Originally Posted by NikGixer750 View Post
    I use to sell loans around 15 years ago and everything was on the paperwork and pointed out, just because half the people getting the loans did not read the paperwork or really listen to the information you were telling them hardly means it was mis-sold. Yes we all had insurance targets to hit and it made the business profits but it was pointed out. And I worked for 2 companies, the first was a high apr type place and the second was a HSBC offshoot and the paperwork you had to fill in was insane.

    Not that it matters now as people still were "miss-sold"

    Total rubbish, people just saw a easy way to get some money back and jumped on the bandwagon

    Plus when you buy a watch do the AD tell you their profit margins? at least with loans the total payable (broken down into loan payable and insurance payable) is on the paperwork and its the client decision if they want to take the loan or not, its not like we forced people to take money off us!

    I worked in the retail part of HSBC 20 odd years ago, we had targets to sell stuff like ppi, lots of products were miss sold.


    Other banks had forms with ticks preprinted next to the ppi question, none of the other boxes had one.


    and if the cost of an insurance product is 71% commission, its a con, isn't it?



    I never had any sort of protection except against my mortgage and that was structured in a way that best worked for me, but then I was informed, most customers weren't.

  28. #28
    Master ~dadam02~'s Avatar
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    Just called HSBC and kicked off a review of all my historical accounts, took exactly 5 mins 35 seconds including going through all the initial dialing options and a little chit chat with the support person. That was easy, lets see if anything comes of it.

    What value exactly do all these other 3rd party companies provide in these PPI claims process? Presumably they can also locate old accounts you may have forgotten about, otherwise can't see the value personally.

  29. #29
    Craftsman
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    Quote Originally Posted by ~dadam02~ View Post
    Just called HSBC and kicked off a review of all my historical accounts, took exactly 5 mins 35 seconds including going through all the initial dialing options and a little chit chat with the support person. That was easy, lets see if anything comes of it.

    What value exactly do all these other 3rd party companies provide in these PPI claims process? Presumably they can also locate old accounts you may have forgotten about, otherwise can't see the value personally.
    Because a lot of people are lazy and don't know any different.

  30. #30
    Grand Master
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    Quote Originally Posted by dickdutch View Post
    Because a lot of people are lazy and don't know any different.
    Exactly this,because they think they have to do something more than just pick the phone up and instruct your bank to activate a potential PPI claim!.

    You will also have to make contact with a 3rd party too,so what's the difference otherthan you'll be giving them some of your claimed £s for doing so!!!.

    So what's all this "Hard work" as mentioned?.Hardest work I did was to decide how to spend the money.......
    Last edited by P9CLY; 23rd August 2019 at 14:36.


  31. #31
    Master
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    I just called the RBS PPI number and they did the claim over the phone. Told me that they would ask some questions and type my answers verbatim. Easy as pie!

  32. #32
    Master vagabond's Avatar
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    I've looked through my records and other than a personal loan in the late 90s, I have not had PPI with any of the credit card providers (and I've had nearly 20 in that time). I've changed my mortgage provider 3 times in that period too and none of them had PPI either.

    Was PPI really that prolific as it's being made out to be? I know a absolute sh#tload has been paid out...

  33. #33
    Master sean's Avatar
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    On one hand, anecdotally it seems like it was widespread, on the other the number of people getting pay outs seems enormous. I wonder how many chanced their arm and put in a claim (never having had PPI) and got compensation? How thoroughly are the claims departments checking all these?

  34. #34
    I donít think that many would get PPI payout without having any, but the threshold for proving that it was mis sold will be fairly low.

  35. #35
    Craftsman
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    Quote Originally Posted by sean View Post
    On one hand, anecdotally it seems like it was widespread, on the other the number of people getting pay outs seems enormous. I wonder how many chanced their arm and put in a claim (never having had PPI) and got compensation? How thoroughly are the claims departments checking all these?
    I think the issue is the banks wont necessarily have retained all the detailed records going as far back as the early 1990s that would show whether you had PPI or not


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  36. #36
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    Quote Originally Posted by stuie-t View Post
    I think the issue is the banks wont necessarily have retained all the detailed records going as far back as the early 1990s that would show whether you had PPI or not


    Sent from my iPhone using TZ-UK mobile app
    What happens in those cases where they donít have the detailed records??

  37. #37
    Quote Originally Posted by bambam View Post
    What happens in those cases where they donít have the detailed records??
    Probability assessment rather than forensic analysis, so Iíve heard. Miss-selling was widespread so the probability is that you were miss-sold in the absence of explicit evidence.


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  38. #38
    Craftsman Templogin's Avatar
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    Just looked through my computer and found that one company owes me about £35 plus interest, so not everyone is getting £1,000s then again I tend to avoid credit like the plague.

  39. #39
    Craftsman
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    The wife and I have had probably close to 30k back from ppi. The biggest was 18k from a credit card I had for years and still have. Most of the money was from interest.
    I did the credit card myself and it was pretty straightforward as it was current, I was self employed which is a big no-no for ppi and they just payed up.
    The others were done through the fair trade practice they take about 20% which is slightly better than most and they found loads weíd forgotten or just did not know about. For example I had ppi on a Barclays overdraft which got me back about 4K as Barclays had lost the details, I had an old statement showing it and they stumped up a calculated average.
    Well worth doing, takes a few minutes of calls every week or so and could give you thousands.


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