Is claiming PPI back easy?
Discussion
To answer the original question, not as easy as taking 30 seconds of your time when you take out your loan to ensure you never paid it in the first place.
You take out a loan, you're given an interest rate, and a loan period, how hard is it to work out what your repayments will be, and then ask why they're quoting a higher repayment?
This isn't Fermat's Last Theorum, believe me.
You take out a loan, you're given an interest rate, and a loan period, how hard is it to work out what your repayments will be, and then ask why they're quoting a higher repayment?
This isn't Fermat's Last Theorum, believe me.
funny this thread is here its something i was chatting to someone at work about, hes had about 20k back so far from various loans hes had and keeps saying to me, try it, i have never knowingly taken out a PPI insurance but he was saying that most of the banks and credit cards just included it. i really should try against all the cards, i actaully did sign up to experian to get my past history as i had cards in the past that i dont have now.
The issue is not just 'I didn't know I had it'. I knew I had it. I willingly signed up for it.
What I didn't know, because the small print simply didn't explain it, was that I had bought a product that would never have paid out in my situation. I wasn't ever advised by the product suppliers that they were continuing to take money off me for something that was unsuitable. It was advertised (sold) as a product that would give 'peace of mind, whatever happens'. But actually that's just a big advertising lie.
For example, it's sold a as a product 'takes over your payments should the worst happen''. So what do most people think of as 'if the worst should happen' should mean? You've lost our job, right? Ok, so what happens if you've lost your job but you've got 35,000 in the bank? So you've got this insurance that protects your payments right? No. You've got the means to carry on paying your credit card, you aren't getting a payout. You'd have to be insolvent for them to start covering your interest element only..... I've actually been told by a credit card company to continue paying my credit card bills over my mortgage payments, despite having ppi, when I lost my income, until my money runs out. Only then will ppi consider covering my interest payments.
Wait a minute, it thought that they were covering my payments? No that was a lie to, just the interest.....
You get made redundant... Lose your job.. They cover your payments? Not until you've used up all our redundancy money.
You're in the armed forces and you get injured and get a medical insurance payout and have to leave with forces pension payout.... And your PPI payout? Nope, you don't qualify because you got a pension payable immediately.... You've been paying for a pointless product. So all those other people that had ppi whilst in the forces, they too paid for a pointless product that they didn't know was pointless.
So you and the missus, who works and is paid well, have a joint account. Ppi help you if one of you lose your job? Unlikely. You'd have to get a financial divorce in reality.
Ppi would only payout to those people who make no other provision to provide any additional financial cover. No savings, no other income. And it's only going to cover the interest, not the principle. They shouldn't have been lending money to the people who really needed ppi in the first place. Almost everyone else would have been excluded by their terms and conditions.
Oh, and another thing. Since when do you get sold an insurance policy where they don't send you annually a policy document for you to read!? Why didn't they ever send out policy docs for this useless product? Because they knew all along that it was a dud.
If you ever had ppi, even if you knew you'd signed up for it, you probably never knew that there were reasons why it was wrong for you, but the selling company would have known and should have advise you. That's why the banks are paying out without a great deal of argument. They also promoted this product by giving big bonuses and sales targets to those people that were involved with it.
I've never heard of anyone getting an actual ppi insurance payout from these products. Ever heard of someone actually losing their job and their credit cards being settled by the policies? Every other type of insurance industry policy gets payouts. Car insurance, house insurance, life insurance, medical insurance, dental insurance all payout to claims. PPi? Never.
Ultimate insult with ppi? It's not even going to protect your credit rating, even if it pays out. Because its not going to pay immediately, and it's not going to pay the minimum payment, it's only going to pay your interest.
To 98% of this that bought it, knowingly or not, it was a pointless product. It was certainly mis described as an essential fall back to rely on.
What I didn't know, because the small print simply didn't explain it, was that I had bought a product that would never have paid out in my situation. I wasn't ever advised by the product suppliers that they were continuing to take money off me for something that was unsuitable. It was advertised (sold) as a product that would give 'peace of mind, whatever happens'. But actually that's just a big advertising lie.
For example, it's sold a as a product 'takes over your payments should the worst happen''. So what do most people think of as 'if the worst should happen' should mean? You've lost our job, right? Ok, so what happens if you've lost your job but you've got 35,000 in the bank? So you've got this insurance that protects your payments right? No. You've got the means to carry on paying your credit card, you aren't getting a payout. You'd have to be insolvent for them to start covering your interest element only..... I've actually been told by a credit card company to continue paying my credit card bills over my mortgage payments, despite having ppi, when I lost my income, until my money runs out. Only then will ppi consider covering my interest payments.
Wait a minute, it thought that they were covering my payments? No that was a lie to, just the interest.....
You get made redundant... Lose your job.. They cover your payments? Not until you've used up all our redundancy money.
You're in the armed forces and you get injured and get a medical insurance payout and have to leave with forces pension payout.... And your PPI payout? Nope, you don't qualify because you got a pension payable immediately.... You've been paying for a pointless product. So all those other people that had ppi whilst in the forces, they too paid for a pointless product that they didn't know was pointless.
So you and the missus, who works and is paid well, have a joint account. Ppi help you if one of you lose your job? Unlikely. You'd have to get a financial divorce in reality.
Ppi would only payout to those people who make no other provision to provide any additional financial cover. No savings, no other income. And it's only going to cover the interest, not the principle. They shouldn't have been lending money to the people who really needed ppi in the first place. Almost everyone else would have been excluded by their terms and conditions.
Oh, and another thing. Since when do you get sold an insurance policy where they don't send you annually a policy document for you to read!? Why didn't they ever send out policy docs for this useless product? Because they knew all along that it was a dud.
If you ever had ppi, even if you knew you'd signed up for it, you probably never knew that there were reasons why it was wrong for you, but the selling company would have known and should have advise you. That's why the banks are paying out without a great deal of argument. They also promoted this product by giving big bonuses and sales targets to those people that were involved with it.
I've never heard of anyone getting an actual ppi insurance payout from these products. Ever heard of someone actually losing their job and their credit cards being settled by the policies? Every other type of insurance industry policy gets payouts. Car insurance, house insurance, life insurance, medical insurance, dental insurance all payout to claims. PPi? Never.
Ultimate insult with ppi? It's not even going to protect your credit rating, even if it pays out. Because its not going to pay immediately, and it's not going to pay the minimum payment, it's only going to pay your interest.
To 98% of this that bought it, knowingly or not, it was a pointless product. It was certainly mis described as an essential fall back to rely on.
I have just started looking into this, my mate got £2.5k back from MBNA and something from a loan too.
I have had a few credit cards, but mostly for 0% debt consolation, the only card I can think of that may have had PPI on was my Barclaycard as I had it for a long time, it had a fair bit on it (about £5k) and when I took it out it was in 2007 and I may not have been aware of PPI etc.
However the last few loans I have had on Tesco etc I am pretty sure I didn't ask for PPI (basically unchecked the box) so I shouldn't have had any.
However it is worth checking, its not like you are trying it on, they will check their records, and if you have a claim they will pay out, if they don't, they wont, its hard to de fraud them.
I have the forms from Barclaycard (on their website) I am now trying to find out my old account number (cancelled account last year) but there are ways to get them too. Send in the forms and see if you can claim.
I felt like I was trying it on but he explained that they may have just had it on to cover if you were out of work as a safeguard but if you had anything like an illness etc then that wouldn't have paid out, so may have been inappropriate for you.
Having Cronhs disease I often get turned down for health insurance and work cover, but I had savings in the event I was off for a period anyway so wouldn't have needed PPI.
The only time I know I had PPI was when I took out a HP agreement on a laptop from PC world in 2000, I have been told it wouldn't have been worth the paper printed on subsequently, but I doubt I can claim about something 13 years ago with my signature on it
I have had a few credit cards, but mostly for 0% debt consolation, the only card I can think of that may have had PPI on was my Barclaycard as I had it for a long time, it had a fair bit on it (about £5k) and when I took it out it was in 2007 and I may not have been aware of PPI etc.
However the last few loans I have had on Tesco etc I am pretty sure I didn't ask for PPI (basically unchecked the box) so I shouldn't have had any.
However it is worth checking, its not like you are trying it on, they will check their records, and if you have a claim they will pay out, if they don't, they wont, its hard to de fraud them.
I have the forms from Barclaycard (on their website) I am now trying to find out my old account number (cancelled account last year) but there are ways to get them too. Send in the forms and see if you can claim.
I felt like I was trying it on but he explained that they may have just had it on to cover if you were out of work as a safeguard but if you had anything like an illness etc then that wouldn't have paid out, so may have been inappropriate for you.
Having Cronhs disease I often get turned down for health insurance and work cover, but I had savings in the event I was off for a period anyway so wouldn't have needed PPI.
The only time I know I had PPI was when I took out a HP agreement on a laptop from PC world in 2000, I have been told it wouldn't have been worth the paper printed on subsequently, but I doubt I can claim about something 13 years ago with my signature on it
Rick_1138 said:
The only time I know I had PPI was when I took out a HP agreement on a laptop from PC world in 2000, I have been told it wouldn't have been worth the paper printed on subsequently, but I doubt I can claim about something 13 years ago with my signature on it
13 years of compound interest though....Chris Type R said:
Rick_1138 said:
The only time I know I had PPI was when I took out a HP agreement on a laptop from PC world in 2000, I have been told it wouldn't have been worth the paper printed on subsequently, but I doubt I can claim about something 13 years ago with my signature on it
13 years of compound interest though....I also found out recently that any PPI I would have had would probably have been vid as having cronhs disease usually classes as a pre existing medical issue so many wont pay out.
I have sent off my online claim form to Barclaycard with all the info I have. They can check better than I can as I cant access my account records as account was closed last year, so its a bit vague but they should have all my info from my personal details.
My only worry was If i didn't have PPI could they claim I was claiming fraudulently? I have done this in good faith on the back of a similar situation my mate had, they can only tell me no in the end if I don't have a claim yes?
I took a loan out in 2000 & was told I had to take PPI otherwise I couldn't have the loan. Like others, it turns out if I had lost my job it wouldn't have paid out anyway.
Trouble is, I'm pretty sure it was with the TSB, which then changed to Lloyds TSB, and now back to TSB. I haven't got any paperwork whatsoever (bank statements, agreements etc) so do I have any chance of getting anything back or am I wasting my time?
I have spoken to one of the "we'll claim it back for you" places & they have said it's too old to do anything.
If I remember right, the PPI was around the £50 a month mark & the loan was for 5 years.
Trouble is, I'm pretty sure it was with the TSB, which then changed to Lloyds TSB, and now back to TSB. I haven't got any paperwork whatsoever (bank statements, agreements etc) so do I have any chance of getting anything back or am I wasting my time?
I have spoken to one of the "we'll claim it back for you" places & they have said it's too old to do anything.
If I remember right, the PPI was around the £50 a month mark & the loan was for 5 years.
badboyburt said:
Interesting thread, anyone have a handy link for Santander regarding how to start a complaint regarding PPI ?
Google tends to do OK with these sorts of things." How to make a PPI complaint
Santander is committed to making it as easy as possible to resolve your complaint. Here is what you need to do if you want to make a PPI Complaint:
Telephone 0845 600 6014 (0345 600 6014 from a mobile) - Option 1, Option 1, Option 1, Option 1.
You can contact our team of specialist PPI complaint handlers on 0845 600 6014 who will discuss the details of your complaint with you directly. They will log your complaint and advise you of the next steps. This team will also be able to confirm whether you have or have had PPI.
So your concerns can be resolved as quickly as possible we suggest that you have to hand details of your PPI policy including the policy number or account number. If you cannot find your PPI policy number or account details you can call our PPI team on 0845 600 6014 to find out. We will need your name, date of birth and address at the time you took the policy out.
To help us understand your complaint fully and process it quickly you can download and complete a PPI Questionnaire.
(To open the PPI Questionnaire you will need to have Adobe Reader. If you don't already have Adobe Reader you can download Adobe Reader for free here)."
http://www.santander.co.uk/uk/help-support/complai...
Did mine a month or so ago.
Nice chap from the Bank agreed that mine is open and shut case, its irrelevant as to why they sold it to me, even though that was done incorrectly as well... the simple fact that I was staff and as such should never ever be offered PPI as its not something they should offer to them.
I got PPI on my consolidation loan that I had to have to get the loan and then couldn't claim on it.
Apparently I had it on another loan, didn't even know they sneaked it in on that one.
Now owe me 9 years of interest minus the HMRC cut on the two loans including the amount of money I paid back.
Still hasn't stopped all the PPI callers, but I do like how they explain that them and them alone can get more back for me than I can dealing with the bank myself as they have special techniques.
Cant tell me the techniques though, just that they can fill in a form differently to how I do it.
Nice chap from the Bank agreed that mine is open and shut case, its irrelevant as to why they sold it to me, even though that was done incorrectly as well... the simple fact that I was staff and as such should never ever be offered PPI as its not something they should offer to them.
I got PPI on my consolidation loan that I had to have to get the loan and then couldn't claim on it.
Apparently I had it on another loan, didn't even know they sneaked it in on that one.
Now owe me 9 years of interest minus the HMRC cut on the two loans including the amount of money I paid back.
Still hasn't stopped all the PPI callers, but I do like how they explain that them and them alone can get more back for me than I can dealing with the bank myself as they have special techniques.
Cant tell me the techniques though, just that they can fill in a form differently to how I do it.
hamish88 said:
Anybody used stake my claim or refer a decent company someone has used.
Too busy/lazy/confused to do it myself .
Have had about eight different mortgages and numerous insurance packages in the last twenty years or so.
It takes very little time to do... ring up ask for letter.Too busy/lazy/confused to do it myself .
Have had about eight different mortgages and numerous insurance packages in the last twenty years or so.
Fill in letter
wait
lose 20% to HMRC (only interest section)
Or you could add an extra 30% loss (overall) getting someone else to do it?
hamish88 said:
Anybody used stake my claim or refer a decent company someone has used.
Too busy/lazy/confused to do it myself .
Have had about eight different mortgages and numerous insurance packages in the last twenty years or so.
Use this company:Too busy/lazy/confused to do it myself .
Have had about eight different mortgages and numerous insurance packages in the last twenty years or so.
https://www.stakeyourclaim.co.uk/
They only charge 12% (plus VAT).
Its not always as straightforward as the previous poster has stated. What do you do for instance if the bank writes back to you and tells you that you don't have grounds because you signed their form and they can prove it? Accept it and not get anything? That's what happened to me. But StakeYourClaim pursued the matter and proved that the bank had sold a pointless product to me, had on occasion changed the policy coverage and exclusions, and never informed me that any changes in my circumstances might also make the policy pointless, despite knowing this, and continuing to charge me for it.
I remember reading this post when it was new, I'm a little dubious of just phoning the bank with none of my original paperwork (from mid 2000s); what's to stop this happening:
me: "I think I paid PPI on a loan"
banker: "Let me check that... *pause*.. nope, there was no PPI on that loan"
me: "ok.. thanks?"
banker: "is there anything else I can help you with?"
me: "I think I paid PPI on a loan"
banker: "Let me check that... *pause*.. nope, there was no PPI on that loan"
me: "ok.. thanks?"
banker: "is there anything else I can help you with?"
Phateuk said:
I remember reading this post when it was new, I'm a little dubious of just phoning the bank with none of my original paperwork (from mid 2000s); what's to stop this happening:
me: "I think I paid PPI on a loan"
banker: "Let me check that... *pause*.. nope, there was no PPI on that loan"
me: "ok.. thanks?"
banker: "is there anything else I can help you with?"
it is that simple...me: "I think I paid PPI on a loan"
banker: "Let me check that... *pause*.. nope, there was no PPI on that loan"
me: "ok.. thanks?"
banker: "is there anything else I can help you with?"
http://www.financial-ombudsman.org.uk/contact/PPI....
choose the bank you need to ring and they will check and do it all for you, they even told me of the one I had on my flexiloan I was not aware of.
Du1point8 said:
Phateuk said:
I remember reading this post when it was new, I'm a little dubious of just phoning the bank with none of my original paperwork (from mid 2000s); what's to stop this happening:
me: "I think I paid PPI on a loan"
banker: "Let me check that... *pause*.. nope, there was no PPI on that loan"
me: "ok.. thanks?"
banker: "is there anything else I can help you with?"
it is that simple...me: "I think I paid PPI on a loan"
banker: "Let me check that... *pause*.. nope, there was no PPI on that loan"
me: "ok.. thanks?"
banker: "is there anything else I can help you with?"
http://www.financial-ombudsman.org.uk/contact/PPI....
choose the bank you need to ring and they will check and do it all for you, they even told me of the one I had on my flexiloan I was not aware of.
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