Is claiming PPI back easy?

[TTmonkey]

Phateuk said:

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...

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.

What I was implying was; how would I know if they were just saying no? Without any paperwork why would they admit to it?

If its Barclays they'll just say no and sound utterly convincing because they are well practiced at lying through their teeth.
If its RBS you'll here a pause just before they say 'noooo' because they are incompetent at lying.
If its MBNA they say no but then start laughing and giggling and just send out a cheque in tomorrow's post because they know that everyone is entitled to a payout as they ripped everyone off....

[Du1point8]

Got a nice little letter and £3.5k back for my PPI.

[oyster]

Have I entered into some alternate world?

How on earth did so many people sign up for PPI?

I have had dozens of credit cards over the years but always paid off each month. Never had a loan other than a mortgage.

I don't think I have ever, ever, ever even been tempted to tick the box to include insurance?


Am I unusual in this regard?
In fact, is it unusual not to one's life by way of loans and borrowing for everything other than for a house.

[TTmonkey]

oyster said:

Have I entered into some alternate world?

How on earth did so many people sign up for PPI?

I have had dozens of credit cards over the years but always paid off each month. Never had a loan other than a mortgage.

I don't think I have ever, ever, ever even been tempted to tick the box to include insurance?


Am I unusual in this regard?
In fact, is it unusual not to one's life by way of loans and borrowing for everything other than for a house.

unusual in not ticking the PPI box? No, not really. Lots of people didn't tick it. Depends what kind of person you are really. Some people are cautious, and would want protection, others already know that they have sufficient cover.

Some however ticked it without being told that the product was of no value to them, or indeed were told that it was basically mandatory, or weren't even furnished with the proper terms, conditions and exclusions.

The whole thing about not borrowing for things you want isn't for this thread, there are other discussions that cover that.

[Patch1875]

I ticked the boxes even though I have no recollection doing so it was in the mid 90's and I wasn't very good with money then.

Maybe someone else ticked them? Still annoys me that they were ticked as I'm sure if I knew it was going to cost I wouldn't have done it.

[Du1point8]

with my flexi loan I got it just after I joined the bank I worked for and I was looking for a easy way to extend credit without needing to dip into overdraft.

It was cheaper APR wise than a credit card, so I went for that, what I was not made aware of was the PPI, which brought it up to more than a credit card APR.

So I would not have touched it if I had known and this was never mentioned as the person doing the sale was a grad and never mentioned including a PPI, it wasn't until I claimed back the other PPI that I found one was on the flexi loan, I was not happy.

The other one I needed to have to get the loan.

It was found out later that staff should never be allowed to have a PPI in any circumstance and hence I got all mine back with no issues at all.

Miss-selling at its best.

[Phateuk]

oyster said:

Have I entered into some alternate world?

How on earth did so many people sign up for PPI?

I have had dozens of credit cards over the years but always paid off each month. Never had a loan other than a mortgage.

I don't think I have ever, ever, ever even been tempted to tick the box to include insurance?


Am I unusual in this regard?
In fact, is it unusual not to one's life by way of loans and borrowing for everything other than for a house.

I thought like this until I spoke to a friend who use to work for a high street bank in the early 2000s, he said it was most commonly "sold" to those people who came in branch along the lines of:

They ask for loan of £XXXXX, the bank employees were instructed to tell the customer how much that would cost per month over the term and this would automatically include the PPI. So they'd be happy with the monthly cost, and the bank would have sold the PPI without them knowing. Obviously some would question total cost, interest rate etc, but there are huge numbers of people who have little understanding of money/finance and just see it in terms of "I need this amount, how much per month?"

[SunsetZed]

oyster said:

Have I entered into some alternate world?

How on earth did so many people sign up for PPI?

I have had dozens of credit cards over the years but always paid off each month. Never had a loan other than a mortgage.

I don't think I have ever, ever, ever even been tempted to tick the box to include insurance?


Am I unusual in this regard?
In fact, is it unusual not to one's life by way of loans and borrowing for everything other than for a house.

My wife had it before I met her when she got into a financial pickle, she ticked because she was told she wouldn't get either of the 2 loans she applied for without it.

Worked out well in the end I guess as I doubt she would have invested the money it cost somewhere giving a gross return of 8%

[oyster]

I assume people are using these windfalls to pay down debt and rid themselves of a loan culture and avoiding the temptation to spend the cash on holidays, cars and big televisions?

[Du1point8]

oyster said:

I assume people are using these windfalls to pay down debt and rid themselves of a loan culture and avoiding the temptation to spend the cash on holidays, cars and big televisions?

Nope... frivolously spending away... however considering the only debt I have is Mortgage, I think Im allowed.

[Forever Alone]

After some advice chaps. I believe I had PPI on a very old credit card from years ago.

I took MSE advice and paid £2 to get my credit report through Eperian. I might be being thick but I can't see on there where that credit was from?

I have moved twice since then, so do I need to do another report for my old addresses to find out?

[TTmonkey]

Forever Alone said:

After some advice chaps. I believe I had PPI on a very old credit card from years ago.

I took MSE advice and paid £2 to get my credit report through Eperian. I might be being thick but I can't see on there where that credit was from?

I have moved twice since then, so do I need to do another report for my old addresses to find out?

Your credit report wont contain details of a long closed down credit card. I don't know what advice you were given on MSE but maybe there was some misunderstanding.