Is claiming PPI back easy?

[Soir]

How do you find out (remember) what loans you have taken out, when & who with?

Only think I can remember was first mortgage 12yrs ago I disputed indemnity insurance (basically this paid their insurance if I defaulted on the loan) but was told had to pay or no mortgage offer...is this ppi?

[Patch1875]

Soir said:

How do you find out (remember) what loans you have taken out, when & who with?

Only think I can remember was first mortgage 12yrs ago I disputed indemnity insurance (basically this paid their insurance if I defaulted on the loan) but was told had to pay or no mortgage offer...is this ppi?

I just called the lenders I knew I had credit cards/loans with. Gave them my details and they found which ones had ppi. Out of 4 credit cards and 2 loans it turned out 2 credit cards had ppi on them.

Tbh I have no recollection of taking ppi on them but I know I wouldn't have accepted something that would have costed me more as I have never done it with any financial product I have got.

Certainly worth a call to find out if you have had it.

[Meps]

Soir said:

How do you find out (remember) what loans you have taken out, when & who with?

Only think I can remember was first mortgage 12yrs ago I disputed indemnity insurance (basically this paid their insurance if I defaulted on the loan) but was told had to pay or no mortgage offer...is this ppi?

I was sent a letter from the firm saying my ppi was not going to be available no more. That is the first I knew about it as they had bought out the previous card company that I had the ppi with, they could only go back 6 years records so calculated the interest for the length when I took the card. Started the claim late November paid out in January. Nice birthday present.

[Patch1875]

Meps said:

I was sent a letter from the firm saying my ppi was not going to be available no more. That is the first I knew about it as they had bought out the previous card company that I had the ppi with, they could only go back 6 years records so calculated the interest for the length when I took the card. Started the claim late November paid out in January. Nice birthday present.

So where you aware you had ppi when you took the card out, I apparently had it but never showed on my statement each month?

[Fast Charlie]

Meps what firm was it you used as that is a good rate?

[so called]

So I'm now up to £40+k in refunds with some claims still outstanding
I'm one of those powerfully built Company Director types and so found some very interesting small print in my mortgage ppi.
When we got our existing mortgage I said,"no thanks", to ppi.
Three months in to the mortgage we realised that we were paying ppi.
As I travel globally 250+ days per year, I decided to keep it for my wife.
Earlier this year, after 14 years in our home, I read the small print. (Ye, I know I'm stupid).
It sated that payment would only be made if my company went bankrupt!!!
Completely useless.
Result - 22k refund.

PS - looking at my previous mortgage now.

[Patch1875]

so called said:

So I'm now up to £40+k in refunds with some claims still outstanding
I'm one of those powerfully built Company Director types and so found some very interesting small print in my mortgage ppi.
When we got our existing mortgage I said,"no thanks", to ppi.
Three months in to the mortgage we realised that we were paying ppi.
As I travel globally 250+ days per year, I decided to keep it for my wife.
Earlier this year, after 14 years in our home, I read the small print. (Ye, I know I'm stupid).
It sated that payment would only be made if my company went bankrupt!!!
Completely useless.
Result - 22k refund.

PS - looking at my previous mortgage now.

Wow that's great!

I got a call yesterday from one of my credit card providers to give more info, tbh I'm winging it as I have no paperwork and haven't got a clue that I had it, but a bit research I found at the time the bank was pre-ticking the ppi box on the form which is a big no-no.

[Patch1875]

Just to update mine, turned out I had 3 credit cards with ppi. I have one upheld and 2 rejected on the grounds that they were non- advised sales. Now taken the rejected pair to the FOS on the grounds that the form I filled in ' strongly advised' I take the ppi the FOS have a case study on this that decided that this wording is actually advising.

All straight forward so far may take a while to sort out but over the phone they said its a 50/50 what's going to happen.

The upheld one was a card taken over the phone resulting in a refund of 1k not a huge amount but happy after not even thinking I had ppi.

[blade7]

I arranged a mortgage and later a remortgage with Nationwide BS, we had to go into a branch one Saturday morning to sort out some details, the PPI sales person had her infant child in the office and she was paying more attention to babysitting than explaining the PPI details, despite this and the fact it was a joint mortgage only one wage/life was covered, I also had ample works sickness/redundancy cover and other means to pay the mortgage. Nationwide however refused to repay the PPI. Good luck getting anything from them.

[Patch1875]

blade7 said:

I arranged a mortgage and later a remortgage with Nationwide BS, we had to go into a branch one Saturday morning to sort out some details, the PPI sales person had her infant child in the office and she was paying more attention to babysitting than explaining the PPI details, despite this and the fact it was a joint mortgage only one wage/life was covered, I also had ample works sickness/redundancy cover and other means to pay the mortgage. Nationwide however refused to repay the PPI. Good luck getting anything from them.

Have you refered it to the FOS?

[blade7]

Patch1875 said:

blade7 said:

I arranged a mortgage and later a remortgage with Nationwide BS, we had to go into a branch one Saturday morning to sort out some details, the PPI sales person had her infant child in the office and she was paying more attention to babysitting than explaining the PPI details, despite this and the fact it was a joint mortgage only one wage/life was covered, I also had ample works sickness/redundancy cover and other means to pay the mortgage. Nationwide however refused to repay the PPI. Good luck getting anything from them.

Have you refered it to the FOS?

Yes.

[so called]

My update on this is I've made about 19 claims and have over £50k in refunds.
Had a good holiday this year
Three claims still being processed.

[Bigbudders]

I'm trying to claim one back from Barclays at the moment, they just signed me up for their ppi when they took over from another card provider. They told me I could cancel the ppi if I wished (which I did of course) and then tried to say they knew nothing about it afterwards.... bunch of Jokers!

[Paddymcc]

so called said:

My update on this is I've made about 19 claims and have over £50k in refunds.
Had a good holiday this year
Three claims still being processed.

Are you doing this yourself or using a company who act on your behalf?

[Collectingbrass]

Paddymcc said:

Are you doing this yourself or using a company who act on your behalf?

Do it yourself, it really is that easy. Also the banks seem to default to "you were mis sold", especially if there is any sniff of a reason at all, e.g. Savings or insurance through work, that you wouldn't have needed it.

[AvonRise]

so called said:

My update on this is I've made about 19 claims and have over £50k in refunds.
Had a good holiday this year
Three claims still being processed.

19 claims and another 3 in progress? - how the hell do you manage this - do you live your life on loans and finance?

I had PPI once. When I was 21 and on my first ever loan. I was told I had to take it to get the loan, but this is 20 years ago and I have no paperwork. Is it worth claiming? - not sure. It's probably not for a huge amount of cash.

I'd break out in a cold sweat if I'd taken out so much finance that my PPI claim was £50k - I soon learned a lesson about loans and PPI!

[Collectingbrass]

AvonRise said:

so called said:

My update on this is I've made about 19 claims and have over £50k in refunds.
Had a good holiday this year
Three claims still being processed.

19 claims and another 3 in progress? - how the hell do you manage this - do you live your life on loans and finance?

I had PPI once. When I was 21 and on my first ever loan. I was told I had to take it to get the loan, but this is 20 years ago and I have no paperwork. Is it worth claiming? - not sure. It's probably not for a huge amount of cash.

Yes, definitely. If you can trace the bank it was with and give them / tehir current owners your address then you hould be able to claim.

AvonRise said:

I'd break out in a cold sweat if I'd taken out so much finance that my PPI claim was £50k - I soon learned a lesson about loans and PPI!

The banks add 8% compound interest to the refund of premiums due to put you back to where you would be now had you not taken PPI. In my case this made up circa 65% of the total paid out, and for you the total payable would probably be significant.

The only thing I would say if you have multiple claims is to watch your timing. The interest refund is taxable and whilst it's taxed at source if you have a goodly amount paid in one year you could tip into the next tax bracket. Not too bad if you tip into 40%, but over £100k income and you're into tax returns and all sorts. Obviously the PH directors have one of the big 4 accountancy firms on retainer for that sort of thing, but one to watch none the less.

[TTmonkey]

If anyone wants some advice on a claims company to use, look up 'stake your claim'. As they are linked to charitable organisations that help with debt management, their charges are a lot less than other less reputable companies. I think they charge 12% whilst others charge 30-50%.

[Burgmeister]

This is such a depressing thread for so many reasons...

Many fail to realise that the product is good but the sale was bad.

[TTmonkey]

Burgmeister said:

This is such a depressing thread for so many reasons...

Many fail to realise that the product is good but the sale was bad.

Actually the product was rubbish. "Protection whatever happens" bullsh*t. You lose your job and your payments are covered.... Rubbish. You get made redundant, you get a redundancy payment, the insurance doesn't kick in until you are insolvent. This was described as "covering you between employment" but that's rubbish, if you have money in the bank it ain't ever paying out. If your wife has an income then it doesn't pay out if u have a joint account. Cover your payment. - rubbish, only covers the interest element, the debt will not reduce. If you had a job like the armed forces, and you got injured and forced out, your automatic medical pension would mean never getting a PPi payout. If you had other cover like work based sickness benefit or similar, ou wouldn't get a payout....

It was rubbish. Very expensive rubbish