anyone in here have ppi insurance?

[m3sye]

If you have give me a pm and I will look into getting you some money back

[johnfm]

another form of ambulance chasing....

[Mrs Grumpy]

No-one needs a 3rd party intermediary to 'help' reclaim any money back from endowments, bank charges, PPI or anything other financial product. In my experience (fairly extensive) they slow down the process and take up to around 40% of whatever they 'win' for you. IMO they provide nothing more than a template letter that you can esily find on the web.

[m3sye]

To simply claim back your PPI Payments for miss sale yes I would recommend using templates, but this goes further than that. We use solicitors who are experts in PPI, they manage to not only claim back for you what you have paid but also what you would have paid +% plus the commission the broker got for selling you it.
If you process the claim yourself you will get alot less and if it was to go to court potentially your costs are huge.

The average PPI Claim we deal with is £8000 (for the customer) if you go to claim yourself you will looking at alot less.

40% is also not the figure taken

[mcflurry]

Why would someone pay £8000 for "insurance" on a loan?

[m3sye]

They dont

But to use this as a real example

Customer A took out a secured loan of £25,100 over 10 years with repayment of £234.34
On the open market the PPI cover for this loan should have been around £9.36 per month
Customer A though was charged £56.90 per month for exactly the same type of cover. In total 6k roughly.
That amount was added to the loan of £25k so they were in fact paying £31k (roughly)
So not only did they over pay for the cover they were also paying interest on the cover as it was added to the loan.
Great deal for the lender in extra interest payments but total rip off for the client.
Also generally you agree to except this cover for 3,5,7 or longer but who actually knows what circumstance they will be in that far down the line????

The OFT (office fair trading) has calcualted that the ppi commission is between 50-70% in our experience we have seen commissions of upto 85%
Using ther example above 6k in cover @ 85% commission would be around 5k rewarded to the broker.

What we will do is get back for you the following

• The commission the broker took
• What you have paid so far + interest
• What you were due to pay + interest i.,e if you had done 2 years of a 7 year plan at £50per month - £3000 back + interest

Thats whats we do that is different to your standard template letters, which just gets you back what you have paid.

We also have a 100% success rate to date

[johnfm]

I understand that some sellers of PPI were unscrupulous - and the FSA are hitting dodgy PPI brokers hard.

But surely person A should have thought:

hmmm, £234 loan repaymnet - another £59 insurance - that doesn't sound right...

Anyway, good luck to you.

[m3sye]

Yeah maybe he should, but also should customers who were paying £25 for £1 boucing in the account also thought hhhmmm??

Not everyone in the UK looks into this and also there are hundreds a thousand of cases sold without the illustrations been shown, and in turn the customer does not even know they have it until they actully study there paperwork

[Mrs Grumpy]

Interest is paid on a successful claim as per FSA / FOS guidelines. The broker's fee would also be paid - if it had been paid by the customer. What the customer would get back is what he has lost out on, ie payments made plus interest to date. The compensation awarded is to put the customer back in the position he would have been in, had he been advised correctly at point of sale. These are the general principles of financial complaint handling and are nothing new.

You would have 100% success rate if the policy was mis-sold, as would the customer if they took their complaint direct. Only they would receive all of the compensation payable.

See here for information from FOS: http://www.financial-ombudsman.org.uk/publications...

Also, I think you'll find that free advertising on PH is against the T&Cs.

Edited by Mrs Grumpy on Tuesday 16th September 18:17

[m3sye]

live upto your name dont you, as its per T & C's of PH I will stop the thread

[Boris.]

You don't need intermediaries to claim back PPI. All it takes is a VERY simple letter. go to moneysavingexpert.com for a load of information and template letters etc for free if you are interested in claiming it back if you think it was misold (you can usually argue a case that it was quite easily with little proof). Same goes for bank and credit card charges, although most claims have been stayed whilst the test case is dealt with.

Absolutley no need to use 'proffesional firms' 'cough' on a par with Ocean Finance, Injury Lawyers 4 U etc etc.

As a poster said above 'Ambulance Chasers'

[Boris.]

m3sye - you have a 100% succes rate because it is so easy any fool could do it.