PPI Check without losing out?

[jj2908]

Dear collective

As the dark nights approach Im inclined to check my PPI status once and for all just to see if indeed 'Im owed money'. Can I ask the collective wisdom of PH to tell me if there is a single company out there that you'd turn to to do the checks for me?

Don't get me wrong - I'm happy to put in some effort, but if there exists a reputable player is in the market that will do some of the work then I'm happy to engage them.

Looking forward to the wisdom of you all once more

[williaa68]

Almost all of the claims handlers work on the same principle - you tell them your bank (or banks, building societies etc), they will make enquiries on your behalf and then take between 25% and 33% of the compensation received. There's really nothing you can't do yourself using the precedent letters on moneysaving expert etc.

[cossy400]

Ive just done mine, and got £5500 back, but after the claims firm have had there cut, ive ended up with £3900.


Pure laziness on my part but wish id gone on money supermarket.

[jj2908]

thanks to you both. Very helpful

[Efbe]

jj2908 said:

thanks to you both. Very helpful

The claims companies will send you out forms which will require you to fill in exactly the same details as the forms you find on the banks own website or money supermarket.

You would have to be extremely thick (No offence people) to go through a claims management company.

[hairyben]

How honest are the banks own ppi enquiry lines?

I had a loan from 2007- 2012 with rbs, expressedly asked for no ppi (self employed) but never saw a shred of paperwork, rung hotline to ask and they said I didnt but with all thats coming out regarding rbs activities I cant help but wonder...

[Efbe]

hairyben said:

How honest are the banks own ppi enquiry lines?

I had a loan from 2007- 2012 with rbs, expressedly asked for no ppi (self employed) but never saw a shred of paperwork, rung hotline to ask and they said I didnt but with all thats coming out regarding rbs activities I cant help but wonder...

depends when you asked.

If you ask now, then they will be. A few years ago they may not have had good enough systems at locating your case, or the PPI element.

You could just refer the case on to FOS to make certain if you think there was PPI.

[Bertrum]

Lloyds had an online form, they also have a claims line.

You fill in the form and send it off, they then call you for a telephone interview asking a load of questions.

They then write to you to inform you of a decision. I had one claim passed and one rejected.

I received £1800 in the first pass.

The banks then got reprimanded for handling the first set of claims incorrectly so I had another call to go through the same information and got another £800.

Its really not hard.

They pay you what you paid in plus 8% interest a year!! Best savings account i've ever had.

[shakotan]

Efbe said:

hairyben said:

How honest are the banks own ppi enquiry lines?

I had a loan from 2007- 2012 with rbs, expressedly asked for no ppi (self employed) but never saw a shred of paperwork, rung hotline to ask and they said I didnt but with all thats coming out regarding rbs activities I cant help but wonder...

depends when you asked.

If you ask now, then they will be. A few years ago they may not have had good enough systems at locating your case, or the PPI element.

You could just refer the case on to FOS to make certain if you think there was PPI.

IME, utterly honest.

I submitted a PPI claim to Lloyds 3 years ago and was succesful in my application, then about 18 months ago received a further cheque because they'd apparently calculated my PPI incorrectly.

[Trophy Husband]

shakotan said:

Efbe said:

hairyben said:

How honest are the banks own ppi enquiry lines?

I had a loan from 2007- 2012 with rbs, expressedly asked for no ppi (self employed) but never saw a shred of paperwork, rung hotline to ask and they said I didnt but with all thats coming out regarding rbs activities I cant help but wonder...

depends when you asked.

If you ask now, then they will be. A few years ago they may not have had good enough systems at locating your case, or the PPI element.

You could just refer the case on to FOS to make certain if you think there was PPI.

IME, utterly honest.

I submitted a PPI claim to Lloyds 3 years ago and was succesful in my application, then about 18 months ago received a further cheque because they'd apparently calculated my PPI incorrectly.

Same for us. We got £7500 in the first tranche and then a £1500 adjustment within a year.

[Efbe]

shakotan said:

Efbe said:

hairyben said:

How honest are the banks own ppi enquiry lines?

I had a loan from 2007- 2012 with rbs, expressedly asked for no ppi (self employed) but never saw a shred of paperwork, rung hotline to ask and they said I didnt but with all thats coming out regarding rbs activities I cant help but wonder...

depends when you asked.

If you ask now, then they will be. A few years ago they may not have had good enough systems at locating your case, or the PPI element.

You could just refer the case on to FOS to make certain if you think there was PPI.

IME, utterly honest.

I submitted a PPI claim to Lloyds 3 years ago and was succesful in my application, then about 18 months ago received a further cheque because they'd apparently calculated my PPI incorrectly.

TBH they have no reason not to be completely honest.
The case handlers that deal with your claim will not benefit either way, win or lose, so if anything it will be easier for them if they can help and you are nice back to them!

The times in which they get it wrong are usually down to either not being able to find the case, through incorrect details etc, or in the past if their guidance provided from the financial ombudsmans service told them not to pay out, or if the bank has misinterpreted this.

[Willhire89]

Bertrum said:

They pay you what you paid in plus 8% interest a year!! Best savings account i've ever had.

I had PPI running for seventeen years with BoS credit card.

I went direct and they sent me a first and final offer within days of £2033 which is basically the total of what I paid them plus a pretty small amount of interest.

I told them to stick it and after several letters they referred the case to the FOS who did query how they got to that figure and they admitted they guessed as they had limited data pre 2006.

I then supplied copies of the full seventeen years of statements much to their surprise.

The FOS then proceeded to tell me that giving me my money back was what mattered and it was fair and that they were not there to punish BoS - what?

If the FOS service issue a ruling it is binding on all parties - this is why BoS wanted this referral to happen and as it is an industry funded service and I believe there to do as they are told.

Once I realised the game I stopped the FOS process and will now take the BoS through MCOL something which they are well pissed off about because they thought they had me nailed.

They believe they owe me £2033 which was the first offer - recently they sent another cheque speculatively in the hope I would bank it for £2043 - so they clearly believe in the last 11 months the interest on £2033 should be £9

So if you thought all banks were good with this my experience of BoS is they do not give a st.

[Efbe]

Willhire89 said:

I had PPI running for seventeen years with BoS credit card.

I went direct and they sent me a first and final offer within days of £2033 which is basically the total of what I paid them plus a pretty small amount of interest.

I told them to stick it and after several letters they referred the case to the FOS who did query how they got to that figure and they admitted they guessed as they had limited data pre 2006.

I then supplied copies of the full seventeen years of statements much to their surprise.

The FOS then proceeded to tell me that giving me my money back was what mattered and it was fair and that they were not there to punish BoS - what?

If the FOS service issue a ruling it is binding on all parties - this is why BoS wanted this referral to happen and as it is an industry funded service and I believe there to do as they are told.

Once I realised the game I stopped the FOS process and will now take the BoS through MCOL something which they are well pissed off about because they thought they had me nailed.

They believe they owe me £2033 which was the first offer - recently they sent another cheque speculatively in the hope I would bank it for £2043 - so they clearly believe in the last 11 months the interest on £2033 should be £9

So if you thought all banks were good with this my experience of BoS is they do not give a st.

Will
A few points.

Firstly... BOS will not refer your claim on to FOS. This is for you to do. They cannot do it, you have to.
Secondly... They use a formula to work out your interest. It is a tool for which the case handler you are dealing with has no influence over.
Thirdly... FOS receives it's money from the banks, but it is certainly not run by them. FOS says jump, and the banks say how high. It is absolutely a one way relationship. If FOS decide a bank has not applied the correct methodology to some cases, then the bank has to rework all of these cases, some times several times at the slightest of whims. When I say some cases, I mean hundreds of thousands. each time.
Fourthly... you stopped the FOS from reaching a decision part way through? Why on earth would you do that? FOS typically agree with the customer 70% of the time when cases are referred to them.
Fifthly... they are not giving you an offer. They are telling you how much money they owe you. You are not entitled to £10k that you didn't pay the bank. You are entitled to the PPI you paid in + 8% interest. You aren't haggling with them!!!

[Willhire89]

Efbe said:

Will
A few points.

Firstly... BOS will not refer your claim on to FOS. This is for you to do. They cannot do it, you have to.
Secondly... They use a formula to work out your interest. It is a tool for which the case handler you are dealing with has no influence over.
Thirdly... FOS receives it's money from the banks, but it is certainly not run by them. FOS says jump, and the banks say how high. It is absolutely a one way relationship. If FOS decide a bank has not applied the correct methodology to some cases, then the bank has to rework all of these cases, some times several times at the slightest of whims. When I say some cases, I mean hundreds of thousands. each time.
Fourthly... you stopped the FOS from reaching a decision part way through? Why on earth would you do that? FOS typically agree with the customer 70% of the time when cases are referred to them.
Fifthly... they are not giving you an offer. They are telling you how much money they owe you. You are not entitled to £10k that you didn't pay the bank. You are entitled to the PPI you paid in + 8% interest. You aren't haggling with them!!!

I agree I am entitled to what I paid in + 8% but that is nothing like I am being offered - so I am afraid I am haggling with them. The first payments were made on this account back in 1992.

BoS have no idea how much I had paid as they had no data for the majority of the period - they took a guess quite literally. I can tell you what I paid every month throughout the whole seventeen years before I cancelled it in 2009.

The BoS wrote to me and said it would not make any further offers over and above their first and final (real data or otherwise) and therefore they requested the matter was referred to the FOS - they dragged me to them.

The FOS have an interim assessment system which transpired to be a really nice guy who had an archaeology degree who had then been a lifeguard at the local swimming pool for a couple of years before joining the FOS two months earlier. All he ever said was that he trusted the BoS and he too was not interested in the real data.

He stated clearly that the final FOS decision would never go against their interim assessment - makes sense as they are hardly going to go against themselves but if you go to the end it is binding - on the basis that he was telling me I'm about to be bound to an offer I know is flawed I have to terminate the process - that's why I did and in my position you would too

The BoS use a system which attempts to reconstruct account activity it does not look at actual charges hence the lack of interest in real data and all I know is it is massively loaded in their favour.

I can tell you that monthly premiums of between £12 and &17 were the norm in the early 2000's......and you reckon that £2000 as a refund now is going to be right???

Sorry - my experience of this is that it is flawed.