No you'd have got 100% of what you were owed. It's not a game with a chance of losing. You just follow the (very simple) procedures and get your money.
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[Finance] PPI Claims Companies!
- Thread starter Chicken Run
- Start date
Shropshire Seagull
Well-known member
I've always been pretty sure I never had any PPI - I had a safe-ish job with health insurance and a decent sick-pay scheme.
Anyway, a PPI claim company called about 18 months ago so I provided details of ~25 financial products I'd had since 1980 - zero
Then, back in March another company called me and said it was easier now and banks were having to cough up - so I filled their forms in too - and NOTHING.
I've concluded that if you're reasonable financially savvy, you'd have a fairly good idea if you's had any PPI - I rolled the dice with a nothing to lose strategy - gained nothing, lost nothing just wasted my time filling in forms - didn't work for me ....
Anyway, a PPI claim company called about 18 months ago so I provided details of ~25 financial products I'd had since 1980 - zero
Then, back in March another company called me and said it was easier now and banks were having to cough up - so I filled their forms in too - and NOTHING.
I've concluded that if you're reasonable financially savvy, you'd have a fairly good idea if you's had any PPI - I rolled the dice with a nothing to lose strategy - gained nothing, lost nothing just wasted my time filling in forms - didn't work for me ....
I've had plenty of financial products, but the only way I'll have had PPI is if they've made me have it, and I doubt that's the case. I'm guessing that those that are having successful PPI claims, probably chose to have it in the first place.
I remember the discussions - 'Do you want payment insurance in case you get sick and can't afford to pay?' 'No.'
Thunder Bolt
Silly old bat
Did you read every single word of the small print? One of the reasons the finance companies are being made to compensate for PPI is because it was often hidden and not offered.
Sussexscots
Fed up with trains. Sick of the rain.
Don't pay any of these Footpad claim companies a penny. They know it's money for old rope -and not much old rope at that.
It's simple and straightforward to do it yourself. Martin Lewis' Moneysaving expert website provides a step by step guide and templated letters:
https://www.moneysavingexpert.com/reclaim/ppi-loan-insurance/#resolver
It's simple and straightforward to do it yourself. Martin Lewis' Moneysaving expert website provides a step by step guide and templated letters:
https://www.moneysavingexpert.com/reclaim/ppi-loan-insurance/#resolver
murciagull
Active member
I know I had PPI on a bank loan from lloyd s (was told I had to have it) and have tried to make a claim, but as this was nearly 30 years ago and I have no paperwork Lloyds have written to say they can find no trace of the payment, but the loan may have been through Black Horse Finanace have claimed from them with the same result. Does anyone think going through a claim company would help?
Sussexscots
Fed up with trains. Sick of the rain.
In fact, if you still have sums outstanding on loans against which you are reclaiming PPI, be particularly careful before using a claims company.
Say for example you still have £7,000 outstanding on a loan. The bank agrees that you were miss sold PPI in, say the sum of £1,500. As I understand it, they are entitled to offset that sum against the balance on the loan that remains outstanding, thus in this example reducing the amount owed on your loan to £5,500.
Crucially though, the contract you sign with the claim company means that will still want paying. In this example, that could be 30% or £500 . So you would need to find that money out of your own pocket.
Definitely do it yourself.
Say for example you still have £7,000 outstanding on a loan. The bank agrees that you were miss sold PPI in, say the sum of £1,500. As I understand it, they are entitled to offset that sum against the balance on the loan that remains outstanding, thus in this example reducing the amount owed on your loan to £5,500.
Crucially though, the contract you sign with the claim company means that will still want paying. In this example, that could be 30% or £500 . So you would need to find that money out of your own pocket.
Definitely do it yourself.
Not a chance.
Yes, if it was hidden, then I could have paid it. But even then I'd have seen it in the monthly payments, and said WTF is that?
The only one exception I can think of was 1 bank loan I got from HSBC, and they were quite crappy about rules I had to meet. I'll find out if I paid any PPI.
I'm the same as you - No one has ever ''reailroaded'' me into anything I didn't want - However I know I could get thousands back if I pursue my bank.
I started off paying £10 a month to have a ''Premium Account'' - I took it because it covers me and certain family members for Annual Travel Insurance and so as I travel a lot I took the account. I haven't lost anything I don't think because even though it is now up to £16 per month I wanted the product and I have never had to take annual travel insurance out.
So maybe I have lost out minimally. It transpires that those bank accounts now have been regulated as ''mis-selling''. - So I know for a fact I could get circa £14 per month for 20 years back if I claim it so £3360
I have toyed with the idea of claiming it but I wasn't mis-sold so on principal I haven't claimed but it still crosses my mind now and again just to take the money and say ''****-em'' . So I will wait to the deadline and then decide once and for all.
There have been plenty examples of people thinking they didn't have it but a little box was ticked on their behalf without them knowing part of the cost was PPI. Only because you said no when asked doesn't mean to say you didn't get PPI when not asked. Particularly bad for this method of misselling were companies like DFS.
Correct.......also it was sometimes made a ‘condition’ of agreeing the loan (‘you’re chances of the loan being agreed are much higher if you tick this box......’ etc) even though this wasn’t allowed (this is what happens when staff are targeted to sell products). This is also partly why the banks (and others) are getting hammered by the FCA over it. Industry costs/compensation is now in the tens of billions. Large numbers of customers were duped into taking out PPI, other took it knowingly but were mis-sold it as they didn’t need it etc.
The banks at least have vast teams of people dedicated to nothing other than dealing with PPI claims and have done for years now. Follow the steps outlined in various links above and deal direct - there is no need to throw 10-30% of your refund due away on the claims management companies. The banks are under so much scrutiny and pressure to clear this up they’ll often err on the side of the customer too rather than delay claims (which they also get slammed for)