PPI claim is it worth it
I keep getting all these PPI calls ,and it's got me thinking .1,have I had or got PPI and 2 ,is it worth making a claim , would hate to think the bank has kept some of my money, any advice ?????
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Apparently there is no need to use a third party. If you had PPI you simply contact the provider and they are obliged to sort it.
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If you know you have paid for such a policy then you have nothing to lose and everything to gain. I don't know whether I was foolish or wise but personally I never ever entered into one of those agreements.
David
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I know perfectly well that I have never, ever, had PPI in any form or guise.
It's not fair that I cannot claim, because I still have to suffer the endless cold calls
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I never took it (PPI) out on principal but after someone at work with the same claim got a few thousand back I contacted one of these firms a few years ago, gave them the necessary details and received over £4000 back. I really do not understand how, when I questioned it with the firm they said something about the interest rates I was on were higher than they should have been (At the time they seemed quite in line with other lenders) - a sort of built in PPI? After the first 'are you sure' I took the money.
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If you think you may be owed money it is a last chance to claim. You'll get a good repayment back due to added interest. Claim it yourself, the forms are easily available. Don't be fobbed off if you really know you are owed money, contact the financial ombudsman to mediate. PPI took many shapes, business and personal loans as well as mortgage lending etc.
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I know that we never had PPI. I did start to pursue it recently after receiving a letter. Got our credit reports but decided against taking it further. I'd not had anything in my name. Any credit we had was interest free and I could divide the amount borrowed by the number of months we had to pay. Hubby not happy to continue with it so he didn't although there was something on his report about Barclaycard, neither of us understood that bit! Just discussed this thread with him - he's still not keen to continue even after hearing what cornersteady has said so well never get anything back deserved or not 😉.
I'd say nothing ventured nothing gained 😆
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PPI takes many forms. It can be built into mortgage / loan repayments, it can be built into bank charges or it can be a straight forward extra charge.
On the first, if you had simply calculated the repayment amount, based on the agreed interest rate, you would clearly have seen whether you were paying too much. However, some people are not able or cannot be bothered to carry out this calculation (even though it is basic maths) and therefore didn't realise they were paying the extra charge. These PPI fees would have been set out in the terms and conditions of the loan, but again you have to take the trouble to read them.
Similarly, when you open a bank account, the charges would be set out in the t&c's......but you have to read them. However, it would be quite obvious from your statement what you were paying them.......but you have to read your statement. Which is too much trouble for some.
Where the extra charge is clearly set out it's much easier, but you still have to read the documentation.
There is absolutrly no need to use one of the parasite firms to reclaim PPI because the information that you have to provide to them is exactly the same as the information you provide if you make the reclaim yourself. But they will charge you a significant percentage of your refund to fill in the form for you.
Take a look at the Citizens Advice web site for some clear and simple guidance on this.
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Our bank contacted us, it was for a top up on mortgage. We didn't have to do anything, but were happy bunnies when the cheque arrived.
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I had a couple of PPI's on credit cards and one bank loan . I found out long after taking them out that I had been miss sold them , because being self employed I could never have claimed. Three letters sent out ,a couple of months later I was £14000 better off Nothing ventured nothing gained.(It isn't a typing error on the figures). .
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I agree with those that say have a go, because I thought that it didn't apply to me. Yes I had had a couple of bank loans over the years, and had bought cars on finance etc. But as far as I was concerned I had never taken out any protection etc.
But one day my Bank sent me an E mail long after all those loans had been paid off, offering to check to see if I had had any PPI in the past .
I trust my bank more than companies I had never heard of, so i agreed to their check.. A couple of weeks later I got a cheque for £6,600 which was gratefully received.
Now I am wondering if that was all? What about Car & Caravan Purchases not through my bank? Were those covered by the refund or do I need to still get another enquiry done? Happy to receive more money back if there's any going!
TF
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I am baffled that people can pay thousands of pounds extra on loan repayments without realising it.
Did you not think that the repayments were rather high? That you were paying back a massive amount more than you had borrowed (even with interest)?
Did you not calculate what the monthly repayments should have been?
Anyway, I say again.......Please do not ever use one of these PPI firms to recover your overpayments. You will need to give them exactly the same inormation as you would give the bank if you reclaimed it yourself.
Visit Citizens Advice website for a simple explanation of how to do it.
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To answer you directly Ian, No! - In fact, in all instances I had spent a great deal of time ensuring that interest rates were as low as possible. I hate paying any real interest at all. So I was surprised when the bank gave me back a great deal of money.
It is that and that alone, which now prompts me to establish if there is any more that i can recover. But I very much doubt it!
TF
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Yes, don't use a claims company they charge about 30% of what you get for 5 minutes work. If the provider/bank turns you down you can spend another 5 minutes appealing to the ombudsman.
The PPI claim company's favourite advertising ploy is we've mad millions for our clients, what they really mean is that they have made millions for their company's.
Don't be put off, do it yourself
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Here is the link to the section on Payment Protection Insurance on the Citizen's Advice web site.
It explains about PPI (which, incidentally, is not always a bad thing and it has helped a lot of people when they have lost their job or fallen ill) but unfortunately a lot of it was mis-sold to people who would never have been able to make a claim on the policy.
At the bottom of the section in this link is a sample letter that you can download and use to send to your bank, credit card company or loan company.
So, TF (and anyone else) fire off a few of these letters and see what comes back. And then tell those annoying phone callers that you have sorted it out yourself.
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We have not had or paid for PPI on any of our financial dealings however we did have a card protection plan insurance. It seems it was sold at a greater cost than the bank was paying for it so we had a claim, nice little amount around £1000, funnily the interest over the years came to more than what we had paid
We've now got paperwork in looking at cc we've had. Our youngest son got back a fair bit from his mortgage company.0 -
TG
Interested in what you said about youngest son. Can I ask was that anything to do with mortgage protection insurance? The reason I ask is that as far as I was concerned any mortgage I took out was conditional on taking out protection insurance which seems to me very similar to PPI. I did put a case to the mortgage company but they didn't accept it.
David
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Yes, it's a strange aspect of PPI reclaims, that they allow interest at 8% per annum (compounded) which is far more than anyone could get if they invested the money these days.
It's a hangover from the early days of reclaims, when interest rates were higher and has never been changed.
As you say TG, the interest on the claim can sometimes be higher than the claim itself.
The interest is subject to income tax, depending on your personal circumstances. The interest is sometimes deducted by the bank making the repayment, so may be re-claimable.
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Not a 100% of the facts but his mortgage was with Northern Rock, he only had the mortgage about 4 years. It was some time after they had sold the house and moved down to Warwickshire they got a letter from the bank with a cheque for over £1000. OH thinks it was something to do with that it didn't fulfill requirements or something.
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