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PPI Reclaim?

Discussion in 'General Chat' started by supanova, Apr 3, 2012.

  1. supanova

    supanova A3 2.0 TDI SE

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    Has anyone heard much about this PPI return claim if you've been miss sold Payment Protection insurance?

    I got a letter in the post the other day and was a bit suspicious about the whole thing. I got a loan to start up my business and its all paid off now but I'm thinking if i was miss sold the protection I might as well try to get something back.

    Has anyone else reclaimed for it or heard of it?

    cheers. :)
     
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  3. markos72

    markos72 Active Member

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  4. CHEZ

    CHEZ moderately amusing
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    yes mate!
    i am doing one at the minute as it happens! just need more paperwork off the company before i send it off!
    my friend at work got £9500 back using a company!
    if he had not used the company and done it all himself he would have netted £13000 as the company he dealt with take a large chunk! its about 30% i think they take plus vat per claim.
    i am using a company because over the years i have had quite a few loans and finance arrangements and prefer somebody else to act on my behalf and do all the pen pushing and bother for me!
    you can always do it youreslf if you can be bothered with the hassle! using letters written yourself and help from the financial ombudsman!
    its a no brainer really, as you have nothing to lose and only gain!
     
  5. hades-

    hades- Yorkshire & Humber Rep.
    Regional Rep VCDS Map User

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    really its been doing the rounds for months
    i get 2 3 calls a day from the cold callers
     
  6. supanova

    supanova A3 2.0 TDI SE

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    On my way to fill out the forms now. lol As you said I got nothing to lose only to gain. In the letter they told me they take 25% of the winnings and there is no fee if no win. just seemed a bit too good to be true as no one wants to give you anything or help you gain anything now-a-days so hopefully ill be able to get a few pound back.

    thanks! :)
     
  7. CHEZ

    CHEZ moderately amusing
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    obviously if you have never had many loans or other tick, you wont get much back!
    but as i am 35 now and regularly borrowed on the never never so, its a good call to claw some back off the thieving banks etc!
    another mate at work had only paid out £78 on a loan ppi, but recieved £500 back! you recieve interest at a high rate on what you have paid out too! bonus!
     
  8. supanova

    supanova A3 2.0 TDI SE

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    all sounds good. do we know roughly how long the process takes?
     
  9. CHEZ

    CHEZ moderately amusing
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    from what i hear, roughly 6 weeks from sending details off!
     
  10. damo.h

    damo.h DVLA Say it's Black

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    Weird. The mrs rang me this afternoon after a girl in the office told her an bout the forms on martins money tips. She rang Halifax regarding her old credit card. And bingo it had PPI on i for 4 yrs. They couldnt say how much and can't see it being alot be honest. But it shows all you have to do is ask.
    Going to dig through the old files later. Game on ;)
     
  11. Chriscooke

    Chriscooke Clueless!

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    I sent a formatted letter to the bank where I got my loan. I should be receiving >2.5k back any day now. It only cost me a stamp :)
     
  12. jdp1962

    jdp1962 Grumpy Old Moderator
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    Please, whatever you do, do not use a claims management company. They won't do anything you can't easily do yourself, using information available on the internet (such as the link that Markos posted), but will charge you a fortune for it. They also won't do it to a particularly high standard, certainly not to the extent that would justify charging professional fees. I deal with these businesses every day in my work, and please believe me when I say they are not worth it.

    Put a bit of effort in and make the claim directly, and go the Financial Ombudsman Service if not successful, and if you do win, you keep all of the compensation. There is loads of information and guidance on the ombudsman's website; see here.
     
    #11 jdp1962, Apr 3, 2012
    Last edited: Apr 3, 2012
  13. willowsdad

    willowsdad Sideways

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    From what I understand if you have your account details and think you may have had Ppi then they have to tell you if you ask. Tell them you were mis sold it and why, and they'll process your complaint. If its justified then they have to do all the calculations and make you an offer. If they reject it, then pull up the ombudsman questionnaire. Fill it in and send it off and see if they uphold your complaint. There's really no need to pay 25% to someone else when you'd have to give them the same info.
     
  14. Ads

    Ads License to drive

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    Also be very careful what you are signing up for. I've heard a few horror stories. The most scary one being that one person agreed to use one of these claims companies and signed an agreement saying that he would pay the company 30% of whatever they managed to get back for him.
    The claims company managed to claw back an agreed £8k from Lloyds bank, but although Lloyds agreed with the figure they put the payment on hold for internal reasons.
    The claims company didn't care about this and still requested their 30% (£2,400) from the person who they were claiming on behalf of. When the guy refused to pay until he had received his money from Lloyds the claims company began proceedings against him to recover their fee!

    Leaches. The lot of them.
     
  15. jdp1962

    jdp1962 Grumpy Old Moderator
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    Stories like that are not untypical. I've heard of cases where the ombudsman upheld a complaint, but the claims management company forgot to pass the decision to its client, and by the time they found out they'd won, the time limit for accepting the compensation had passed, so the company they were claiming against didn't have to pay.
     
  16. jdp1962

    jdp1962 Grumpy Old Moderator
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    Last word on the subject of claims management companies, I promise. Watch this link on the BBC News website, and see what the Principal Ombudsman says about them. I believe the key phrase is "getting ripped off twice".
     
  17. StuG808

    StuG808 1.9tdi130 Avant FailWheelDrive

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    Yes, stay away from PPI management companies, they are ambulance chasing scumbags. We reclaimed our PPI cover (before it became announced that the banks would actively help in repaying it. It was actually our bank branch manager who saw that we had been incorrectly sold it and told us how to persue it) by going through the financial obumsman and they were very good in retrieving our payments and interest lost, and all at a cost of £0 to us and no need to employ some cold-calling, vulnerable-client chasing PPI management low-life who would take half of the money to fund his X5 purchase.
     
    supanova likes this.
  18. StuG808

    StuG808 1.9tdi130 Avant FailWheelDrive

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    Also, you are only getting money back that 'you' have paid. So we now have a £0 loss on the PPI matter. If a company is taking 30% or whatever, that's 'your' money that you have already paid out that they are keeping. It's not free money that is being won, but just getting back some money already paid out.

    And thinking back, there was so little hassle and 'pen pushing' by us going direct to the financial ombusman, that there is probably less hassle doing it this way than signing up to a contract with a PPI shark.
     
  19. fingermouse

    fingermouse thats me

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    I can`t believe so much ppi has been paid surly everyone knows about it when they take a loan out ??? Ive had a few loans over the years but know for sure that ive never paid it. As far as I remember they always showed me the with / without insurance price per month.

    I`ve had a few sharp words with the leachers phoning me about ppi they don`t believe me when I say ive never paid it ffs I know my own finances.
     
  20. StuG808

    StuG808 1.9tdi130 Avant FailWheelDrive

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    I do know what you mean, but in my defense I really abhor finance on anything other than a mortgage, the credit card culture is one of the major reasons why we are all in a mess.

    Nevertheless we took out a small loan to get our kitchen sorted (as we were just starting out) and ended up incorrectly (as the bank told us) taking out a PPI scheme. It was due to the bank's agent offering us a lower interest loan but on the condition that we took out PPI, otherwise we would only have access to the higher interest loan. A year down the line and we casually mentioned this to the bank manager (of the same bank that gave us the loan) and he was quite disgusted that we had been told this, as taking out PPI should not determine the interest rate, and advised us to take it to the ombusman.
     
  21. willowsdad

    willowsdad Sideways

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    Has anybody had any success yet? I'm waiting on a letter about my complaint and I've just checked my account and found myself considerably richer than I expected! Has anybody else had this? I'm reluctant to get excited in case I get a phone call Monday telling me there's been a mistake. I hope not because it would come in very handy. Keep your fingers crossed for me!
     
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  23. voorhees

    voorhees Moderator
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    Enjoy it until your next premium comes round.....someone has to pay for it.
     
  24. willowsdad

    willowsdad Sideways

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    Thanks mate I will, if it's mine! I'm making plans in my head on how to spend it, I just know how gutted I'll be if they got the decimal point in the wrong place.
     
  25. voorhees

    voorhees Moderator
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    Lmao spend it quick,they can't take knickers off a bare arse :)
     
  26. willowsdad

    willowsdad Sideways

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    That cracked me up! First time I've heard that one. I've been with the girlfriend a while, so I should probably do the decent thing. I've got some bills to clear up, and the bathroom needs a new roof. That should take care of about 4k, so what to do with the rest. A week in Portugal, or my09's, filter, cat back, and remap, with a little left over. Hmmm decisions.
     
  27. jojo

    jojo Looking for Boost!
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    Does anyone know if the same applies to PPI sold to me through a broker? Can I claim it back?
     
  28. CHEZ

    CHEZ moderately amusing
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    if it was after 2005! yes i believe you can mate!
     
  29. jojo

    jojo Looking for Boost!
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    2007 mate, so I guess I better call the broker up and enquire. I'm still being charged for it, so hopefully get some monies back! :)
     
  30. willowsdad

    willowsdad Sideways

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    It needs to have been mis-sold though. If you phoned a third party specifically to get that insurance then you'd struggle to say it was mis-sold.
     
  31. johnnythepie

    johnnythepie Well-Known Member

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    Apparantly there are some banks that are just forking out no question....but i dont know which ones!!! A lot of people are co erced into taking out ppi, in that if they refuse it is intimated that they wont get the loan.Massive earner for the bank, normal loan interest and the ppi.Well ive succombed to one of these sharks cos im too idle to do it myself, and its dosh ive written off anyway.Srew the banks for as much as poss, they wouldnt think twice about screwing you.Shame there isnt a similar scheme for customs when paying tax on importing stuff...id love to screw them to the floor greedy bas$%^ds
     
  32. willowsdad

    willowsdad Sideways

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    Well I just phoned up a month or so back, because I was told I had to have the Ppi or they wouldn't approve the loan. I got another call a couple of weeks back asking a few more questions, and he told me to expect a letter. I was expecting a few hundred with a bit of interest, and bang! Checked my account earlier and they've refunded over 6 grand. I'm just waiting for some kind of conformation before I start spending it.
     
  33. jojo

    jojo Looking for Boost!
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    I got morgage of a broker, and they insisted I had to take PPI to get the deal through... in hindsight, I could have got a better deal going to a bank/building society, but I needed it quick at the time of enquiring.

    You live and learn.
     
  34. willowsdad

    willowsdad Sideways

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    Get claiming then mate, could be worth a small fortune!
     

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