Reclaiming PPI

[Sean_m]

After seeing all those adverts on the TV over the last couple of years I thought I would look into this. I was convinced a loan I've got didn't have PPI as when I took the loan out I said I would still be employed before the loan finishes so didn't need it (I'm in the RAF so my contract runs until 2014).

My wife finally convinced me to dig out the paperwork and there it is... a big tick in the box saying i would like PPI. I know its my own fault for not checking, but after I told the bloke in the bank I didn't need it, I presumed it wouldn't be included:bonk:

Anyway I've decided to look into getting my money back so i was wandering if anyone here as done it, and did you do it all yourself or go with one of the no win no fee companies from the TV. They obviously take a fee but is it a lot and therefore worth doing all the donkey work yourself?

Thanks

Sean

 

[Splog]

After seeing all those adverts on the TV over the last couple of years I thought I would look into this. I was convinced a loan I've got didn't have PPI as when I took the loan out I said I would still be employed before the loan finishes so didn't need it (I'm in the RAF so my contract runs until 2014).

My wife finally convinced me to dig out the paperwork and there it is... a big tick in the box saying i would like PPI. I know its my own fault for not checking, but after I told the bloke in the bank I didn't need it, I presumed it wouldn't be included:bonk:

Anyway I've decided to look into getting my money back so i was wandering if anyone here as done it, and did you do it all yourself or go with one of the no win no fee companies from the TV. They obviously take a fee but is it a lot and therefore worth doing all the donkey work yourself?

Thanks

Sean

Most banks have a standard form to fill in, so its simple to do it yourself.... apparently.

 

[Sean_m]

Most banks have a standard form to fill in, so its simple to do it yourself.... apparently.

I didn't realise it was that simple. Think Ill pay the branch a visit.

Thanks for that

 

[Grayo]

Hi Sean,

Over the years both myself and my wife, have had loans for different things. We had PPI on all of them. After being hassled by one of those no win no fee companys, we decided to let them have a go at reclaiming back the PPI on my wifes loan. This took about eight weeks to sort out but we had our money back £6000 in total, BUT the no win no fee company claimed 25% of that sum plus VAT at 20% so in total we ended up with just over £3000.

What I did with my loan PPI was phone the bank and register a claim with them direct. After about twelve weeks we had a letter come through the post saying a total of £6000 was being paid into my account. There was no fee to pay we had the lot back.

So my advice to you is register your complaint with the bank direct and not with the no win no fee company, if was really as simple as that. They will ask you why you are claiming all I told them was I was not given the oppertunity to find another PPi deal.

Hope this helps.

Good luck

Graham

Ps My bank is LloydsTSB and it was all done over the phone.

 

[Sean_m]

Hi Sean,

Over the years both myself and my wife, have had loans for different things. We had PPI on all of them. After being hassled by one of those no win no fee companys, we decided to let them have a go at reclaiming back the PPI on my wifes loan. This took about eight weeks to sort out but we had our money back £6000 in total, BUT the no win no fee company claimed 25% of that sum plus VAT at 20% so in total we ended up with just over £3000.

What I did with my loan PPI was phone the bank and register a claim with them direct. After about twelve weeks we had a letter come through the post saying a total of £6000 was being paid into my account. There was no fee to pay we had the lot back.

So my advice to you is register your complaint with the bank direct and not with the no win no fee company, if was really as simple as that. They will ask you why you are claiming all I told them was I was not given the oppertunity to find another PPi deal.

Hope this helps.

Good luck

Graham

Ps My bank is LloydsTSB and it was all done over the phone.

That's brilliant thanks, very informative

I'm with HSBC so I hope they operate the same way. I think I'm owed around £4500 which will pretty much clear what's left on the loan and make me £285 a month richer.

 

[ChrisH]

They all operate the same and are forced to do by the banking ombudsman.

My best friend was forced to take PPI on the premis she wouldn't get a loan from any bank. So she signed up because she was desperate after a break up.

She was offered £3,000 by the Natworst but told them to shove it and went to the ombudsman. They told the bank to cough up the full £8,000. She promptly gave it them back to pay off the loan 5 years early and got a huge discount for early repayment.

Do it yourself it's worth while.

No Win No Fee should be banned they do nothing but cream off your money and put everyones insurances up.

 

[Sean_m]

They all operate the same and are forced to do by the banking ombudsman.

My best friend was forced to take PPI on the premis she wouldn't get a loan from any bank. So she signed up because she was desperate after a break up.

She was offered £3,000 by the Natworst but told them to shove it and went to the ombudsman. They told the bank to cough up the full £8,000. She promptly gave it them back to pay off the loan 5 years early and got a huge discount for early repayment.

Do it yourself it's worth while.

No Win No Fee should be banned they do nothing but cream off your money and put everyones insurances up.

Thanks Chris I'm deffo going forward with it now then. Did your friend just ring them up and do it over the phone like was said in an earlier post?

 

[nilagin]

My wife applied for a Lloyds TSB credit card and was told they would only allow her to have one if she took out the PPI. She wasn't even working, so I don't see how she could have ever made a claim. I typed out a letter for her which she signed and sent of to Lloyds TSB. They initially said there was no reason why they should have to pay the money back so we wrote to the Financial Ombudsman who took up the case and decided she was owed the money back plus interest. It did take well over a year from the first letter to the bank, but she got all the money without anyone else getting their hands on any. Do it yourself.

 

[Splog]

Forgot to add..... The banks have also said that the claims will not be processed any faster for anyone using solicitors....

 

[Sean_m]

Thanks everyone im like a kid at Christmas now. Hope they pay up

 

[Grayo]

Thanks everyone im like a kid at Christmas now. Hope they pay up

If your anything like me part of my refund went on a nice new D3S LOL. Go get them

 

[Sean_m]

If your anything like me part of my refund went on a nice new D3S LOL. Go get them

Haha I'd love to, might cost me a bit to keep the mrs happy as well

 

[gumbo-67]

Moneysavingexpert has a ting on there where you by pass the middle man and get your money back for you. not some blinking company.. he is always going on about it

 

[Grayo]

Moneysavingexpert has a ting on there where you by pass the middle man and get your money back for you. not some blinking company.. he is always going on about it

It's funny, I contacted the bank because I couldn't find the loan account number, The guy on the other end asked if it was to do with claiming a PPI, I said yes. He said he could deal with the claim and took all the details and that was it, twelve weeks later money in the bank.

 

[Sean_m]

Moneysavingexpert has a ting on there where you by pass the middle man and get your money back for you. not some blinking company.. he is always going on about it

I've heard of him, knows his stuff. I'm gonna try on the phone first to see what they say. If I get no joy I'll be paying that website a visit to print off some templates.

Thanks

 

[Sean_m]

It's funny, I contacted the bank because I couldn't find the loan account number, The guy on the other end asked if it was to do with claiming a PPI, I said yes. He said he could deal with the claim and took all the details and that was it, twelve weeks later money in the bank.

Well you can't argue with that

Hope I have the same luck.

Cheers again

 

[Ian D J]

Actually, I was told by the (at the time) Abbey National that I had to take the PPI on with the mortgage back in 1995 otherwise they wouldn't lend me the money needed to to buy up my house from the Council - the same house I still live in to this day (a good solid little place, too).

So, do I qualify? I've still got the original contract (with General Accident - now Aviva)

But, it's just as well that I had taken it on as I'm out of work and am using it to cover my mortgage so at least I don't have that worry (although the mortgage payment is only £150 a month anyway!)

 

[Grayo]

Actually, I was told by the (at the time) Abbey National that I had to take the PPI on with the mortgage back in 1995 otherwise they wouldn't lend me the money needed to to buy up my house from the Council - the same house I still live in to this day (a good solid little place, too).

So, do I qualify? I've still got the original contract (with General Accident - now Aviva)

But, it's just as well that I had taken it on as I'm out of work and am using it to cover my mortgage so at least I don't have that worry (although the mortgage payment is only £150 a month anyway!)

I think as you are making a claim on the PPi to pay your mortgage at the moment, I don't think you would qualify for a refund, but I'm not sure on this one, perhaps somebody with a bit more knowledge will know the answer.

 

[Ian D J]

I think as you are making a claim on the PPi to pay your mortgage at the moment, I don't think you would qualify for a refund, but I'm not sure on this one, perhaps somebody with a bit more knowledge will know the answer.

That was precisely my thoughts. I mean, it's taken me ages to get that claim going, and now it's up and running, I'm not sure I would like to push my luck by getting too greedy (the story with the dog and bone springs to mind).

However, on the other hand, the refund would probably be worth three times more than what I get on the claim anyway!

 

[nilagin]

Actually, I was told by the (at the time) Abbey National that I had to take the PPI on with the mortgage back in 1995 otherwise they wouldn't lend me the money needed to to buy up my house from the Council - the same house I still live in to this day (a good solid little place, too).

So, do I qualify? I've still got the original contract (with General Accident - now Aviva)

But, it's just as well that I had taken it on as I'm out of work and am using it to cover my mortgage so at least I don't have that worry (although the mortgage payment is only £150 a month anyway!)

The way I see it, Abbey were in the wrong to insist that you take the PPI to get the mortgage. But the fact that you have needed to claim sort of negates it as in a way it made them right. I'd seek advice from CAB or financial ombudsman if I were you, but I'd suspect they will tell you to let sleeping dogs lie.

 

[johnb]

Just had a letter from a loan company that we took a mortgage from many years ago asking if we felt we were mis-sold. Worth a punt as we did have discussions at the time about the insurance on the loan

 

[Grayo]

That was precisely my thoughts. I mean, it's taken me ages to get that claim going, and now it's up and running, I'm not sure I would like to push my luck by getting too greedy (the story with the dog and bone springs to mind).

However, on the other hand, the refund would probably be worth three times more than what I get on the claim anyway!

On another point though should you get back into work I see no problem with making a claim then. They may make a reduction in the refund payment to reflect on the payments already made to cover your mortgage, but as suggested above a trip to CAB would not do any harm.

 

[Ian D J]

The way I see it, Abbey were in the wrong to insist that you take the PPI to get the mortgage. But the fact that you have needed to claim sort of negates it as in a way it made them right. I'd seek advice from CAB or financial ombudsman if I were you, but I'd suspect they will tell you to let sleeping dogs lie.

Again, that's my thoughts precisely. Just It's stressful enough scrabbling around for any suitable job while at the same time getting by on JSA. But I do manage, but could do without the extra ringing around, etc, etc. Did admit to seeing £ signs in my eyes when I first heard about this PPi miselling business.
Might be a while before I'll be back in full time employment in any case what with me fast approaching my late 40's, 70% deaf in both ears and having been a greenhouse worker ever since I left school . . . but that's really another matter for another time.
So, yes, in my case, best to leave it well alone, at least when circumstances do change again.

 

[Sean_m]

Well I've just got off the phone from HSBC registering my claim for £6886.65. It was more than i thought , forgot about the interest :bonk:

Basically she took all my details and said it can take them up to 16 weeks to respond due to the amount of complaints they're receiving at the moment.

Fingers crossed it all goes OK.

She asked my why I thought id been mis-sold the PPI and I said it was because I was told I had to have it to take out the loan.

If it does take them 16 weeks to pay up then ill have the loan paid off and have £2000 left over

Thanks to everyone who commented here. It made me get off my backside and sort this out.

 

[Grayo]

There you go Sean, easy wasn't it, make the buggers pay they've had enough money off us over the years about time they paid something back.

Now all you have to do is settle up with the contributers to this post:

Splog 10%
Grayo 10%
ChrisH 10%
Nilagin 10%
Gumbo-67 10%
Ian DJ 10%
John B 10%

After you have settled your loan and each of the contributers that should leave you around £600





Only joking Sean, I hope you get a good return on your claim. Let us know how it goes. Well done.

 

[Sean_m]

There you go Sean, easy wasn't it, make the buggers pay they've had enough money off us over the years about time they paid something back.

Now all you have to do is settle up with the contributers to this post:

Splog 10%
Grayo 10%
ChrisH 10%
Nilagin 10%
Gumbo-67 10%
Ian DJ 10%
John B 10%

After you have settled your loan and each of the contributers that should leave you around £600

Only joking Sean, I hope you get a good return on your claim. Let us know how it goes. Well done.

Haha cheers Grayo. I think the mrs already has plans for most of it

I might treat myself to a new lens or 3 tho

 

[Ian D J]

Haha cheers Grayo. I think the mrs already has plans for most of it

I might treat myself to a new lens or 3 tho

Sounds like a good result!

It's nice to hear good news stories like this, where the little man becomes the winner for a change.

 

[Sean_m]

Sounds like a good result!

It's nice to hear good news stories like this, where the little man becomes the winner for a change.

Thanks Ian I hope they cough up. Will be really nice to not have to pay every month.

 

[antc]

I too have been on money saving expert, filled in the questionnaire forms they provide for making a claim and sent then off to the bank regarding ppi claims on my last two loans! Will be very interesting to see what happens. I was sold the ppi on the basis it would improve my chances of securing the loans! Basically that was the reason i took it out at the time.

Be very interesting to see what happens.

 

[Overexposed]

Actually, I was told by the (at the time) Abbey National that I had to take the PPI on with the mortgage back in 1995 otherwise they wouldn't lend me the money needed to to buy up my house from the Council - the same house I still live in to this day (a good solid little place, too).

So, do I qualify? I've still got the original contract (with General Accident - now Aviva)

But, it's just as well that I had taken it on as I'm out of work and am using it to cover my mortgage so at least I don't have that worry (although the mortgage payment is only £150 a month anyway!)

So lets get this straight - you are trying to make out that you have been mis- sold a policy that you are currently claiming on ?

 

[Sean_m]

I too have been on money saving expert, filled in the questionnaire forms they provide for making a claim and sent then off to the bank regarding ppi claims on my last two loans! Will be very interesting to see what happens. I was sold the ppi on the basis it would improve my chances of securing the loans! Basically that was the reason i took it out at the time.

Be very interesting to see what happens.

That would of been my next step if I didn't get anywhere on the phone. I thought it might be easier for them to ignore a letter and drag it out for longer.

I forgot to mention that they rang me back asking me if I wanted to claim for 3 loans previous to the one I'm claiming for. I obviously said yes please but I'd completely forgotten about them. I then asked what she thought my chances of getting paid were, she said most of the claims are going through no problem but obviously she couldn't tell me just yet if mine would. It's looking good tho

 

[Ian D J]

So lets get this straight - you are trying to make out that you have been mis- sold a policy that you are currently claiming on ?

Something like that. Like I said, I remember being told that I wouldn't be able to get the mortgage unless I took out PPi, so I HAVE been mis-sold that said policy. I would have had the choice of not taking it on just to save a few quid on the monthly payments and hope I don't get laid off. True, it would have been a gamble, but then again that was something like 14 years ago.

Still, it's just as well I took on that policy now that I'm out of work.

BUT, here's the funny thing. It took every ounce of strength and effort, not to mention countless phone calls to get my claim for redundancy up and running. Four months on and I got my first payment last week . . . £40 - as I had to take into account a 60 days excess period.
I might as well not bother and just "do" them for having mis-sold the policy and would probably get better results that way - and end up getting paid more than what the redundancy cover is worth!

If I am still in employment (I'm 44 and have always been in work - up until four months ago - since I left school in '85), then yes, I would try and get the money back based on having been missold the policy.

Perhaps my real thinking is that if I can't beat them, join them!

 

[antc]

That would of been my next step if I didn't get anywhere on the phone. I thought it might be easier for them to ignore a letter and drag it out for longer.

I forgot to mention that they rang me back asking me if I wanted to claim for 3 loans previous to the one I'm claiming for. I obviously said yes please but I'd completely forgotten about them. I then asked what she thought my chances of getting paid were, she said most of the claims are going through no problem but obviously she couldn't tell me just yet if mine would. It's looking good tho

Well thats good news. I am impressed they called you back and asked about the previous three loans!!

I wonder how long it will take to reply to my letter Will have to see and good luck btw!!

 

[Grayo]

So lets get this straight - you are trying to make out that you have been mis- sold a policy that you are currently claiming on ?

And your point is!!!????.......... He was sold a PPI, it dosn't matter if he's claiming on that PPI now or has never claimed on it he was mis-sold the PPI.

 

[Overexposed]

And your point is!!!????.......... He was sold a PPI, it dosn't matter if he's claiming on that PPI now or has never claimed on it he was mis-sold the PPI.

If you have to ask me what my point is - then you are equally as ****less as the poster

the asterixed word is F e c k less by the way

 

[Ian D J]

If you have to ask me what my point is - then you are equally as ****less as the poster

the asterixed word is F e c k less by the way

I very rarely "answer back" in threads, but have you actually read my reply to your first message in here? (scroll back up to the top of this page). A f e c k less poster, as you would like to put it that way is one that doesn't bother to explain what that point is in the first place.

Boy, there are some grumpy posters in here.

 

[Overexposed]

My point is that you are expecting to get a bank to refund you on an Insurance policy that you have claimed on!
Now if that doesnt take the biscuit I dont know what does - if it was mis-sold why did you claim on it?
PPI claims wwere started by greedy lawyers who knew the banks would rather capitulate than pay their fees- to the point that the banks said if you think you were missold PPI write in and claim, cutting out the lawyers. My point is that if you think you were missold this policy why did you claim on it?

PS not grumpy - just totally pee'd off by watching insurance costs sky rocket due to the compensation culture that seenms to be endemic in this country. If you didnt notice that you'd been sold it, or didnt want it when you were told you should had to have it then why did you sign the loan agreement in the first place ?

 

[Ian D J]

My point is that you are expecting to get a bank to refund you on an Insurance policy that you have claimed on!
Now if that doesnt take the biscuit I dont know what does - if it was mis-sold why did you claim on it?
PPI claims wwere started by greedy lawyers who knew the banks would rather capitulate than pay their fees- to the point that the banks said if you think you were missold PPI write in and claim, cutting out the lawyers. My point is that if you think you were missold this policy why did you claim on it?

I'm claiming on it in the way the policy was designed for in the first place anyway to cover my mortgage payments, not because I was mis-sold that policy! Because I'm doing it that way, it negates the "refund" aspect of it, so with that in mind I've decided to let sleeping dogs lie.

BUT, what I was saying is that if my circumstances is different and I am NOT making a claim on it to cover my mortgage payments because I am STILL at work, then would I get that cashback like everyone else? And it'll probably be worth more than what I'm claiming to cover my mortgage for that 12 months. (It is obly valid for that long and then I'm back on my own thereafter, assuming I'll still be out of work by then. Just as well that the mortgage payment is only £160 per month as I bought the house I live in cheap from the local council).

I think you just seem to skim over my postings and just pick out bits and pieces that you only wanted to read.

 

[Overexposed]

I'm claiming on it in the way the policy was designed for in the first place anyway to cover my mortgage payments (but only for 12 months and that's it I'm back on my own thereafter, assuming I'll still be out of work by that time) not because I was mis-sold that policy! Because I'm doing it that way, it negates the "refund" aspect of it, so with that in mind I've decided to let sleeping dogs lie.

BUT, what I was saying is that if my circumstances is different and I am NOT making a claim on it to cover my mortgage payments because I am STILL at work, then would I get that cashback like everyone else? And it'll probably be worth more than what I'm claiming to cover my mortgage for that 12 months! (Especially when you take into account that my mortgage payment is only £160 per month as I bought the house I live in cheap from the local council).

I think you just seem to skim over my postings and just pick out bits and pieces that you only wanted to read.

It doesnt matter what your circumstances are, might be or should be - how can you expect to get a refund on an Insurance policy that you've claimed on?

 

[Ian D J]

It doesnt matter what your circumstances are, might be or should be - how can you expect to get a refund on an Insurance policy that you've claimed on?

That's just it, at this point I'm not, as I am making a claim on it the "traditional" way, as in what the policy is designed for! Hence my "letting sleeping dogs lie" bit in my last post.

Guys, can anyone else see what I was getting at? Or perhaps I'm not making myself clear on what I was on about?