Reclaiming PPI

[Grayo]

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?

Are you totally thick or what! All PPI insurance policies were miss-sold by the money grabbing banks who thought they were onto a winner by offering their own PPI policies regardles of the fact the borrower could have got a cheaper PPI had the banks allowed it. My own case I was told I could not have a loan unless I took out a PPI from my bank, MIS-SOLD I claimed back thank you very much.

 

[Grayo]

That's just it, at this point I'm not! 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?

I know what your saying Ian, just some people like to think they know better. Personally Ian, if I was in your shoes I would be making a claim against the bank who sold you the PPI, regardless if your claiming or not. Seeing as it's only for a year you have nothing to lose. You were mis-sold a PPI.

 

[Overexposed]

Are you totally thick or what! All PPI insurance policies were miss-sold by the money grabbing banks who thought they were onto a winner by offering their own PPI policies regardles of the fact the borrower could have got a cheaper PPI had the banks allowed it. My own case I was told I could not have a loan unless I took out a PPI from my bank, MIS-SOLD I claimed back thank you very much.

There's only one person who's thick here and that you.
How can you possibly expect to claim back a mis-sold policy when you've claimed on it - by claiming on it it you are validating it - you would get laughed out of court proceeding with a claim on that basis.

The real 'Thicko' here is you for letting a bank steamroller you into making you have the insurance, or are you simply too weak and lily livered to say no I dont want the insurance and walk out?

 

[Ian D J]

I know what your saying Ian, just some people like to think they know better. Personally Ian, if I was in your shoes I would be making a claim against the bank who sold you the PPI, regardless if your claiming or not. Seeing as it's only for a year you have nothing to lose. You were mis-sold a PPI.

 

[Ian D J]

There's only one person who's thick here and that you.
How can you possibly expect to claim back a mis-sold policy when you've claimed on it - by claiming on it it you are validating it - you would get laughed out of court proceeding with a claim on that basis.

The real 'Thicko' here is you for letting a bank steamroller you into making you have the insurance, or are you simply too weak and lily livered to say no I dont want the insurance and walk out?

Because in the past banks have been saying that any PPI they included HAVE HAD to be taken on along with the mortgage. If we didn't want to take that cover on or use some other insurance company to provide the cover then the bank wouldn't lend us the money. It was a case of selling mis-practice where it felt like we didn't have that choice not to take on the insurance or look around for cheaper deals. We had to take on THEIR cover that came with THEIR loan.
Same went for loans and credits - and it was common practice for lenders to add the PPI to it without the borrower even knowing about it.

 

[Overexposed]

Because in the past banks have been saying that any PPI they added HAVE to be taken on if they wanted to lend us the mortgage. If we didn't want to take it on or use some other insurance company to provide the cover then the bank wouldn't lend us the money.
Same went for loans and credits - and it was common practice for lenders to add the PPI to it without the borrower even knowing about it.

So whats wrong with saying no , I'll try elsewhere? Its called choice.
By the way please dont tell me that I dont know what I'm talking about because I worked for Lloyds TSB for over 10 years granting both loans and mortgages and at no time was PPI ever compulsory, you might have been given the hard sell but you never had to have it.

The next problem comes when your lender didnt offer PPI and someone was made redundant - the lender then gets sued for not offering it!
More ambulance chasing

 

[Ian D J]

So whats wrong with saying no , I'll try elsewhere? Its called choice.
By the way please dont tell me that I dont know what I'm talking about because I worked for Lloyds TSB for over 10 years granting both loans and mortgages and at no time was PPI ever compulsory, you might have been given the hard sell but you never had to have it.

Aaaaaaaaaaaaah, NOW we're getting somewhere! You actually work for the banks themselves!

NOW I know why you're not being very sympathetic about it all.

 

[Overexposed]

Aaaaaaaaaaaaah, NOW we're getting somewhere! You actually work for the banks themselves!

NOW I know why you're not being very sympathetic about it all.

No I dont work for the banks concerned - I used to! And Im certainly not sympathetic to the banks!
The public are fools to themselves and always want someone else to blame.
People just dont read agreements , they just sign the forms and frankly anyone who cant be bothered to find out exactly what they're signing for shouldnt be allowed to borrow money.

 

[Ian D J]

No I dont work for the banks concerned - I used to! And Im certainly not sympathetic to the banks!
The public are fools to themselves and always want someone else to blame.
People just dont read agreements , they just sign the forms and frankly anyone who cant be bothered to find out exactly what they're signing for shouldnt be allowed to borrow money.

I think it's where we do start seeing £ signs in the eyes, and, well, you know the rest.

BUT, I have found myself wondering how much all these refunds are costing the system and where all the money are coming from? I shall expect insurance premiums to rise soon to make up for the shortfall in funds.

 

[Grayo]

So whats wrong with saying no , I'll try elsewhere? Its called choice.
By the way please dont tell me that I dont know what I'm talking about because I worked for Lloyds TSB for over 10 years granting both loans and mortgages and at no time was PPI ever compulsory, you might have been given the hard sell but you never had to have it.

WRONG, both my loans were with LloydsTSB and go back over twelve years and yes I was told I could not have a loan unless I had the PPI to go with it. You need to read the paper me old mate BANKS MIS-SOLD PPI Loans.

 

[Overexposed]

I think it's where we do start seeing £ signs in the eyes, and, well, you know the rest.

BUT, I have found myself wondering how much all these refunds is costing the system and where all the money is coming from? I shall expect insurance premiums to rise soon to make up for the shortfall in funds.

Everybody will pay for it in increased bank charges and interest rates.
I am sure that there are probably a minority mis-sold PPI but a lot of people are simply jumping on the bandwagon and claimimg they were fuelled by the avarice of the lawyers - compensation culture does no one any good, we all pay for it in the end

 

[Overexposed]

WRONG, both my loans were with LloydsTSB and go back over twelve years and yes I was told I could not have a loan unless I had the PPI to go with it. You need to read the paper me old mate BANKS MIS-SOLD PPI Loans.

All you had to do was say no I dont want the insurance! but that was obviously too much for you!
Funny how you managed to get the courage to claim it back!
Have you ever had whiplash?

 

[Grayo]

Aaaaaaaaaaaaah, NOW we're getting somewhere! You actually work for the banks themselves!

NOW I know why you're not being very sympathetic about it all.

I guessed that from his first post.

 

[Grayo]

All you had to do was say no I dont want the insurance! but that was obviously too much for you!
Funny how you managed to get the courage to claim it back!
Have you ever had whiplash?

Had I said no I would not have had the loan. The choice I had was the loan with PPI or no PPI no loan. It's not a case of managed to get the courage to claim it back, the banks are in the wrong and they deserve to be punished. Whats with your gripe anyway it's not your money they're paying back or is it, didn't get the bonus payout you were expecting this year did you.

 

[Ian D J]

Phew, in my 11 years of being an internet user, this is the first time I've actually got involved in a rather "heated" debate over something in an internet forum.

And I hope this will the last time as my head hurts! :bonk: So, with that, it's over and out from me for now.

 

[Grayo]

Everybody will pay for it in increased bank charges and interest rates.
I am sure that there are probably a minority mis-sold PPI but a lot of people are simply jumping on the bandwagon and claimimg they were fuelled by the avarice of the lawyers - compensation culture does no one any good, we all pay for it in the end

Spoken like a true banker

 

[Grayo]

Phew, in my 11 years of being an internet user, this is the first time I've actually got involved in a rather "heated" debate over something in an internet forum.

And I hope this will the last time as my head hurts! :bonk: So, with that, it's over and out from me for now.

Don't let the buggers walk all over you Ian, you've done nothing wrong, just some people are very over opinionated. I'm sure had the boot been on the other foot he would make a claim as well. Good luck.

 

[Overexposed]

Had I said no I would not have had the loan. The choice I had was the loan with PPI or no PPI no loan. It's not a case of managed to get the courage to claim it back, the banks are in the wrong and they deserve to be punished. Whats with your gripe anyway it's not your money they're paying back or is it, didn't get the bonus payout you were expecting this year did you.

Why dont you read my posts properly - I said I used to work for a Bank.
If you look back my first post I asked how you could expect to claim for mis-sold PPI and then claim on the policy?
There has always been more than one bank , so if you didnt want PPI, why didnt you go to another bank for your loan?

 

[Overexposed]

Don't let the buggers walk all over you Ian, you've done nothing wrong, just some people are very over opinionated. I'm sure had the boot been on the other foot he would make a claim as well. Good luck.

If there's one person who's over opinionated, its you!
I was pointing out to Ian you cant have your cake and eat it, whilst you on the other hand think you can.
Well you are welcome to your opinion, but with an attitude like that you are pretty representative of why this country is going to dogs!

 

[Grayo]

 

[Grayo]

with an attitude like that you are pretty representative of why this country is going to dogs!

And your not :bonk::bonk::bonk:

 

[Ian D J]

Don't really like going to bed on an argument. So, to show there's no hard feelings and to lighten the mood up a bit, here's my latest cartoon hot off the presses . . .

 

[Grayo]

 

[antc]

Wahoo!!!! Good news on the first of the two letters I sent in to Santander. I gota phone call yesterday to say the full sum of the PPI will be refunded including 8% interest per year!

They are sending me out the offer in writing in the next few days!

Just got to wait and see about the second claim now.

 

[Sean_m]

Wahoo!!!! Good news on the first of the two letters I sent in to Santander. I gota phone call yesterday to say the full sum of the PPI will be refunded including 8% interest per year!

They are sending me out the offer in writing in the next few days!

Just got to wait and see about the second claim now.

Nice one

How long ago did you send your letters. I had one from Hsbc yesterday with a questionnaire to fill out from the financial ombudsman. Looks pretty straight forward stuff tho

 

[Marc]

Strangely enough, I took out a loan 5 years ago and was advised that if I didn't take the PPI, my chances of the loan being approved would be severely diminished. The difference here is that I was told the PPI would be paid back to me in full if I didn't make a claim.

Despite being made redundant 3 years ago and having only worked for 15 months of those, I didn't claim because the monthly payments weren't that big so the benefit would be far outweighed buy the sum at the end. what got me was that the PPI was over 50% of the actual loan repayment so I was effectively paying massively over the odds for policy that would hardly be worth claiming on.

Anyway, despite getting a letter on Monday saying that the decision would take up to a month, the check arrived this morning. In addition, as I am no longer paying PPI on the loan, I'm also over £100 better off per month.

 

[antc]

Nice one

How long ago did you send your letters. I had one from Hsbc yesterday with a questionnaire to fill out from the financial ombudsman. Looks pretty straight forward stuff tho

Went on money saving expert and filled in the questionnaire template and sent them both off last Tuesday. I had a call on the Thursday to say my claim for first loan had been upheld and I had my offer letter through the post on Saturday. Still awaiting to hear about the 2nd one though.........

Strangely enough, I took out a loan 5 years ago and was advised that if I didn't take the PPI, my chances of the loan being approved would be severely diminished. The difference here is that I was told the PPI would be paid back to me in full if I didn't make a claim.

Despite being made redundant 3 years ago and having only worked for 15 months of those, I didn't claim because the monthly payments weren't that big so the benefit would be far outweighed buy the sum at the end. what got me was that the PPI was over 50% of the actual loan repayment so I was effectively paying massively over the odds for policy that would hardly be worth claiming on.

Anyway, despite getting a letter on Monday saying that the decision would take up to a month, the check arrived this morning. In addition, as I am no longer paying PPI on the loan, I'm also over £100 better off per month.

Good news then!

 

[Grayo]

Good news lads, keep those claims going and get your money back off those money grabbing bankers.

 

[antc]

Good news lads, keep those claims going and get your money back off those money grabbing bankers.

Absolutely agree!!

Also my to update my first post my second letter/claim has now been upheld also and again they have refunded me the full amount plus interest!

From writing the letters to them confirming everything all within 2 weeks! Guy at the bank i spoke to said it can take upto 8 weeks though!

Happy with that though i have to say!

I would advised anyone who has had PPI to perhaps think about writing to the bank if you feel it was misold to you! You have nothing to loose but time/small cost of postage!

 

[Grayo]

Well done Anthony, very pleased for you. And I agree everybody who has been mis-sold a PPI should make a claim to recover THEIR money back.

 

[ronnus]

We reclaimed PPI a few years ago, before the ruling that makes is so easy to claim.... Santander (Abbey) were an absolute pain about it, evasive and elusive, so it eventually went to the Financial Services Authority who made them pay up, plus interest, plus an extra £200 for wasting so much of our time Took over a year to sort tho, as far as I'm aware it's far simpler nowadays

I also reclaimed bank charges a good while back before the banks managed to pass round enough brown envelopes of cash to get the kibosh put on it... done the whole thing myself including the court stuff, ended up with a four figure sum when the bank failed to enter a defense. Eeeexcellent.

So yeah, my advice is do it yourself!

 

[Ian D J]

Excuse the holy thread revival Batman thing, but want to ask a question.

Will my income support and carers allowance (total £98 a week) be affected if I was to continue with my successful claim on the mortgage insurance to cover my mortgage payments (where at least I'll be covered for the next 8 months)?
The insurance company agreed to pay out while I went onto being a carer for my elderly mother . . but vice versa? will my PPI payout have an impact on my benefits?
I am aware that all the time the PPI are covering the cost, the DWP will not cover my mortgage interest, that I can live with!
My monthly mortgage payment is quite small anyway (£160) and the PPI pays me £200 per month.

Any replies to this message would be most welcomed. Only 'cos my head is hurting after having spent all afternoon filling in forms and trawling through google for any real answers (and ended up with even more questions!).

 

[Grayo]

Hi Ian,

Reclaming PPI should have no effect on your benefit, you are only claiming what you have wrongly been charged. But I thing there is some ruling withthe DWP that if claiming benefit you can have no more that £16,000 in the bank. You could also contact CIB (Citizens Advice Bureau) just to confirm this.

Good luck

 

[Ian D J]

Hi Ian,

Reclaming PPI should have no effect on your benefit, you are only claiming what you have wrongly been charged. But I thing there is some ruling withthe DWP that if claiming benefit you can have no more that £16,000 in the bank. You could also contact CIB (Citizens Advice Bureau) just to confirm this.

Good luck

Hi Graham. Indeed, might as well get back what I've put into that insurance policy, especially after all these years!
I don't have anywhere near that much money in my bank account so I won't be losing that much sleep over that one.

 

[Sean_m]

Well at last I can reply to this thread with some great news. Had a letter this morning from the bank offering to pay whats left on my loan (£4476.32) and also offer me £4886.62 refund!

Obviously I'm going to accept their offer :bonk:

It just leaves me with one question to answer, Canon 7D or Nikon D7000

 

[Ian D J]

Well at last I can reply to this thread with some great news. Had a letter this morning from the bank offering to pay whats left on my loan (£4476.32) and also offer me £4886.62 refund!

Obviously I'm going to accept their offer :bonk:

It just leaves me with one question to answer, Canon 7D or Nikon D7000

Wow! That's fantastic news! Way to go (said with a hint of jealousy, hahaha) but, no, I am chuffed for you!

Over here I, too, am going to have a slight change in fortunes. There is a bit of a long story behind it, so let's just say a decade-long dispute surrounding my (long since deceased) Nan's Will is about to be resolved. As a result, a nice bit of a windfall is winging it's way to me.

Like to think that things does have a habit of working itself out.

 

[Grayo]

Well at last I can reply to this thread with some great news. Had a letter this morning from the bank offering to pay whats left on my loan (£4476.32) and also offer me £4886.62 refund!

Obviously I'm going to accept their offer :bonk:

It just leaves me with one question to answer, Canon 7D or Nikon D7000

Great news Sean, Put some away for a rainy day and spend wisely Nikon

 

[gusm41]

How do you claim back if you dont have any of the paperwork i had a loan and creidit card with egg.

 

[Sean_m]

Thanks guys it's made me and the mrs the happiest people on earth. Looking forward to a nice Christmas now.

Hope u get a bit of luck Ian

I had a go of my dads d7000 last week. Must admit, it felt good

 

[Grayo]

How do you claim back if you dont have any of the paperwork i had a loan and creidit card with egg.

Contact Egg, ask for account number loan details and tell them you wish to make a claim for PPI as you feel you were mis sold the PPI on the loan as you were not given the opportunity to arrange PPI for yourself and get it cheaper elsewhere.

HTH

Graham