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PPI sucsess
steve m - 8/6/12 at 04:43 PM

Hi

I deceided to try and recover some PPI, from credit cards and old loans etc, 12 of them in all
today the first cheque of £201.22 arrived

Not a great amount, but this one was from an account i wasnt even sure i had signed up to PPI

I await the rest to arrive !!

steve

wylliezx9r - 8/6/12 at 05:36 PM

I got £800 back about 2 months ago. Bit of advice to anybody thinking of doing it; dont use the claim companies just phone your bank, i didnt even have to fill in any paperwork. The claim companies will phone on your behalf and take 30% for their troubles

sdh2903 - 8/6/12 at 06:07 PM

Just helped my dad claim, 2 cheques arrived on Mon totaling 16.5k

I'm just awaiting my finders fee to come in!

He wasn't even going to claim.

Surrey Dave - 8/6/12 at 09:21 PM

This applies to loans and credit cards not mortgages , yeah?

craig1410 - 9/6/12 at 12:15 AM

I got £4k back recently from RBS for a 13.5k loan that was settled 6 years ago and for which I had no paperwork. All it took was a 10 minute phone call.

The thing is that I was 99.9999999% certain that I didn't have any PPI because I am very much "anti-insurance" and always untick any such boxes on application forms. I can't overstate this - if I had PPI then anyone can have PPI without realising it. I'm not even sure the the £4k of unexpected income makes up for the fact that they managed to get me to sign up for PPI without my knowledge. It really pi$$es me off!!

So, my advice is to get your credit file for £2 and then chase up your various banks and lenders and see if you are due any PPI refunds. Better you get the cash than have it go to a bank exec bonus fund...

steve m - 9/6/12 at 06:32 AM

were do you get the credit file from? as its defo worth £2

I just trawled thru all my old paperwork, as a lot needed shredding, and used the info/acc no, and wrote them a snotty
"ive been conned letter"

steve

loggyboy - 9/6/12 at 10:43 AM

Congrats to you all for joining the blame n claim culture, and digging the country in to further debt and closer for us all to paying for banking. (im sure most PPI was properly sold)

[Edited on 9/6/12 by loggyboy]

owelly - 9/6/12 at 11:23 AM

And congratulations to Loggyboy for knowing all about our finances and the way in which our banking and loan agreements were set up. Perhaps if the banks didn't try to shaft us all in the first place, we wouldn't be in this mess...?

JoelP - 9/6/12 at 04:07 PM

Without digging, i would have agreed with loggyboy. However if its like craig says, that he watches out for these useless add-ons and still ended up being sold it, then maybe there is a case. What annoys me is that i think most people agreed to it because they are too stupid to realise its an overpriced and rarely used insurance policy - and now everyone, even those who wanted it, think they are entitled to money back plus interest even though they have enjoyed the potential cover. Like i said though, craigs account sways me somewhat - if it really was added on without asking, then fair enough.

I hate banks, but if someone has clearly agreed to the payments then 'tough shit' in my books.

D Beddows - 9/6/12 at 05:15 PM

The problem is that the 'cover' was often useless - I tried to claim on it once (young, naive and it sounded like a sensible precaution when they mentioned it while taking out the loan ) and found that unless you'd been made redundant on a Tuesday at 3.47am by a man called Nigel the 'computer says no'

ChrisW - 11/6/12 at 10:58 PM

I thought the main complaint was that people were led to believe (or maybe wrongly assumed) that they were more likely to be accepted for credit if they had the insurance in place?

Chris

daviep - 11/6/12 at 11:50 PM

quote:
Originally posted by loggyboy
Congrats to you all for joining the blame n claim culture, and digging the country in to further debt and closer for us all to paying for banking. (im sure most PPI was properly sold)

[Edited on 9/6/12 by loggyboy]


+1

There is a saying which sums this up quite well.

"A fool and his money are soon parted"

Cheers
Davie

craig1410 - 12/6/12 at 12:38 AM

That made me laugh, the comments by loggyboy and daviep are pretty much the opinion that I might have held until I discovered that RBS had taken money for PPI without my knowledge. You can call me a fool if you like, if that makes you feel better and I shall continue to laugh. I'm sure that some might think that borrowing itself is foolish but for us it has been a conscious choice, having started a family at the age of 20 and choosing to do our best to give them the best start in life possible with the limited finances we had at the time but at the same time with plenty of potential to carry that debt and recover from it through hard work. That has all worked out very well for us and no doubt provided some income for some savers along the way. Two sides of the same coin and I hope that those savers get to spend their money on something that makes them happy some day.

Getting back to the PPI, I think I explained my situation before but in a nutshell I took out a loan almost 10 years ago for 13.5K over 4 years. At the time I was certainly less financially savvy than I am now (but I was no fool) and was basically looking at APR rates of the various loan products available at the time. I had a vague recollection of a conversation with RBS where they offered me two different APR rates which the simply described as two different "products" but at no time did they mention insurance of any kind. At the time I was 2 years into what would be a 10 year stint with a large IT company so I certainly didn't want or need any sort of insurance to protect my loan payments. I also believe that they hid the cost of the insurance because even back then I knew to look for the "total cost of credit" and it was lower for the product we chose. I think at the time the rules allowed them to detail the insurance product separately (and very discretely) and also the insurance product was not included in the APR calculations which is no longer the case today. So I saw both total cost of credit AND APR as being very low, not realising that there was about £2200 being syphoned off into an insurance policy. Yeah, if I had done the sums properly including doing all the compound interest rate calculations (not exactly back of a fag packet stuff) then I might have spotted the discrepancy but I didn't and trusted the bank for whom I had been a customer since I was 5 years old with a kids savings account. The monthly payment was something like £372 and something like £35 of that was going towards the insurance each month. Note that this is before the proliferation of comparison sites etc so not so easy (and quite time consuming) to get lots of quotes.

I pride myself in taking responsibility for my actions and those of my family and only phoned RBS because someone I sit next to at work basically told the exact same story that I've just told. He was 99.9999% sure that he didn't have PPI and was 100% sure that he didn't want it. And yet he got about £2k back as well. I got £4k back (mainly from interest over 6-10 years) and I am happy to take it.

To those criticising us for claiming our money back, remember one thing...it was and still is OUR money and was taken from us unlawfully! Theft if you like. The real fools are the ones who have been ripped off but are too proud or shy or lazy to do something about it. As for the economy, well you'll be pleased to know that we are putting that money straight back in to the economy by taking the family on holiday to Tenerife later this summer. So the net effect is that the banks have less money and the economy has more money and our family enjoys some quality time together. Sounds like a win-win-win situation to me!

Minicooper - 12/6/12 at 11:31 AM

quote:
Originally posted by ChrisW
I thought the main complaint was that people were led to believe (or maybe wrongly assumed) that they were more likely to be accepted for credit if they had the insurance in place?

Chris


That's exactely what happened to me, if I was to take the insurance it would improve the chances of the loan being approved. It was later on I found out that the insurance was worthless for a self employed person like my self and also my health would have voided the insurance as well, none of these reasons not to pay were disclosed to me

I haven't got a current claim as I complained and recieved compensation in 2006

Cheers
David

JAMSTER - 12/6/12 at 12:35 PM

quote:
Originally posted by loggyboy
Congrats to you all for joining the blame n claim culture, and digging the country in to further debt and closer for us all to paying for banking. (im sure most PPI was properly sold)

[Edited on 9/6/12 by loggyboy]


putting the country in to dedt the jubiliee festivities £3 billion it's a joke and the other sh#t coming up olympics wtf has that cost us/country ?????????????

[Edited on 12/6/12 by JAMSTER]

thefreak - 12/6/12 at 06:54 PM

quote:
Originally posted by JAMSTER

putting the country in to dedt the jubiliee festivities £3 billion it's a joke and the other sh#t coming up olympics wtf has that cost us/country ?????????????

[Edited on 12/6/12 by JAMSTER]


I keep hearing people say this, but when asked what revenue did/is the jubilee celebrations generating for the country, they can't give a number or don't have a clue. If it costs £3b to bring £10b in, isn't that a good thing? Exactly the same with the olympics. The increased revenues generated through just the extra tourists coming into the country and spending their money will pay for it.

Anyway, back on subject. I'm almost positive I had a conversation with a rep at the bank a good few years ago when arranging a loan, and they wouldn't give me the loan unless I took out a policy with them to cover me if I was made redundant/lost my job through sickness. I was in a situation where I couldn't get the loan/mortgage from elsewhere as I was splitting up with the girlfriend(s) - happened twice! so didn't have the joint income. The problem is I can't remember what it was for. I know it was HSBC though as I'm still with them.
How would I go about investigating it?

McLannahan - 12/6/12 at 07:00 PM

quote:
Originally posted by thefreak
quote:
Originally posted by JAMSTER

putting the country in to dedt the jubiliee festivities £3 billion it's a joke and the other sh#t coming up olympics wtf has that cost us/country ?????????????

[Edited on 12/6/12 by JAMSTER]


I keep hearing people say this, but when asked what revenue did/is the jubilee celebrations generating for the country, they can't give a number or don't have a clue. If it costs £3b to bring £10b in, isn't that a good thing? Exactly the same with the olympics. The increased revenues generated through just the extra tourists coming into the country and spending their money will pay for it.

Anyway, back on subject. I'm almost positive I had a conversation with a rep at the bank a good few years ago when arranging a loan, and they wouldn't give me the loan unless I took out a policy with them to cover me if I was made redundant/lost my job through sickness. I was in a situation where I couldn't get the loan/mortgage from elsewhere as I was splitting up with the girlfriend(s) - happened twice! so didn't have the joint income. The problem is I can't remember what it was for. I know it was HSBC though as I'm still with them.
How would I go about investigating it?



Freaky.

If it's more than six years ago HSBC won't have records of it, or at least that's what they'll say. If it's less than that then just ask them for the details, they will provide most of the details you need for a claim.

If it's longer or if they can't give enough details it may well be worth you getting a decent credit report of yourself. This will show past loans and credit taken out by yourself and could help when you then go back to HSBC with this as a starting point.

D Beddows - 12/6/12 at 07:27 PM

quote:

I keep hearing people say this, but when asked what revenue did/is the jubilee celebrations generating for the country, they can't give a number or don't have a clue. If it costs £3b to bring £10b in, isn't that a good thing? Exactly the same with the olympics. The increased revenues generated through just the extra tourists coming into the country and spending their money will pay for it.


Yeah, but who'll see most of those those billions - multinational companies mostly who will take it straight out of the country again - and there will be jobseekers sleeping rough under every bridge who get paid a 6 quid an hour to staff the events (if they're lucky) assuming the Jubilee celebrations are any kind of a model!

[Edited on 12/6/12 by D Beddows]

thefreak - 12/6/12 at 08:05 PM

quote:
Originally posted by D Beddows

Yeah, but who'll see most of those those billions - multinational companies mostly who will take it straight out of the country again - and there will be jobseekers sleeping rough under every bridge who get paid a 6 quid an hour to staff the events (if they're lucky) assuming the Jubilee celebrations are any kind of a model!

[Edited on 12/6/12 by D Beddows]


Maybe so, but in the mean time the middle men will take a cut. The middle men who buy from the big multinational companies and sell to the smaller ones, then the smaller ones who sell to Joe Public, who want to buy bunting, flags, red white and blue stone to decorate the floral gardens on the way into the village etc etc etc. All that which wouldn't have sold if the event didn't happen.

Agriv8 - 12/6/12 at 08:30 PM

to go back to the OP

after the above post decided to go though the filling system ( a plastic box in the loft ) and to my supprise i have been paying PPI on my Baclycard visacard. I have never accepted PPI on any loans only used for Cars to get married ect.

So what do you recon is best policy to reclaim it ( I never asked for it by the way )

I have the card for 10 or so years and peaked at arroud 4.5 k on spending while on honeymoon 8 years ago ( well we were in NZ for 4 weeks !! ) now payed of but how should I angle my claim do you recon ?

not expecting anythiong back but an hour filling in a form and a stamp aint going to cost me anything

thanks Agriv8

craig1410 - 13/6/12 at 11:01 PM

Hi,

Everything you need to know is contained on this site: http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Basically you need to prove (or at least suggest) that you were unaware that PPI was being charged on your card and that you didn't need or want such insurance. If it's anything like RBS then they will ask you some fixed questions and you need to respond to these in such a way as to support your claim. They will probably consider your complaint for a short time, maybe a few weeks and most likely will send you a "gesture of goodwill with no admission of liability" offer. The chances are that you won't be able to calculate whether or not this is accurate but I expect you will be happy to accept it.

If, like me, you were genuinely unaware of the PPI then I wish you good luck with your claim. Get the ball rolling without delay is my advice as I think they only have to go back for 6 years although some banks will go back farther.

Cheers,
Craig.

Agriv8 - 14/6/12 at 06:58 AM

Thanks Craig.

Completed the form as sugested and gone for the did not know I had it, and did not need it and the benefits were not explained to me.

fingers crossed.