I Need Advice Re A PPI Claim

[Teddy Maybank]

A few weeks ago my bank contacted me and asked me a few questions re a loan I took out in 2005. They told me that I could claim against mis sold PPI and I answered more questions on the phone. I got a letter through the post today offering me £2500.
Has anyone had experience of this?
Should I bite of their hand and say I except OR should I go to one of the many PPI claims companies knowing that the bank will be trying to fob me off with a low amount of money?
Can anyone recommend a good one?
Any advice appreciated.

 

[Dominoid]

I don't believe that The bank aren't allowed to offer you less than you're entitled to. It should have a proper breakdown of how much you paid and interest. Unless you spent more than the breakdown on PPI then you won't get any more. I you go with one of these third party companies, you will end up with less when they take their fees (think about it, they aren't doing it for the love of it now are they)

Just take it dude; it's 2.5grand and a profit for not reading something properly when you were younger!

 

[PWA]

You will probably double that amount just for following a Martin Lewis template and doing it yourself.

 

[glasfryn]

just exactly how far can you go back with these claims?

 

[Teddy Maybank]

just exactly how far can you go back with these claims?

Don't know. I was shocked when my bank contacted me. I took out a loan 8 years ago. If you took out a loan over 4 years ago, i'd check it out.

 

[glasfryn]

Don't know. I was shocked when my bank contacted me. I took out a loan 8 years ago. If you took out a loan over 4 years ago, i'd check it out.

yes we have already got some money back on those
bloody LLOYDS made us take out PPI on a business that we had and the payments were huge .....but this was in the early 90's
if we ever get anything back from Lloyds it would be a first
when we sold the business we took the money away from them that day and lodged it with the CO-OP

 

[El Sid]

A few weeks ago my bank contacted me and asked me a few questions re a loan I took out in 2005. They told me that I could claim against mis sold PPI and I answered more questions on the phone. I got a letter through the post today offering me £2500.
Has anyone had experience of this?
Should I bite of their hand and say I except OR should I go to one of the many PPI claims companies knowing that the bank will be trying to fob me off with a low amount of money?
Can anyone recommend a good one?
Any advice appreciated.

The letter should give details of the loan/s and the amount of insurance paid.
You should get the premiums back + 8% interest.

I was in a similar situation recently with my bank. Unless you've got all your old statements or a copy of the loan agreement that does not concur with their offer I'd take the money.

 

[Fungus]

You will probably double that amount just for following a Martin Lewis template and doing it yourself.

This. Do it yourself, don't use one of the companies that are forever phoning everyone.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

 

[BHAZiggy]

I got exactly what I worked out that I was owed. They don't just pluck a random figure or triy to buy you off with a lower figure. If you've been offered that much, it's almost certainly a fair offer and you should accept it.

 

[Rookie]

Never ever use a claims company they are charging you for something that is free, basically stealing your money.

 

[BHAZiggy]

You will probably double that amount just for following a Martin Lewis template and doing it yourself.

Do it yourself, yes, but don't expect double. Just expect not to pay anyone for asking for your money back when you can ask yourself.

 

[Oscar]

Funnily enough, I'm just in the process of claiming back nine years worth of PPI.

I honestly can't remember if I signed up to it or not but I'm damn well sure I'm going to try and get it back.

Any advice on suitable responses when the bank ask why I feel I was miss-sold PPI other than 'I can't recall ever agreeing to it'?

 

[Telscombe Seagull]

Most common reason seems to be ' i was told i would get a higher interest rate on this loan if i didnt take it up' or along those lines.

 

[Oscar]

Most common reason seems to be ' i was told i would get a higher interest rate on this loan if i didnt take it up' or along those lines.

Yes, that's good. *writes that down*

 

[Arthur]

A few weeks ago my bank contacted me and asked me a few questions re a loan I took out in 2005. They told me that I could claim against mis sold PPI and I answered more questions on the phone. I got a letter through the post today offering me £2500.
Has anyone had experience of this?
Should I bite of their hand and say I except OR should I go to one of the many PPI claims companies knowing that the bank will be trying to fob me off with a low amount of money?
Can anyone recommend a good one?
Any advice appreciated.

Well surely it depends how much you have paid?

I had the exact same thing happen to me. Lloyds who I had a loan with wrote to me saying they were worried I'd been missold PPI. I didn't have a clue I even had PPI on the loan let alone have any interest in claiming for it. They sent me a questionnaire which I filled out and basically said that and they sent me an offer with it all broken down by payment including interest I would have accrued if I hadn't paid the money. It then turned out as I no longer had the PPI I had over paid on the loan by over £700 so I got this refunded as well.

Back in the day when people first started claiming bank charges back I did it off my own back I got a piddly offer from the bank which wasn't even worth bothering with. So I got a company to do it on my behalf and they offered me 75% of what I'd paid out in fees. It may well be different nowadays for the PPI claims but using a 3rd party company was certainly worthwhile in my experience (that was over 10 years ago mind).

 

[Arthur]

Yes, that's good. *writes that down*

I just said to my guys that I have a very steady job that I am in little danger of losing so if I had the choice of knocking a couple of grand of repayments off or having PPI I would have taken the former.

 

[Rookie]

Well surely it depends how much you have paid?

I had the exact same thing happen to me. Lloyds who I had a loan with wrote to me saying they were worried I'd been missold PPI. I didn't have a clue I even had PPI on the loan let alone have any interest in claiming for it. They sent me a questionnaire which I filled out and basically said that and they sent me an offer with it all broken down by payment including interest I would have accrued if I hadn't paid the money. It then turned out as I no longer had the PPI I had over paid on the loan by over £700 so I got this refunded as well.

Back in the day when people first started claiming bank charges back I did it off my own back I got a piddly offer from the bank which wasn't even worth bothering with. So I got a company to do it on my behalf and they offered me 75% of what I'd paid out in fees. It may well be different nowadays for the PPI claims but using a 3rd party company was certainly worthwhile in my experience (that was over 10 years ago mind).

That was a while before the courts gave their verdict and the banks crumbled. Now if you don't agree with the offer from the bank you go to the Financial Ombudsman (for free). No need to give your money away

 

[Uncle Spielberg]

You should get your money back plus 8% pa interest although the interest is subject to tax.

 

[El Sid]

That was a while before the courts gave their verdict and the banks crumbled. Now if you don't agree with the offer from the bank you go to the Financial Ombudsman (for free). No need to give your money away

I have spoken with the Ombudspersons and yes they will investigate if you are unhappy with the decision but they will also expect their enquiries to take 12-18 months.

 

[BrianWade4]

Sure it's not a scam ie is it definitely your banks that's called you ?