PPI Claims

[Madam Cholet]

Can't comment on the outcome yet as applications are still with the bank. But I wrote to my bank direct and just asked them and they came back with all the details and application forms - all from over ten years ago so it will be interesting to see if the usual six year period of limitation does apply or not. Am now thinking of writing to old credit card companies (from my feckless youth!) but am not holding my breath as I have no details whatsoever. I was always led to believe that if I didn't take out PPI then the loans would not proceed. Incidentally, got made redundant once but they all managed to avoid paying out so I won't feel at all guilty/greedy if they do pay out now.

 

[BensGrandad]

You can only make a claim going back 6 years , earlier than that and you've lost the right to claim.

I was sure I heard an advert that said if you have EVER taken out a loan or credit card you could be eligible not just the last 6 years. They are quoting successful claims of £25,000 + surely people wouldn't have paid that in 6 years or more likely about 3 years before all this became public knowledge.

 

[Wilko]

Are people going direct to the bank they bank with or direct to the company you have the loan with?

 

[seagurn]

Got all the advice i wanted from the consumer action group forum all for free and very helpfull

so far got shell visa c/c £3800
citi bank c/c £870
Hsbc loan £1200
Barclays £2100
Woolwch (barclays ) mortgage £2400
Woolwich pension ppi £270(awaiting confirmation~)

that should pay for my trip to seville !!!

 

[chucky1973]

just this week I have had 3400 back from Abbey over mortgage protection and 1700 back from HFC over insurance on a by now pay later deal.

Have also gone after natwest (loan) debenhams, Argos, and 2 credit cards.

My only advice is to do the claim yourself and not get a company to do it, they take 20% and so far the 2 "wins" have been a doddle. I would have lost out on over £1000 if I had not done it myself.

 

[Smythe]

You can only make a claim going back 6 years , earlier than that and you've lost the right to claim.

Thats not right, there are no set rules for how far you can go back but it is easier to claim if the PPI has been active in the last 6 years.

 

[TottonSeagull]

Thank you for your insight, in what way is it stupid to take out PPI, if you want the security of being insured? Do you have a mortgage? You have no choice there, you have to have some sort of cover? It is, however, optional on a loan, giving the customer the choice. This is about being miss-sold PPI, which is what happened to us. In our instance we told Northern Rock to remove it from their quote, they refused, saying it was part of their package and could not be removed. As it happened, they were still more competetive than other lenders, so we continued with the loan. I guess it is heavy handed tactics like this that the banks employed, that has backfired on them and now they are having to pay out large sums in compensation.

Agree with this, however no insurance (accept building insurance) is compulsory on a mortgage. The lender will state in their offer that they advise you to have some kind of protection but will not force you to have any. If you have been told that that you must have insurance (life, critical illness or ASU) with your mortgage then you will probably have another claim for mis selling. However it is very advisable to have some sort of mortgage protection.

 

[Super Steve Earle]

Many PPI had so many get out clauses that you were unlikely to ever get a pay out. Combine that with people that didn't know PPI was included or were told they had to have it to get the loan and you have a scam of the highest order.

Equally, many were providing good quality cover to people who chose to take it for peace of mind and signed up with their eyes open. My company has paid out to several customers on my watch who have been delighted with the outcome. One in particular had a £12k loan paid off after a gym accident left him unable to work. I know there are plenty of less scrupulous sellers, but the current situation is a populist legalised scam. Will we soon be allowed to claim our premiums back on other insurances like house and travel which we take for peace of mind, but never claim on? Can't blame anyone for reclaiming, it's a free gift and an opportunity to get compensation back from the banks who are widely considered to be fair game for their role in our financial woes, but a lot of customers valued the product and were grateful for it in times of need.

 

[Cian]

My credit card firm sent me a refund cheque for the single month I ever paid PPI (its charged as a % of balance by them) after an internal review. Will buy a single pint

 

[seagullsovergrimsby]

Thats not right, there are no set rules for how far you can go back but it is easier to claim if the PPI has been active in the last 6 years.

Isn't there a FSA directive which allows banks , loan companies etc to only hold records for 6 years and anything older than that can be destroyed ? If you haven't kept the original paperwork then you're screwed as they believe 1 in 4 potential claims are fraudulent in the first place.

 

[seagullsovergrimsby]

The sad outcome of this will be the end of free personal banking when the account always remains in credit. Expect to pay £10-£15 a month to service a current account.

 

[Smythe]

Isn't there a FSA directive which allows banks , loan companies etc to only hold records for 6 years and anything older than that can be destroyed ? If you haven't kept the original paperwork then you're screwed as they believe 1 in 4 potential claims are fraudulent in the first place.

Im not sure about that, i was quoting martin Lewis from his website, i guess it may be difficult if the loan has been paid off over 6 years ago and you have no paperwork. Im claiming on a credit card i took out 9 years ago but the card and the PPI on it are still active now so hoping ill be lucky!!

 

[cjd]

The sad outcome of this will be the end of free personal banking when the account always remains in credit. Expect to pay £10-£15 a month to service a current account.

I,ve never quite understood why we have 'free' banking anyway. I have so-called 'free banking', and my bank pays out my S.O.'s for Brighton & Hove Albion, Southern Water, Electricity, Gas, car Insurance x3, life insurance, house Insurance, mortgage payments, council tax, credit cards, British telecom & mobile phone. They also provide a safer environment than my matress to hold my precious few pennies, put staff on hand to deal with any problems....etc etc etc.

All of the above is 'free'. But it's not quite free.......because the poor sods who go overdrawn, get mis-sold pointless PPI to make them even more broke and destitute, are subsidising me. It's an absolutely f***ing mad system.

I didn,t have any mis-sold PPI, but I,m chuffed to bits people are getting their money back.......and if it means I actually have to pay for my current account, then so be it. I get an incredibly good service from them that saves a lot of work for me. It really shouldn't be free at other peoples expense.

 

[seagullsovergrimsby]

Im not sure about that, i was quoting martin Lewis from his website, i guess it may be difficult if the loan has been paid off over 6 years ago and you have no paperwork. Im claiming on a credit card i took out 9 years ago but the card and the PPI on it are still active now so hoping ill be lucky!!

You'll be ok as the credit card is still in use , might be a different story if you only had the card for a couple of years before changing provider and didn't keep any records.

 

[philsussex]

Was never that stupid to take PPI out tbh.

Really? Sounds like he got a pretty good return on his 'investment' to me.

 

[Uncle Spielberg]

Has anybody claimed directly with their bank and been successful? i recently got a claim form from my bank, they said i had paid approx £900 on a £5000 loan in 2006, just got an offer of £2100, which i might just take. but why would they offer me much more than i paid?

Interest and inconvenience. Don't forget you have to declared the £ 1200 profit and be subject to tax.

 

[Uncle Spielberg]

Yes i have a mortgage thank you. Did not need to take PPI out to acquire a mortgage, only life cover, there is a difference.

Some lenders in the past did insist on life cover before they would grant the mortgage.

 

[Helen Chamberlains Quim]

Interest and inconvenience. Don't forget you have to declared the £ 1200 profit and be subject to tax.

It may deemed as compensation which isnt subject to any tax.

 

[SK1NT]

Sounds like people claiming their PPI back are getting more money back than they paid in... Maybe i was the stupid one for not taking PPI out...

I got a 20k loan 4 years ago and I had a mortgage but the PPI was an extra £100 a month an extra 25% of the monthly payment on top....laters

 

[Uncle Spielberg]

It may deemed as compensation which isnt subject to any tax.

The interest they have paid you IS subject to tax.