PPI

I saw an ad the other day to reclaim PPI on an Egg card. I certainly had one back in the day but have no idea about PPI. Anyone had any luck claiming for themselves or used a company with any success? Was it worth it?

Comments

  • Yes and Yes.  I used moneysavingexpert there is a template and a guide, there is nothing to lose by looking into it and the forms were easy enough especially as I couldn't remember my account details.  Had refund plus interest back in the post after about 4 weeks.

  • Forgot to add, I personally wouldn't use a company to do it either!

  • RicFRicF ✭✭✭

    Gladstone Brooks have garnered themselves a handy £20,000,000 per annum doing for people what the same people could do for themselves.

    The gravy train is hitting the ppi buffers soon. They must be crapping themselves.

  • don't use a company, as Jan says, look on moneysavingexpert all the info is there to do it yourself. Just remember, you may not have been paying PPI in the first place so there might not be anything to claim

  • I never really saw the point of PPI after reading the small print but we had a Barclays options (?) current account - one phone call from Mrs P to Barclays resulted in a £2200 payment. I was sceptical after one of her friends suggested it but that really was all it took.

  • Yep, claimed it back myself without any company, on my bank loan. Asked them, they sent out a few forms, Ii filled them in and sent them back and I got a cheque for £7500.... (bank loan which I took out in 2001 and only paid off last year, claimed the PPI shortly before that...). Easy peasy.

  • Ta - this is very interesting !
  • RicFRicF ✭✭✭

    Did once claim what might have been this PPI but was informed it wasn't the dodgy version, so nothing. Only £10/ month so not masses.

    Wife mentioned a possible mis sell on her pension and the pension provider added £3000 to the fund and then later, they had a re-calculation and added another £4000. Which was nice.

     

  • NessieNessie ✭✭✭

    Must get round to checking mine before the time runs out.  I'm pretty sure I've never paid any, but for the sake of a few stamps............

  • What's PPI?

  • RicFRicF ✭✭✭

    It's a type of insurance which banks forced people to take out if they wanted a mortgage.

    It pretended that it would pay out if you lost your job; which was kind of comforting if you didn't want to be repossessed.

    Trouble was, you had to be out of a job for over six months before the insurance even had a chance of being considered for that purpose, which usually meant the property had been repossessed before then.

     

  • RicF, mine was on my bank loan, pretty sure it was sold on credit cards as well.Not just mortgages.

  • Claimed mine back from LLoyds and Bank of Scotland myself. If anything both could not have been more helpful. Phone them up , ask if you had any PPI , then go from there using the money saving templates. Do not use a company.

    Good Luck. 

  • Dubai runner wrote (see)

    What's PPI?

    It's now turned in to a form of financial fraud, whereby the majority of people who readily accepted it at the time are now committing fraud by saying they didn't. As either:

    a) They signed the box to say they had read the T's and C's and agreed with them, when they plainly hadn't read the T's and C's. (Fraudulently obtaining funds by false declaration)
     
    or
     
    b) Read the T's and C's, agreed with them and signed the box accordingly. Thus have no basis for a claim years later unless lying through their teeth about reading them in which case point A applies.

    And yes there were a minority of cases where it was applied without customer knowledge after the event, but they very much were in the minority and were the first to be sorted.

  • We have done it a few years ago. Just needed to send a letter, very easy. We found all the information on www.consumeractiongroup.co.uk. Very helpful for a lot of other things too. Good luck!
  • RicFRicF ✭✭✭

    I guess these are the same people who used mortgage brokers and 'self certificate' loans (aka -liar loans).

    Absolute give away during a housing market going through the stratosphere and stupidly low interest rates.

    The fact you don't pay capital gains tax on your primary residence helps here.

    Talk about making money from zero.

    (1) Get a credit card.

    (2) Get an unsecured loan of a few thousand and pay the interest using the credit card.

    (3) Lie through your teeth to a broker and get a massive loan based on an imaginary income.

    (4) Buy a property and use surplus from the loan to pay the interest on the loan.

    (5) Sit on your arse for two or three years until the interest money runs out and then sell the property or...

    (6) Simply take out another loan using the equity gained on the first property and buy another liar loan property while renting out the first - which of course will pay for everything.

    Welcome to the real housing market.

    Totally illegal but the banks and markets don't really mind. Profit all the way.

     

     

  • Booo wrote (see)
    Dubai runner wrote (see)

    What's PPI?

    It's now turned in to a form of financial fraud, whereby the majority of people who readily accepted it at the time are now committing fraud by saying they didn't. As either:

    a) They signed the box to say they had read the T's and C's and agreed with them, when they plainly hadn't read the T's and C's. (Fraudulently obtaining funds by false declaration)
     
    or
     
    b) Read the T's and C's, agreed with them and signed the box accordingly. Thus have no basis for a claim years later unless lying through their teeth about reading them in which case point A applies.

    And yes there were a minority of cases where it was applied without customer knowledge after the event, but they very much were in the minority and were the first to be sorted.

    Nothing like making sweeping statements. So I have committed fraud ?  Best you phone the police. 

  • Drunken sailor wrote (see)

    Nothing like making sweeping statements. So I have committed fraud ?  Best you phone the police. 


    Not a sweeping statement at, more a statement of fact. 

    As for committing fraud then if you hit either a) or b) above then technically yes. 

  • Cheers guys, never heard of it before.
  • I'm pretty sure I've never paid any.

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