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PostPosted: Tue Mar 05, 2013 4:03 pm 
Karma Queen / Cake Meisterin
Karma Queen / Cake Meisterin
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Joined: Thu Jul 27, 2006 10:02 pm
Posts: 6813
Location: North Yorkshire
We wanted it for security if my husband lost his job but when it came to it there was some loophole, we were not told about, that meant they didn't have cover us fortunately he was not out of work long. That's defo miss-selling to me, but yes people will claim even if it worked for them.


PostPosted: Tue Mar 05, 2013 9:03 pm 
Retro Guru
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Joined: Thu Sep 20, 2012 9:20 am
Posts: 823
Location: On my sofa
drystonepaul wrote:
I was contacted by a PPI claims company about six months ago. I asked them how much they take from a successful claim to which they replied "37% of the final amount".
I baulked at this but still got them to send me a claim pack for reference.

I did a bit of research and thereafter ignored several phone calls from the aforementioned company.

These PPI claims companies seem to infer that it is difficult, expensive and time consuming to pursue a claim, when it's actually incredibly easy and, most of all, completely free.
You just need your account details and/or PPI reference numbers. (which I found on my loan agreement paperwork)

To pursue a claim all you need to do is fill in a copy of the Consumer Questionnaire from the Financial Ombudsman's website here: --> ... s/ppi.html
Then send it to whoever supplied your loan or credit agreement along with a cover letter if you wish.
Your lender is legally obliged to respond within about four to six weeks to investigate further, and/or to offer a settlement amount if they uphold your complaint.

There is also some great advice along with template letters here: --> ... -insurance

I am thankful for the call from the PPI claims company for prompting me to pursue my claim, but I'm so glad I did it myself.

If you are successful then you should get back the full PPI amount plus interest plus an additional statutory 8% per annum accumulating compensation amount, which is calculated from the start of your loan agreement until the date of resolution for your claim. This part can really add up if, like me, your loan began 10 years ago.

The whole process from posting off my claim to receiving a cheque took about 12 weeks.
I received a very nice lump sum about two weeks ago which has cleared my overdraft, payed for a new van and still left a four figure sum in my savings account. That amount would've no doubt been absorbed by the company's fee.

Not a bad return for a couple of hours sorting through a bit of paperwork and writing a letter.

My girlfriend has also been similarly successful in her claim too.

A few things to remember are:
1) Don't use a PPI claims company as they will rip you off.
ii) It's alot easier than you think.
c) The banks etc. have allocated money specifically to compensate for mis-sold PPI. They are legally obliged to compensate their customers and, as far as I am aware, the uptake hasn't been as high as the banks anticipated.
( I suspect this is related to the first two points )

All of which reminds me; I must sort out my credit card claims...

Brilliant stuff - phoned up ombudsman this evening and got a claim started - many thanks :-)

 Post subject: Re:
PostPosted: Tue Nov 03, 2015 1:15 pm 
King of the Skip Monkeys
King of the Skip Monkeys

Joined: Wed Nov 07, 2007 4:34 pm
Posts: 28430
Location: Allowed Crayons again
Re-submitted a claim with Lloyds as they had 'only' paid out on a few of the missus' loans

Just got another healthy 4 figure sum through today.

PostPosted: Tue Nov 03, 2015 10:05 pm 
Gold Trader / MacRetro rider
Gold Trader / MacRetro rider
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Joined: Sun May 25, 2008 11:03 am
Posts: 18845
Location: Sunny Glasgow
Well done. can buy a car now....

PostPosted: Tue Nov 03, 2015 10:20 pm 
retrobike rider
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Joined: Thu Apr 17, 2008 1:24 am
Posts: 7662
Location: Manchester
Kerplunk wrote:
What is the definition of being 'mis-sold' PPI? Whats stopping everyone just saying they were mis-sold it when in fact they knew exactly what it was for and why and are just trying to claim it back now becuase they didn't need to claim on it and think they'll get the money back.

When I wanted to increase the value of a loan the woman from the loan company told me I couldn't increase the value of it unless I took out PPI, so I said I'd pay it off with a loan from another company and then she let me increase it.
Obviously on commission, people on commission can't be trusted.

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