My nephew got £8k back from student loans from 6 years ago and other stuff - worth a go. Company wanted 33% of the amount to deal with the claim, so he ended up doing the claims himself through the banks and credit card companies. He said it was easy.
Got 3.5k back. Just phoned Nat west and said where's my money three weeks later it was iny account with interest added for the inconvenience. DO NOT GO THROUGH A COMPANY.They will take at least 30% look on money savings expert .com they have all the information you need. But first of all just phone your bank it really can be that simple.
I'm having a go myself via Lloyds who have set a department to deal with it, very easy once you get through to the right person, one tip if you do it this way you have to tell them why you are claiming. In my case I was self employed and after this I was a director of a Limited company both of which meant I couldn't claim, however the only way I could get a loan and mortgage was to take out pip. Prior to finding out about the Lloyds department I had been battling with Lloyds Dartford for around 10 years over this matter. Hopefully in the next few weeks I will find out what I am to get back.
I'm the worlds laziest person when it comes to anything bank related and form filling so I did use one of those companies (couldn't be arsed doing the chasing).......BUT they did get me about £3k back. I saw it as bonus cash so didn't mind so much them taking their 20% cut.
Is there a time limit? I had a couple of loans about 10 years ago and I was told for both that if I took PPI I'd get them at just over 7% without 12%.
The ‘statue of limitations’ means banks don’t need to keep records that are over six years old. However, there is no official cut-off time so if you’ve still got the paperwork, while your chances of success are a little lower with older loans, many still do successfully reclaim.
Do it - really is very simple, especially if it's a bank loan. You just need to ring the bank up and ask them to give you all details of any loans you've had with them - dates, reference no's etc, and check the dates of PPI coverage. Then you can use this letter, using whichever reasons may apply to your case:
The bank (or credit card supplier) will send you a 3-page form to fill in. Return it and wait for the response. I know someone who did it and got over £9k back - she thought she was checking on one loan, bank paid up on 3, 2 of which she had forgotten about! The whole process took about 3 weeks - it was one of the big banks which had set aside cash for these claims.
And as others have said, absolutely DO NOT use one of the claims companies. When you realise how simple it is to do yourself, it would hurt your heart to give them a cut of anything you get back.
I thought this was a fishing scam, the new bank transfer from winning a lottery fund from abroad, but can you just send me your bank details first? I am glad that some people have had a result, in getting this money back. I will have to research this, see if I can do it myself. Any advice about doing this DIY.
I did this years ago before all these companies were about. it was really easy just go on moneysavingexpert.com download the template that's on there fill it out, send it off, they write back saying they are not at fault but as a good will gesture, sign here and the money will be in your account in 5 days. Job done, easy as pie.
Done it twice....once through a company that cost me 25% of what I got....and then did it on my own the 2nd time.....the first one got £10k back after they had taken their cut......got £8k back when I did it myself.....these were on 2 old paid off loans from circa 2006 where PPI was added to cover Mrs RM....when she wasnt working!!! My fault in the first place for not reading the small print....but the FSCS paid out even though both companies have gone out of business. Its so easy to do it yourself....please DONT use a company....it took 8 months with the company and they had circa £4k of my money and 8 weeks when i did the 2nd one and I got all the money!!! Dont forget that if the claim is over £2k and the company has gone bust the FSCS will only pay back 90% of the compensation. Hope this helps.
Never took any insurance out with any loans or credit cards I have had. Went through it all with a cold call a few months back and confirmed that im not owed a penny. That's what I thought all along, but I'm still getting calls from these jokers on my landline, and even when you tell them no, they still want to carry on the conversation.
Now getting the calls on my mobile as well, so I have now adopted the new tactic of telling them i will log this call with the old bill for constant harassment. Not surprisinly they then cut me off.
A word of caution, I did my Car one through the Finance Ombudsman, they have now had it since March 2010 & still not resolved, because Audi are contesting it, despite undesputable proof provided by me. The sheer number of claims means if it gets contested you are unlikely to hear anything for years. Most banks though are not contesting these at present.
I annoyingly shredded my own records of old credit cards etc when I paid them off and closed my accounts so I no longer have any details and don't really know how long ago it was. Anyone know if I could still claim?
I annoyingly shredded my own records of old credit cards etc when I paid them off and closed my accounts so I no longer have any details and don't really know how long ago it was. Anyone know if I could still claim?
The company i was claiming off had gone bust sometime before, but i still managed to get mine paid out via the FSA. I did know my account number, the amount & the year i took it out, but had no paperwork or anything.
please DONT use a company....it took 8 months with the company and they had circa £4k of my money and 8 weeks when i did the 2nd one and I got all the money!!!.
This.
It only takes a phone call. there's no need to use a third party, because you'll just end up losing a big chunk of whatever you get when they take their commission. third party companies will fight for more compensation on your behalf, but once they taken their cut you'll end up with less than if you did it yourself and as Red said it generally takes longer. All you have to do is phone whatever bank you paid ppi to and register your complaint, then in about 4 weeks time you get a cheque through the post.
Comments
Dopey mare for taking them out in the first place though.
If I had a penny for every call & email I get about these, I'd receive a lot more than £9k..........................................
http://www.guardian.co.uk/money/interactive/2011/apr/21/reclaim-your-ppi-template-letter
The bank (or credit card supplier) will send you a 3-page form to fill in. Return it and wait for the response. I know someone who did it and got over £9k back - she thought she was checking on one loan, bank paid up on 3, 2 of which she had forgotten about! The whole process took about 3 weeks - it was one of the big banks which had set aside cash for these claims.
And as others have said, absolutely DO NOT use one of the claims companies. When you realise how simple it is to do yourself, it would hurt your heart to give them a cut of anything you get back.
Good luck!
I am glad that some people have had a result, in getting this money back. I will have to research this, see if I can do it myself.
Any advice about doing this DIY.
I will look into this now seems like easy money I had ignored up until now
Cheers folks
Now getting the calls on my mobile as well, so I have now adopted the new tactic of telling them i will log this call with the old bill for constant harassment. Not surprisinly they then cut me off.
It only takes a phone call. there's no need to use a third party, because you'll just end up losing a big chunk of whatever you get when they take their commission. third party companies will fight for more compensation on your behalf, but once they taken their cut you'll end up with less than if you did it yourself and as Red said it generally takes longer. All you have to do is phone whatever bank you paid ppi to and register your complaint, then in about 4 weeks time you get a cheque through the post.