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PPI Claims

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  • Elthamaddick
    Elthamaddick Posts: 15,813
    i had a loan 4 years ago that finished last year, no idea though if I took out PPI on it?, if I just ask the bank would they tell me? - or just say no to avoid possible paying anything back!
  • JT
    JT Posts: 12,348
    edited August 2012
    I filled out the claim form from there, sent it back, and a few weeks later had a letter stating how much i was owed and then a cheque was sent out to me.

    http://www.fsa.gov.uk/consumerinformation/product_news/insurance/payment_protection_insurance_/claim-back-ppi
  • Stebo
    Stebo Posts: 790
    Elthamaddick said:

    i had a loan 4 years ago that finished last year, no idea though if I took out PPI on it?, if I just ask the bank would they tell me? - or just say no to avoid possible paying anything back!

    no they wont tell you. you'll have to dig out any paperwork you've got regarding that loan to see if you did.
    Normally on the loan agreement or on any statements you received, payment protection will be itemised.
    it might have only been a couple of pounds a month, but add up all those couple of pounds over the 4 years and it could add up to a decent sum.
    Then phone the bank make a complaint and you'll get everything you paid and then a bit extra for compensation.

  • Off_it
    Off_it Posts: 28,850
    Ambulance chasers
  • P_Air
    P_Air Posts: 545
    I've sent off 6 letters last week. 4 credit cards and 2 loans. No idea if any of them had/have PPI added. Thing is, by law now they have to respond to you. Worst case is they make you pay a small fee for the release of the info. For the cost of an hour or two typing the letters and for the cost of a few 1st class stamps, it has to worth asking.

    My sister had an Argos store card for 8 years. She had no idea she was being charged or had been sold PPI on it. She wrote to them and 3 weeks later they wrote back saying she would be receiving a cheque for £15,500.

    It's not a compensation claim. It's returning money to the rightful owner after being deceived of it in the first place.
  • guinnessaddick
    guinnessaddick Posts: 28,638
    Elthamaddick said:

    i had a loan 4 years ago that finished last year, no idea though if I took out PPI on it?, if I just ask the bank would they tell me? - or just say no to avoid possible paying anything back!

    Write to them asking for a copy of the T&C of the loan.
  • P_Air
    P_Air Posts: 545
    guinnessaddick said:

    Elthamaddick said:

    i had a loan 4 years ago that finished last year, no idea though if I took out PPI on it?, if I just ask the bank would they tell me? - or just say no to avoid possible paying anything back!

    Write to them asking for a copy of the T&C of the loan.
    TBH, I'd just write to them stating that you believe PPI was being charged to the loan. They have to check and let you know. Writing to them asking for the T&C's means you're doing more work. Leave the ball in their court IMO.
  • Bournemouth Addick
    Bournemouth Addick Posts: 16,283
    P_Air said:

    It's not a compensation claim. It's returning money to the rightful owner after being deceived of it in the first place.

    This is the point really isn't it? People are clearly happy that they are getting what they see as a windfall, and you can understand that, but it's just their own money they've been conned out of. My colleague sitting next to me right now has just got £9000 back and when I asked her if she was angry that she'd been ripped off by the bank she replied that she'd only have wasted it anyway so is looking at it as if someone had just been saving it for her instead. One way of looking at it I suppose but she wasn't willing to let me look after her money for her funnily enough (interest free of course).

    The financial institutions in this country really do need a massive clean up don't they?
  • Oggy Red
    Oggy Red Posts: 44,955
    edited August 2012
    P_Air said:



    My sister had an Argos store card for 8 years. She had no idea she was being charged or had been sold PPI on it. She wrote to them and 3 weeks later they wrote back saying she would be receiving a cheque for £15,500.

    Are claimants entitled to interest to be paid to them?

    In the above scenario, the poster's sister had been charged PPI for 8 years - as she had been deceived into making payments for such a long time, surely there has to be a compensation formula allowing for inflation eroding spending power over the years?
  • P_Air
    P_Air Posts: 545
    Oggy Red said:

    P_Air said:



    My sister had an Argos store card for 8 years. She had no idea she was being charged or had been sold PPI on it. She wrote to them and 3 weeks later they wrote back saying she would be receiving a cheque for £15,500.

    Are claimants entitled to interest to be paid to them?

    In the above scenario, the poster's sister had been charged PPI for 8 years - as she had been deceived into making payments for such a long time, surely there has to be a compensation formula allowing for inflation eroding spending power over the years?
    Check out the consumeractiongroup.co.uk/forum/forumdisplay.php?111-Payment-Protection-Insurance-%28PPI%29. They have a wealth of info on there.

    The basic premise is that you can claim from the date the loan/card was taken out, right up to the date the claim is settled, even if the loan/card was paid off years ago.

    They calculate how much PPI you would have been paying per month, then add whatever the monthly interest rate was to that monthly PPI amount. Then a statutory 8% is added to that overall figure.

    You can see how these payouts quickly ramp up to large amounts. I read the largest ever payout was £82,000. Crazy.

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  • Oggy Red
    Oggy Red Posts: 44,955
    Useful to know. Thanks for that, P_Air.

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