Can anyone who's been through this comment on how much / what documentation or proof of mis-selling you need?

When we took out the mortgage on the previous house, we were told that we *had* to have PPI in order to be offered the mortgage, and we weren't told that we could get an alternative payment insurance product elsewhere.  We don't seem to have any of that in writing though (sneaky buggers)

In the meantime, we've paid off the mortgage, moved house, and the building society has been swallowed up by another one.

It feels like a bit of a long shot at the moment, but at the same time, what do we have to lose?

Quote from: Calnefoxile on August 24, 2012, 04:05:09 PM

Actually thats not quite true, you will get interest on your payments at the interest rate of the PPI part of the loan + 8% interest, which is why we got back £24k on £12500 worth of PPI. You also need to inform the Tax man of the 8% amount.

Not too bad, but of course if you'd invested that money, instead of paying it to those grasping, greedy banks,  you'd have earnt some interest on - although those same banks are paying a very pathetic amount currrently.

Quote from: Calnefoxile on August 24, 2012, 04:05:09 PM

If you don't have loans with PPI, what about Credit Cards with PI you didn't know about etc.

I haven't used credit cards for some years and when I did I always paid the full amount off every month so never build up any debt, any PPI, or paid any more than I'd actually spent. Any other ideas?

H.

Quote from: tim-pelican on August 24, 2012, 05:03:34 PM
Can anyone who's been through this comment on how much / what documentation or proof of mis-selling you need?

When we took out the mortgage on the previous house, we were told that we *had* to have PPI in order to be offered the mortgage, and we weren't told that we could get an alternative payment insurance product elsewhere.  We don't seem to have any of that in writing though (sneaky buggers)

In the meantime, we've paid off the mortgage, moved house, and the building society has been swallowed up by another one.

It feels like a bit of a long shot at the moment, but at the same time, what do we have to lose?

On the claim form on Martin Lewis money saving expert, write exactly that which you have put in this thread, you were told there was nothing else available and you had to accept the PPi, on the relevant section. Definately worth doing.

Quote from: OwL729 on August 24, 2012, 05:21:16 PM

Quote from: tim-pelican on August 24, 2012, 05:03:34 PM
Can anyone who's been through this comment on how much / what documentation or proof of mis-selling you need?

When we took out the mortgage on the previous house, we were told that we *had* to have PPI in order to be offered the mortgage, and we weren't told that we could get an alternative payment insurance product elsewhere.  We don't seem to have any of that in writing though (sneaky buggers)

In the meantime, we've paid off the mortgage, moved house, and the building society has been swallowed up by another one.

It feels like a bit of a long shot at the moment, but at the same time, what do we have to lose?

On the claim form on Martin Lewis money saving expert, write exactly that which you have put in this thread, you were told there was nothing else available and you had to accept the PPi, on the relevant section. Definately worth doing.

Tim,

Yep exactly what that wise old Owl said 

Sounds exactly the same situation as I had with my loan, we also looked at the links on Martin Lewis's site that gave a list of Companies previously fined for mis-selling and lo and behold our company were on that list  and this gives the reason they were fined, you can use these details as a reason, because they've already been done for it by the FSA.

Rregards

Neal.

Here are the reasons I put in my claim as to why I was unhappy with the insurance:

Your salesperson implied that taking out the policy was essential for me to get the associated credit, even though I informed them that I already had alternative insurance cover by my benefits package from my employer at the time.

Your salesperson did not give me full information on what the policy would and would not cover, for example that the loan only covers the first ten years of my loan term.

You have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests.

The last one I got from MoneySavingExpert because my lender had been found guilty of mis-selling after I took out my loan, and that was why they didn't have a leg to stand on.

Cheers

Neal.

Thank you to everyone that has given help and advice on this - it is brilliant and keep it coming

I'm definitely going to do it myself and have the forms from money-saving expert downloaded. First thing is to get copies of my agreements from the credit card companies.

Quote from: Calnefoxile on August 24, 2012, 05:37:52 PMYour salesperson implied that taking out the policy was essential for me to get the associated credit, even though I informed them that I already had alternative insurance cover by my benefits package from my employer at the time.

Your salesperson did not give me full information on what the policy would and would not cover, for example that the loan only covers the first ten years of my loan term.

You have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests.

Yep, that old 'inertia selling' rouse (adding items/services not asked for or necessary and expecting the purchaser to notice and decline them) is scumbag behaviour. Same goes for that old trick of having to sign a direct debit to get the 'free' trail/check something out and then to have cancel the DD before a particular time or incur continuing expenses. Not only is it almost impossible to 'cancel' a DD they are relying on you remembering (or rather forgetting).

H.

Chaps,

Don't go to these rip off companies. No need at all.

Just send a claim form(loads on line) with your details to the bank/finance Co etc who will look into it. All the big players have already put the money aside and do not even bother to contest. It is too expensive for them to do so. They simply check you have any/had an account with them(alot try it on how havent), check you had PPI, then run it through a formula the add it all up including balances and interest and they make a final offer which is usually the PPI paid plus interest.. They only get into dept if you don't accet and go via the ombudsman.

If you had it go for it you have nothing to lose and lots to gain.. We are at £8k with four more waiting..Kerching...

Cudders

Cannot stress enough about reclaiming PPi

DO NOT USE ANY CLAIM COMPANIES. THEY WILL TAKE YOUR MONEY.

I actually take great delight in telling PPI firms who phone me that I have successfully claimed PPI back on my own, I even go on to say that they are chancers out to make a quick bob by capitalizing on others financial naivety.

And don't feel bad about claiming, this is YOUR money which the banks tricked out of you. Make sure you get it back.

I have just read this thread as i'm considering claiming but on reading the forms which i need to fill out i am instantly stressed (any financial dealings or forms stress me massively) i only have the account/policy number and the institution name from any loan/credit card i could claim for and have no idea what was said when i was sold PPI also the PPI has a sepperate policy number which i will not have.

In short all i have is my account number and name of bank, is this enough to go on as it would leave 98% of the form empty.
I may have claimed on the policies but have no idea which ones or when even if i had

All my dealings with credit and loans ended 4 years ago so i have little information of these accounts

Dave

Yes thats all you need.

Dont even worry if you have been in arrears etc as this doesn't make any difference.

My other half has an account in debt on a payment plan. They paid out more then the outstanding balance!

Just send it in...

Cudders

Right i'll get some forms printed then and send them off if thats all i need to do  it seems to easy but worth a go.

Dave

New claim goes in tomorrow, i printed out all the paperwork tonight, filled out all the relevant boxes on the extremely simple claim questionaire form.
I post it off tomorrow, 1st class recorded, should receive over £2500 compensation in as little as 8 weeks time.
Not bad for a £3 recorded delivery letter and 20 mins of my time filling out the form.

Top-TipNever use a claims handling firm. They will take a large chunk of your prospective compensation. Always make the claim yourself. Its easy!
(if a muppet like me can do it, and has claimed succesfully in the past, then there is hope for everybody!!)