Payment Protection Insurance

Pengi · August 23, 2012, 07:34:18 PM

Anyone successfully claimed for this without using a company to do it for you? If so, any hints and tips? I'm being bombarded with stuff from claims companies telling me how much I will get but I don't really want to have to pay them commission.

It would be great if I could get some money back - might fund the Blue Pullman or another ICE or both!

scotsoft · August 23, 2012, 07:42:18 PM

You will get some information here

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Calnefoxile · August 23, 2012, 07:47:49 PM

Pengy,

Follow the advice on http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance and you should do well, we did and got back over £24000.

Go for it, good luck

Regards

Neal.

Pengi · August 23, 2012, 08:12:55 PM

Quote from: Calnefoxile on August 23, 2012, 07:47:49 PM
Pengy,

Follow the advice on http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance and you should do well, we did and got back over £24000.

Go for it, good luck

Regards

Neal.

£24,000 do you really mean £24,000 - that would be enough for a whole new layout room and more! Thanks - I'll check out the link, only problem is trying to locate the original paperwork!

Donkey · August 23, 2012, 08:15:49 PM

Quote from: scotsoft on August 23, 2012, 07:42:18 PM
You will get some information here

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

This is a really good site full of useful information, I suggest you try it Pengy

Marty

Calnefoxile · August 23, 2012, 08:35:19 PM

Quote from: Pengy on August 23, 2012, 08:12:55 PM

£24,000 do you really mean £24,000 - that would be enough for a whole new layout room and more! Thanks - I'll check out the link, only problem is trying to locate the original paperwork!

Pengy,

Yes that is quite correct £24000

I'd spend it aall on trains, but SWMBO has other ideas, we are off to India for our Silver Wedding anniversary + getting the garden done and paying off credit cards etc. I get a bit for myself including down payment on a Blue Pullman

Go for it, you don't necessarily need all the paperwork, as long as you have the Company name and account numbers you'll be fine. just follow MoneySavingExpert and you'll be fine.

Regards

Neal.

port perran · August 23, 2012, 09:18:05 PM

Not £24000 in my case but did it all myself and got back almost £9000. Took about 8 months to actually get the money but worth it in the end.

Pengi · August 23, 2012, 10:18:32 PM

Wow - I have had a quick look at the link and will get onto it tomorrow.

The companies that pester me keep coming up with estimates of about £2,000 - £3,000 so maybe won't get enough for a layout room but may be able to get a couple more ICE trains plus a Bittern (the Blue Pullman money has already been allocated) and also a trip to Germany so I can travel on an ICE

Donkey · August 23, 2012, 10:21:55 PM

Good luck Pengy

I can't wait to see Bittern flying round your layout

Marty

EtchedPixels · August 23, 2012, 10:26:04 PM

The companies pestering people are basically a fraud. Filling in a few forms and taking huge cuts. There is a reason there are lots of them and they seem desperate. They'll phone up anyone including people who don't even any PPI and tell them that! The banks are now complaining that they are getting bombarded with false claims from some of these people.

If you are owed any do it yourself, and/or consult a responsible source for advice and then do it yourself. That way you'll get to keep anything owed.

Also be wary of anyone who asks for money to "process" a claim - there are identity scammers collecting personal info (and sometimes cash) pretending to be PPI scammers...

Alan

Calnefoxile · August 23, 2012, 10:29:03 PM

All,

Whatever you do, do not go with one of those companies, they will charge you at least 25% +vat of whatever you receive. It is not hard to do yourself, as peviously mentioned, MoneySavingExpert has all you need to start the ball rolling.

Sometimes it can take a while, but ours took about 3 months from start to finish, mainly the Loan Company taking the maximum a mount of time it could legally, i.e. 28 working days to reply to our initial letter, then another 28 working days to make a decision and then 14 working days to pay out, but it was worth it in the end.

What you need to be looking at is Credit Cards, any loans and in some cases Mortgages (but these are less likely).

Good luck to you all if you go down this route,

Regards

Neal.

PLD · August 24, 2012, 09:06:19 AM

While some of the Financial Companies were clearly outside the rules in pushing PPI, many of the 'Claims Management' outfits are much much worse, in encouraging false claims and the cut of any payout they take...

Statistics from the Nationwide Building Society showed that 7 out of 10 claims they recieve are from people they never had any dealings with, and less than 1 in 20 is found to be a genuine claim. It costs them far more in staff sallaries and legal fees to sort out the false claims than they pay out in genuine claims!

Admittedly NW are one of the better ones and I suspect the payout ratio will be much greater for certain others...

H · August 24, 2012, 02:19:25 PM

You're only going to get back money that you've paid out. So you'll have had to taken out a loan or mortgage and signed up for a 'payment protection insurance' scheme. As I always declined PPI in the past, haven't taken a loan for over 15 years and paid off my mortgage ten years ago there little I can 'claim' back. Unless anyone has a good idea

H.

Calnefoxile · August 24, 2012, 04:05:09 PM

Quote from: H on August 24, 2012, 02:19:25 PM
You're only going to get back money that you've paid out. So you'll have had to taken out a loan or mortgage and signed up for a 'payment protection insurance' scheme. As I always declined PPI in the past, haven't taken a loan for over 15 years and paid off my mortgage ten years ago there little I can 'claim' back. Unless anyone has a good idea

H.

Grahame,

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.

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

Regards

Neal.

OwL · August 24, 2012, 04:14:17 PM

I recently claimed PPi using money saving expert on an old credit card.

Last week I received £2,249! all it cost me was a first class stamp! ( don't bother with these claim firms, all they do is write a letter on your behalf then claim for you. They will take up to a third of your payout!)

Pengy, I'll PM you my number, as I have recently done this claim back. It's soooo easy. All it will cost is a stamp. You have to wait at least 8 weeks before any decision is made though, so it's not quick money or necessarily guaranteed but well worth it.