how to begin reclaiming PPI
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bones65
Posts: 69 Forumite
Over the past god knows how many years i have had numerous mortgages / credit cards / Loans etc many of which I cannot recall who with and certainly have no paper records to fall back on.
Im not sure if i even too out PPi on these but have since found out some lenders would not tell you and make the PPI part of the package.
My question is can someone advise me on how to go about taking the first i nitial steps into reclaiming PPI.
Your help will be much appreciated
Andy
Im not sure if i even too out PPi on these but have since found out some lenders would not tell you and make the PPI part of the package.
My question is can someone advise me on how to go about taking the first i nitial steps into reclaiming PPI.
Your help will be much appreciated
Andy
January 2011 £24,000 Debt
February 2014 £8141 :j
June 2014 DEBT FREE ALL LOANS PAID OWE NO ONE :beer:
IT CAN BE DONE
February 2014 £8141 :j
June 2014 DEBT FREE ALL LOANS PAID OWE NO ONE :beer:
IT CAN BE DONE
0
Comments
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First step would be to ring up the places you had accounts with and see if they have any record of you (those in last 6 years may do) - you can see financial associations via the credit agencies (you can check Call Credit via their free Noddle website - note not Noodle - and via the £2 report from experian and equifax). Beyond that it would be your own memory.
Once you know you can ask them if you had an account with PPI on them over the phone. If their immediate access records do not show anything to the frontline staff you can try sending a SAR which is a request for all their data on you but this costs £10 a time - that should indicate if they have anything left at all.
Remember though you don't just ask for it back, you need reasons why you were missold such as loans with PPI added into the loan or excellent work benefits covering you if you were ill. Be prepared to prove this. Do not use generic reasons like being young and naive or how you were forced to take it, you can't prove that and the burden of proof is on you as the accuser.
Do not be tempted to use a claims company, they will make you do all the work anyway and then take 1/3 of your refund0 -
Im not sure if i even too out PPi on these but have since found out some lenders would not tell you and make the PPI part of the package.
Thats a bit of a myth. For example, on credit cards, it would appear on each monthly statement it was payable. For mortgages, most were monthly premium by direct debit from your current account (even for the bad single premium ones, it was included on the offer letter and you got correspondence about it) and for loans, it was shown in the breakdown of borrowing you signed.
So, its more about not reading your documentation than having it hidden within the a package.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
My question is can someone advise me on how to go about taking the first i nitial steps into reclaiming PPI.
It's all in this link;
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance?_ga=1.131599373.340047350.13652836760 -
Its not a myth to suggest that people were sold PPI without being told it was in the package. There are thousand of people who have claimed back PPI that they were unaware of because the lender bundled it into the initial loan or monthly repayment figure without making it an explicit item in the paperwork. First step is to do a SAR as suggested previously and take it from there0
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He who asserts must prove.addedvaluebob wrote: »There are thousand of people who have claimed back PPI that they were unaware of because the lender bundled it into the initial loan or monthly repayment figure without making it an explicit item in the paperwork.
What evidence do you have that your assertion is true?
Simply repeating an unsubstantiated assertion over and over again is evidence only of delusion.
The OP can of course send a DSAR to anybody they like. They can send one to my company if they wish. We will charge £10 to say we have no surviving record of them.
With all those unknown lenders out there, it is likely to be an expensive way to learn nothing. May I suggest that if they wish to follow that path they visit moneywastingexpert.com?0 -
magpiecottage wrote: »He who asserts must prove.
What evidence do you have that your assertion is true?
Simply repeating an unsubstantiated assertion over and over again is evidence only of delusion.
Just read the PPI success threads for the number of people who did not know they had PPI on their loans and overdrafts. It is neither unsubstantiated, delusional or a myth0 -
addedvaluebob wrote: »Just read the PPI success threads for the number of people who did not know they had PPI on their loans and overdrafts. It is neither unsubstantiated, delusional or a myth
You mean just read the success threads from people that claim they didnt know they had PPI. Sure, some may have been too lazy to read their paperwork that showed it or their monthly statements that showed it or the direct debit that went out each month or the policy documents that arrived. Some use it as a template complaint reason when they know very well they had it. Some bank staff may have included it in the hope the person wouldnt check it. It was never hidden though.
Some CMCs tell people it was hidden in the interest rate (we have seen many threads like that). It was never hidden. It was either ignoreI am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Misled into taking it yes. Forgotten they had taken it yes. But not knowing about it utter tosh, its on statements or a signed credit agreement and in a lot of cases on a signed application form!addedvaluebob wrote: »Just read the PPI success threads for the number of people who did not know they had PPI on their loans and overdrafts. It is neither unsubstantiated, delusional or a myth0 -
Perhaps you would like to send Martin a correction as he is obviously delusional as well.
'Many also lied by saying it was compulsory, or sometimes even added it without asking you. Use the full PPI mis-selling checklist to see if you were mis-sold.'0 -
addedvaluebob wrote: »Perhaps you would like to send Martin a correction as he is obviously delusional as well.
'Many also lied by saying it was compulsory, or sometimes even added it without asking you. Use the full PPI mis-selling checklist to see if you were mis-sold.'
But that still doesn't mean it is hidden - it would appear on every credit card statement with a balance not cleared, it would appear on the documentation of the loan, it would appear on the summary with cooling off period etc etc
Martin is a consumer champion and very anti-bank, like the FOS he generally takes a one sided view of these things in favour of the customer even if the customer is wrong.0
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