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    • mlstab
    • By mlstab 10th Aug 17, 1:23 PM
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    mlstab
    Claiming back PPI with few details
    • #1
    • 10th Aug 17, 1:23 PM
    Claiming back PPI with few details 10th Aug 17 at 1:23 PM
    This may have been asked many times before, but here goes. I had a number of loans back in the 1990s for, amongst other things, buying a car. I have absolutely no idea whether these had PPI attached to them, but would like to investigate. I have the original bank statements showing the monthly payments going out, but would not have retained the old loan agreements, so cannot check the terms. If I write to the relevant financial institutions with these details, what is to stop them writing back (after a period of time in which they could have been investigating) & simply saying that there was no PPI - even if there had been, I would be none the wiser and therefore couldn't challenge it?
Page 1
    • Moneyineptitude
    • By Moneyineptitude 10th Aug 17, 1:34 PM
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    Moneyineptitude
    • #2
    • 10th Aug 17, 1:34 PM
    • #2
    • 10th Aug 17, 1:34 PM
    It's true that, since you have no documentary records yourself, you are totally reliant on the honesty of any establishment you write to.

    However, this is the least of your likely problems.

    The main one is that car dealers were not regulated prior to 2005 and can dismiss any complaint about a time earlier than this regardless of whether there was PPI.

    The other is that records are not generally kept for finance from two decades ago
    Last edited by Moneyineptitude; 10-08-2017 at 1:49 PM.
    • mlstab
    • By mlstab 10th Aug 17, 1:36 PM
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    mlstab
    • #3
    • 10th Aug 17, 1:36 PM
    • #3
    • 10th Aug 17, 1:36 PM
    One of the loans was for a car purchase, although it was sourced via another financial institution. However, in general, is your opinion that even starting a claim process for loans dating back so long would be nothing other than a waste of time?
    • Moneyineptitude
    • By Moneyineptitude 10th Aug 17, 1:48 PM
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    Moneyineptitude
    • #4
    • 10th Aug 17, 1:48 PM
    • #4
    • 10th Aug 17, 1:48 PM
    One of the loans was for a car purchase, although it was sourced via another financial institution. However, in general, is your opinion that even starting a claim process for loans dating back so long would be nothing other than a waste of time?
    Originally posted by mlstab
    Well, it's certain you won't be able to start any "claim process" at all if you cannot first establish whether you actually had PPI...
    • mlstab
    • By mlstab 10th Aug 17, 2:29 PM
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    mlstab
    • #5
    • 10th Aug 17, 2:29 PM
    • #5
    • 10th Aug 17, 2:29 PM
    Well that's very strange, given that the advice given in so many different places is just that you MIGHT have had PPI. If what you say is correct, i.e. you need to establish that you had PPI before even going down this road, then a lot of sources, including MSE, need to change that advice.
    • Moneyineptitude
    • By Moneyineptitude 10th Aug 17, 2:34 PM
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    Moneyineptitude
    • #6
    • 10th Aug 17, 2:34 PM
    • #6
    • 10th Aug 17, 2:34 PM
    You can't complain that you MIGHT have had PPI, since it's not somehow wrong simply to have insurance.

    If you want a refund of PPI (if you actually had it) you have to show it was mis-sold to you.

    Where does MSE encourage speculative "complaints" from people who are not even sure they had PPI?

    Claim companies certainly try to sign up potential complainants in this manner, but they are just trying to drum up custom.
    • mlstab
    • By mlstab 10th Aug 17, 2:44 PM
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    mlstab
    • #7
    • 10th Aug 17, 2:44 PM
    • #7
    • 10th Aug 17, 2:44 PM
    I'm not talking about a speculative claim, I'm trying to find out whether or not I had PPI. If I approach a financial institution with which I had a loan, to ask whether I had PPI, they could quite easily say "No you didn't", and I would have no idea whether or not that was correct. This is the approach which MSE suggests, but I'm not clear how you can be sure that you are receiving bona fide answers.
    • Moneyineptitude
    • By Moneyineptitude 10th Aug 17, 2:47 PM
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    Moneyineptitude
    • #8
    • 10th Aug 17, 2:47 PM
    • #8
    • 10th Aug 17, 2:47 PM
    I'm not clear how you can be sure that you are receiving bona fide answers.
    Originally posted by mlstab
    You can't be sure.

    The likelihood is they'll no longer have any records so long after the event, but you have to rely on the people who check the archives.

    You can pay £10 for a Subject Access Request (SAR), but even that won't magic up records which no longer exist.

    Basically, if neither you nor they have any records pertaining to PPI then any complaint is scuppered before it's begun.
    Last edited by Moneyineptitude; 10-08-2017 at 2:49 PM.
    • mlstab
    • By mlstab 10th Aug 17, 2:48 PM
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    mlstab
    • #9
    • 10th Aug 17, 2:48 PM
    • #9
    • 10th Aug 17, 2:48 PM
    My original wording wasn't very clear about that - trying to do 4 things at once probably not a good idea.
    • mlstab
    • By mlstab 10th Aug 17, 2:48 PM
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    mlstab
    OK, advice heeded. I'll forget about it.
    • Moneyineptitude
    • By Moneyineptitude 10th Aug 17, 2:50 PM
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    Moneyineptitude
    OK, advice heeded. I'll forget about it.
    Originally posted by mlstab
    You can still enquire, just don't expect anything back...
    • dunstonh
    • By dunstonh 10th Aug 17, 4:25 PM
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    dunstonh
    Well that's very strange, given that the advice given in so many different places is just that you MIGHT have had PPI.
    That is correct. You may have had PPI. Anyone could have. However, statistically, most people did not. Also, there is nothing wrong with having PPI. The issue was not so much over the product (as PPI is still retailed today in some forms - such as mortgages or standalone cover). It was over how it was sold.

    I have had a mortgage broker come to me in tears a few years ago about someone that put in a fraudulent complaint against them. The complaint made up all sorts of allegations. However, the broker never sold any PPI. So, personally, I am in the camp that you should find out whether you had it first before you complain.

    If I approach a financial institution with which I had a loan, to ask whether I had PPI, they could quite easily say "No you didn't", and I would have no idea whether or not that was correct.
    And risk millions of pounds in fines and have the FCA publish their findings for the press to have a field day on? Also, possibly leading to prosecution and imprisonment (as it would be fraud).
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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