PPI reclaim entitlement

GaryA_2

Hi

I'm thinking of claiming PPI back myself rather than use a claims company but I'm not sure what I may be entitled to.

I have a loan taken out 3 years ago. It has almost £19,500 worth of PPI & interest. If I claim will I get back all of that amount or just the amount that I've paid (& then does the lender reduces my monthly payments by the amount of the PPI payment?)

I want to be sure of my position and in case I get an offer I want to be able to judge if it is right.

Ive also seen some claims companies that seem to charge their fees based on not just what you get back but also on the future payments not yet made? Is this right as I'm thinking you could finish up owing the company money?

Thanks

di3004

GaryA wrote: »

Hi

I'm thinking of claiming PPI back myself rather than use a claims company but I'm not sure what I may be entitled to.

I have a loan taken out 3 years ago. It has almost £19,500 worth of PPI & interest. If I claim will I get back all of that amount or just the amount that I've paid (& then does the lender reduces my monthly payments by the amount of the PPI payment?)

I want to be sure of my position and in case I get an offer I want to be able to judge if it is right.

Ive also seen some claims companies that seem to charge their fees based on not just what you get back but also on the future payments not yet made? Is this right as I'm thinking you could finish up owing the company money?

Thanks

Hi Gary

I would give it a go yourself, and be wary of using claims companies, as they do tend to charge for doing this for you, where if you have a go yourself and if successful you get to keep all your refund.

It does not matter if the loan is still active or settled, but for whatever reason you have for being mis sold, you write to them with your reasons by giving them 8 weeks in full to respond.
You write to the ones who sold you the loan.
More info on the PPI reclaiming guidelines link:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You should if successful receive all you have paid in PPI up to date, and also request for the interest, and the 8% interest of what a court would also award for being deprived of your money.

The above link will be useful, check it out, there are template letters, although personally I would try to write in your own words and use the templates as a guide, and of course write the reasons that apply to you, there is a checklist of mis selling reasons on the link too.

Keep at them, good luck, yell for help anytime too, and please keep us posted.;)

Di