new to this, out of my depth, please help!

new_holland

hi everyone,

im a newbie to this, i received a call today from aims review a company telling me that they could claim back ppi on my behalf. im sceptical about these things!

i was mis sold the ppi with a mortgage by the alliance and leicester in 2005, the person who i got the mortgage from told me i would have more of a chance of getting it if i took the ppi. i cancelled the ppi when the alliance and leicester tried to increase the policy to 60 pounds per month (about 4 years into the mortgage) and i looked more into it and realised i didnt need it. i got onto this website after calling the ministry of justice to check out aims review and the man there told me i could claim myself and was very helpful and gave me some useful websites including this 1.

im confused, i got the girl from aims review off the phone by saying i had to discuss things with my wife so she called me back this evening and and told me i am entitled to 2500 pounds, how does she know this? when i said i was going to try to pursue it myself she went nuts!! they want 30% of any settlement plus 250 pounds upfront so i just got off the phone as quickly as possible!!

please help, i dont know what to do and what is the deadline and what does it mean?

georgie g

di3004

Hi and welcome

I would tell them to go away and tell them if you have a case then you will do this yourself.
Hopefully dunstonh or magpiecottage will advise you on this one.

Data are kept on datafiles, and these companies tend to get hold of these if you've had loans or mortgages in the past.
Good luck with this.

new_holland

thank you very much dizzy di, i see you've helped alot of people on this forum, its good to know theres people like you out there. what is the deadline i see people talking about? the company who called me were very pushy and said that if i dont go with them i'll miss the boat. i know this how they sell this to you and i didn't believe them but is there something about a deadline?

georgie g

DrSqueeze

Basically, the longer you wait the harder it can be to make a complaint. Companies only keep records for certain amounts of time, and it's harder to make a case if the customer has been paying for years and never questioned it etc.

Have a look at the handy guide for some inspiration: http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Above all, make the complaint yourself and don't be put off by companies which tell you otherwise. Their only interest is in making a profit (taking over 30% of any 'winnings' is a very profitable enterprise).

If you want some personal inspiration, my biggest success (so far) has been a payout of over £4000 from a bank. I only had to send them one letter, so the total 'cost' of making my complaint was 39p for a stamp (plus one piece of paper, one envelope, some ink and less than an hour of my time). If I'd used a claims company, it would have cost me £1200 (plus VAT) :O

new_holland

thanks dr squeeze, im going to have a go at it myself

DrSqueeze

Excellent, and good luck. Post any questions you have here - there are lots of people ready and willing to help (and nobody here charges a penny)

magpiecottage

DrSqueeze wrote: »

Above all, make the complaint yourself and don't be put off by companies which tell you otherwise. Their only interest is in making a profit (taking over 30% of any 'winnings' is a very profitable enterprise).

Absolutely - and if you are entitled to redress you need it all to put you back into the position you would have been in, not 70% of it.

If all else fails, a loud whistle get them off the phone.

the total 'cost' of making my complaint was 39p for a stamp (plus one piece of paper, one envelope, some ink and less than an hour of my time)

If you have a fax modem, fax it to 0116 200 4150 and keep the receipt your computer produces. That way it costs less than a stamp and you have proof that they got it!


I will make one caveat. As a rule of thumb PPI (with a monthly premium) IS a good idea for those taking out a mortgage - because if you do not keep up payments you could lose your home and in 2005 there was no State help available for the first 9 months (by which time you might already have been evicted).

However if you have evidence that A&L then attempted to increase the rate it will find it more difficult (though not necessarily impossible) to defend its position.