PPI Reclaiming Discussion Part 5

Bit

SonOf wrote: »

Very common. The PPI premium is only levied on the card if you borrow on it (i.e. dont pay it in full).



Redress is a refund of premiums paid plus interest. So, a refund of £0 plus £0 is £0

Thank you for clearing that up Sonof!

-taff

Ianto1968 wrote: »

I've given up on PPI. The new law on insolvencies, mine was 2002, ensures that the banks get a good lot back.

...Who's a creditor in nearly all bankruptcy THE BANKS

Did someone hold your arm behind your back and force you to have credit? Why do you think you should receive a refund of monies that you borrowed but didn't pay back?

medpalgal

My husband and I made a complaint through Resolver. We just completed the form with date of birth names and addresses including previous addresses. We had no paper work or account numbers but knew we had taken out loans with Lloyds Bank many years ago with PPI. After 7 weeks we received 2 letters one with 3 Account numbers listed and one with 5 Accounts listed and both saying these were being looked at. After a month a letter arrived with an offer of £4500 for some of the accounts. We thought that was all that had PPI. A month later another letter arrived with an offer of over £15000 for the other accounts, which we thought must not have had PPI but obviously did. In that letter they also said one of the accounts they couldn't look at because it was out of time, they said they had written to us back in 2013 and as we didn't reply within the 3 years. We had not received this letter in 2013 because if we had we would have replied. But they said they had paid out due to change in FCA rules, on that account because the commission they received was over 50% so paid out £2500 on that.

We were gobsmacked to say the least with the payouts as were we didn't think we would get anything as we had no account numbers or paperwork.

We had to keep asking for copies of letters they say they had sent to us but we never received throughout this process, so thought if we had to keep requesting letters this time, that we would just see if we could get them to look at the account that they said was out of time. So we emailed them and said that we did not receive that letter in 2013 and therefore we requested they look at it again, due to the fact that we had to request copies of the letters in these cases the balance of probabilities is that we never received that letter and that unless they had proof of postage the ombudsman would probably rule in our favour. 2 weeks later we received a letter apologising and a cheque for a further £2500.

We just wanted to share our story how with no information, and they never asked for any further info, our case was dealt with by Lloyds. It may give people hope to just do it get your complaint in asap. Its worth a try, the worst they can say is no but at least you'll know. We didn't think we had any chance of our complaint being upheld never getting the payout that we did but we thought we had to give it a go as time was running out.

Good Luck

Guy500

I've sort of been ignoring PPI stuff because apart from my mortgage (taken out with Co-op in 2008, so unlikely to have PPI), the only loans I have had are credit cards where I have paid off the amount in full each month, so no interest and therefore no PPI payments were made.

I have been assuming that because of this, there won't be any compensation due, as I have not lost out from PPI.

Am I correct?

-taff

yes. Correct.

SonOf

I've sort of been ignoring PPI stuff because apart from my mortgage (taken out with Co-op in 2008, so unlikely to have PPI),

Unlikely? You mean you don't know?

You can still buy MPPi today. Why do you think it is unlikely?
The fact you dont know tells us you have poor money management. An MPPi policy would have its own monthly direct debit. So, you should easily know for sure if you have it or not.

Guy500

SonOf wrote: »

Unlikely? You mean you don't know?

You can still buy MPPi today. Why do you think it is unlikely?
The fact you dont know tells us you have poor money management. An MPPi policy would have its own monthly direct debit. So, you should easily know for sure if you have it or not.

Thank you - I have now gone into their tool to see. Assuming the credit card PPI doesn't apply to me though, I as I always pay off in full each month and so don't pay any interest.

societys_child

Assuming the credit card PPI doesn't apply to me though, I as I always pay off in full each month and so don't pay any interest.

That's correct.

Rich2808

Guy500 wrote: »

I've sort of been ignoring PPI stuff because apart from my mortgage (taken out with Co-op in 2008, so unlikely to have PPI), the only loans I have had are credit cards where I have paid off the amount in full each month, so no interest and therefore no PPI payments were made.

I have been assuming that because of this, there won't be any compensation due, as I have not lost out from PPI.

Am I correct?

Yes - prudent savers and financially clued up/responsible people like you who only borrow what they can afford and pay their debts promptly almost certainly will not qualify for any PPI payouts. You probably also haven't been getting 8% annual interest either on your savings for the last decade!

Still at least this whole saga is finally coming to an end after all the texts and automated calls and spam we have all have to suffer for years. Just a shame the original judge couldn't have just fined all the banks and forced them to make a large multi billion donations to charity - which would have been far more beneficial to society!

jonnno

Hi .... arriving late to the party so apologies if this has already been discussed. We haven't claimed for PPI as we don't believe we ever took it out but after reading more we think it could be a possibility. The problem is we don't know if we had PPI, who the lender was, and don't have paperwork. The guidance says it's easy to find out by logging into Credit Club but I have failed the identification process despite all the details being correct.

Please can someone advise what to do next? Do I contact an agency to do this for us as despite what the MME website says about this being easy ... so far it isn't!

And this is probably why we've left it to the last minute ...!