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PPI Reclaiming Discussion Part 5

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
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  • leew wrote: »
    Help, bit of advice needed please :o

    I have been mulling over seeing into whether i'm owed anything as i've had and still got a number of various credit cards and just today i got a text from a company about this saying according to their records i am entitled to a refund of £2,130 :eek:

    Now am thinking it's probably a message that's sent to everyone to be honest!

    I read the guide to reclaiming but it looks a bit complex for me or maybe too much hard work without my original agreements and was thinking so using this or another company to look into it ( a big no i know!)

    Any ideas as to how i approach this?

    Ta.

    Hi leew
    I know it might seem a bit daunting, but I'd encourage you to have a go at this yourself. I've made complaints in respect of PPI on 4 loans and got redress on 3. Anything you get stuck on you can get advice from the excellent people on this forum. Please do not be tempted to go down the claims company route. You're right about the texts - I've had them. They're just guesses. What many people don't realise is that the claims companies do not have any privileged information. They don't know anything about your PPI status. They only get you to do the hard work, send it all to them and they pass it on, in return for a hefty cut plus VAT. Going with a claims company won't make it any easier for you, so you might as well do it yourself. Start with your reasons for complaint - why do you think PPI was mis-sold in your case?

    By the way, for 2 of my successful complaints, all I had was an account number of the loan and a rough estimate of when it was active. In the case of the 3rd complaint I didn't even have a number, and this was a loan that went back to the late 90s. It may be a bit different for cc PPI, and I may have been lucky in that I didn't even need to apply for a SAR, but you could always do this to find out the exact financial details.
  • edited 2 October 2012 at 4:43PM
    leewleew Forumite
    647 posts
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    edited 2 October 2012 at 4:43PM
    Hi leew
    I know it might seem a bit daunting, but I'd encourage you to have a go at this yourself. I've made complaints in respect of PPI on 4 loans and got redress on 3. Anything you get stuck on you can get advice from the excellent people on this forum. Please do not be tempted to go down the claims company route. You're right about the texts - I've had them. They're just guesses. What many people don't realise is that the claims companies do not have any privileged information. They don't know anything about your PPI status. They only get you to do the hard work, send it all to them and they pass it on, in return for a hefty cut plus VAT. Going with a claims company won't make it any easier for you, so you might as well do it yourself. Start with your reasons for complaint - why do you think PPI was mis-sold in your case?

    By the way, for 2 of my successful complaints, all I had was an account number of the loan and a rough estimate of when it was active. In the case of the 3rd complaint I didn't even have a number, and this was a loan that went back to the late 90s. It may be a bit different for cc PPI, and I may have been lucky in that I didn't even need to apply for a SAR, but you could always do this to find out the exact financial details.

    Duly thanked for possibly making me embark on this myself :rotfl:

    Question that maybe you can't answer (Loan) but do Credit Cards even have PPI applied to them without possibly my knowledge - i don't ever remember seeing any mention of it.

    *Edit* I have just found my Capital One agreement from 2008 in a folder! and it states i had to tick a box and sign to purchase the optional payment protection insurance so thats out then!
  • dunstonhdunstonh Forumite
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    Question that maybe you can't answer (Loan) but do Credit Cards even have PPI applied to them without possibly my knowledge - i don't ever remember seeing any mention of it.

    PPI cannot be hidden. That is just rubbish dished out by claims companies to try and get you to sign up so the sales rep can earn their commission. For credit cards it appears on the statement. You cant miss it. The balance is also increased to pay it. The balance doesnt go up by itself.
    *Edit* I have just found my Capital One agreement from 2008 in a folder! and it states i had to tick a box and sign to purchase the optional payment protection insurance so thats out then!

    It is one of the reasons why do few capital one complaints succeed.
    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.
  • leewleew Forumite
    647 posts
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    dunstonh wrote: »
    PPI cannot be hidden. That is just rubbish dished out by claims companies to try and get you to sign up so the sales rep can earn their commission. For credit cards it appears on the statement. You cant miss it. The balance is also increased to pay it. The balance doesnt go up by itself.


    It is one of the reasons why do few capital one complaints succeed.

    Saved me from wasting my time. :)

    I have a few statements and on not one is there an extra charge or mention of PPI, looks like that £2000 is pie in the sky!
  • andymac101 wrote: »
    I've only got til 12 Oct to make a decsion here.

    Basically lost all the files and supplied 4 loan references to Lloyds. Lloyds have comeback saying due to the passage of time they no longer have detailed records relating to the loan and have offered 4* the average compensatory amount of 1200, resulting in £4800

    Now this sounds great but have recently found an old credit agreement which is effectively a top up with details as follows:

    Amount of Credit: 1500
    PPI: 2229
    Existing loan: 9500
    Total loan:
    Start date: July 1998
    End date: July 2003
    Monthly instalments: 60 (ie 5 years)
    Monthly PPI payment: 51
    Monthly Loan payment: 250
    APR: 13.8%

    So this would effectively mean that including interest would mean a payback for 2 of the loans (the above was a top up thus I guess covering 2 loans) of 3000 plus 8% simple so around 4000

    So here's the problem - should I send them the details of this and hope they retain the other 2 averages (2*1200 plus ca 4000 from above) or just take the offer.

    The unfortunate thing here is I dont know if the loan ran to term or was closed early (then again, presumably neither do they!)

    I'm always of the mind of never take 1st offer in settlement!

    Any views?

    Cheers

    If it was me my acceptance would be in the post. I had a claim upheld by Coop Bank for loans 2000 - 2006 but requested a SAR for loans 1994 - 2000. So even though I made a subsequent claim with 2 Credit Agreements & 1 payment schedule they rejected my claim stating insufficient information. I even suggested an average payout as a gesture of goodwill but not even that. I've wrote to SAR team again to see if anymore information but failing that looks like I'm off to FOS.
  • edited 2 October 2012 at 8:30PM
    mand-mcrmand-mcr Forumite
    8 posts
    edited 2 October 2012 at 8:30PM
    Can anyone help??
    I was told by financial adviser that Abbey National (now Santander) were insisting on an insurance policy before they would offer me a mortgage, i had to pay in front (almost 1k!!!!) I asked santander and they say there is nothing on my account to indicate I took out MPI. How can I put in a claim, the financial adviser has moved premises and I just don't know where to start :0(
    PS This was in 2002 and the mortgage was paid off in 2006
  • Hi am hoping somebody can give me some advice. A couple of years ago I started a ppi reclaim against Intelligent Finance for my mortgage protection insurance and it seemed to be going well until the company I was using, Cartel, went bankrupt. We have been paying £55 a month for our insurance since we first took out our mortgage in 2004 and now has come to claim as my husband has been made redundant and there are so many clauses we can't get any money for over 4 months. I feel we were missold and were told at the time we had to take the policy with Paymentshield to get the mortgage. I have sent the standard letter to IF requesting a copy of our credit agreement and they have just sent a copy of our mortgage application form which doesn't really help. I'm now not sure of the next step and whether I should be approaching IF or Paymentshield?

    Any advice greatly appreciated as we could really do with the money.
    Thanks,
    Sophie
  • I’m amazed that some people are still prepared to complain through claims companies. I hope no-one minds, because this is a lengthy post, but can I offer you my guide to claims companies? I hope at least some people find it useful.:)

    There’s a good chance these days that you’ll get a text or call from a claims company.:mad:

    They will give you the impression that they know you have taken a PPI policy out – they don’t; how could they know? They’re just guessing. I keep getting these texts and calls to tell me this, and they are correct. I’ve taken out PPI on 3 loans and a cc over the years. What they don’t seem to realise, because they don’t have a clue, is that I’ve already complained myself about all 4.

    They will suggest that you are entitled to redress because the policy was mis-sold – how can they know this without any investigation of your circumstances? They’re just guessing.

    They will quote a figure indicating how much redress you can expect. This figure is often convincing because it is so precise. I recently received a text which said I was entitled to redress of £3,529. This figure is a guess, or to put it another way, a lie.

    They may tell you more lies. For instance they may tell you that they know all about your loans and PPIs because the FSA told them. Just give this a moment’s thought and you would realise that this couldn’t possibly be true. They may tell you that you have a better chance of making a successful claim through them – it’s a lie. They may tell you exactly what fees you can expect to pay, and there are no hidden costs – chances are this is a lie.

    They use what psychologists call the Barnum Effect, named after PT Barnum the circus guy, who supposedly said “there’s one born every minute”. It’s the same technique used by fortune tellers and magicians, cold reading, telling you stuff that seems accurate and true but on closer inspection could apply to just about anyone. It’s very convincing, but don’t fall for it. It may look like they know what they’re talking about, but they have no idea.

    They will ask for an upfront payment, which should immediately set alarm bells ringing. If they can persuade enough people to part with, let’s say, £200 at the start of the process, what incentive do they have to do any work? None, and they won’t.

    If the complaint is eventually upheld, they will take a hefty chunk of your redress for their fee, a minimum of 15% plus VAT, with some charging twice that or more. And this whole process is likely to take a lot longer than it would’ve done if you’d done it yourself.

    Now you may be thinking, OK, fair enough, I know their fees are excessive, but getting something back is better than nothing, and I really don’t want to do this myself, so what’s the problem with using a claims company even if they are expensive? We all sometimes pay a premium for services when we think it’s worth it. Plumbers and electricians might be expensive, but they’re doing important work that we couldn’t possibly tackle ourselves. Even so, for one thing, we wouldn’t want to pay so much that we think we’re being ripped off. But here’s the kicker: employing a claims company is not the same as this. Would you be prepared to pay money upfront to some bloke off the street only for them to tell you to get your wrenches out, get on with fixing the leak, while they make themselves a cup of tea and have a nice sit down in the living room, occasionally asking you “how’s it going?” Once you’ve fixed the leaky pipe, they then take your wrench, give the new joint a quick tweak and then charge you a small fortune for the privilege.

    That’s how claims companies work. You might think that I’m only talking about the scammers and that the reputable companies are different. It’s true that some are more reputable than others, in that they don’t tell you as many lies and aren’t as aggressive. But they are all the same in what really matters. None of them have any inside knowledge about your claim or your circumstances apart from what you tell them. They do no “leg work” except to get you to provide all the information the complaint requires. You do the work, you hand it over to them, they send it off, and they do not do anything else.

    The long and the short of it is this: if you employ a claims company, you will end up doing the same work as you would if you made the claim yourself. Except it will take longer and cost you a lot more than your time and the price of a stamp. Like hundreds of people on this forum, I made my own complaints, 4 in my case. 3 were successful, netting me redress of £44,000. I calculate this took me a total of 3 hours to find the information I needed (not that there was much of it) and to fill in the FSA proforma 4 times. The hardest thing for me was to face up to my financial position. That was difficult, but I’m glad I did it because now my financial position is much healthier. I would have needed to do all of this if I’d gone through a claims company. There would have been no short cut or magic wand, whatever they tell you. So I did it myself, and I hope you do too. Good luck.:D
  • wez66wez66 Forumite
    4 posts
    Having successfully reclaimed PPI of £12,596 from Bank of Scotland (Halifax) Credit Card for my mother, she's now turned up at my door with a pile of statements for an Ikea Store Card.

    She has all her statements from1994 to 1999 when she closed the account. Once again she was unaware that she had PPI. She has an existing medical condition and had (at that time) good sick pay as she worked for the local authority (both reasons the Halifax upheld her claim for miss-selling)

    As I understand it, these Store Cards were not regulated until 2005. Does this make a pursuit of the claim impossible?

    Please forgive me if this is a stupid question!!
  • wez66wez66 Forumite
    4 posts
    Loulou100 wrote: »
    Hi

    Just starting out on this but not convinced I will get far. Before my husband and I got married, I think we we married just after, we took out a mortgage with Accord Mortgages based in Bradford. We started paying it roughly in the middle of 2004 and sold the property with the last payment being on September 3 2007. I have read the six year rule thing, I have no paperwork and the bank statements I have cover some of the payments but do not show a reference number or anything. I am trying to get an email address so I can ask them if they can forward copies of my paperwork but not managing to find one. Does anybody have any help or advice for me please.

    Thank you xx

    Loulou,
    I took a mortgage with Accord in 2007 and have recently been contacted by Legal and General to say that they believed I had been mis-sold one of their policies by the Accord advisor.
    I filled in the form they sent (the same template as on this web-site) and sent it back in the pre-paid envelope.
    They investigated and upheld my claim on the grounds that I had been mis-led by the advisor into thinking I could only get the mortgage if I took out this protection.
    I suppose it's possible that you could be in a similar position??
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