PPI Reclaiming Discussion Part 5

lynnpin

I'm confused that I've been reading in one of Martin's emails I may have had PPI without my knowledge but I'm fairly sure I didn't but would just like confirmation.

I had an Egg loan maybe 15-18 years ago and there were two choices. One with payment protection and one without. I took the one without. So surely they couldn't have applied it without my knowledge?

I also had a Midland Bank loan about 30 years ago when I definitely had to take out some kind of payment insurance with it but is it too late and too long ago now?

dunstonh

I had an Egg loan maybe 15-18 years ago and there were two choices. One with payment protection and one without. I took the one without. So surely they couldn't have applied it without my knowledge?

If you had PPI, it would be detailed on the agreement. It would also appear as a single premium on the loan statement.

I also had a Midland Bank loan about 30 years ago when I definitely had to take out some kind of payment insurance with it but is it too late and too long ago now

You could ask HSBC but PPI was rare 30 years ago. Life assurance was more common back then.

lynnpin

Thanks Dunstonh. I'm fairly sure I haven't got it but if I can find the old paperwork I'll have a look, although it was Egg so it would all have been done online.

I think you're right about the Midland Bank loan. I think it was Life Assurance I had so I can forget about that one.

Thanks again for your help.

DavidP24

I have trawled the FAQ but what I could not find was HOW MUCH can you reclaim?

Is it just the payments you made?

I came across some very old (20+ years) statements the other day from some storecards and both had PPI deductions but they were not very much.

Also I read about single premium and that got me wondering about loans, I think I had a car loan with some sort of upfront payment but again over 20 years old

dunstonh

I have trawled the FAQ but what I could not find was HOW MUCH can you reclaim?

Is it just the payments you made?

It is the premiums you paid minus any rebate (for early repayment) minus any amount paid out on claims plus interest.

I think I had a car loan with some sort of upfront payment but again over 20 years old

Car dealers did not become regulated until 2005. So, anything earlier than that, they can reject. There is an exception where the dealer was an agent of the lender. In those cases, the lender takes liability for the sale.

robin-hood1

If you have proof of PPI on a storecard, the older the better.
With the effects of compounding at the card interest rate along with the higher 15% rate of statutory interest before April 1993, a very small amount of PPI can turn into a very nice surprise.

For example, a single £2.50 PPI payment added to a 20% APR card in January 1988 would now produce a £752 claim if the card has not been cancelled and had a continuous balance (never paid off in full).

Even if the card had been paid off in full the next month, or the card closed, the single £2.50 PPI payment would still produce a £17.95 claim today (£15.41 would be statutory interest).

So you can see that it depends when the card was paid off or closed and how many payments were made. If you paid just 6 months at £2.50 before closing - claim is now £111. At 24 months before closing, the claim is £528.52. At 60 months before closing, the claim is £1191.00. See how it grows due to the compounding and high stat rate.Yes I have software to do this stuff.

So get your claim in and you may be pleasantly surprised. Storecard claims before 2005 need to go to the insurer - not the lender or store. If you post the store name, I will tell you which Insurer to send your claim to. Yes I do this for a living.

nobile

HI. Hope someone can offer assistance.

I bought my house as a first-time buyer in 2000. I went into get advice from a local mortgage advice shop (no longer exists) & basically, we did exactly as we were told by him.

So we have the mortgage with the Building Society, but I have a couple of letters that show I've been paying about £15 every month since 2000, possible as life insurance with Norwich Union/Aviva!!

I had no idea I had signed up to life insurance, and its in both myself & my wifes name, even though the mortgage is in my name.

In terms of paper work I've got the usual pile from solicitors, a couple from the Mortgage Advisor & 1 or 2 from Life Insurance. I dont see anything labelled 'PPI' but I am not familiar with the Financial Industry & the terms/words it uses.

AND I've just remembered I 'had' to take out Home Insurance with them, and stayed with them for about 7-8 years before I saw sense I left and been paying 75% less ever since!

1) Is any of the above PPI?
2) Is 2000 too long
3) What is my next step?

Many thanks to you all

dunstonh

1) Is any of the above PPI?
2) Is 2000 too long
3) What is my next step?

1 - no
2 - yes (its pre-regulation)
3 - nothing

sammy452

Hi wonder if anyone can help. Had a car finance agreement with Bank of Scotland and spoke to blackhorse to see if we had PPI on this loan. I received a week later a PPI questionnaire which I completed and sent off yesterday by recorded post. Today I have now received a second letter from Bank Of Scotland saying I did not have PPI and referring me to ombudsman. Does this seem strange to you? Should I persue this?
Thank you

dunstonh

sammy452 wrote: »

Hi wonder if anyone can help. Had a car finance agreement with Bank of Scotland and spoke to blackhorse to see if we had PPI on this loan. I received a week later a PPI questionnaire which I completed and sent off yesterday by recorded post. Today I have now received a second letter from Bank Of Scotland saying I did not have PPI and referring me to ombudsman. Does this seem strange to you? Should I persue this?
Thank you

Nothing strange there.

They sent you a form to complete. You completed it. They received it and found you didnt pay PPI and replied. They are required to put the ombudsman message on all responses. So, that is automatic.