PPI Reclaiming Discussion Part 5

[Deleted User]

Don't sign up with a claims company in your circumstance.

If, as is likely, any redress you might win is offset against monies which were written off as part of your debt settlements then the company will still want their fee. You could end up very out-of-pocket.

Follow the advice articles on here and do it yourself. You may actually get something back!
For loans;
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

For credit cards;
http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance

dunstonh

Bwfcamanda wrote: »

Hi. First post and im not very financially minded so all this is very confusing. Basically ive had lots of store cards loans credit cards overdrafts and car finance over the years. Nearly all more than 10 years ago and i have no idea if i agreed to ppi to get them Also with having all this debt i ended up having to remortgage my house and enter into full and final settlement iva which completed in 2008. Will i still be able claim ppi. I have no account numbers or agreements. It all just seems so complicated that i contacted a claims company but looking on here everyone saying this is a big no no. I have 3 kids under 3 so i havent got alot of spare time for anything! Thanks in advance x

A claims company still needs to know who you had PPI with.

Also, when you have had arrears/defaults and/or amounts written off as part of an agreed settlement, you must, under no circumstances, use a claims company. If your complaint is upheld on a company that you agreed a reduced settlement on, they can use the redress against that unpaid debt. The claims company will still bill their percentage (and 20% VAT) against that amount despite you not receiving it cash in your hand.

LoobyLou76

Hi I am new to all of this but I have recently enquired with barclays about PPI on an overdraft I used to have with them on a current acc, whlost I was on the phone to the lady at Barclays she informed me of some other loans I may have PPI claims on (very nice of her) so I filled in there online questionnaire and today I received a letter from Firstplus regarding a secured loan I had taken out with them through Loanmakers Limited (now ceased trading) in september 2006. The loan was for consolidation and was for £35,000 with PPI on top of £8750. They also sent me a copy of one of the pages of the confidential application form which clearly has no boxes ticked for payment protection. If I recall correctly we had an outstanding balance with Yorkshire Building Society of £124,700 and Loanmakers encouraged us to get switch mortgage providers to Northern Rock for £100k plus this loan for £35k with a surplus of approx £10k to consolidate some other bits. I hope this is making sense. We since then remortgaged again with Northern Rock and so got rid of that Firstplus loan and since then got into great financial difficulty and after a long time of struggling endlessly had our house repossessed. My question is is it worth pursuing with the FSCS. I have none of the original paperwork and my memory may be a little sketchy as understandibly we were going through an incredibly difficult time financially. The only documentation I have is the one page which has been provided by Firstplus. How will I find out if the PPI was added front end? any advice greatly appreciated. Many thanks

amersall

What did the letter say from FP?.
Give FSCS a call regarding FP, tell them it was loanmakers and take it from there.

They may require the account number.

This PPI was front loaded, it was added to the loan balance and you repaid it over term with interest, when you settled this loan you would have received a rebate of the PPI but you would have repaid the remaining PPI in with the settlement figure.

In effect you would have repaid most of the PPI back.

If you are offered compensation, it will only be a % of the actual PPI, this is all FSCS give.

https://www.fscs.org.uk/contact-us/

guccininja

Hi All

Question please. My partner is considering claiming against unsold PPI on her credit cards and bank loans. We are both busy with a new baby. She was a property developer before I arrived on the scene and lived off of Credit Cards/Loans for her building projects.

She would literally stack 12 months of living on multiple credit cards (£75k+) and clear it after every building project was sold, then starting it all again etc.

Now, she did attempt with a letter 5 years ago but came back with nothing, losing all hope but I am sure, she would get a hefty sum back. I got back £1000 or two and she borrowed 100 times what I did.

To be honest, I don't mind the large % PPI companies charge but I am after the most hassle free/professional company on the market to deal with her case?

Biggest problem is the lack of information that she can actually remember. She has had, used and cleared 20+ credit cards over this time, 30 separate loans and 6 mortgages over a 20 year period.

How would you start getting back all this information? Can you find previous financial information on credit reports or not? Any helpful comments would be most appreciated.

Cheers

WatchMan

guccininja wrote: »

Biggest problem is the lack of information that she can actually remember.

Actually, the biggest problem is this:

"Now, she did attempt with a letter 5 years ago but came back with nothing"

If she complained 5 years ago, it is almost certain that she is out of time for referring her complaint to the ombudsman.

She can still complaint. But the lenders will probably refer her back to the answer they gave when she originally complaint. And because of the time that has passed, she won't have access to the Ombudsman.

-taff

She can check her credit report to see what's still on there ut only she can know who she had credit with.
A company can't find out any more information than she can. They can't magic up paperwork, they can't discover any more accounts than she can because only she has access to her credit file.
As for using one of them, no one here will recommend you use one, they are all sharks. However, if she want to give away 50% of her redress to someone who fills in the same form she does, and puts a stamp on the same letter she would, pick any of them.

She should check her credit file and phone up any of the companies still on there and make a complaint, or go to their websites and make a complaint there.

LoobyLou76

The letter from fp said that as I was sold the loan by loan makers they cannot assist me and as loan makers are no longer trading I need to contact the fscs! They did however provide one page on the documentation loanmakers had sent to fp with a ref on, which by the way had no ticks in the boxes for ppi

amersall

Contact FSCS and see what they say.

j5emm

Hi, sorry to jump onto this post, just had a quick question...I recently had a claim upheld with Mbna, I have another claim that went in at the same time is it likely that if one was upheld the 2nd one will be too. I was sent a questionnaire for the one that's been upheld but I didn't fill it in as I was told that it was them that needed to prove that I needed it not for me to prove I didn't ( by a friend in the industry). This claim was upheld but I've not had a request to fill in a questionnaire for the other claim that went in at the same time, which should be a much larger refund, do you guys think it won't be upheld or that they are just taking longer to calculate the refund ��
Also the one that's been upheld is for an account that's not been used in a while it is still open though. Will the refund be by cheque or does it get pain into the bank where they used to take the direct debit from?
Sorry again for jumping onto this thread