PPI Reclaiming Discussion Part 5

BakerBoy

Hi all, I'm hoping for some PPI advice, can't quite see answers on the articles.

Has anyone here used a third party successfully?

The reason I ask is that after reading the MSE articles I think a third party is my best bet.

From 1991 to 2005 I had so many loans, credit cards, mortgages, life insurance etc and was a sucker for just ticking that box. Trouble is I can't remember half of the providers.

Since 2005 I have been debt-free apart from mortgage. Some providers I can remember:

Citibank, Egg, Capital One, Northern Rock, TSB, that's about it. But I know there were many more. Also, I do remember paying hefty PPI through a broker. I can remember the guy's name but don't know if he's still operating as a IFA.

MSE's, what would you do?

Thanks in advance for replies.
BB

[Deleted User]

BakerBoy wrote: »

Has anyone here used a third party successfully?

A more apt question might be "Has anyone used a third party EXPENSIVELY?" and the answer would be yes.

BakerBoy wrote: »

The reason I ask is that after reading the MSE articles I think a third party is my best bet.

Since Claim Companies charge an inordinate amount of commission for what amounts to putting a stamp on the envelope containing your complaint and can do nothing you cannot do alone and for free, of course it's not your "best bet".

BakerBoy wrote: »

From 1991 to 2005 I had so many loans, credit cards, mortgages, life insurance etc and was a sucker for just ticking that box. Trouble is I can't remember half of the providers.

Claims Management Companies have no special powers or techniques for finding out who your lenders might be or whether you actually had PPI. Your financial details are not in the public domain and you should ignore adverts which state that they can somehow check for PPI. Only the Lenders can check and, even then, may no longer hold any records especially if the account is long closed or the finance itself is very old.
In addition, if you actively chose to "tick boxes" then you are very limited in what mis-selling complaints you might make. In most such cases, choosing to take the insurance would only be evidence of mis-buying. Buyer remorse is not a valid complaint.

BakerBoy wrote: »

can't quite see answers on the articles.

To which all I can say is that you need to read those articles far more carefully, as they very clearly advise against using a CMC and paying fully a third of any redress (plus VAT) when there is absolutely no need.

Credit Card PPI;
http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance

Loan Insurance;
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

alanis54

-taff wrote: »

Did they include a 'you can go to the FOS' letter or did they just say your complaint is over?
If there's no FOS leaflet, you don't have access to the FOS.
However, there's nothing stopping you getting this information and asking them to reconsider their rejection.

They told me the complaint was over but that they would get a second opinion from the Financial Insurers, however I received a letter from them also and they stated they agreed with Santander :mad: My letter from Santander said I could refer the matter to the Ombundsman after I had heard from Financial Insurers but they did not include any leaflet... I'm just not sure if I have enough evidence to go on!
Thanks for your reply :A

Chris_P_Wade

My son had a loan over 20 years ago, and has just received a letter from a claims company offering to do a claim for ppi for him.
He is unemployed at present and doesn't have either a bank account or access to a computer, and hasn't even an email address. Should he just go with the claims company, or can I do a claim on his behalf? Or is there any other options worth trying?

dunstonh

My son had a loan over 20 years ago, and has just received a letter from a claims company offering to do a claim for ppi for him.

Your sons data is not in the public domain. Only secured loan data is (via land registry which some CMCs have been buying data from).

Should he just go with the claims company, or can I do a claim on his behalf?

Can your son put a stamp on an envelope or does he need someone else to do it for him? That may sound sarcastic but it is actually all that a CMC does. You (or him) fills out the FOS form on PPI. Put it in an envelope and post it to the bank. A CMC puts the same form you fill out (or they fill out for you over the phone in case you find it difficult to write) and they post it to the same address you would use. The same people at the bank look at the complaint and the decision would be the same.

Chris_P_Wade

Many thanks for the reply, please excuse my ignorance but i'm not familiar with much regarding ppi claiming, you mentioned filling out a FOS form, please enlighten me where do I find one?
and would the address to post it to be our local Barclays bank or does it go to a specific Barclays address?

[Deleted User]

Chris_P_Wade wrote: »

filling out a FOS form, please enlighten me where do I find one?

There is a version of it on Barclays website, along with details of where to send it.

https://www.help.barclays.co.uk/faq/ppi-information/how-do-i-make-ppi-complaint.html

Markp_2

Hello everyone,

I applied for my PPI back from Barclaycard 2 weeks ago and I'm waiting for the cheque already, so they've been really efficient. My issue is the amount, my PPI over 9 years 11 months was £347 and they are giving me £223 in interest (2001-2010). I understand nobody can give me an accurate figure but does this seem a bit low. I'm leaning towards trusting them as they have been really good about the whole thing.

[Deleted User]

Unless you have documentary evidence that you paid more than is being refunded, you have no reason not to "trust" them.

Don't forget that PPI on credit cards is only paid when there is an outstanding balance on the card. If you regularly paid off the balance (or rarely used the card) there would be little PPI paid.

The small redress amount and the very swift turnaround would suggest the Bank are refunding without any investigation of your complaint.

Nasqueron

Markp wrote: »

Hello everyone,

I applied for my PPI back from Barclaycard 2 weeks ago and I'm waiting for the cheque already, so they've been really efficient. My issue is the amount, my PPI over 9 years 11 months was £347 and they are giving me £223 in interest (2001-2010). I understand nobody can give me an accurate figure but does this seem a bit low. I'm leaning towards trusting them as they have been really good about the whole thing.

PPI was around 70-80p per £100 of debt.

If it was 70p / £100 and you regularly had a balance of around £400 this would be correct (approx £347 / 120 months = £2.89 a month / 4x 70p = £2.80) - obviously this isn't necessarily accurate but an average spend of £400 or so would give this e.g. one month £600 next month £200

PPI was really very small sums, the big refunds tend to be from the single premium loan PPI or people who had lots and lots of debt on their CC

As above if you have proof you paid more (such as statements) then send these