PPI FAQs discussion thread

0155baldeagle

I have 6 definite PPI reclaims I have completed paperwork with a claims company but have an IVA which is completed and satisfied. I am very wary of pursuing a claim as I understand from my administrator that the companies may pay any funds into the IVA pot or refuse to pay out. Can anyone advise a company that has an excellent success rate in this type of situation? The claims do involve companies involved in the IVA

dunstonh

0155baldeagle wrote: »

I have 6 definite PPI reclaims I have completed paperwork with a claims company but have an IVA which is completed and satisfied. I am very wary of pursuing a claim as I understand from my administrator that the companies may pay any funds into the IVA pot or refuse to pay out. Can anyone advise a company that has an excellent success rate in this type of situation? The claims do involve companies involved in the IVA

The issue with using a claims company is that they will bill you against the full amount of redress payable. Even if you only receive some of it or even none of it (due to some/all being diverted to the unpaid debt written off).

Why would you want to use a claims company?

0155baldeagle

I thought that there were some specialised claims companies that are more experienced with expert legal advice in a case like mine

Nasqueron

0155baldeagle wrote: »

I thought that there were some specialised claims companies that are more experienced with expert legal advice in a case like mine

Claims companies will want a cut of your refund even if the refund goes into the IVA pot and you don't see a penny - they are not experts or specialists, they do the same process as you can do yourself free. PPI miss-sale is a consumer issue, not legal fwiw.

clover221

Hi, just a little confused.
I had car finance in 2008, with welcome finance. I lost my job and so the debt went to a collection agency. At the time of loosing my job, I think a few payments I was told would be covered. At the time I didn't really understand much, as I was sold so many different insurances with the finance, without much explanation as to what they were all for,except that I need them. Which is why the amount I had to pay back was so high. Does this mean that I've used PPI, so I can't claim?
Would really appreciate any response.

Nasqueron

clover221 wrote: »

Hi, just a little confused.
I had car finance in 2008, with welcome finance. I lost my job and so the debt went to a collection agency. At the time of loosing my job, I think a few payments I was told would be covered. At the time I didn't really understand much, as I was sold so many different insurances with the finance, without much explanation as to what they were all for,except that I need them. Which is why the amount I had to pay back was so high. Does this mean that I've used PPI, so I can't claim?
Would really appreciate any response.

You could still try and claim a miss-sale however, it's worth noting:

1) You can't claim you didn't know about it or wanted it if you have claimed on it - however, you do normally have to put in a claim though, it wouldn't pay out just because you lost your job unless you told them so did you claim or not?

2) Related to 1), if you did claim, any refund would have any payouts made for you deducted from it meaning you could get nothing

3) The company can offset any refund against old debts

Have to say it's a shame car dealers can still be like that, when I got mine, the only one they really pushed was GAP and they showed me how to cancel it if needed (which I did as I got a better deal online) - the other stuff like wheel and paint insurance were just options

Rayvanuk

I have have submitted a complaint against PPI and the company agree that I have been miss sold PPI. However, they are asking for evidence of payments being made. I suspect the reason for this is that the purchase was made on a Buy now Pay Later item with the option to settle after 9 months with no interest charged. If however, you did not settle within that period then it was converted to an interest bearing loan with PPI being taken as a percentage of the monthly payments. The company is requesting evidence that the payments were made. However, as the agreement was taken out in 2002 (I still have the paper work and have provided that to the company) I cannot obtain bank statements to prove I made the payments. Should I complain to the ombudsman or accept the fact that because I cannot prove I made the payments, I have no claim?

0155baldeagle

Could I reclaim myself and if so any advice please

Nasqueron

Rayvanuk wrote: »

I have have submitted a complaint against PPI and the company agree that I have been miss sold PPI. However, they are asking for evidence of payments being made. I suspect the reason for this is that the purchase was made on a Buy now Pay Later item with the option to settle after 9 months with no interest charged. If however, you did not settle within that period then it was converted to an interest bearing loan with PPI being taken as a percentage of the monthly payments. The company is requesting evidence that the payments were made. However, as the agreement was taken out in 2002 (I still have the paper work and have provided that to the company) I cannot obtain bank statements to prove I made the payments. Should I complain to the ombudsman or accept the fact that because I cannot prove I made the payments, I have no claim?

The company can only pay back what you can prove you paid (it was probably possible to cancel the PPI after you took it out so the agreement alone doesn't prove you paid) - going to the FOS on that sole reason is fairly pointless, they cannot magic up non-existent documents

clairmelville

I had a professional studies loan I took out as a student but was designed to be paid when I was working. The paperwork makes no mention of PPI or loan protection etc. Does this mean I can be absolutely sure that no extra insurances etc were added to the cost of the loan?