Reclaiming PPI..its a minefield..

ThatBloke

..well to most maybe not but I just havent a clue.
In all honesty Im useless at reading up what to do and after looking at the advice on this website my head is scrambled !!

Im not surprised people use companies to make claims for them

[Deleted User]

ThatBloke wrote: »

Im not surprised people use companies to make claims for them

I am surprised, not least because they do absolutely nothing you could not do yourself and for free but also because of the exorbitant percentage they charge for basically putting a stamp on the envelope containing your complaint.
No "minefield", it's very straightforward indeed. If you truly have difficulty understanding the process, perhaps approach the CAB for help?

ThatBloke

I will be honest. I was offered Payment protection and took it "just to be on the safe side".
Now i wouldnt say i was pressured but Im pretty sure the "agent" explained what it was for.
Would i be wrong to make a claim ?

[Deleted User]

ThatBloke wrote: »

Would i be wrong to make a claim ?

If you don't have a legitimate complaint, your "claim" will be rejected whether you use a Claims Management Company or not.

Do you have any mis-selling reasons?

ThatBloke

If im honest no i don't.
PPI discussion has been going for a while now and its only currently i thought Id look at it under the assumption everyone else was.
Best forget the whole thing I suppose

[Deleted User]

ThatBloke wrote: »

Best forget the whole thing I suppose

Or do a bit of investigating..

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

ThatBloke

Ok. thanks for your help

downhillfast

A lot of people may haven taken it 'just to be safe' but unless you really know what was/wasn't covered and if you weren't aware you could have obtained it through a third party (you don't have to buy the product from the company arranging your loan) then you could still have been mis-sold.

Don't write it off all together if any if the above applies - my partner only yesterday had her first PPI claim offer after sending off the questionnaire only 2-3 weeks ago having put it off for over a year because it seemed too complicated! All she had was an account number and the reason of being under the impression she couldn't have the loan without taking the PPI.

The hardest part of the claim is going through your own records and finding the relevant info - and no claims company can do this bit for you!

Insider101

ThatBloke wrote: »

I will be honest. I was offered Payment protection and took it "just to be on the safe side".
Now i wouldnt say i was pressured but Im pretty sure the "agent" explained what it was for.
Would i be wrong to make a claim ?

To echo what others have said, what you are talking about making is not a "claim" but an official complaint. Which is fine, but it follows that you have to actually have reasons for complaint. The above comments don't indicate any misselling. You haven't been subject to excessive pressure (even if you had this is near impossible to prove) and the person explained the product and what it was for.

If you genuinely believe you have grounds for complaint then by all means make one (you will be asked what your grounds are) but don't do it just because it seems like everyone else is.

Insider101

downhillfast wrote: »

A lot of people may haven taken it 'just to be safe' but unless you really know what was/wasn't covered and if you weren't aware you could have obtained it through a third party (you don't have to buy the product from the company arranging your loan) then you could still have been mis-sold.

There is no requirement for the seller to tell you that you can shop around, just like Tesco wouldn't tell you that you can shop at Asda. When taking the policy you should have received a written summary of the terms & conditions. In practice, most peope will skim read this and then lose it or throw it away and most of them years later will not remember receiving it at all. Whether there are any requirements further that that depends on when and how the cover was taken out.

The approach FOS would take to this would be to see whether there are any restrictions in the terms & conditions which would have substantially reduced your ability to claim on the policy. If there are and there is no evidence to the contrary they may assume that you probably wouldn't have taken it if all had been made clear. If there is nothing that would render the cover unsuitable then vague claims of not knowing what was covered are unlikely to be successful.