How to claim back PPI

louiserer

Hi everyone,

I am very late onto this but I have just received a call I couldn't take at work and it got me thinking.

I have had lots of borrowings and I remember always keeping payments to a minimum and saying no to 'add on's' but this lady said its sometimes there and you don't know?!

I couldn't even remember the names of some of the borrowings (car loans etc) and again she didn't think this would be a problem?!

What should I do?

Thank you

[Deleted User]

louiserer wrote: »

What should I do?

Don't respond to cold calls from Claims Management Companies.

louiserer

Moneyineptitude wrote: »

Don't respond to cold calls from Claims Management Companies.

I see, why are they so bad?

phyllisgrant

They are "bad" because they will take a quarter of whatever your claim is. You can do all this yourself and you will keep 100% of any successful claim.
It is not difficult. Honestly, don't listen to cold callers, they are not going to do anything that you can't do yourself.

[Deleted User]

phyllisgrant wrote: »

they will take a quarter of whatever your claim is.

Plenty charge more than 25%. Many charge far more and there is VAT to pay as well.

louiserer

I see thank you,

How do you go about claiming yourself?

phyllisgrant

Use this site's Template Letter and also the individual bank's/credit card/lender's PPI Questionnaire. Fill it in with as much information that you have, dates, amounts etc and send it Recorded Delivery to each institution.

They have to reply to you. It is so easy.

addedvaluebob

You can do this yourself and keep all the money but if you want to farm the claim out to someone else you should not pay more than 10% + VAT. Where you find them I don't know

[Deleted User]

addedvaluebob wrote: »

if you want to farm the claim out to someone else you should not pay more than 10% + VAT. Where you find them I don't know

Even 1% commission is too much to pay for a free-to-use complaints process.
This "10%" claim company has been mentioned by you before, any particular reason why you think 10% is such a reasonable figure?

[Deleted User]

louiserer wrote: »

How do you go about claiming yourself?

This article should inform you how easy the process is and inspire you to make your own (valid) complaint;
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance?_ga=1.136761010.340047350.1365283676

addedvaluebob

Moneyineptitude wrote: »

Even 1% commission is too much to pay for a free-to-use complaints process.
This "10%" claim company has been mentioned by you before, any particular reason why you think 10% is such a reasonable figure?

I'll never convince you, but just for fun.

A significant proportion of the UK population are illiterate or financially illiterate.

Many people, do not have access to the internet, although obviously the OP does

Some people do not want to spend the time dealing with it, in the same way that some people can't be bothered to do their own plumbing, painting or door hanging.

The banks and financial institutions lie or employ incompetents to deflect and turn down complaints that the general public do not understand. A CMC should be able to read between the lines of the rejection and take it to FOS if appropriate.

As far as the 'free to use' service goes I could kick 95% of all customer complaints into touch based on their lack of financial services knowledge. Most people wouldn't take it any further.

There are only three reasons why people buy anything, to save time, save money or because they can't do it themselves. I don't think an average fee of £250 + VAT would be too much