I am very confident I never took PPI - should I still claim?

jonnytekno

Until very recently I have always been in a lot of debt (downward spiral after university); loans, credit cards, you name it.

However, with the exception of a couple of loans I can remember taking out about 10-15 years ago (both of which I would not have consolidated into other loans before the full term was up, so maybe only had 2-3 years max), I am very confident that I have never agreed to PPI when taking out a loan. I have pretty much always arranged loans and credit cards online, and I would have been very vigilant about the PPI part as I have never agreed with it even before all this stuff came out. Unless a provider literally did not give me an option (not sure if this is likely anyway) I know for a fact I would have refused the option.

My question is: is it still worth claiming? People I have spoken to seem to suggest that even though I know I did not accept the PPI terms that it could somehow have been embedded into the APR or whatever in a different way. Is this true?

Thanks for help in advance

societys_child

Is this true?

No, it's a myth.

Nasqueron

Claim what if you didn't pay any?

No it's a claims company lie that PPI could be hidden in interest

addedvaluebob

It's a myth/lie supported by this website as part of the whole PPI piece. This quote from the Martin & Wendy article about PPI reclaims

'Yet it's been widely mis-sold, and you could even have it without knowing'.

dunstonh

I have pretty much always arranged loans and credit cards online

Which makes it harder to be mis-sold. Not impossible but harder.

Unless a provider literally did not give me an option (not sure if this is likely anyway) I know for a fact I would have refused the option.

There would have been an option.

My question is: is it still worth claiming? People I have spoken to seem to suggest that even though I know I did not accept the PPI terms that it could somehow have been embedded into the APR or whatever in a different way. Is this true?

That is a lie. It is not possible to embed PPI into the interest. It is certainly possible to not realise you have it by not reading the documentation but it is not hidden.

Nasqueron

addedvaluebob wrote: »

It's a myth/lie supported by this website as part of the whole PPI piece. This quote from the Martin & Wendy article about PPI reclaims

'Yet it's been widely mis-sold, and you could even have it without knowing'.

There is a degree of difference between PPI somehow being hidden in interest (which would make no sense as, for example, PPI being hidden in a credit card interest would mean all the items on the bill don't add up to the total you are being paid) and people being sold something by a salesman who skimmed over what you were paying without explaining it (or saying you had to have it to get the loan).

Insider101

jonnytekno wrote: »

Until very recently I have always been in a lot of debt (downward spiral after university); loans, credit cards, you name it.

However, with the exception of a couple of loans I can remember taking out about 10-15 years ago (both of which I would not have consolidated into other loans before the full term was up, so maybe only had 2-3 years max), I am very confident that I have never agreed to PPI when taking out a loan. I have pretty much always arranged loans and credit cards online, and I would have been very vigilant about the PPI part as I have never agreed with it even before all this stuff came out. Unless a provider literally did not give me an option (not sure if this is likely anyway) I know for a fact I would have refused the option.

My question is: is it still worth claiming? People I have spoken to seem to suggest that even though I know I did not accept the PPI terms that it could somehow have been embedded into the APR or whatever in a different way. Is this true?

Thanks for help in advance

A "claim" is what you do if you suffer illness or unemployment and need to use the insurance.

What you are talking about making is a complaint alleging that PPI was missold to you. How are you going to do that when you don't think you've ever bought the product?

Insider101

addedvaluebob wrote: »

It's a myth/lie supported by this website as part of the whole PPI piece. This quote from the Martin & Wendy article about PPI reclaims

'Yet it's been widely mis-sold, and you could even have it without knowing'.

I could set up my own website and write that the earth is flat and the moon made of cheese. You smell what I'm cooking?

It is not possible to have PPI and not know it if you actually read your paperwork as the OP has stated he does.

WatchMan

addedvaluebob wrote: »

This quote from the Martin & Wendy article about PPI reclaims

'Yet it's been widely mis-sold, and you could even have it without knowing'.

That quote is, perhaps, a little sensationalist, but not completely untrue... as such.

GrimJim

jonnytekno wrote: »

Until very recently I have always been in a lot of debt (downward spiral after university); loans, credit cards, you name it.

However, with the exception of a couple of loans I can remember taking out about 10-15 years ago (both of which I would not have consolidated into other loans before the full term was up, so maybe only had 2-3 years max), I am very confident that I have never agreed to PPI when taking out a loan. I have pretty much always arranged loans and credit cards online, and I would have been very vigilant about the PPI part as I have never agreed with it even before all this stuff came out. Unless a provider literally did not give me an option (not sure if this is likely anyway) I know for a fact I would have refused the option.

My question is: is it still worth claiming? People I have spoken to seem to suggest that even though I know I did not accept the PPI terms that it could somehow have been embedded into the APR or whatever in a different way. Is this true?

Thanks for help in advance

Yes! It's always worth checking.

I was in exactly the same position as you are - I was sure I didn't have a PPI, but as it turned out I did and I was entitled to (and received) a refund.

Never assume anything. Always check. It may benefit you in the long run.

Brokerwise

GrimJim wrote: »

Yes! It's always worth checking.

I was in exactly the same position as you are - I was sure I didn't have a PPI, but as it turned out I did and I was entitled to (and received) a refund.

Never assume anything. Always check. It may benefit you in the long run.

And after finding you had a ppi you did not think you had, what was your complaint reason ?