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PPI Reclaiming discussion

edited 30 November -1 at 1:00AM in Loans
4K replies 580.6K views
Former_MSE_WendyFormer_MSE_Wendy
929 posts
I've been Money Tipped! Newshound! PPI Party Pooper Best Buy Bear
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edited 30 November -1 at 1:00AM in Loans
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Please note this thread is now closed as it got so long it was difficult to open.
It's continued in article discussion part II

This thread is specifically for discussing the content of the
PPI Reclaiming article.

To discuss or ask a question about this article: click post reply

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NOTE FROM MARTIN:

Hi Folks

Many of you are asking "can I reclaim questions" below. Let me give a generic answer.

At the article is new for the site this means that unlike Bank Charges reclaiming they're aren't many experienced reclaimers on hand to help yet (hopefully that'll change soon when people who have been through the process come back to help others).

Go through the article in detail for the main categories of misselling. Yet in a nutshell if you have an inappropriate PPI product and weren't told it was inappropriate; or if you have a PPI policy without being told; then it's likely you have a mis-selling case.

How to know if you've a misselling case?

Well hopefully the article explains it; but if you're not sure, and you think you're hard done by, send your provider the template letter. It's as simple as that, just go for it. There's no cost for doing this. If 'reclaiming' is a scary concept, just think of it as a 'complaint letter asking for your money back'.

Therefore ask yourself the question, "have i been treated reasonably and given reasonable information?" If you think you have - don't try. If you don't think you've been treated reasonably, then start the reclaim.

Best of luck

Martin
*** Get the Martin's Money Tips Free E-mail at www.moneysavingexpert.com/tips ***
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Replies

  • A quick question to the forum, I took out a personal loan with first direct for £12000 back in 2000 whilst serving in the military. I was sold a payment protection policy with unemployment/redundancy cover. As I was serving in the military at that time, knowing that regardless of whether I was 'off work' or not I would still be payed my monthly salary, do I have a case for reclaiming P.P.I?
  • Great article - I had an issue when I took out an Egg card last year - my first statement showed approx a £30 charge for insurance which I didn't want - I think you had to actually untick a box which reading the article means I should be able to reclaim it back?

    I did query it at the time as I wasn't happy but no luck- I know it's not a lot but it just annoyed me as it wasn't obvious at all.

    Is it worth querying it again do you think?
  • fuzzgun19fuzzgun19 Forumite
    7.8K posts
    Part of the Furniture 1,000 Posts
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    Can anyone advise people on this thread regarding if we have a claim(s)?

    I took out a Marks & Spencer personal loan in 2000, and was working at the time.
    I have the original 'Loan schedule', and it states an insurance amount of £12.43 per month (total £596.64 inc insurance premium tax).

    a) Can I make a claim for a loan that was taken out 7 years ago?

    b) Can I claim even if the loan is now paid off in full?

    c) Can I claim even if for most of the repayment period, I was paying it under a financial difficulties agreement with them?

    I am thinking if I have a claim, I would go down the route of " [FONT=arial,helvetica,sans-serif]Were you told insurance was compulsory[/FONT]", even though I can not remember if I was told [FONT=arial,helvetica,sans-serif]that I must buy a policy from the same provider as the loan or credit card to be accepted for the product...(will this matter that I can't remember?)

    Could anyone help with these questions?
    [/FONT]
    I Hate Jobsworths!!!
  • sj1147sj1147 Forumite
    36 posts
    Hi can anyone help

    Over the last few years i have had many loans , Now all paid off. I did not keep details of the policies, I do know the company names. How can i track down the policies and see if i had PPi
  • jaxkesajaxkesa Forumite
    292 posts
    Part of the Furniture 100 Posts Combo Breaker
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    Hi

    I am looking into a possible claim from Egg for the Credit Card Repayment Protector they applied to my Egg Card when I signed up. It was about 6 years ago now but I'm quite sure I didn't choose to accept it and I would have had to opt-out, and indeed did after about 5 years of having the card although they didn't seem to want me to :)

    I have all my statements from the bank charges claim I did a few months back and have just totted up the PPI and it comes to £480! Can I make a claim for this even though I'm not un/self employed etc.?

    Thanks
  • sj1147 wrote: »
    Hi can anyone help

    Over the last few years i have had many loans , Now all paid off. I did not keep details of the policies, I do know the company names. How can i track down the policies and see if i had PPi

    If you know the name of the Lenders Involved you can submit a Subject Access Request under the Data Protection Act to obtain all the Information that you will require.

    Good Luck
    Ian
  • sj1147sj1147 Forumite
    36 posts
    Hi

    Thanks

    Is there a time limit on backdating claims.
  • shelleywashelleywa Forumite
    125 posts
    [FONT=arial,helvetica,sans-serif]Hi people,[/FONT]
    I took a loan out over a 10 year period with Northern Rock in August 2005, including a Bronze Loanprotect loan, supplied by Pinnacle Insurance Plc. I read this on this site, after reading Martin's newsletter:
    [FONT=arial,helvetica,sans-serif]Is the insurance term too short? [/FONT]
    [FONT=arial,helvetica,sans-serif]Long term loans are usually sold with a single premium policy lasting for a maximum of five years, no matter how long the loan is for. If you’ve now checked your policy and found that it does not cover the full term of your loan, but thought that it did, the salesperson should have pointed this out. If not go to the how to reclaim section.[/FONT]



    Now I'm a bit confused! In Pinnacle's T&C's it states:

    Contract Duration
    Cover is provided for the scheduled duration of your unsecured Personal Loan. Your contract will cease if you die, when you reach 65 or at the date of the original scheduled final repayment of your loan.



    Does this mean Pinnacle Insurance will cover me for the 10 years or Just for 5?! It was sold to me as a lump sum with the loan(I'm under the impression that this makes it a single premium policy?), covering 10 years' worth of cover. Does anyone know where I stand with this? Am I eligible for a refund now, when I pay my loan off early(in approximately 1 or 2 years from now) or not at all?

    Thanks for your help!

    Shelley :j
  • I had a loan from Masterloan in June 2003 which was repaid in March 2005 when I changed my loan with them which involved paying off the full amount and taking out a fresh loan for a different amount.

    I believe this would be eligible for a claim as I repaid the full amount of insurance at the time.

    I also intend to claim back on the second loan as when i applied i was rejected when i tried to purchase (over the phone) without PPI. The lady handling it (can't remmber her name, just her Irish accent!) then informed me that she could try putting it through with insurance in order to see if that made a difference which it did.

    My concern is that if i try to reclaim, how likely are Barclays to cancel the loan and demand I pay it off in full immediately which isn't possible for me to do?

  • carbonelcarbonel Forumite
    109 posts
    Hi All,
    I have a loan from Nat West bank. Last year I cancelled the PPI following advice from a family member. I asked for a refund but was refused. Can I still go back and ask for a refund again now?
This discussion has been closed.

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