PPI Reclaiming successes and failures

dunstonh

markh1965 wrote: »

What is the success rate for mppi?

Varies with the distribution channel. It has the lowest success rate on complaints of any type of PPI. MPPi is still retailed and provided today. So, from a product point of view, there are fewer issues.

Single premium MPPI is considered bad in over 95% of cases. (should be 100% really but I don't know how some of those got out of it). Monthly premium by standalone direct debit is how PPI should be set up. So, if yours is that way, then there isn't a set up failure.

Mortgage brokers/IFAs etc have a tiny complaint uphold rate. Because most of those are small local firms, the stats are hard to come by. However, the FSCS has said it only uphold around 5% of complaints against mortgage brokers (most of those are single premium PPI). The two largest mortgage brokers (which handle half of the mortgages arranged in the UK) both have under 30 cases at the FOS which means no ratio is given. The small number gives you an idea of how little an issue this is with brokers/advisers. The FOS has said that it generally finds adviser cases to have a much better audit trail than non-advised.

Banks on the other hand are very hard to say given the way some auto-payout. Halifax is pushover. Whereas most others will argue the cases more than they would on loan and credit card.

Loan and credit card PPI can often succeed when there are sickness benefits from the employer. Yet the FOS rejects complaints where there is 12 months sick pay from an employer when it comes to MPPI given its long-term nature and lifestyle changing consequences if the mortgage goes unpaid.

drunk1

What were you reclaiming: Loan/Credit Card
Who was the provider: RBS/Barclays
How much did you get back: £1400
Did you get it back after a letter or did you go to the Financial Ombudsman: Used Resolver

Hi folks,

Just had to come on here and thank this website/forum.

Literally took about 1 hour of my time sending off complaints using resolver to around 11/12 different financial institutions about 2 weeks ago.

Most of my claims stem back to 2002/2004 so have literally no documents as evidence but thought why not as have seen/heard about PPI for years and know it's closing soon to claim.

Anyway, already got £550 from RBS for a loan back in 2002 and then just yesterday £900 from Barclaycard from 2003/04.

Actually can't believe how fast it's been and also how easy. Also amazed these companies still hold details 15 years ago and not requesting any proof.

But as I say, let's hope for more to come!

Thank you!

Creashor

Hi

What were you reclaiming: Loans
Who was the provider: Lloyds and Tesco
How much did you get back: £29,000
Did you get it back after a letter or did you go to the Financial Ombudsman: Used Resolver

So far:

1 refund for loan PPI from Lloyds (6 loans), stretching back to the mid-90s - £23k

1 refund for loan PPI from Tesco Finance for 1 loan - £6k

I had zero details of my accounts. Both wrote to me with a breakdown of the transaction for which I had PPI, upheld my complaint and gave very transparent calculations of the settlements.

It was a breeze and I thank the institutions for making it easy. I urge you to do the same.

aspley

Mortgage PPI from Egg (now Citibank or Canada Square Operations)
I was claiming for at least 2 years of PPI totalling a minimum £2,000 I had statements for.

I sent the template letter off and was sent a form to fill out by Canada Square Operations.

However, before I got around to doing this, I received a letter from Canada Square to say they had reviewed my case and were sending a cheque for in excess of £4,000 after tax is deducted.

I haven't had to go to the ombudsman, Canada Square have made the process rather painless and appear to have been very professional and honest.


As a result, I will now look at exactly who they are, what services they provide etc and look to use them in the future. This is great customer service and they deserve to be commended.

I am still waiting for the cheque to arrive but I have no reason to think they will fail to deliver on their initial letter.

[Deleted User]

aspley wrote: »

As a result, I will now look at exactly who they are, what services they provide etc and look to use them in the future.

After being mis-sold PPI, you are looking to use this provider in the future simply because they refunded you? :eek:

"Great customer service"???

Adrian_Kennett

I reclaimed nearly £7000 from loans with the Halifax dating back to 2001 that I had no idea had PPI attached then proceeded to put in a claim for my Halifax Credit card and again reclaimed just over £4000.
All down to MSE and the simple and easy to use FREE Resolver tool.
Thankyou!!!

DavinaY

I had PPI automatically put onto my Barclaycard credit card about 20 years ago. I eventually rang them to question what it was and cancel it but I have no idea how much I'd paid as I don't have any paperwork going back so far. I tried claiming through Barclaycard but they could not find any information about me despite giving all my previous addresses. I tried a PPI reclaim company (with no intention of perusing the claim through them, just to see if they could get more information!). No luck. As a last resort I tried your procedure and escalated it to the ombudsman. They were very helpful and have kept me informed and despite Barclaycard not being able to find my previous statements they did recognise that I had had PPI with them. Yesterday I received a letter from Barclaycard saying that they have upheld the complaint and will give me an average of other peoples claims that have held a credit card with them for the same amount of time. I will receive over £1200!!! An amazing result considering I'd virtually given up hope because of a lack of paperwork. Thank you so much, this money will make a real difference to our summer!

markh1965

Just going over my complaint rejection letter from nationwide for missold ppi.under their review it states cover was requested and on another part of letter it states the policy was sold on a non advised basis,but surly they had to explain what it was and let me know what the cover extended to.as i had sick cover i would think that i didnt need the ppi.and advice would be welcome

dunstonh

markh1965 wrote: »

Just going over my complaint rejection letter from nationwide for missold ppi.under their review it states cover was requested and on another part of letter it states the policy was sold on a non advised basis,but surly they had to explain what it was and let me know what the cover extended to.as i had sick cover i would think that i didnt need the ppi.and advice would be welcome

Advised sales have a higher level of consumer protection. Non-advised sales have a lower level of protection. Advised sales have to check suitability and eligibility (i.e. do you need it and are you eligible). Non-advised sales have to check eligibility (not if you need it or not).

markh1965

My line of thought is if they had not mentioned it i would not have took it out,or is that just wishful thinking.