Very Old PPI

Funky_DB

I am 100% certain that I took PPI out on a loan nearly 20 years ago.
I Was at the age when I just took loans out to live on above my means as I worked my way up the employment ladder thinking that I would be earning more the following year to be able to cover costs even easier. It worked to an extent and I recall being sold PPI by my bank (NatWest) that it would cover payments if I lost my job.

I recall several loans with this, but one that sticks in my mind is one that I took out after I was given my notice from a temporary Christmas job. Now clearly this wouldn't have covered me as I knew that I would have been unemployed shortly.

The main question is I know roughly when I took the loan out, which bank and even my current account number. Would this be enough to start a claim?

TIA

D

[Deleted User]

Funky_DB wrote: »

The main question is I know roughly when I took the loan out, which bank and even my current account number. Would this be enough to start a claim?

Contact the Bank concerned and find out!

If the Bank no longer has records from two decades ago then of course any complaint will fail before it's begun.

Do you still have an account with this Bank? It will improve the chance of a record being held if you do.

googler

Just get the PPI claim form from the bank, fill it in, and send it to them.

That's all I did, apart from copying the half dozen or so credit card statements that showed it being deducted from me every month (it had been in force for a long time prior to that, but I'd thrown away the statements)

Result: bank says "We'd like to give you around £8000".

A couple of months later, having cashed cheque for £8000, letter arrives from the bank, saying "We've revised our method of calculating interest on these refunds, and we'd like to give you another £3500"

Net result: almost £12000 refunded to me.

Total effort on my part: 5 mins scanning credit card statements, 15 mins or less to complete form.

Nasqueron

Funky_DB wrote: »

I am 100% certain that I took PPI out on a loan nearly 20 years ago.
I Was at the age when I just took loans out to live on above my means as I worked my way up the employment ladder thinking that I would be earning more the following year to be able to cover costs even easier. It worked to an extent and I recall being sold PPI by my bank (NatWest) that it would cover payments if I lost my job.

I recall several loans with this, but one that sticks in my mind is one that I took out after I was given my notice from a temporary Christmas job. Now clearly this wouldn't have covered me as I knew that I would have been unemployed shortly.

The main question is I know roughly when I took the loan out, which bank and even my current account number. Would this be enough to start a claim?

TIA

D

Did you tell Natwest that you had already been given your notice when you took out the loan? This is crucial as if they sold you PPI (and indeed, gave you the loan) on the basis you had a full time job and you didn't tell them differently, then it wasn't miss-sold. Moreover, if you didn't tell them you had lost your job when applying it could be considered fraud so make sure you're clear on that point. Conversely, if you did tell them you had already lost your job and they gave you PPI anyway, it would definitely be miss-sold.

[Deleted User]

Nasqueron wrote: »

Did you tell Natwest that you had already been given your notice when you took out the loan? This is crucial

The only crucial thing at the moment is for the OP to establish if there are still records twenty years after the sale.
As you are aware, PPI was widely mis-sold in a variety of ways, so discussion of the OP's actual complaint can wait for the moment.

googler wrote: »

copying the half dozen or so credit card statements that showed it being deducted from me every month

This is where you had a distinct advantage over the OP who has no such documentation at all. Well done on your success.

Nasqueron

Moneyineptitude wrote: »

The only crucial thing at the moment is for the OP to establish if there are still records twenty years after the sale.
As you are aware, PPI was widely mis-sold in a variety of ways, so discussion of the OP's actual complaint can wait for the moment.

Indeed, but if the OP took out the loan knowing full well he was being made redundant and didn't tell the bank, it is basically loan fraud as the bank would be unlikely to lend someone continually in debt and having no immediate source of income!

Funky_DB

Thanks for the advice.
RE The "fraud" I told them that I was employed and that my contract was due to end and the end of the winter "casual" season ie after the January Sales. I was told it made no difference as I was employed at the time of the taking out of the loan. I now know as I have seen on several PPI application forms (we used to give it away "free" with 5 year Interest Free loans), that if you knowing fail to disclose known changes in employment or status then it would invalidate your application.

Thanks

So Just the standard online form application, or direct to the bank?

[Deleted User]

Funky_DB wrote: »

So Just the standard online form application, or direct to the bank?

As already stated, you need to find out if the Bank still holds records of this finance first. Send them a Subject Access Request (SAR) letter. If the records are still available then you can complain.

If you simply send a complaint form, expect the Bank to deny that records have been kept after twenty years- but (unlike a SAR) they won't have to send you exactly what they do hold.

HumptyDumpty

Hi,

I'm looking for some advice. I've received a letter of an offer on my ppi complaint. It states that it's the full refund of my payments made plus interest, their offer £920.00. I had a 5 year loan of £9,000 whereby £33 something pence per month on ppi was made, which totals £1,980 so it's not the full payments I've made refunded.

Anyone know what the next step would be?

The loan was back in 1998 and I've no means of obtaining statements to show payments made for the full term of the loan which was with abbey national; now Santander. I've sent a copy of the loan agreement which shows the term and payment amounts which is why my complaint has been upheld., but is the offer of £920 really accurate?

Thanks in advance for any help.

[Deleted User]

No one here can tell you that it's accurate or not, but the likely reason for the reduced amount is that you paid the loan off early and so received a rebate of the PPI.
Otherwise, ask the bank for a breakdown of their calculations...

TheNanna

Hello. Sorry I don't know how to start a new thread!


I have searched for information on this but can't find any.
I have seen ads from companies asking if we had store cards or catalogues in the 80's 90's or 2000's but the company takes 35%.
I can't remember all of them but I had loads in the 80's and 90's!
Does anyone have any knowledge or experience of these please? I would like to know how to find which ones I had and then how to proceed. I don't have any records from that time.

Thanks in advance