large ppi claim

Wiltsmum

Hi Does anyone know what the largest PPI payout has been? Tried a calculation tool and it projects a six figure sum. £9980 paid in PPI from 1987-2009. Self employed so not valid. Worried we will be conned.

[Deleted User]

It will be whatever it is. 6 figures is not out of the question, but it doesn't matter what the largest redress has ever been.

However, most PPI did cover the self employed.

Do you or your lender still have full records for that period?

Wiltsmum

Thanks for your response. Yes have full records. We cancelled the PPI in 2009. Card still running.

Nasqueron

Self-employment is not a valid complaint reason unless the policy didn't cover (most did) or the claim terms were considered onerous (e.g. having to dissolve the business)

Do note before you spend your refund, that cancelling the policy triggers the 3 year time bar (for knowing you had a reason to complain) and the 6 year rule will apply due to the policy being taken out in 1987 so you may well find it rejected with no recourse to the FOS.

Depending on what the PPI policy was for and how it was sold, 1987 is also pre-regulation so a policy through a broker for a mortgage would also be ineligible for complaint

Wiltsmum

Thanks, we have got a number of policies. Only one dates from 1987. The rest 1990s and early 2000s. We have had one back with a large projected sum but I a worried it is a con. We used a handling firm for this.

[Deleted User]

If you're using a claims company, then you'll be losing half of anything you get, in return for a free stamp.

Send the complaint yourself.

Wiltsmum

Thank you. We have only used a claims company for one policy- we had 5!

dunstonh

The calculators supplied by CMCs overstate the likely amount. We have seen posts on here from people that a) got nothing or b) got a third of what was stated. They make assumptions which usually put the premium at the top end.

Wiltsmum

Thank you. The figures do make your head spin! My husband is cautious and we are not lucky people. A third would still be good.

Nasqueron

Wiltsmum wrote: »

Thanks, we have got a number of policies. Only one dates from 1987. The rest 1990s and early 2000s. We have had one back with a large projected sum but I a worried it is a con. We used a handling firm for this.

Regulation started in 2005 (banks and other groups members of earlier regulatory bodies are covered before that) so any sales from non-regulated bodies like a broker, car dealership etc would not be covered

The key thing is that closing the card/cancelling the policy can trigger the time bar under the 3 year rule. Once that is done any complaint can be closed without refund/access to FOS

The rule is

three years from the date on which the complainant became aware (or ought reasonably to have become aware) that he had cause for complaint;

Cancelling the policy can trigger the 3 year rule if the firm wishes to

Wiltsmum

Thank you. The bit that is worrying me is not the 3 year rule it is the calculations. The policies were sold by the banks not the broker.