PPI advice/help please :)

the.weekender

Hello Money Savers
I have a claims company looking into whether I had PPI on my mortgage or many credit cards.
Lloyds have recently contacted me and indicated that I am due some sort of refund but the amount seems to depend on whether I was employed or self employed at the time I took the credit card out in 1996.
They asked me lots of questions, most I couldn't give a detailed answer to as it was 23 years ago, also I am now over 70yo so my memory is not what it once was.


It has been left that I have to try and find out in the next 2 weeks the date around that time when I switched from self employed to employed, something I have absolutely no paperwork whatsoever.
Any tips or advice most welcome as I am losing sleep on how I can help Lloyds enquiry.

[Deleted User]

The amount doesn't depend on your employment status. It's a factor in establishing whether you were mi sold.

Just put what you remember. If you don't know, put that.

Nasqueron

If for example, they have decided their PPI policies did not cover the self-employed to an acceptable level, and you were self-employed when taking it out, that would be a miss-sale reason, but, if you were employed, that rules that out. The fact you had recently changed jobs would also be something to consider as the policy almost certainly wouldn't cover you in the first few months of a new job. Ask your accountant, HMRC or even your own tax records to confirm it, or say you don't know and see what they came back with.


Don't you find it odd that you are doing all this work when you are going to paying a claims firm (handsomely) to carry out your PPI complaint?

the.weekender

Nasqueron Many thanks for the help.
Yes, I did speak to the claims company and they told me sometimes the Credit Card Co like to speak to the customer. I have been trying to contact the claims company for a couple of days but all lines engaged.

[Deleted User]

I wouldn't bother trying to speak to the claims company.

They've secured their rights to any fee by posting your complaint for you, so will have no interest in speaking to you until it's time for you to pay.

foxy-stoat

the.weekender wrote: »

I have a claims company looking into whether I had PPI on my mortgage or many credit cards.

Congrates, you have just lost 25% of the refund.

Do keep us posted who you get on.

fastbargins

In terms of trying to remember the details from so long ago, and when you changed from being employed to self employed, you should be able to find that out from your tax records. If you register online with HMRC, you'll be able to look at a complete list of all of your national insurance payments over the years. That is often an good way to see where you had gaps and may remind you why there was a gap. You're full tax record is also visible and will give you this info, but can be a bit more complex to understand.

If and when you get a refund, the lender issuing the refund will most likely automatically deduct 20% income tax from the interest they're paying you. You will most likely be able to claim some or all of that back from HMRC at a later point - do that part yourself rather than paying someone else to do it for you (like an accountant). HMRC don't make it particularly easy to do this if you're not accustomed to doing self-assessment forms, but if you used to run your own business then hopefully the form won't be too confusing for you. If it is, then there is plenty advice on here about completing it and HMRC themselves will help if you need them to guide you through the form.

Good luck with the claim.