Took first steps to PPI claim
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datlex
Posts: 2,239 Forumite
This evening I took the first steps towards a potential PPI claim on one loan. Basically had a loan taken out about 2003/4 which had PPI on initially which is now fully paid off. I don't know if I will have a claim as the money was refinanced and I don't have the paper work as I did not realise I would be able to potentially claim. When I say refinanced I mean, both consolidation loans and payment agreement arrangement between the bank and myself. What I cannot recall is whether the PPI was refunded when I made the agreement with the bank to pay the loan. I am pretty certain the agreement meant the PPI was no longer in place. The agreement was initially taken out when I got into the dreaded debt spiral. So when I would have needed the PPI (when was made redundant) the agreement meant it was no longer available. I am not sure how accurate that is but that was the impression I got. These days thankfully I am debt free. Hence I have made a speculative claim as it doesn't cost.
I have a second older loan ( with the same company I believe though am not 100% sure there is a possibility it may be another bank) which was paid off in 2000 with an inheritance. Given the time scales I cannot recall if it even had PPI on it. Does any one know if banks check back on their full records if you put in a claim to see if you had multiple loans with PPI and thus may be entitled to more than one refund?
Like I say not really expecting anything but if I am successful that will be good.
I have a second older loan ( with the same company I believe though am not 100% sure there is a possibility it may be another bank) which was paid off in 2000 with an inheritance. Given the time scales I cannot recall if it even had PPI on it. Does any one know if banks check back on their full records if you put in a claim to see if you had multiple loans with PPI and thus may be entitled to more than one refund?
Like I say not really expecting anything but if I am successful that will be good.
Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
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Comments
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"Speculative" complaints (claims) tie up the system for people with genuine concerns. Why didn't you simply ask the Bank whether your re-financed loan still had PPI? There really was no need to advance direct to "complaint".0
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As I mentioned I don't have the paper work and we are talking 14 years ago. I haven't put in a complaint.Moneyineptitude wrote: »"Speculative" complaints (claims) tie up the system for people with genuine concerns. Why didn't you simply ask the Bank whether your re-financed loan still had PPI? There really was no need to advance direct to "complaint".Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0 -
Just follow the advice already given and contact the lender to ask if you had ppi on these historic loans. Most banks have a dedicated ppi helpline which you can find the details for on their websites.
I wish I had £10 for every time I've mentioned this but if you no longer have the loan documents then check or request bank statements from that time to see if it shows your loans being paid by direct debit as it might reveal the account numbers you may need for a more in depth search.
if the bank in question does manage to locate your loans and they were unsecured you could mention single ppi premium in your complaint form.0 -
As I mentioned I don't have the paper work and we are talking 14 years ago. I haven't put in a complaint.
You clearly said "Hence I have made a speculative claim as it doesn't cost. "
That's a complaint.
(It's not a "claim" unless you are actually using the insurance because you've suffered a claimable event. ..)0 -
As I mentioned I don't have the paper work and we are talking 14 years ago. I haven't put in a complaint.
If you wish to request a refund of any ppi premiums you paid with your loans then you should submit a complaint to the bank.
If you claimed on the policy when the loans were in payment, for a period of redundancy, the amounts you received would be deducted from any redress you might be offered in a subsequent complaint.0 -
Well update. Put in my claim, got a letter saying they would investigate but would take 8 weeks. This morning received a letter saying they were going to refunding over £3000. Just need to provide my new bank details to them. Will be receiving the money in about 4 weeks. All from a speculative enquiry.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
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