MSE Poll: What puts you off from reclaiming mis-sold PPI?

Oakdene · 30 August 2017 at 8:46AM

We (my ex wife & I) were told when we tried to claim PPI from our Mortgage that we couldn't claim because it wasn't missold. However I remember the advisor in Britannia telling us that we wouldn't be able to have a mortgage without the insurance because I said I would look for a policy with another company to compare prices & she said she wouldn't be able to offer the mortgage if we used another insurance company.

sharolet24 · 30 August 2017 at 9:25AM

I had an IVA many years ago and I was told I couldn't claim anything from any of the companies involved.

T13SCH · 30 August 2017 at 9:56AM

I cannot claim for PPI as I worked for the bank!

angel549 · 30 August 2017 at 9:57AM

Im not sure if i had PPI and it was so long ago that i have no documentation for it. I was sold 'life assurance' when i took at my first mortgage. I was only 19 so really didnt understand what it was, but the mortage broker basically told us that you HAD to have it if you had a mortgage. Im now 33 and know that this isn't true. I can't remember the name of the company i took the policy out with though, and it's been well over the 6 years for the credit club to show anything, so whether it's PPI or not, I cant do anything unfortunately - except to live and learn!

Jinxyjazz · 30 August 2017 at 10:16AM

I haven't tried claiming it as I'm too scared. My X had three CCJs against him and owed so much money to so many people. I did try to claim family tax credit etc, as I was struggling (even though I was working) to feed my children. Having done all the forms for various benefits, I then was slapped with a £2000 bill for money that I shouldn't have had, even though I'd informed them of changes. So I am worried that the same thing will happen if I try and claim PPI. It seems to drag up all the bad stuff from decades ago

onesixfive · 30 August 2017 at 10:36AM

long story dating back around 5 years now.. but VERY briefly (as it's on been on here before):
I had a stand-alone PPI with Paymentcare running alongside a Northern Rock loan Feb 06 - Mar 09 because it was cheaper than N Rock's own PPI.
Tried again to reclaim it with all my PPI's in March 12. it was refused. I was told I had already been refused in June 11 - & try the ombudsman.
Ombudman said more than 6 months old - so too late, & My only option now is to pursue the reclaim of the PPI through the small claim court.
Long Story but - I was told to put in a claim via the small claim court, as a last resort for reclaiming my PPI.
Obviously my opponents were more experienced in such matters, because, this immediately led to me receiving a counter claim from them, and which would have cost me a further £250, which (at the time) I could not run the risk of losing as I could not afford. So - I had to agree to drop my case, so that they would drop the counter claim.

(If anyone fancies helping me to pursue for a % , I still have all paperwork )

[Deleted User] · 30 August 2017 at 10:52AM

I knew I definitely had had PPI on a couple of loans and as they were both so long ago I didn't still have any paperwork with account numbers or anything.

I wrote to the first of the banks outlining the claim and as many details as I could recall and told them that the online downloadable claim form was so complicated that I couldn't complete it and submit it. It was literally pages long! As I had no information to enter in the majority of sections of it I assumed my claim would have been immediately dismissed.

However, someone phoned me and took down the ridiculously few details that I could remember and within 4 weeks I received a cheque for over £1200:j

This goes to show that in some cases it isn't much trouble at all and I worry that people are being put off from claiming because they are daunted by the unnecessarily lengthy forms and application criteria.

All I can say is ''have a go''. You've nothing to lose. I'm now in the process of submitting a claim to my second loan provider. I have marginally more information to supply them with so am keeping my fingers well and truly crossed.

Good Luck, everyone:beer:

SamW594 · 30 August 2017 at 11:44AM

I had ppi on a loan 15 years ago. I know I was mis-sold it as I clearly remember asking my dad what he thought, him telling me it was a waste of money as he'd help me if I was stuck but being told in the bank that I would not get the loan approved otherwise so I had no choice. I have all the paperwork but I still haven't claimed. My worry is that we currently get some child tax credits and some housing benefits as although my husband works, our income is low especially with the very high rents in our home town. If my claim is successful, would the payout count as income that I would need to declare for these benefits? If so I'd be no better off really and I'd have to go through the turbulence that any change to your claim causes. If not I would claim as it would really help me pay off some debt. Does anyone know a definitive answer to this please? Thanks

Pyxis · 30 August 2017 at 12:22PM

SamW594 wrote: »

I had ppi on a loan 15 years ago. I know I was mis-sold it as I clearly remember asking my dad what he thought, him telling me it was a waste of money as he'd help me if I was stuck but being told in the bank that I would not get the loan approved otherwise so I had no choice. I have all the paperwork but I still haven't claimed. My worry is that we currently get some child tax credits and some housing benefits as although my husband works, our income is low especially with the very high rents in our home town. If my claim is successful, would the payout count as income that I would need to declare for these benefits? If so I'd be no better off really and I'd have to go through the turbulence that any change to your claim causes. If not I would claim as it would really help me pay off some debt. Does anyone know a definitive answer to this please? Thanks

I don't know the answer, but someone on the Benefits board might know.

I suppose it all depends on whether any payout is classed as income or capital.

This old thread mentions that you'd have to pay tax on any interest included in the payout, but that the actual repayments of money you have already paid out wouldn't be classed as income.
No. The interest part of it would be treated as income, though, so it just depends on how much you are talking about.
http://forums.moneysavingexpert.com/showthread.php?t=4886508

I suppose it would therefore depend what any savings limits there were on your benefits and whether the payout would take you over those limits.

SamW594 · 30 August 2017 at 1:05PM

Thank you. I don't think we'd receive more than £2000 if it did go through and we only have £1500 rainy day savings so it wouldn't take us over the £6000 savings threshold. Will have to dig the papers out and look at the figures to see what interest might be. Sounds like it might be worth putting in a claim if, as that thread says, the actual refund side is disregarded as income.

MSE Poll: What puts you off from reclaiming mis-sold PPI?

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