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  • FIRST POST
    • FoxyladyAc
    • By FoxyladyAc 11th Jul 18, 10:24 AM
    • 2Posts
    • 1Thanks
    FoxyladyAc
    Not sure if I have had PPI?
    • #1
    • 11th Jul 18, 10:24 AM
    Not sure if I have had PPI? 11th Jul 18 at 10:24 AM
    Hi there! I wonder if someone can help?

    I have never purchased insurance policies with any of my loans or credit cards, so I thought I couldnt make a PPI reclaim. But then someone mentioned that I didn't need to have taken out an insurance policy, that there were hidden charges... I don't get how this could have worked and wonder if anyone would mind clarifying the situation for me? (Certainly the template letter I have seen suggest I would have had to have taken out a policy)

    Thanks in advance
Page 1
    • zx81
    • By zx81 11th Jul 18, 10:28 AM
    • 19,389 Posts
    • 20,718 Thanks
    zx81
    • #2
    • 11th Jul 18, 10:28 AM
    • #2
    • 11th Jul 18, 10:28 AM
    There were no hidden charges.

    You would have had a PPI policy.
    • societys child
    • By societys child 11th Jul 18, 10:30 AM
    • 5,532 Posts
    • 6,183 Thanks
    societys child
    • #3
    • 11th Jul 18, 10:30 AM
    • #3
    • 11th Jul 18, 10:30 AM
    But then someone mentioned that I didn't need to have taken out an insurance policy, that there were hidden charges... I don't get how this could have worked
    This "someone" pops up often. Did you ask them how this hidden charges thing worked?

    • dunstonh
    • By dunstonh 11th Jul 18, 10:33 AM
    • 95,834 Posts
    • 63,545 Thanks
    dunstonh
    • #4
    • 11th Jul 18, 10:33 AM
    • #4
    • 11th Jul 18, 10:33 AM
    But then someone mentioned that I didn't need to have taken out an insurance policy, that there were hidden charges
    There are no hidden charges. Just not possible.

    I don't get how this could have worked
    it cant work. That is why what you were told is wrong.

    Any charges or costs of something would push the balance up. Anything that pushes the balance up appears as a transaction on the statement.

    Some really dodgy CMCs sometimes missell their services on that basis. So, maybe that is where this other person thought they heard it.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • FoxyladyAc
    • By FoxyladyAc 11th Jul 18, 10:51 AM
    • 2 Posts
    • 1 Thanks
    FoxyladyAc
    • #5
    • 11th Jul 18, 10:51 AM
    • #5
    • 11th Jul 18, 10:51 AM
    Thank to everyone for your comments, I really appreciate your time.

    It did not seem right to me, that if I had a credit card, which I paid off in full each month, that I could have possibly had any PPI charges. The only charges I have ever paid would be a balance transfer fee.

    I took out PPI on my mortgage in 1997 and learned within two months that, as a mother, I would never meet the criteria for a pay-out, if I lost my job. This was because, at the time, you needed to go onto Job Seekers Allowance, and I would have been put onto Income Support - I cancelled the policy there and then, and never took another out, after that. Seemed to make more sense to put some money into a saving account each month, that matched what I would have had to pay the insurance company!

    The someone was a client who obviously misunderstood whatever he was told by his someone! (Perhaps a PPI claims company, as you say). I have been adamant for years that I didn't have reason for a claim, thanks for confirming that's the case
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