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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To be Suspicious of PPI claims?

37 replies

LavenderRain · 14/08/2015 16:41

I've always ignored these people,put phone down etc, but today for some reason I listened,
They told me I could get £2,600 back from a loan I had 10 years ago. They said that's the final amount I would get after their fees. The loan was only for £5000 to start with!
I thought to myself, Yeah what the hell, I will go for it, would never bother to do it myself what with full time working and busy home life. Let someone else do it, it's £2k I would never of had,
Anyway, I was passed to about 5 people all confirming the exact same thing, name,loan date,amount,name of bank
The last lady ( was very pleasant and polite) asked when the best day would be for a rep to come out with the paperworkHmm
When I asked why they couldn't send the pack registered post she said no, someone has to hand deliver it,

So.... What's the catch here? Anyone else gone through a PPI company?
Should I just forget it? I've told her to ring back another time as I'm not sure yet, AIBU?

OP posts:
WayneRooneysHair · 14/08/2015 16:43

You can do it yourself I believe, rather than use a company. My MIL got £6k.

gamerchick · 14/08/2015 16:45

Nooooooooo go to money saving expert and use one of the template letters and your bank will go through everything.

Husband used a company and they take a huge chunk off. Honestly it's less hassle doing it yourself.

ImperialBlether · 14/08/2015 16:46

The banks recommend you do it yourself.

The Moneysaving Expert site has all the documents you need - shout out if you need a hand. Don't get involved with any of those companies - it's really easy to do it yourself.

Weebirdie · 14/08/2015 16:47

My dad recently was awarded 5.5k and after all the fees and VAT were taken he was left with less than half.

ThisIsClemFandango · 14/08/2015 16:48

Hmm.. I don't know what to make of it. I've had them ring me and say I'm owed £xxxx amount on a loan I've had, but I've never had a loan Hmm so I assume they're con artists that make up amounts to get your attention.
But I know a couple of people who have claimed some money back, like wayne said they did it themselves.
So I wouldn't bother with the companies if I were you.

WorraLiberty · 14/08/2015 16:48

I got 4 and a half grand last year, simply by writing to the loan company.

They sent me a form, I filled it in, they sent me the settlement 5 weeks later.

It really was that simple.

FarFromAnyRoad · 14/08/2015 16:48

Seriously - don't let these people anywhere near you! I did mine from the MSE template - very very simple. I had no back up paperwork either but the bank still managed to retrieve all my loan details from 7 - 10 years ago. I got £1500. If I'd have used a claims management company that would have been minus around £450. Please do it yourself!

GreyAndGoldInTheMeadow · 14/08/2015 16:49

It's super easy to do it yourself without giving any away to the money grabbing firms. Fill out the form that's on the mse/financial ombudsman and post it to your bank/s

FarFromAnyRoad · 14/08/2015 16:49

Here Worra - lend us a fiver pal!

Grin
MaximiseProductivity · 14/08/2015 16:51

I get these calls regularly and I've never had a loan, other than a mortgage, in my life.

I've seen the other side though and agree it will be no more hassle to do it yourself, you won't have to see their rep and you get to keep all the cash.

WorraLiberty · 14/08/2015 16:56

Your hands aren't quite as soft as Andrex quilted, Far Grin

MissBattleaxe · 14/08/2015 17:02

I just wrote a letter. These companies take about 25%. Don't even go there. Just write to the bank/company and tell them everything you can remember i.e account number, when it was opened, and remember to put in a reason such as "the reasons for PPI were not explained to me/ They gave the impression it was compulsory/I did not need it as I had sick pay cover at work etc

It cost me a stamp and we had thousands back.

Original poster
LavenderRain · 14/08/2015 17:14

Mmm thanks everyone. Seems iabu to think about using these jerks people.
I will look at the Martin Lewis site. All I have is year I took the loan out and wen I paid it off and the amount. Is this enough info?

OP posts:
FarFromAnyRoad · 14/08/2015 17:17

I wasn't even 100% sure of the year OP so whilst they might at first ask more information of you - mine did - you just write back, as I did, saying politely that you cannot believe it is beyond the wit of a major organisation such as themselves to be able to access historical records. It was after I wrote that back to them that the offer came back!

Whathaveilost · 14/08/2015 17:19

I always had loans from the bank. I sent them a letter asking them toinvestigate. 3 weeks later I git a letter outlining how much I was owed a nd a few days after that I got a check for £7,000. I did the same with Bsrclaycard and got a cheque for over £4.000.

No hassle or anything.
I just remembered, I walked into the bank to ask them and they gave me an address to write to.

GinAndSonic · 14/08/2015 17:20

I have PPI on a credit card i got as a student. I didnt have a job. They man at the bank said id be more likely to be turned down if i didnt want the PPI and that being rejected would fuck my credit score.
I should probably write to the bank and try to get some money back shouldnt I?

FarFromAnyRoad · 14/08/2015 17:22

You definitely should Gin - that's what I was told when I took out my car loan - that I had to have the PPI or no loan. So that's what I told them when I wrote to get it back.

Flisspaps · 14/08/2015 17:25

Do it yourself. I got just shy of £10k back for my Dad!

XiCi · 14/08/2015 17:27

Don't go through a claims management company. Basically all they do is write a letter, they then will take 30% of your money. Some even take their 30% upfront so if your claim is not paid out, and it's certainly not guaranteed as each claim is reviewed on its own merits, you will lose money. You don't even have to write a letter, a quick phone call to the lender is all that's required to get the ball rolling.

XiCi · 14/08/2015 17:29

Gin you will get your money refunded with interest if you were a student as you were ineligible for the policy benefits and it should therefore never have been sold to you

MissBattleaxe · 14/08/2015 17:29

gin and sonic- that's a text book reason to claim! go for it!

jerryfudd · 14/08/2015 17:46

Definitely do it yourself. Do a letter asking them to investigate whether you had it. Say you didn't need it, didn't want it. For the cost of two stamps I've recovered over £15k so far - and no fees paid (save to the tax man)

DisconcertedAndRetired · 14/08/2015 17:57

All these people who got thousands back...

... how much did you pay in interest on that loan?

I'm thinking that if you "lost" say £5000 in PPI payments, you must have paid tens of thousands in interest, on top of paying the loan back?

Or did they charge bugger all in interest because they were raking in the PPI payments, which didn't have to be included in the APR?

Excuse my cluelessness, but I've (almost) never had a loan in my life, other than a mortgage, so I've never really paid attention to the whole PPI issue.

Original poster
LavenderRain · 14/08/2015 18:04

disconcertred I've no idea, but my loan was for £5K and this woman reckoned I would get £2.6k back which she said was PPI and interest

OP posts:
PickleSarnie · 14/08/2015 18:12

I got back £9,500. And my loan, at its highest was for £22,000. They kept flogging me top up loans to cover the old ones. Except they charged me full ppi up front each time. Even though I technically paid of each loan with a top up one. Cost me the price of a stamp. Don't go through on of the companies.

I keep having people calling me about the accident I've had. I've never had one. I guess they call enough people, someone will bite.