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AIBU?

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 paperwork
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:

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Weebirdie · 14/08/2015 18:25

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.

My dad had no clue that he could be entitled to something as he's never had debt apart from a mortgage but he'd forgotten a few things that were nothing like the figures you've mentioned.

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MissBattleaxe · 14/08/2015 18:32

Disconcerted- the loans weren't that big as such, but the banks have to add on interest for every year since they sold you the product. i.e take out PPI in 2009- claim it back in 2014- and get 5 years interest plus some sort of "costs" or penalty thingy charge too.

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SpiceAddict · 14/08/2015 18:47

Claims from PPI companies are dealt in exactly the same way as if you made the complaint yourself. You just need to write in with as much information as possible.

Claims companies do not do anything extra on your behalf - I know, I work for a bank dealing with PPI claims...

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FirstWeTakeManhattan · 14/08/2015 18:53

I got nearly £6000 for just casually mentioning it to my old bank when closing an account. I barely gave them any info and even told them not to bother investigating as it was over a decade ago, and I had no documents or anything.

I was amazed - just got a cheque out of the blue. You definitely don't need an agent.

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RozTheSchnoz · 14/08/2015 18:56

Do it yourself. I had hardly any details, just bank names - no numbers, vague dates. I got almost a grand.

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CharleyDavidson · 14/08/2015 19:02

I only had a small loan (£3000?) and I got back £125 from Lloyds, just by witing to them with the format I got off the John Lewis site.

My friend used a company and they took 40% compensation from her. She didn't realise you could claim yourself.

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ProcrastinatorGeneral · 14/08/2015 19:08

I was told by my boss that if I wanted my staff account card I had to have ppi. I was a student. I can't claim though as the finance company was swallowed by Santander and apparent they refuse to deal with the ppi claims. I could really use the cash too :(

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HippyPottyMouth · 14/08/2015 19:31

DH did it himself. He was on the phone to the loan company and mentioned that the PPI had been a waste of money as it didn't cover him for what he'd asked to be covered for. The lady sent him a form, he returned it and they sent him £4k.

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DJThreeDog · 14/08/2015 20:42

All you need to do is lodge it with the bank you took the loan out.

I can't remember but I think you get 8% statutory interest back on the PPI. Those companies will also still want their fee even if the PPI is not paid back to you, it is paid into a debt you have with the bank.

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Pumpkinette · 14/08/2015 21:15

OP please, please do not go through a company and just do it yourself. It's really easy. Fill in this form and hand it into your bank. (Financial services authority PPI questionnaire). Somewhere on the form write something along the lines of 'please look at any credit I have ever held with you'. If you do this they have to look at every loan, creditcard, mortgage or overdraft. If you mention 1 loan then that is all they will look at (some banks might look at other loans etc and others may not so it's best to cover it off yourself)

I have spent the last 3 years working on PPI refunds (I work for the bank not a claims company) so I know what up am talking about.

The claims management companies that 'know' how much you are entitled too are wrong. They can't possibly know - they can guess but only the bank will have access to this information.

These companies take anywhere from 25% to 60% of your refund. You will still need to fill out the paperwork above or a similar type of form with your details (like you do when making your own claim). All these companies do is send the bank a generic letter - maybe a couple of chaser letters and that is it. They are making money out of nothing.

You may not get any money back or you might get loads - it's impossible to know without having full access to all the details. For a 5k loan taken out 10 years ago you might get around 2k / 2.5k back it depends but I would say that amount is not far wrong. I would also say where I have worked (3 different banks) that about 90% of people did get their money back.

Even if you don't have specific account numbers, dates, amounts you can still claim. Just tell then what you remember / do know and it's the banks job to investigate.

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starlight2007 · 14/08/2015 21:21

I did it and ended up with £3,000 back... I phoned the bank for the details they said it was over 5 years so wouldn't be sucessful..I later phoned back and said I would like the details anyway so I got them ..THe forms very simple.. You have nothing to loose it is very simple and I am not a fan of paperwork

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Pumpkinette · 14/08/2015 21:26

DisconcertedAndRetired Most loans the PPI was charged up front as well as the interest so a loan for 5k might have had interest of 1.5k and another 1.5k PPI on top. The monthly repayments were worked out on the total cost but this was often not explained properly and the costs broken down with and without the PPI. It's the 8% interest that takes the refund up to the 2.5k mark (obviously depending on how long ago the loan was taken out) The monthly pay ones are slightly different but work out more expensive so again a larger refund.

I should also have said even if you have made a successful claim on your PPI you can still have been mis sold and therefore may still be entitled to a refund.