previous credit company chasing you for PPI, scam?

[wannabedomesticgoddess]

DP just got a call, on his mobile (which he has only had for a month) from a well known finance provider who he had a motorbike on credit with when he was 18. It was all paid on time and paid in full etc etc.

They are saying hes entitled to a PPI claim. They wanted our address to send a solicitor round.

DP didnt give any details, especially not the address. Is this a scam? How would they have got his mobile number? Its just a payg sim.

Fos, not did!

Chubby digits

Well does he remember the amount he used to pay each month for the PPI and how long the loan period was for? That will at least give you a minimum sum to base your decision on.

Randall is right, it's quite a difficult calculation. In my offer they referred to "8% interest on any notional credit balances" but who knows how they calculate the "notional credit balances"!

He didnt even know he was paying it

Its on the back burner. Homeless interview to go to. :(

Well good luck with that, hope you can get some relief. If you think £750 is owed then that's your bottom line if they make an offer, bearing in mind Randall's commend about how much it would cost them if you decided to take it further.

"commend" should have been comment.

Good luck with the interview OP. Sounds horribly scary

Olgaga in basic terms the 8% figure is how much interest would have been earned (using 8% as the interest rate) had the premiums been kept in a bank account which is why it varies dramatically depending how old the policy is.

Basically you will get a much bigger payout for a small loan you had 16 years ago then a large one you had 6 years ago.

Yes - happily mine runs from the mid eighties to 1996.

Nice! The problems with older ones thought is if they don't have records going back that far. They are only required to hold records for "a reasonable length of time" so most banks don't hold much for longer than 6 years, the magic year seems to be 2003 for some reason.

If you have all the documentation it's fine otherwise the only option is for them to estimate anything prior to the evidence they do have IYSWIM.

It can get quite complicated in those situations tbh

Yes that was my problem, but I think I've put enough together to get more than they've offered. Worth a try, anyway!

Why not, nothing to lose!

If it was a fixed rate loan all you'll need is the initial agreement form, they can estimate it from that easily enough. If it had contra's or was purged into other loans at any point that's when it becomes an ache to the balls!

It's doable though, FOS will sort em out