Payment Protection Insurance (PPI) - Claiming Back

[Chil1234]

Many people have been missold PPI, Payment Protection Insurance on loans, credit cards and other financial products and banks are now setting aside millions to pay out in compensation. If you think you could be one of them, this article in 'This Is Money' may help you claim it back. Particularly relevant if you are unemployed, retired or self-employed.

PPI Claims

I rang Lloyds TSB today re PPI, I will receive a letter within 5 days with regards what to do next!

There are thousands of people out there who were misled into buying payment protection insurance, even though it was inappropriate for them. Thousands more were told that they couldn't have the loan or other financial product unless they bought insurance. Banks are no longer trying to fight claims in the courts and my understanding is that they will reimburse all the payments made, plus 8% interest and there may even be a sweetener on top.

It's going to be lucrative for some. Good luck with yours.

I was told I couldn't have it unless I took PPI, At the time I worked for the NHS on the hospital switchboard, would have been paid up to 6 months sick pay, and told them so, but they wouldn't carry on the application unless it was taken out!
Mine was only a small loan of 2k, but over 4 years, so paid almost double back, I think but am not totally sure that I paid about £500 PPI so would be nice to get that back!
Is there a calculator thingy that you can work it out on?

It will be very lucrative for my BIL who has had 5 loans with Lloyds (only remembered 3 of them) prob 30K in loans, would be nice for them to get something back!! :)

Oh and thank you! :o

Warning follows....... Text messages are going out at the moment saying things like 'Our records show you could claim back £xxxx in missold PPI. Text 'yes' in reply to this message'. Do not text 'yes' because they are sent by companies who want to charge you a big fat fee to get money back that you can do quite easily yourself for free. I got one today saying they could get me over £3k and I have never taken out PPI in my life!!!

Referring everyone back to the link posted first and I'm sure moneysavingexpert.com will have advice as well. Banks will be contacting people directly but, if they don't contact you and you think you have a claim, use one of the template letters and get in touch yourself.

Just looked up this thread, I phoned up a company about reclaiming payment protection, had to fill in a couple of forms, had some questionaire to fill in about three months ago and then two weeks ago got 5 letters about different accounts with the same bank (top up loans) going back 7 years, i am being refunded £3,500, but because I went through a company they take 35%. Found out afterwards that there are template letters on the internet you can use yourself without going through a company. To be honest I probably wouldn't have bothered doing it myself though, so YEE HA....today I had 4 different amounts paid into my account to the value of £3500 but have to pay £1225 to the company that did the letters. (the last account I had cancelled the payment protection before the loan started).

So to anyone out there that think they were mis-sold get those letters sent out...!!! Mega happy tonight....

A Warning Though, if you use a company that specialises in it be prepared for loads of phonecalls and emails about debt help, I had to explain that I didn't really have any now, I sorted any problems I had out about 3 years ago but I was getting them about 3 a day for weeks, I think the company sold my information on to other companies.

35% removed from your award? Ouch!

Just in the process of doing this now, have 5 letters to send off tomorrow. It's actually been very simple, opened a template letter, fill in once, change names of company, print, repeat x5!

Both DH and I were in the Armed Forces when we took out loans/credit cards so shall see what happens.

So you are prepared to paid someone £1000 rather than do a few letters yourself. You are either mad or you work for one of these companies.