PPI Claim

[horlock07]

Question for the knowledgeable types....

I have put a PPI claim in on the off chance,  and they have accepted the claim and made me an offer.  It's not going to change my life but for the sake of half an hour and a stamp its been worth it.  Couple of questions....

A) is it worth querying the offer as per an insurance payout offer?

B) they have only included back to 2000 but I know it goes back earlier than that (it was PPI on a credit card), is there some sort of period of limitations on such claims?

Ta.

[@MacPhlea]

 Yes, they should cover the whole period. Threaten to take it to the ombudsman if they don't give you the full amount.

We took a claim out with ocean finance for miselling PPI on our mortgage when we did the home extension. They rejected so I took it to the financial ombudsman and after they reviewed the tapes decided in my favour to the tune of £7k

The way they work it out should be to re-instate you back to how you would have been had you not been paying PPI. Credit card PPI is some of the biggest payouts.  This is normally worked out as what you payed plus the interest they charged (compound) plus 8% per year (flat rate)
 
So if you paid PPI starting in 1995 an annual payment of £100 would work out at (assuming 25% apr) something like £43,000 in compensation.

Assuming 14 years quoted you should be looking in the region of £18k

[Jimmy Glass is an Alien]

Makes my £28 look feeble!

[Flashheart]

I must be owed a few grand myself. Fuck getting that sorted though, it'd be a right kerfuffle.

[Bewster]

I've never had it or made a claim but all I know is that the bank/insurers have tucked away millions to cover potential misselling claims so I have thought it is worth pushing them.

 

[Samdy Gray]

The wife had a letter from Halifax recently telling her she may have been mis-sold PPI and would she like to complain.

Considering we never even realised there was PPI on the loan, I consider that definite grounds for a complaint!

[Flashheart]

The wife had a letter from Halifax recently telling her she may have been mis-sold PPI and would she like to complain.

Considering we never even realised there was PPI on the loan, I consider that definite grounds for a complaint!

I did some work for one of those companies that cold call offering to help with PPI a while ago (Sorry).

From the research that I had to do it was evident that the majority of those with a valid right to a claim had never even heard of PPI.

[Honkytonk]

I've never had it or made a claim but all I know is that the bank/insurers have tucked away millions to cover potential misselling claims so I have thought it is worth pushing them.

It's a much larger number than that. If you have had loans/credit in the past decade it's worth a shot.

Mind you I could do without the endless automated phone calls from Agencies that sound like they've been made up by someone throwing darts at a word board.

[@MacPhlea]

I must be owed a few grand myself. Fuck getting that sorted though, it'd be a right kerfuffle.

It's actually very easy - we just wrote to Ocean, they rejected it so I then wrote to the ombudsman who dealt with everything... To be honest, I knew I was taking out PPI and was pulling a flanker but when the ombudsman heard the tapes they discovered that the guy selling it didn't make it clear that the policy only covered the first 5 years and not the whole term of the mortgage...

[Sippo]

How do you know if you ever have been sold PPI though?

[Batch]

May I ask you a question Horlock. Did you still have the CC account + documented proof of PPI payments, and did you have the original agreement assuming you claimed you didn't ask for it?

Had a few CCs in the past. Fairy sure all had PPI, fairly sure I didn't really ask for it. Not sure I have the agreements to support that, or evidence of the average PPI payment. Pretty sure I'll try it on anyway. Not much to lose.

[Batch]

How do you know if you ever have been sold PPI though?

If you have old statement, it should be on there.

[Flashheart]

I have no details of the loans that I had taken out though and considering my location, getting any documents will be quite an obstacle.

[@MacPhlea]

May I ask you a question Horlock. Did you still have the CC account + documented proof of PPI payments, and did you have the original agreement assuming you claimed you didn't ask for it?

Had a few CCs in the past. Fairy sure all had PPI, fairly sure I didn't really ask for it. Not sure I have the agreements to support that, or evidence of the average PPI payment. Pretty sure I'll try it on anyway. Not much to lose.

Write to each of them making a claim - if you paid it then they have to tell you, the burden of proof is on them to prove they sold it correctly not the other way round...

[Batch]

I never knew that. Thanks.