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P.P.I

Why are so many firms asking us to check PPI(mainly on radio) when they say its up to us to pursue the claim.If the firms are getting nothing out of it,why spend all that money on advertising.
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Comments

  • They will take a cut or charge a fixed fee. Nothing in life is free.
  • they will do the check for free then it is up to you if you go via them to claim or do it yourself.

    A lot of lazy people will do it via them where they earn a fee.

    If you are thinking of doing it, just download one of the many online templates and send to your bank/credit card company etc. and they will do it all for you.
  • I used to be the mug who had to go through everybody's claims and decide whether they were entitled to their money back or not. It's so easy to claim it back yourself and I had to actively find a reason to give it back to you, I'd say 75% of the claims I went through resulted in a full refund. This was at Barclays, but I'm pretty sure the other banks follow a similar process. The firms who act on behalf of people generally make a rubbish job of it.

    This whole PPI thing will come to an end soon but don't you worry, there is already a replacement... PBA. Banks are starting to refund all of those monthly fees we have all been paying on our bank accounts as they were apparently mis-sold too.
  • If anyone on here thinks they might be due a refund, drop us a PM. I can give you some advice. I worked in it for a few Myears and know what the bank looks for when giving a refund. Most advice is available online anyway, just saying I can help as the banks have a means test for qualifying customers.

    As above, the companies take a big cut when helping customers but that would be a waste.
  • edited June 23
    I suspect I did have PPI sold to me but I don't have any paperwork for it as it was a good 15-20 years ago. Can't even remember the credit card and loan companies I used.
  • Rizzo said:

    I suspect I did have PPI sold to me but I don't have any paperwork for it as it was a good 15-20 years ago. Can't even remember the credit card and loan companies I used.

    wouldn't matter regarding the paperwork, but you would need to know the company.
  • I can remember a couple of the credit cards and one loan company but I'm not sure if they're the ones that sold me PPI. Might still be worth a shot before they close this one down.
  • edited June 23
    Rizzo said:

    I suspect I did have PPI sold to me but I don't have any paperwork for it as it was a good 15-20 years ago. Can't even remember the credit card and loan companies I used.

    Same here - was about 12-13 years ago.
  • Rizzo said:

    I can remember a couple of the credit cards and one loan company but I'm not sure if they're the ones that sold me PPI. Might still be worth a shot before they close this one down.

    well if you need any help/advice, give me a PM and I would be happy to help.
  • Rizzo said:

    I can remember a couple of the credit cards and one loan company but I'm not sure if they're the ones that sold me PPI. Might still be worth a shot before they close this one down.

    well if you need any help/advice, give me a PM and I would be happy to help.
    ........for 25% of any potential pay out :wink:
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  • Try and gather as much information as you can about the loans, at Barclays there was a section on the claim for about the 'recollection of sale'. In that section if a customer put something like "I visited **** branch in April 2002 where I spoke to a young lady who managed the loans, during the sales process she did not mention anything about PPI." The more specific you are about this recollection part easier it is to refund you. So, add as much detail as possible, even about stuff like the weather that day (even if you have to make it up).

    Also if you had any other insurances at the time of sale such as life insurance it is an automatic refund as long as you can demonstrate you had it. The bank will have access to most of your statements so they can look this up themselves but they need you to mention it for a guaranteed refund.
  • Rizzo said:

    I can remember a couple of the credit cards and one loan company but I'm not sure if they're the ones that sold me PPI. Might still be worth a shot before they close this one down.

    well if you need any help/advice, give me a PM and I would be happy to help.
    ........for 25% of any potential pay out :wink:
    Goes without saying :)

    No I have received some great help/advice from this forum, happy to give something back where possible.
  • What actually is the definition of mis-sold?

    It seems like anyone who had PPI tries to claim regardless of whether it was mis-sold or not ?!?
  • What actually is the definition of mis-sold?

    It seems like anyone who had PPI tries to claim regardless of whether it was mis-sold or not ?!?

    everyone jumped on the bandwagon when they thought they could pocket a few quid.

    There is a means test, it can go on whether they were misinformed, or whether they needed it. If a customer knew what they were buying, and actually benefited from it, they will not get a refund.
  • What actually is the definition of mis-sold?

    It seems like anyone who had PPI tries to claim regardless of whether it was mis-sold or not ?!?

    everyone jumped on the bandwagon when they thought they could pocket a few quid.

    There is a means test, it can go on whether they were misinformed, or whether they needed it. If a customer knew what they were buying, and actually benefited from it, they will not get a refund.
    Not necessarily true as sometimes they shouldn't have been eligible for the insurance in the first place, granted that is a rare case but I have seen it happen.
  • What actually is the definition of mis-sold?

    It seems like anyone who had PPI tries to claim regardless of whether it was mis-sold or not ?!?

    Have a look at Martin Lewis website.
  • So easy to claim yourself. Loads of model letters around. I got a full refund, 6% interest and £3500 compensation from Barclays. Claim ended up being well over 5 figures! All for the cost of a couple of stamps.

    TBF, Barclays were massively in the wrong in may case. I don't think compo is standard, I threatened them with the Ombusman and immediately got an offer. With hindsight should probably have refused it.
  • So easy to claim yourself. Loads of model letters around. I got a full refund, 6% interest and £3500 compensation from Barclays. Claim ended up being well over 5 figures! All for the cost of a couple of stamps.

    TBF, Barclays were massively in the wrong in may case. I don't think compo is standard, I threatened them with the Ombusman and immediately got an offer. With hindsight should probably have refused it.

    Good point about the Ombudsman, it's like the magic word that sends the banks running. Even if you claim and fail you can escalate it to the Financial Ombudsman and they will nearly always uphold it.
  • What actually is the definition of mis-sold?

    It seems like anyone who had PPI tries to claim regardless of whether it was mis-sold or not ?!?

    everyone jumped on the bandwagon when they thought they could pocket a few quid.

    There is a means test, it can go on whether they were misinformed, or whether they needed it. If a customer knew what they were buying, and actually benefited from it, they will not get a refund.
    Not necessarily true as sometimes they shouldn't have been eligible for the insurance in the first place, granted that is a rare case but I have seen it happen.
    true on credit card, but not loans or mortgages I don't think. And as you say, extremely rare.
  • So easy to claim yourself. Loads of model letters around. I got a full refund, 6% interest and £3500 compensation from Barclays. Claim ended up being well over 5 figures! All for the cost of a couple of stamps.

    TBF, Barclays were massively in the wrong in may case. I don't think compo is standard, I threatened them with the Ombusman and immediately got an offer. With hindsight should probably have refused it.

    Good point about the Ombudsman, it's like the magic word that sends the banks running. Even if you claim and fail you can escalate it to the Financial Ombudsman and they will nearly always uphold it.
    yep, having worked in a bank, they get terrified. Mostly because in some circumstances they get fined by the Ombudsman for allowing a case to go to them, even if they end up winning!

    As much as I dislike banks, I think thats unfair but puts customers in a stronger position.
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  • What actually is the definition of mis-sold?

    It seems like anyone who had PPI tries to claim regardless of whether it was mis-sold or not ?!?

    everyone jumped on the bandwagon when they thought they could pocket a few quid.

    There is a means test, it can go on whether they were misinformed, or whether they needed it. If a customer knew what they were buying, and actually benefited from it, they will not get a refund.
    Not necessarily true as sometimes they shouldn't have been eligible for the insurance in the first place, granted that is a rare case but I have seen it happen.
    true on credit card, but not loans or mortgages I don't think. And as you say, extremely rare.
    Tbh it's all such a mess anyway. I'd urge anybody who has had a loan/credit card/mortgage (so basically everyone) to have a go at claiming.
  • What actually is the definition of mis-sold?

    It seems like anyone who had PPI tries to claim regardless of whether it was mis-sold or not ?!?

    everyone jumped on the bandwagon when they thought they could pocket a few quid.

    There is a means test, it can go on whether they were misinformed, or whether they needed it. If a customer knew what they were buying, and actually benefited from it, they will not get a refund.
    Not necessarily true as sometimes they shouldn't have been eligible for the insurance in the first place, granted that is a rare case but I have seen it happen.
    true on credit card, but not loans or mortgages I don't think. And as you say, extremely rare.
    Tbh it's all such a mess anyway. I'd urge anybody who has had a loan/credit card/mortgage (so basically everyone) to have a go at claiming.
    agreed, we accepted roughly 80% of the claims. The only rejections were people really trying their luck or people that claimed on the insurance!
  • Thank you to all those who have replied.I only have a Credit Card so I don't suppose I have any PPI.
  • Derek1952 said:

    Thank you to all those who have replied.I only have a Credit Card so I don't suppose I have any PPI.

    you might have. Might be worth a quick phonecall/letter to find out.
  • Do banks/Building Societies deal with claims or does have to be independent.
  • edited June 23
    Derek1952 said:

    Do banks/Building Societies deal with claims or does have to be independent.

    they will deal with them. If you remember who you took the credit card out with, your first step would be to contact them to ask if you had PPI. If you do, then you can start a claim. They will do a means test resulting in either compensation or rejection of claim.

    It is very easy to be fair, you don't really have to do much.
  • As a financial adviser for more than 25 years I realised what a con PPI was and NEVER took it......EVER. However, I get about 3 calls a week by various companies telling me I have to claim as its my right & banks have set aside millions for me to claim. When I tell them that I never had PPi they keep arguing and insisting that I did & probably didn't realise. I remember one instance when the caller basically said that I must be lying as EVEYONE had taken PPI at one stage or another & I should claim. Therefore I did. They have sent me 10 forms for the various credit cards & loan companies that I have had dealings with (they are probably more but there wasn't room on the form to put anymore than 10 companies) and then I listed the 8 previous addresses that I have lived at since I turned 18.

    I pity the poor sod who is going to have to sort all that lot out & eventually find that there is nothing to claim. I may get lucky & some bank will pay out just because they think they should. That happened with the pensions mis-selling fiasco. A pension company that I had taken out a pension whilst an advisor kept writing to tell me that it had been mis-sold. I ignored their letters knowing that I had taken it out myself & as an advisor knew what I was doing. Time & again they wrote saying that it MUST have been mis-sold & on about the 6th latter (written in red ink) saying that I HAD to reply I did. 2 months later they gave me compensation of around £6k ! They couldn't have checked otherwise they would have seen that the advisor was me & it was an "execution only" & "own business" transaction - which is where an advisor can take out policies without the usual advisory guff.
  • I don't think I have a claim but if anyone has a view it would be appreciated.

    Literally the only loan I have ever had is a Nationwide mortgage. Taken out in 1997 and extended / increased a few times over the years, and still with 15 years to run.

    I have a DD for £25 a month which I believe I have been paying from the start. Its a Friends life "Income Replacement Benefit" plan.

    I know its appalling that I have been paying this for 20 years without ever realising if it is worth it, but is this PPI, and could it have been misold?
  • edited June 23
    I am unsure whether there is a claim but it is similar to PPI, as it covers loss of earnings through injury, unemployment etc so its possible it was mis-sold.

    I think the difference is that PPI covers a particular thing (ie you take PPI out on a loan, credit card or mortgage), where the Income Replacement just covers your wage if you were off sick or injured.
  • I contacted Gladstone Brooks in March this year. They wrote back after a phone call with details of my old Woolwich accounts saying that Barclays had agreed I had been miss-old PPI on 6 accounts/loans from 1998-2003! three weeks later I got a payment of over £11,000! they take 25% but it's still a great return for something I never knew I was owed. Barclays couldn't find the details of what I had paid so they paid the average payout.
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