Just thought I’d ask, as I’ve just had a successful claim. I asked my account manager while sorting out some old DD’s, to see if she thought there was any chance of getting anything back; I’d been sent some paperwork ages ago and been rather put off by the complexity. She said go for it, put in for it and she would tick all the necessary boxes for me, which is what I did.
Had a phone call Wednesday morning, to say I’d received a refund! Went in today, because she wouldn’t tell me what I’d got, and she asked me how much I thought. Hadn’t a clue, hoped for £2-3k.
What I got was £11680! 😯
Practically speechless.
But put a nice gloss on the week’s holiday I’ve just had. 😀

Good for you mate 😆

What did they mis-sell you then?

The company who sold me PPI was Nationwide building society.

The PPI company sent me a letter telling I would get my money back for the years I paid as it was automatically covered anyway.

I never heard from them again?!

Nice one, that must feel great.

We got a few grand back, really straightforward process.

claimed with Halifax 3 years ago, they rejected my claim, thought nothing of it, got a letter about 3 months ago saying my claim had been reviewed, please find enclosed a cheque for £1300 8)

fantastic CZ, enjoy sir!.

I do wonder how many people were actually miss sold, and how many people just didn’t listen when taking a loan out.
And how big were the loans to get that sort of payout?

I’ve a vague recollection I had it (and was dubious at the time). Is it worth a wholly speculative “I think you missold me PPI” letter?! It’ll only be one provider!

I thought I’d had it on a loan I took out many years ago just after uni, distinctly remember a very hard sell for the PPI, did all the paperwork, but was told i hadn’t taken it out after all, which i don’t necessarily believe, but not sure where to go

Wow, well done for persevering CZ. So what’s the new bike going to be then?

I got £14k a few years ago after a colleague got £25k! Do not go through an agent. It’s easy to put a claim in directly to the creditor.

Seriously what were you taking out to pay 14k of ppi you didn’t know about?

I honestly don’t understand how that happens, not trollin I really don’t get it. I had a 3k loan out about 15 years ago, apart from that the only loan I’ve had is my mortgage. My wife has always been very wary of taking stuff out we don’t need so we always said no to ppi type stuff.

I did get about £50 back from some credit card card guard thing I had for a while but that cost about £20 every 3 years or so. Didn’t even ask for that they just sent me a letter saying sign this and we’ll send you a cheque!!

Seriously what were you taking put to pay 14k of ppi you didn’t know about?

I was young and stupid, using credit to buy nice bikes and things that I thought I could just pay for later. However, most of my compensation was interest. My loans were from a long time ago, 9 or 10 years of 8% PA, plus aggravated damages; having to consolidate debt into a new loan (arguably) because of having to pay for PPI payments.

Ah, fair enough makes sense.

How do you find out if you have any PPI owed back?

Call or write to the companies that you’ve had credit with over the years, in some cases name and addresses are all you need, in some others you have to do a form, and they’ll tell you.

If you think this was wrongly sold or added without permission, then you have a claim.

Or contract it to a third party claim company who’ll do it for you for around 25-30% of any claim you make. Which is what I did, purely because of a searching time issue (I’d rather be riding than spending time looking at old papers in my loft). Turns out that I’ve had 38!!! credit agreements over the years, from sofas on interest free through to insurance ‘pay monthly’ for the car (I knew but hadn’t twigged, they aren’t pay monthly deals, the insurers sell the debt to a credit company who then take it from you). Anyone done that? Are you sure that didn’t have PPI added? I’ve had a few of these 38 come back and confirmed they had PPI, now waiting for offers from them.

I’ve got absolutely no paperwork but I really should claim back my PPI from my first car loan. £3k and the bank were saying they might not approve me and I got the impression the PPI would reduce the risk to them and make me more favourable.

It was largely pointless as I SD already got my Dad signed up as a guarantee so we would both have to unexpectedly lose our jobs before we could claim.

I see a mention of credit card PPI, that’s got me thinking as I’m sure I paid it for s short while but it was a company that got bought out multiple times so wouldn’t know where to start… Accucard perhaps?

I joined Experian for the months free trial. Downloaded my credit report that has details of everything in your name over the last x years, along with contact details.

I sent a speculative letter to all of them (about 15), I got the template from Martin Lewis’s site.

Around half wrote back saying I never had PPI, the rest started investigations. Then you just wait for the cheques.

Theotherjohnv… Which company did you use?

PPI seems to have turned into an excellent saving scheme for morons (incapable of understanding what they were being sold at the time) or the soft (understood, but too ‘British’ to make a fuss and get it removed).

I have tried to get back ppi but have no information regarding the account I had with Natwest they say with out account information they can do nothing I had a large mortgage on a Pub and they made me take ppi as they said it was the only way the bank made a profit on the loan and they were doing me such a big favor, it was obvious buy the ppi or no mortgage.

Any way I was self employed so ppi would not have worked for me …what a bloody con and no one goes to jail or even gets a wrist slap.

Sc-xc I am being a numpty, have the experience site open and have my credit rating, came up as excellent by the way, at least I am good for something 🙂

How do you actually get hold of the detailed report?

Work in finance by any chance convert?

Behave!

I just learnt to read at an early age.

£11680 of payment protection insurance?
How much debt did you manage to rack up to have to pay that much in insurance , or do they add the insurance to your debt and compound the interest on that amount?

Never paid any ppi , always refused as have had shares / bonds to cover any loan . My colleague got £7k back but he ran up £28,000 of debts on CC’s and loans to consolidate loans.

Does appear on face value to be a very lucky break for the less financially astute who spend more than they earn every week.

Seams like a popular spot for the sanctimonious.

I used to underwrite PPI schemes but hopefully not for the market sector many of you inhabit.

Anyway, comments like

Any way I was self employed so ppi would not have worked for me

in many cases is utterly wrong. Most PPI is Life and Accident cover; and many Unemployment covers will pay if you’re self employed and cease trading for reasons outside your control.

And how you can be so confident about the level of cover when you can’t prove you had it/can’t remember it is quite amazing.

Making you take PPI to get a loan though is true mis-selling so I’d be livid about that.

The product itself is good – I mean, many of you will have cover on your mortgage right? It’s the same thing. Trouble is that the commission rates are/were very high (because the premiums are so large, and then funded in the same way as the loan) and the product is profitable so there’s often an agreement to pay profitshare when the products have run their course.

I could tell you about some of the figures involved but they are truly scary (and I stopped doing it 12 years ago).

So has anyone got any experience of claiming on a ppi policy for what it was actually intended for? Ie you had a loan, something happened that meant making repayments was hard/impossible, the policy helped you out until you could start repaying?

About nine years ago, my single-mum sister-in-law had a six month stay in hospital (nearly died a couple of times but i suppose the point is she didn’t die and returned to work) , crap-ish job where sick pay ran out very quickly indeed and she went on to ssp, and her ppi cover on a loan from a well known high street bank did nothing at all to cover her.
I have often wondered if this was an experience shared by other people who tried to claim on the policy as it was sold to them.

Interesting Rich. It would be interesting to know how many folk willingly took PPI because they thought it was a useful product to them but are now claiming it back retrospectively because they can and the banks struggle to be able prove it was not miss sold.

My only dealings with PPI (apart from “No thank you” and “take this filth off my policy now you horrible little man”) was a loan which the bloke at the bank said they couldn’t manage the advertised rate ‘for me’ unless I took the PPI ‘to add a profit margin’ (as wicki above) . In that case I signed up, walked to other end of the room and back, told him I’d changed my mind and was cancelling the PPI but would keep the loan ta very much. He was not best pleased but nothing he could do.

Some people need to get over themselves. The issue of being miss sold PPI is not necessarily that the person was asked if they wanted it and they said yes therefore they are stupid and don’t deserve any compensation is simplistic and completely underestimates the scale of the fraudulent activity the banks have been found guilty of. The banks may have added on to their loans without the individuals knowing or even if they said they didn’t want it – or it was stealthily built into the interest rates. The banks have been found guilty of some pretty underhanded tactics and practices that potentially affects anyone, no matter how clever they think they’ve been. I wouldn’t at all be surprised if some of the people who claim they somehow are immune to it actually have a valid claim waiting for them and they’d be stupid themselves not to give it a go. If you’ve ever had a loan, credit card, HP or mortgage during the period then the chances are you’ve got good chance for a succesful a claim. My wife and I were convinced we wouldn’t have a claim, but my wife decided to put a claim in and got nearly £3k from HSBC despite having actually said yes to wanting PPI. The reasoning was that due to other protections she had in place, her redundancy benefits through her job and a few other things that if they did a proper job advising her their correct advice should have been that she doesn’t need it. If they’d have told her that, and she still wanted it then they’d have been clean, but they didn’t. Instead they gave her the hard sell, and being the risk averse sort of person she is she took it. I’ve put a claim in with one of those companies now. If you do the Experian thing then sometimes some banks will give you a standard brush off as they can’t be bothered to investigate and hope you’ll just be satisfied with an initial NO (so they’re still being naughty), but since the PPI companies get 35% of what they claim they will be a bit more robust in their challenge than just firing in a standard letter downloaded off the internet. A guy at work got the brush of from the Halifax and hen went through a PPI claims company and netted over £700 from them once the PPI company took their cut.

Everyone should have a go at claiming. I’m not necessarily a banker basher, but when they have been found with their pants down guilty they should be made to pay. They have been very very naughty indeed and just like any other business or individual that has been found guilty of fraudulent behaviour, they should be made to pay.

It would be interesting to know how many folk willingly took PPI because they thought it was a useful product to them but are now claiming it back retrospectively because they can and the banks struggle to be able prove it was not miss sold.

^this, I reckon it’s bloody loads.

Well if a bank doesn’t have sufficient processes and governance in place then they leave themselves exposed. And anyway, they’ve been found guilty of a crime. All of them,. The big banks do have the records and history in place anyway.

I’ve already freely admitted I was young and stupid. I racked up about £30000 of debt. It took ten years for me to pay off half of it, the compensation cleared the rest. I consider myself very lucky to have been given a get out of jail free card. Now I am exceptionally tight.

My wife and I were convinced we wouldn’t have a claim, but my wife decided to put a claim in and got nearly £3k from HSBC despite having actually said yes to wanting PPI. The reasoning was that due to other protections she had in place, her redundancy benefits through her job and a few other things that if they did a proper job advising her their correct advice should have been that she doesn’t need it.

Sorry, to me that’s still the incompetent needing protecting from themselves. Maybe as a nation that’s what we have come to. That’s a bit like walking into a bakery and asking for a loaf of bread and the person behind the counter being required to ask “Now this is bread for eating, could I please just confirm you don’t already have some bread at home because if you do I would advise you not to buy a loaf at this time”.

Now I am exceptionally tight.

Like a tiger??

Yes, tight like a tiger.

At 18 or whatever age I was when I took out my first loans I had no clue and it was made quite clear by the bank that I might not get the loan if I didn’t take out PPI, even then I suspected that was dodgy but when you are desperate for the cash….
And those on their high horses may have a point about people not understanding what they were signing up to are forgetting that the banks were taking advantage of people from a powerful position. Being trapped in a cycle of debt, rolling over loans to pay off the last one, when loan repayments take the majority of your paycheck, your credit score keeps you awake at night you’ll take PPI when you think it improves your chances of getting cash. Whether your silly enough to be blowing it on a TV or an mtb or you need it to feed your kids, the banks were abusing their power and despite the fines they’ve got off lightly in terms of jail time they deserve.

PPI seems to have turned into an excellent saving scheme for morons (incapable of understanding what they were being sold at the time) or the soft (understood, but too ‘British’ to make a fuss and get it removed).

I’m neither a moron nor soft. I was genuinely unaware that PPI had been added to the policies that i had, (because I have evidence of numerous occasions where I took it off) – and even if had agreed to it I would have been unlikely to be able to use it because savings, accrued company redundancy money, etc., would have been taken to pay off the debt first.

But in any case….. if the banks have been ripping off the morons and the soft, that still isn’t right. Is that the society we live in, here’s someone who (genuinely) doesn’t realise what they’re signing is valueless, so tough shit, take’em for what you can get. Next you’ll be telling me it’s OK to mug people because they should be more able to defend themselves and it’s their fault if they can’t?

I’ve used the Fair Trade Practice, if anyone wants a referral i get some vouchers……

Next you’ll be telling me it’s OK to mug people because they should be more able to defend themselves and it’s their fault if they can’t?

Read what I said. Should people too stupid to understand what they were signing be ripped off? No. Should they be getting thier money back? Yes, probably – although I’m a bit uncertain about the validity (in a moral rather than legal sense) of cases such as wobbliscott’s wife and similar that consciously bought a product that in hindsight was not needed.

What I said was ‘PPI seems to have turned into an excellent saving scheme’ for the aforesaid financial incompetents. Which probably is a good thing, as saving was probably not high on their list of attributes at the time*. The lenders have unintentionally done them a favour in a weird twisted way. We are the naused up generation of greedy finance men and idiot consumers lending and borrowing money for consumerist crap. More fool all of us.

* and in many case their habits haven’t changed. I’ve lost counts of the stories you here of people who ‘win’ thousands in PPI compensation then blow it all on buying even more shite.