Once upon a time I took a loan for not a lot of money and for a very short period of time.

Many years later the whole PPI claim thing begun and right at the 11th hour I put in enquiries on a few loans/credit cards. Most of it turned up nothing but one loan did have PPI it turns out. Due to the sum I borrowed and the duration of the loan the bank say they owe me £17 and send me a form to claim it. In truth I doubt I ever paid more than that in PPPI or interest so have no reason to doubt their calculation.

But is that what the claim payouts are? did people really pay thousands in PPI payments are about or are people getting payouts compensating for the misselling? If so how do I escalate it? I’m not mortally offended by having been sold the PPI but happy to claim off a large multi-national that make megabucks and with whom I did bank for over 20 years.

Yes.

Ombudsman.

If you’ve not claimed by now it’s too late.

Yes. Premiums refunded plus compound interest at about 8% I think.

In the case of a claim of mine that just got settled, the initial PPI was £1800, interest + compensation was worked out as £1900 (but £300 income tax taken off this bit), so the overall paid was about £3400.

Wowsers some folks must have racked up a lot of loans! Sounds like I should take my £17 and be happy I never had cause to borrow more.

I lodged my claim before the deadline and have their offer so I think I am still eligible for a payout but it won’t be the end of the world if I do miss it now I know £17 is all I am likely to get.

Wowsers some folks must have racked up a lot of loans!

I just got a PPI cheque yesterday for £1700

ive only had one loan in my life – for £6k in 2001.

Due to the sum I borrowed and the duration of the loan

what was the sum and duration?

I am a bit annoyed now that I knew PPI was stupid and never took it out on any money borrowed – not that I have borrowed much.

I had loans and credit cards going back to the mid 80’s. But I did have account numbers and dates.

It was very lucrative…

I got about 900 quid back, think the inital ppi was a few hundred, canny mind the exact numbers.

As mentioned in the many other threads on this topic…

PPI claims have ceased now, well back in Aug last year.

If you have a claim in progress but heard nothing, got to the ombudsman

If you haven’t claimed PPI, but still think you were missold, go to the ombudsman,

If you disagree with the loan companies PPI estimates and final settlement….

Go

To

The

Ombudsman.

Loan companies are closing down their departments that were once PPI orientated, they now have no legal requirement to provide that service.

My wife took a loan out in the late 90s (for about £6,000 to get a car IIRC) and recently got £1,900 back with no paperwork to prove she took anything out – it came out of the blue one day just before Christmas. Conversely I took a loan out with the same lender a couple of years before my wife and they claim not to have any paperwork nor have a responsibility to prove anything so if I have no paperwork then tough.

I did just get £2,300 for PPI on my first mortgage (£40,000) though so not all is bad.

Took £5k loan out in 2003 and got £2600-ish back early last year.

OP, I’d be contacting the ombudsmen to see about interest at least. Something like 8%pa.