PPI – turns out I have been paying it for 9 years..

Just had confirmation from my bank of the above. Will I die?

Apparently I need to register a complaint now, then they will spend between 10-40 days deciding if they’re able to fob me off or need to cough up.

I haven’t lost any earnings/holiday as a result of paying for this, but I may have slipped over my overdraft limit a few times in the past as a result (and received resultant fine) – although how on earth one is expected to trowel through a decade of statements to prove so is borderline, well, frustrating at least.

What can I expect, dearest hive mind? Shall I book the flights to Rio now, or hold on for the 40 days?

Loads of info.

http://singletrackworld.com/forum/topic/ppi

I kick myself every time this topic comes up as I bothered to find out what PPI was prior to taking my loan and declined it.

Loads of info.

http://singletrackworld.com/forum/topic/ppi

Well thats cheered me up.

Merry Christmas

Ordered that Canyon Dude with the compensation yet? 😆

I kick myself every time this topic comes up as I bothered to find out what PPI was prior to taking my loan and declined it.

I was told I HAD to have PPI on my first mortgage.
It didn’t matter how smug and self congratulating I was, it was forced.

^^^ this is the point of the compensation

Don’t worry about it fourbanger. You only get back what PPI you paid in with a little bit of interest and minus about 30% if you go through one of the PPI companies. So you’re not really any worse off.

It didn’t matter how smug and self congratulating I was, it was forced.

Like a contractual condition, in writing? Fair play.

I kick myself every time this topic comes up as I bothered to find out what PPI was prior to taking my loan and declined it.

You mean it was added without asking or them telling you have to take to get the interest or loan?

I guess you were very unlucky then.

Depends if you were mid-sold. Or you mis-bought…

I too kick myself every-time this comes up.

I was mis-sold an endowment mortgage and lost out to the tune of about £35,000. My compensation was £1,500

If I had been mis-sold PPI instead OI would have been able to claim more

I was lucky enough to have a bank and a good account manager who offered to do all the paperwork for me, if I got the paperwork, and she gave me the number to call.
Upshot was me getting £11,680 back.

Depends if you were mid-sold. Or you mis-bought…

I think the banks haven given up caring, it’s not worth fighting.

Don’t worry about it fourbanger. You only get back what PPI you paid in with a little bit of interest and minus about 30% if you go through one of the PPI companies. So you’re not really any worse off.

Info here to do it yourself and save fee’s, it’s not hard I know a few people who have done it.

I think the banks haven given up caring, it’s not worth fighting.

Barclaycard/Egg haven’t.

So, chased them by phone, was given a reference number, logged online complaint, was sent confirmation of complaint last Saturday – just received £1100 in my account.

I love you guys. I love the world today x

£1100? You could buy a bike with that 🙂

I was absolutely positive I’d never taken out PPI, but due to Mrs B’s pestering I filled out Find My. Claim that dropped through the letter box, they found a credit card from years ago that had PPI on, I got last month a 5 figure sum compensation, wish I’d used the template from Martin Lewis web page as FMC took 30% but I still got a good wedge.

Just to annoy you, my neighbour, a dodgy Hungarian IFA, got rich selling PPI to hundreds of his clients. In recent years he has got even richer claiming the same PPI back for his clients because most are too idiotic or lazy to fill in the claim form; he takes a chunk of what they get – 25% I think. He owns houses in five countries now.

Currently going through this. I’ve been paying income protection on a mortgage set up 15 years ago. Done it off my own back. I genuinely have been paying 20 ish sheets a month all this time. Wrote a letter and emailed a copy too, they’ve acknowledged the claim. I’ve used a few key quotes such as “mis-sold” etc. I’ve now got to ask for a data subject access request as they are already stalling. If it goes to the ombudsman it’s possibly 18 months for a decision. Hopefully it won’t as I’ve got a mate who 0by using his advice has kept me out of the no win no fee brigade so far.

What has his country of origin got to do with it?

I eventually looked into this having thought it wasn’t work trying, I’d be fobbed off etc. I did it direct with the providers and my complaints were upheld by both credit card and bank. A total of five phone calls and one form which took 10 minutes to fill in and I have had the compensation. In fact in Lloyds case I had the cheque two weeks before the letter explaining why they agreed with my complaint.

Is there a time limit on these things, anyone know? I was almost certainly affected, but it was like ten years ago.

Time limit as in how long ago or when you can no longer claim?

If the former I’ve read cases of folk claiming successfully as far back as mid nineties. If the latter, I believe you have until March 2018, so get a wriggle on if you haven’t set the ball rolling.

Cool, ta.

Martin Lewis had a full show on about it again tonight. Might be worth enduring him for half an hour to get some real world pointers.

Just a pointer in case no one follows the advice to visit the MSE site – I claimed for a loan from the late 90s and within six weeks it was all done and dusted, no claims company involved. I did have the original paperwork so that made finding the correct account numbers easier.

Easy money (which is probably what the bankers thought when flogging it to all those unsuspecting punters).

You need very little information, and such details as account numbers are not required. So long as you have the addresses you took out the “PPI” and simple more personal details (dob etc.) the onus is down to the Bank to search the rest and contact you.
If you are refused, send it to the ombudsman.

You need very little information, and such details as account numbers are not required.

Of course you don’t, but I had them to hand. Some banks can charge for the service of sorting out the fine details, too, so you’re better off trying to dig out the paperwork if you suspect you have it stashed somewhere.

Cougar, I recently received a refund on PPI missold to me 20 years ago! I printed and filled out the form on the NatWest site with all the info I could remember. They found it (and a lot more that I didn’t even know about). I didn’t do any more legwork than the half an hour or so filling out and posting the form. But yeah, as above, get your skates on. Although, it’s worth checking, originally it was going to be this year, but the last I heard, the FCA were pushing for 2019. AFAIK, there’s still £7-8Bn left of the stash put aside by the majors so grab yourself some of it.

EDIT: And the good news is the longer ago you had it, the more interest you get. Over half my pay-out was interest alone. (Though you will be charged 20% tax on the interest.)

The comment was aimed at encouraging others who may have lost/forgotten such details to at least try to reclaim.

That was obvious.

That was obvious.

Is that aimed at me, then? It’s not obvious, y’see…

😉

Cougar, I recently received a refund on PPI missold to me 20 years ago!

Ah cool, that’s good to know. Ta.