A PPI question.

[Dave7]

Having been married nearly 50 years Im sure i must have had ppi.
I hate the thought of paying these "claims experts" a big % for doing little but.........
Some of them are now "only" charging 10%.
Is it worth it?
Are these people really any good?
etc. etc.

 

[MiK1138]

Martin Lewis money site shows you how to do it yourself, its not hard, my missus got about 2.5 k back a couple of years ago with no middle man

 

[JohnHughes307]

I filled in a form on Lloyds bank website. Took 10 minutes, if that. They sent me two separate huge piles of paperwork to fill in (one for mortgage, one for personal loan) and I thought "Nah, Can't be bothered." Two weeks later they wrote again (even though I hadn't done anything with the paperwork) and said "Yep, fair cop guvnor" or words to that effect and they owed me £5K. Best 10 minutes' work of my life :-)

 

[Levo-Lon]

Ffs I've never had PPI brrrrrrrrrrrr

 

[Dave7]

Martin Lewis money site shows you how to do it yourself, its not hard, my missus got about 2.5 k back a couple of years ago with no middle man

But but but......how confident can you be that she got EVERYTHING she was entitled to?
Conversley how confident that the claims companies will get everything?
If eg she got 2.5k but they could have got her 3.5k minus 10% ???

 

[Dave7]

The banks, etc. have to tell you how they worked out what you're entitled to. This will include how much you overpaid and what interest is being applied. Once again, there's plenty of information out there from sources like Money Saving Expert about what can be expected.

But but BUT......(bare with me)
Is it not easy to miss/forget a bank or society that "may" owe you?
Do the claims companies have access to information we are not aware of?

 

[DCLane]

I'm absolutely convinced I've never paid for PPI. One credit card company had a go at adding it which stopped.

However, I may just choose to have a go at one of these ...

 

[BoldonLad]

I'm absolutely convinced I've never paid for PPI. One credit card company had a go at adding it which stopped.

However, I may just choose to have a go at one of these ...

I agree, it is better to do it yourself, rather than go through one of the Claims Management Sharks, sorry, Companies.

But, it does occur to me that the various lenders etc may not have good data storage / retrieval systems, so, in many cases, they may just be paying out because they cannot prove they are not liable. In this instance, if you would not have claimed anyway, is it not worth giving the CMC a list of "possibles" and see what they turn up? Yes, they may cream off a %ge, but, you still get 100% - their percentage, which will be more than the amount you would have got, if you had not claimed at all.

 

[ianrauk]

Went through Martin Lewis and got a nice cheque recently for 400 quid.
All very easy to do oneself.

 

[jayonabike]

One of my custom build carbon bikes was paid for out of a ppi claim. Well worth doing.

 

[Slick]

Ffs I've never had PPI brrrrrrrrrrrr

I'm the same. I always knew it was a scam and wouldn't save me if I ever lost my job so never paid it.

 

[steverob]

I only ever had PPI once, on a loan with a former bank and that was over 20 years ago. I've got no proof or records from back then (can't even remember exact dates or amounts), so I'm not sure any claim I made would be accepted.

Plus the fact that I knew what PPI was when it was sold and went through all the T&Cs with them at the time - e.g. they didn't mis-sell it to me or try and trick me into taking something I couldn't claim on, which I know was the main issue for quite a lot of other people. Although I'll admit the main reason I accepted it was because they offered me a significantly lower interest rate on the loan if I took it up, which actually SAVED me money in the long term (I'm guessing the person in the bank branch made more commission on PPI than on the loan?)

 

[vickster]

I had it, but as I agreed to it (first credit card, I was about 20), so apparently it wasn't missold...however the bank is still checking that I didn't overpay which is the most recent issue

 

[Slick]

I only ever had PPI once, on a loan with a former bank and that was over 20 years ago. I've got no proof or records from back then (can't even remember exact dates or amounts), so I'm not sure any claim I made would be accepted.

Plus the fact that I knew what PPI was when it was sold and went through all the T&Cs with them at the time - e.g. they didn't mis-sell it to me or try and trick me into taking something I couldn't claim on, which I know was the main issue for quite a lot of other people. Although I'll admit the main reason I accepted it was because they offered me a significantly lower interest rate on the loan if I took it up, which actually SAVED me money in the long term (I'm guessing the person in the bank branch made more commission on PPI than on the loan?)

That is the definition of mis selling.

 

[keithmac]

I've never had it but apparently you can claim if your APR was loaded as well from what I've heard (like built in PPI).

Been meaning to have a look into it myself but I'm in the can't be arsed category, maybe a job for Monday..