PPI...is it worth it?

full_throttle

full_throttle

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YES.

Don't bother with the companies that advertise on the radio/tv, go direct to the bank and subit your application.

My wife did and today received an offer of conclusion totaling £14k+. To say we are shocked in an understatement, we were expecting a few hundred - a thousnad £

Maybe I can get some new shinies :):):)
 
Glad for you.. Forget new shineys, you might be able to afford a new Mrs!!!

BTW, the only reason I have not looked at PPI is that I dont have any loans that I remember using PPI in the first place.
 
I agree. As a manager of a bank which was one of the biggest culprits, I see this sort of thing daily. People come in to get details for a 3rd party rip off company to make their claim. I can guarantee you that banks will look at a complaint made by YOU just as seriously as any company.

The main reasons PPI claims are upheld:

You had a years worth of sickpay from work (a mix of both full and half pay)
You were told the loan/card/mortgage had to have this cover in place (there were sales targets)
You had no idea there was PPI on your loan/card/mortgage
You were self employed and (dependant on the policy) would have to cease trading to make a claim.

Good luck to all who claim
 
Captainron said:
The main reasons PPI claims are upheld:

You had a years worth of sickpay from work (a mix of both full and half pay)
You were told the loan/card/mortgage had to have this cover in place (there were sales targets)
You had no idea there was PPI on your loan/card/mortgage
You were self employed and (dependant on the policy) would have to cease trading to make a claim.

Good luck to all who claim
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Good on Captainron...
The only time i came close to PPI was when they try to sell me one when we bought our sofa from DFS. Is there a way i can know if I was actually missold one
 
vkurup said:
Good on Captainron...
The only time i came close to PPI was when they try to sell me one when we bought our sofa from DFS. Is there a way i can know if I was actually missold one
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You would have to contact DFS and ask if any PPI was included in your agreement. If it was you should make a claim because it seems to me that you were unaware it was included. How much was this sofa? PPI on a sofa?
 
Captainron said:
You would have to contact DFS and ask if any PPI was included in your agreement. If it was you should make a claim because it seems to me that you were unaware it was included. How much was this sofa? PPI on a sofa?
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Dont remeber, was about 5 yrs ago, I think about 1K. Was on finance, from pinnacle finance or so. We have since paid the loan.
The only other loan we ever had is the mortgage, but dont think it had PPI.
 
My wife went into the local bank and asked for account numbers of any loans taken out by her. She then rang up a dedicated telephone number and passed on the account numbers, in total 11 loans, 7 had PPI, 1 didn't and three were out of date. The out of date loans got a pay out too, despite records being unavaliable for the bank to cross reference.

And to think if we had picked up the phone to 'PPI' firms they would have takenaround 25%+vat, thats 30% in total, in this case about £4k.

I think that £4k is better in the wifes account
 
you can still claim even if the loan is fully paid up. Also I have been advised it doesn't have to be PPI, if the term insurance is used then you may have a case
 
Interesting... looks like a bit of work this weekend... tx 4 the tip.
 
full_throttle said:
you can still claim even if the loan is fully paid up. Also I have been advised it doesn't have to be PPI, if the term insurance is used then you may have a case
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Payment Protection Insurance generally had 3 elements. Life Cover, Critical Illness Cover and ASU (Accident/Sickness/Unemployment). The ASU element is the one that has drawn most of the criticism. A full payout on Death or diagnoisis of a Critical Illness doesn't tend to anger people.

Mortgages generally had a policy which was usually called Mortgage Repayment Cover or Total Payment Protection Plan. Most peopel were encouragedto take out cover on their mortgage because it is usually your biggest monthly outlay. I would urge everyone to check with their lenders and see if they had it.

I would also then urge people to see what contingencies they have in place should the worst happen. Loads of people are making claims but not replacing the cover with something appopriate. If you have debt outstanding (Loan/Card/Mortgage/Car etc.) and you lost your job/were seriously ill or died, you would want that taken care of. No one like to pay for insurance but when they need to claim they want it to be the best on offer.

I have seen people with no cover lose the lot. People unable to afford funerals, houses lost even suicide. It's not a nice thing to talk about but anyone with kids/dependents or family should have soem cover to maintain their lifestyle or the lifestyles of their dependents when they are gone. I wouldn't want my widfe to try and survive on her wage alone
 
A friend of mine has just trousered £24K through the efforts of one of these companies. Good for him I say.


I haven't looked at it though as I am dilligent about not taking PPI on anything.
 
Snelly said:
A friend of mine has just trousered £24K through the efforts of one of these companies. Good for him I say.


I haven't looked at it though as I am dilligent about not taking PPI on anything.
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without being too specific, does this mean that over a period of time he had paid £24k in insurance IN ADDITION to paying back the loan ? Seems a huge amount of money. Or is the compo actually larger than the amount in premiums that people pay ?

Sadly, don't have any, I'm just curious how it all works.
 
i have just used one of "those companies" to look at mine for me, for 25% of what today is worth zero to me, i am happy to pay them that if they get me some money back. i am annoyed that i missed the boat on my first mortgage, i only just remembered that they "made" me take PPI on it, but i have been informed that i closed that account too long ago to claim, shame as it was a £150k mortgage i paid into for about 4 years!

Hey ho, if this company get me anything back, it will be a bonus, so i am happy for them to have a cut. I have zero paperwork either, so they literally have a list of lenders and rough dates to work on... £14k would be nice though!!
 
pendodave said:
without being too specific, does this mean that over a period of time he had paid £24k in insurance IN ADDITION to paying back the loan ? Seems a huge amount of money. Or is the compo actually larger than the amount in premiums that people pay ?

Sadly, don't have any, I'm just curious how it all works.
Click to expand...

I haven't asked him specifically but he hinted that the majority came from credit cards and the rest was made up from several loans over the past few years.

And yes, in addition to paying back the loan.
 
Both myself and my mam took out loans with a company called Welcome Finance,

When this whole PPI storm arose, my mam got one of 'those companies' to check if she was missold and got something like 3k back.

Now i got the loan out at roughly the same time, albeit a lesser amount than her, do you think i may be entitled to anything?

Also - i cant find any letters to show when i took out the loan etc in the first place, do these companies acquire this info themselves?

p.s its raining in LA, no golf as yet!
 
On a much smaller stage my efficient wife thought we were owed a bit for a business credit card that we seldom used and always paid up monthly.
She made a claim to be told that 'no records exist'.
She had kept all our statements from the years in question and it amounted to about £300 over 5 years.
For devilment she sent in copies of all the details and they paid up straight away.

Moral.........Banks tell lies.
 
Rooter, I understand where your coming from. My wife wanted to go the same route. I on the otherhand I decided to go it alone, the cost to me/my wife was about 20 minutes at the bank and a 5 minute phone call.

Pendo, I would guess that part of the £24k paid was interest. The paperwork we recieved showed interest at a rate of 8%, which was added onto the amount paid during the loan.

3 loans had no paperwork avaliable so the 'company' choose to award my wife an average amount per claim. If she is unhappy with the amount offered she may appeal. Being as she is unemployed on long term sick, I think she is very happy at the amount offered.
 
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