PPI...is it worth it?

Good luck to all of you with your 'entitlement' - dont be surprised in a couple of years when we are charged by our banks to maintain a current account..... Someone has to pay for all the 'mis-selling'.:clap::clap:
 
Scottjd1 said:
Good luck to all of you with your 'entitlement' - dont be surprised in a couple of years when we are charged by our banks to maintain a current account..... Someone has to pay for all the 'mis-selling'.:clap::clap:
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What are you on about? a) if the banks have added a cost on to something without calling it out clearly and transparently then it's a mis-sell plain and simple and should be refunded and b) most banks do already charge a fee for current accounts (RBS charge £12.50 per month for the "advantages" of Royalties Gold - advantages I am yet to see the benefit of in 8 years of paying the fee.

Do keep up.
 
So you get a loan agreement form which says somehting like

Loan £5000
Insurance £1000
Total £6000

You sign it, you are covered and then claim it mis-sold, i dont get it, I like others could claim on many loans and ccards i have had over the years, but I knew what it was and if I didnt Id be embarrassed to admit I didnt read a form so important. someone on here suggested that he couldnt remember if he had it so is it worth just trying to see??

Each to their own.

And I dont mean charges for enhanced benefits (which you dont have to have) free banking is available on more basic accounts. But this will soon change and we wil have monthly/quarterly charges just to have an account - its not the same thing.

I will however try my best to keep up.
 
Scottjd1 said:
So you get a loan agreement form which says somehting like

Loan £5000
Insurance £1000
Total £6000

You sign it, you are covered and then claim it mis-sold, i dont get it, I like others could claim on many loans and ccards i have had over the years, but I knew what it was and if I didnt Id be embarrassed to admit I didnt read a form so important. someone on here suggested that he couldnt remember if he had it so is it worth just trying to see??
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Actually no, the agreement does not actually have such obvious accounted for figures in the case which I have found. What I have found is additional payments hidden in amongst compound interest charges that have been levied between an credited payment and an interest debit.
There is no CLEAR AND TRANSPARENT reason for this stated anywhere within the agreement key facts, it wasn't until I read a subclause (are you telling me that you will read all clause and subclause of a 30 page document before signing) that it started to make sense that this was not part of the original loan but was, indeed, a payment charge or loan repayment insurance.
So to your sweeping statement implying that everyone claiming it back is somehow either underhanded or stupid for signing something as obvious as you example above, nothing is ever that cut and dried.

Free banking will continue to be available as it's a requirement under CCA regulations, IIRC, that banks offer this as a service. The banks don't decide on that. The level of the facilities available will vary but then basic will, in most cases, be basic. Anything beyond that is a benefit.
 
GreiginFife said:
Actually no, the agreement does not actually have such obvious accounted for figures in the case which I have found. What I have found is additional payments hidden in amongst compound interest charges that have been levied between an credited payment and an interest debit.
There is no CLEAR AND TRANSPARENT reason for this stated anywhere within the agreement key facts, it wasn't until I read a subclause (are you telling me that you will read all clause and subclause of a 30 page document before signing) that it started to make sense that this was not part of the original loan but was, indeed, a payment charge or loan repayment insurance.
So to your sweeping statement implying that everyone claiming it back is somehow either underhanded or stupid for signing something as obvious as you example above, nothing is ever that cut and dried.

Free banking will continue to be available as it's a requirement under CCA regulations, IIRC, that banks offer this as a service. The banks don't decide on that. The level of the facilities available will vary but then basic will, in most cases, be basic. Anything beyond that is a benefit.
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As i said each to their own, in my opinion, if you are allowed one on here, is that there has been some awful mis-selling and rightly so that it be compensated, but equally there is some band-wagon jumping by people with short memories and nott aking responisibilty for their actions as an adult.


I wasnt speaking of you personally Greg, as I said, each to their own.
 
Scottjd1 said:
As i said each to their own, in my opinion, if you are allowed one on here, is that there has been some awful mis-selling and rightly so that it be compensated, but equally there is some band-wagon jumping by people with short memories and nott aking responisibilty for their actions as an adult.


I wasnt speaking of you personally Greg, as I said, each to their own.
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Absolutely everyone is entitled to an opinion. What riles me on here is where said opinion has underlying implications toward others that the opinionated probably neither knows or has met. That's just how I was raised though, to respect others and have no preconceptions of those I have not met nor know much about.

I agree, however, on your point of people not taking responsibility for their actions. This has become almost cultural over that last decade or so, IMO mainly driven by American-ism litigation culture.
 
I had an interest only mortgage from 1970 which concluded many years ago. The only insurance, taken out separately, I had was life cover.
I have no wish to enter a claim on the off chance there was some 'hidden' insurance for redundancy etc.
 
Well it has taken me along time to get around to it - and I note that this thread was started nearly four years ago - but we put a claim in for PPI misselling on four store cards my wife had out - some at least a decade ago - and which are all now long closed. All I had was old statements and it wasn't 100% clear to me that PPI was included on all of them. But I registered them all just in case.

What did I do? I simply phoned the Santander PPI claims number and registered the cards. They sent me a form to complete covering all four. 6 weeks later we get a a letter from Santander telling us that three of the four included PPI and we get compensation.

So for £773 of PPI payments paid on three cards (their figure - I had no idea it was that amount but I guess over many years small monthly payments add up) - we got £1811 - so our £773 plus about £1030 interest :)

So if you haven't done it - and you or your Mrs had store cards - even from quite some time ago - just do it. I can think of many nice things I can do with £1811 coming out of the blue (though Mrs SiLH has already decided where it's going)
 
SwingsitlikeHogan said:
Well it has taken me along time to get around to it - and I note that this thread was started nearly four years ago - but we put a claim in for PPI misselling on four store cards my wife had out - some at least a decade ago - and which are all now long closed. All I had was old statements and it wasn't 100% clear to me that PPI was included on all of them. But I registered them all just in case.

What did I do? I simply phoned the Santander PPI claims number and registered the cards. They sent me a form to complete covering all four. 6 weeks later we get a a letter from Santander telling us that three of the four included PPI and we get compensation.

So for £773 of PPI payments paid on three cards (their figure - I had no idea it was that amount but I guess over many years small monthly payments add up) - we got £1811 - so our £773 plus about £1030 interest :)

So if you haven't done it - and you or your Mrs had store cards - even from quite some time ago - just do it. I can think of many nice things I can do with £1811 coming out of the blue (though Mrs SiLH has already decided where it's going)
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Did you know you had been mis sold or took a chance? I received an apllication from from Yorkshire Bank who I've banked with for over 20 years to inform me of mis sold PPI which I've completed and sent back. I always thought I'd never had PPI so have taken a chance. But I have also had/have various credit cards over the years which may or may not have PPI on.
 
Marshy77 said:
Did you know you had been mis sold or took a chance? I received an apllication from from Yorkshire Bank who I've banked with for over 20 years to inform me of mis sold PPI which I've completed and sent back. I always thought I'd never had PPI so have taken a chance. But I have also had/have various credit cards over the years which may or may not have PPI on.
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There was a charge on a couple of them that sounded like PPI - but I wasn't sure. So just registered. My wife took the cards out yonks ago and didn't realise there might be payment protection. The form I got from Santander was for us to give supporting info - but I don't think competing and returning the form was actually required for our claim.

I just said in it that when my wife took the cards out we both had stable, well paid jobs - and that we had alternative sources of funds if required if we were ever to have issues with paying the minimum payments. There would therefore be absolutely no need for us to take out PPI or any equivalent product.
 
SwingsitlikeHogan said:
There was a charge on a couple of them that sounded like PPI - but I wasn't sure. So just registered. My wife took the cards out yonks ago and didn't realise there might be payment protection. The form I got from Santander was for us to give supporting info - but I don't think competing and returning the form was actually required for our claim.

I just said in it that when my wife took the cards out we both had stable, well paid jobs - and that we had alternative sources of funds if required if we were ever to have issues with paying the minimum payments. There would therefore be absolutely no need for us to take out PPI or any equivalent product.
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Did you need all account numbers? Did you have to pay Santander anything ?
Cheers
Midnight...
 
I'm lucky to get full pay for 6 months if off sick from work . When I came accross PPI years ago I read the small print and realised it was not worth the paper it was written on for me. Therefore I would resolutely check any finance agreement for PPI and remove it from the form.
I got quite shirty with Barclaycard at one time who would ring me up regularly to get me to agree to PPI on their card. Only when I threatened to close my account if I got another phone call did they finally stop pestering me.
Good luck to you all, but read the small print on any finance agreement in future.
 
I remember getting my first mortgage they made me take out PPI, said that without it i would not be allowed the mortgage. That was with life cover stuff and enough savings to pay it off for 6 months. you have just reminded me Hugh, So i have filled in the form today and sent it off! Was only for 2 years, but IIRC the PPI part was about 200 quid a month, thats 2400 plus interest.. nice! hopefully, as i cant find any paperwork, account numbers, nothing and it was 2004. fingers crossed!
 
Midnight said:
Did you need all account numbers? Did you have to pay Santander anything ?
Cheers
Midnight...
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I had kept statements for the four cards so had the account numbers. I didn't pay Santander a penny - but had to pay the taxman! Santander took the tax off 'at source' so I assume HMRC have deemed the interest they give as taxable.
 
Interesting thread, I too have a question.

Took out a mortgage in about 1998 and signed it in the offices of what was then LloydsTSB, it was with one of the Building Societies (Cheltenham and Gloucester possibly) but obviously linked to LloydsTSB.

I had the mortgage til 2004, I have no paperwork but I still have the same current account at Lloyds.

At the time of taking the mortgage I was overseas on a government contract in very steady and well paid employment, is it worth trying to jump on the gravy train this far down the line?
 
Couple of bits of info, my sister got a cold call off a company called wefightanyclaim.com a company based in Wales, anyway she didn't know if she had had any ppi but gave it a go, to cut a long story short, she's got back over £55,000.00 from loans, store cards, mortgage etc, she and I was gobsmacked.
I have contacted them, spent about 20 minutes on the phone answering questions, I believe (could be wrong) they can only go back 21 years, ideally they want as much information as possible, they can investigate loans, store cards, catalogues, car finance.
Some accounts I had full info on, some I had nothing but name of company and rough dates and were I was living at the time (being Ex-Forces have moved around) no acct no's, they can still try for you on the most basic of info.
They send forms for you to sign confirming info given and I get a call every 2-3 weeks with an update on my claim, as off this week they have had answers on 75% of my claims and I've had nothing back, all have been non ppi. so they'll get nothing either.

It takes an hour out of your life, there are probably loads of other companies that are genuine.

Honest advice, do it, absolutely nothing to lose.
 
Bit gutted that I've never had any loans or credit cards.
I did check to see if I'd paid it on my mortgage,but nope 😔
 
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