PPI...is it worth it?

I'm 99.9% sure I don't have any PPI or PPI type insurance on my stuff over the years, but I will still 'claim' in case anything was hidden. I found a FAQ and DIY PPI claim on MoneySavingExpert.com. This will save you have to pay 25%-30% to third parties if you do the claiming yourself; it will take a bit of reading and understanding, but all the templates, etc. are there.
 
Three said:
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?
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It takes about 15-30 mins to fill in the form. No harm in sending it off and trying, but banks aren't obliged to keep records from that long ago and if you don't have any paperwork they may simply say they can't / won't refund you anything for mis-selling.

I had a loan with First Direct from around 2000, that I am sure had PPI on, but I have no paperwork from it and they just rejected my claim.
 
woody69 said:
It takes about 15-30 mins to fill in the form. No harm in sending it off and trying, but banks aren't obliged to keep records from that long ago and if you don't have any paperwork they may simply say they can't / won't refund you anything for mis-selling.

I had a loan with First Direct from around 2000, that I am sure had PPI on, but I have no paperwork from it and they just rejected my claim.
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That company I checked with said I didn't need paperwork, the onus to check is with the banks, I'll ask my sister who got paid out what paperwork she needed.
 
pauldj42 said:
That company I checked with said I didn't need paperwork, the onus to check is with the banks, I'll ask my sister who got paid out what paperwork she needed.
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It's true, you don't need paperwork, but banks are only obligated to keep records for 6 years. If you can't provide evidence outside of that, then they can just say, "sorry we can't help you".
 
woody69 said:
It's true, you don't need paperwork, but banks are only obligated to keep records for 6 years. If you can't provide evidence outside of that, then they can just say, "sorry we can't help you".
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When I enquired my local branch had the details going back before 2000.
 
SocketRocket said:
When I enquired my local branch had the details going back before 2000.
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Well the 6 years is only from after the product has finished. So as an example.

You enquire PPI on a product that started in 1996 and run until 2011. As 2011 is within 6 years, they would have to keep the details running back until 1996.

However, say you have a loan with PPI on that ran from 2001 - 2005, legally the bank could have destroyed those records in 2012 as it is outside the 6 year window.

I'm not saying the bank will flat out refuse to look at your claim if you fall outside the 6 year time frame, I'm just saying they can use it as an excuse and not follow it up.
 
I wouldn't bother getting PPI, better to save some money away yourself just in case.

For some people it's the right thing, it really depends on your money managing habits.
 
full_throttle said:
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 :):):)
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I would never have done this without this post. Took me 10 mins and I got thousands! launch monitor money! Crazy!

Thank you!!!
 
Crazyface said:
How long does the process take? I went with a Claims firm coz I'm lazy and have heard nowt.
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I googled my banks PPI page, took 10 mins to fill the form it, I was incredibly vague as all I was really doing was fishing and 5 days later the money was in my account. No correspondence prior to the money but I understand there is a letter at home today. So in short, 5 days is what it took to get paid. Does not seem real.
 
Alex1975 said:
I googled my banks PPI page, took 10 mins to fill the form it, I was incredibly vague as all I was really doing was fishing and 5 days later the money was in my account. No correspondence prior to the money but I understand there is a letter at home today. So in short, 5 days is what it took to get paid. Does not seem real.
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No great time at all. Though I had old Store Card Statements so had account numbers to provide, money went in to bank account last week. Whole process including filling out questionnaire and our acceptance of offer - maybe 6 weeks end to end.
 
Alex1975 said:
I googled my banks PPI page, took 10 mins to fill the form it, I was incredibly vague as all I was really doing was fishing and 5 days later the money was in my account. No correspondence prior to the money but I understand there is a letter at home today. So in short, 5 days is what it took to get paid. Does not seem real.
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That is insanely quick. Who do you bank with? RBS?

Ours took around 6 weeks as SILH.
 
Dragging up an old thread, is there a rough estimate of how much you would get back on PPI Iv paid for the last 12 years on my mortgage? Iv paid out about £1700 in PPI and wondering whether I should claim.
 
Simbo said:
Dragging up an old thread, is there a rough estimate of how much you would get back on PPI Iv paid for the last 12 years on my mortgage? Iv paid out about £1700 in PPI and wondering whether I should claim.
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Watching Martin Lewis the other day and he said that you should get your £1700 back plus 8% for every year coz that's how much you could of made in interest. So yeah.
 
Simbo said:
8% of what?
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Your initial £1700, plus 8% for the first year = £1700 plus £140 ish interest = £1840 then another year at £1840 plus 8% going on for the 12 years, that's how me and Missis T understood it.
Apparantly the 8% is what was estimated on what you could of made on that money if it was invested and not paid in PPI.
 
Ok maybe Iv explained wrong, £1700 is the total of my 12 years PPI payments, I pay around £132 a year.
 
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