I have a feeling I may be owed quite a lot. How do I go about getting the ball rolling? Has anyone already done this and which company did you use to make your claim with? Or did you do it yourself and go direct to the banks?
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On my to do list for 2015 - claim back missold PPI
- Thread starter sparkleandshine
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After years of ignoring those annoying PPI phone calls, I finally caved in about 2 months ago and gave my details to one of the companies so that they could check for me. All I did was fill in their questionnaire to tell them which banks I had previously had loans / credit cards / mortgages with and they sent off the letters on my behalf. I didn't need to give them any account numbers etc. A few weeks later, they wrote to confirm that I had been "PPI'd" by Nat West in 2000 and might have a claim. They asked me to sign an contract for them to make a claim against Nat West on my behalf. The contract would have given them an entitlement to 1/3 of any refund due to me. Instead of signing the contract, I simply went onto the Nat West website and found out about their dedicated PPI Claims phone number, phoned them up directly (quoting the account number that I had been provided with) to make a complaint. After investigating my complaint, they sent me a letter last week to say that my complaint had been upheld and I would be receiving a refund of just over £2,000 ;D
The original loan was only for £4,500, but what inflates the refund amount is the fact that you will have been charged interest on the PPI policy amount throughout the term of the loan and you are also entitled to 8% interest (compounded) from the date of the PPI Policy inception.
If anyone is considering checking their own PPI, there are 3 stages:
1. Contact the Banks yourself and ask them to confirm whether or not you have ever had PPI with them (you can ask one of those annoying companies to do this for you without charge;
2. Make a complaint to any company that has added PPI to any of your loans etc. (they all seem to have dedicated phone lines and the process only takes about 10 minutes). Be prepared before you call as they will ask you to explain why you consider you have been mis-sold. Fortunately, I already knew a bit about PPI and so also knew that I had a very strong case. Firstly, I was self-employed and so could not claim under the policy, I had no idea that it had been put on, I already had income protection in place that did cover self-employed people.
3. If they send you an Offer, just check the amount and accept if you are happy with it. If they refuse your claim, you can complain to the Ombudsman for free.
Hope this helps.
PS. DO NOT sign any contract to allow these PPI companies to take 1/3 of your refund for sending out a couple of letters on your behalf. I saved £700 by simply googling "Nat West PPI Claims" and calling them myself!
The original loan was only for £4,500, but what inflates the refund amount is the fact that you will have been charged interest on the PPI policy amount throughout the term of the loan and you are also entitled to 8% interest (compounded) from the date of the PPI Policy inception.
If anyone is considering checking their own PPI, there are 3 stages:
1. Contact the Banks yourself and ask them to confirm whether or not you have ever had PPI with them (you can ask one of those annoying companies to do this for you without charge;
2. Make a complaint to any company that has added PPI to any of your loans etc. (they all seem to have dedicated phone lines and the process only takes about 10 minutes). Be prepared before you call as they will ask you to explain why you consider you have been mis-sold. Fortunately, I already knew a bit about PPI and so also knew that I had a very strong case. Firstly, I was self-employed and so could not claim under the policy, I had no idea that it had been put on, I already had income protection in place that did cover self-employed people.
3. If they send you an Offer, just check the amount and accept if you are happy with it. If they refuse your claim, you can complain to the Ombudsman for free.
Hope this helps.
PS. DO NOT sign any contract to allow these PPI companies to take 1/3 of your refund for sending out a couple of letters on your behalf. I saved £700 by simply googling "Nat West PPI Claims" and calling them myself!
ok great stuff
I have just googled 'HSCB PPI' and found this page
http://www.hsbc.co.uk/1/2/contact-us/payment-protection-insurance
I've had loans and overdrafts with them since I first opened an account with them when I was 14/15 years old.
No idea if I have ever been sold any PPI or took any without knowing so do I just write to them with my account number / sort code / address and ask them to check for me?
I have just googled 'HSCB PPI' and found this page
http://www.hsbc.co.uk/1/2/contact-us/payment-protection-insurance
I've had loans and overdrafts with them since I first opened an account with them when I was 14/15 years old.
No idea if I have ever been sold any PPI or took any without knowing so do I just write to them with my account number / sort code / address and ask them to check for me?
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Jon@TheMoneyShed said:
Try the phone number in this link >> http://www.moneysavingexpert.com/news/reclaim/2012/08/ppi-reclaiming-getting-easier
(apologies for linking to the website that mustn't be mentioned, but it is actually very good for PPI claims) If this number is no longer in use, you will have to write to them with as much information as you have about the loans etc. If you actually still have any of the loan agreements you can check them for Insurance products.
They have lots of information on the the green site site, including a list of the circumstances that generally indicate whether or not you have been mis-sold PPI.
Which company did you give your details to to do the initial research for you? That sounds like a good way to do it
I'm going to look in to this too.
I know I had it on one loan, but I claimed on that (off work sick) and cancelled after but I'm going to check it was actually cancelled after reading a few horror stories on them keeping it on or adding it even when you've said no. I was a teenager so never checked anything to do with my accounts other than if I had enough to go out at the weekend
I know I had it on one loan, but I claimed on that (off work sick) and cancelled after but I'm going to check it was actually cancelled after reading a few horror stories on them keeping it on or adding it even when you've said no. I was a teenager so never checked anything to do with my accounts other than if I had enough to go out at the weekend
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RickyRaj said:
Their website says 12%+vat now. Still better than most companies, but obviously more expensive than doing it yourself. Either way, there is some good info on their site for those wishing to know more about ppi
Thanks for the recommendation Ricky, really need to get on to this, if money is due I could really do with it being back in my bank account!
I had a large loan (over £20k) with Northern Rock years ago and they contacted me in 2012 about it. I got just over £10k back with StakeYourClaim. You could do it yourself, I didn't but just providing some basic info to them and they take care of the rest.