Payment Protection Insurance

[Real_natalie 10]

Has anyone tried to get their money back after taking out PPI. Have you discovered that the policy wouldn't pay out?

[Leah-Lacie 10]

OH had a loan from Natwest about 6 years ago, when he lost his job, they said he hadn't taken out PPI, but his paperwork shows that the (Gold??) account he had to take out in order to take out his loan, came with PPI, and the loan was covered by it. He tried a while ago to sort it out, but they weren't interested. Hes thinking of trying again now all these adverts have been on TV

[Stranza 10]

OH had a loan from Natwest about 6 years ago, when he lost his job, they said he hadn't taken out PPI, but his paperwork shows that the (Gold??) account he had to take out in order to take out his loan, came with PPI, and the loan was covered by it. He tried a while ago to sort it out, but they weren't interested. Hes thinking of trying again now all these adverts have been on TV

My Dad had a similar problem with PPI and he claimed his back with the help of Which, he said it was straight forward, just a few letters so it may be worth checking out MSE site etc for a template letter, then your OH will get to keep what he's entitled to

[barleycorn 10]

Has anyone tried to get their money back after taking out PPI. Have you discovered that the policy wouldn't pay out?

 

Yep, done it several years ago against Lloyds, was a piece of cake even back then. Have a look on MSE and CAG

 

jb

[bluevan 10]

My husband had a loan and went through a company to claim it back, its pointless doing it yourself they just ignore you, This company was very good, they did everything and he received a cheque for £671 last week, If anyone is interested pm me for the company number and the name of the bloke, whos lovely aswell

[angel_b 10]

My husband had a loan and went through a company to claim it back, its pointless doing it yourself they just ignore you

 

This is not true at all. I successfully claimed back close to £7000 from Egg and just over £3000 from Lloyds TSB as the PPI policies sold to me (or forced on me in the case of LTSB!) were invalidated by a pre-existing medical condition, but I was never asked about any health issues or told that the policies were not suitable for me.

 

All it took was a few stamps, Martin Lewis' excellent website and a bit of patience. On the MSE website there are template letters where you have to change the bare minimum of details, post it off and wait. Going through another company to do this on your behalf will not be any quicker as they will be following exactly the same process as you, and you will end up paying them a good chunk of any refund that may be due to you. I believe most companies would be looking to take somewhere in the region of 30%.

 

Egg paid out less than 6 weeks after me writing to them. Lloyds TSB completely denied any wrongdoing and told me I was welcome to go to the Financial Ombudsman, which I did - (another template letter and a stamp) and they ruled in my favour. This took just over a year but was purely down to the extremely heavy workload the Ombudsman has.

 

I would urge anyone who feels they may have been mis-sold a PPI policy to visit the Money Saving Expert website and browse through the PPI forum. The people who post there are very friendly and helpful. The only thing I would say is that please make sure if you are putting a claim in, that you have a genuine reason for doing so. If you haven't, all you will be doing is wasting your time and clogging up the complaints queue for other people, as well as putting unnecessary burden on the Ombudsman service.

[katkin 10]

Egg caved in and gave me back almost £7k after I wrote to them, tried to fob me off at first but I just worked through a few websites and put a letter together, within just over a month they back peddled and gave it all back to me so its worth submitting a letter if you genuinely think you were mis sold: in my case they were really pushy and implied my loan would not be approved if I didn't take up the pip but the crafty sods didn't come clean about how much it accounted for in my monthly payments

[angel_b 10]

Egg caved in and gave me back almost £7k <snip> in my case they were really pushy and implied my loan would not be approved if I didn't take up the pip

 

Yep, this is exactly what happened to me!

[Leah-Lacie 10]

My ex also got a car from carcraft, and they told him he wouldn't get the finance without the PPI. He ended up paying £400 a month for the car, about half of which was PPI.

[graham101@ta 10]

i took out ppi when i bought a car then after about 1year i had to claim on it i had an accident and could not work but the ppi company said they would not pay and gave some excuse so i went to the cab who helped me but in the meantime i couldnt pay my loan on the car i had to default on my payments so got charged intrest plus fees for late payments i know i should have paid but being on statatury sick pay just couldnt afford it i even had debt collectors calling i eventually owed about a £1000 with all the charges if it wasnt for my dad giving me the money i would have lost the car then after many months the ppi company said they would pay but not give me back my charges what im trying to say is if the ppi company didnt try to get out of paying ppi then i wouldnt have got in that mess i wonder if i can laim my charges back

[SnailyBoy 10]

My husband had a loan and went through a company to claim it back, its pointless doing it yourself they just ignore you, This company was very good, they did everything and he received a cheque for £671 last week, If anyone is interested pm me for the company number and the name of the bloke, whos lovely aswell

 

What that the line the company sold you, also assuming they don't do 'everything' for nothing either?

[SnailyBoy 10]

My husband had a loan and went through a company to claim it back, its pointless doing it yourself they just ignore you, This company was very good, they did everything and he received a cheque for £671 last week, If anyone is interested pm me for the company number and the name of the bloke, whos lovely aswell

 

What that the line the company sold you, also assuming they don't do 'everything' for nothing either?

 

Could you explain this please - I'm a bit blurry this morning but I can't work out what you are saying

 

Sorry about that, I'll try and break it down.

 

'its pointless doing it yourself they just ignore you' - I questioned if this was part of the sales pitch from the 'company' used to process the claim for being miss-sold PPI. Implying that an individual client would lack credibility against a particular financial organisation.

 

Also questioned the charges the 'company' levied against the client to provide a cheque for £671. This was based on the statement that the 'company' did 'everything', like many things in life, it's unusual to get something for nothing.