PPI - in your face LloydsTSB!

Kaise

just received a letter from LloydsTSB, they owe me a fark load of money from loans where they mis sold the PPI to me, basically I'm half way to the deposit on a house!

i farking love my life at the minute! :twisted:

i might not get it for 12 months but thats literally the best news i've ever had!

thekickingmule

I had a phone call about this the other day. I'm gonna play dumb here, what's the PPI? Is it the Insurance they add to a loan in case you're ill, or dead or something? If so, I had to get that on a loan I took out. Can I get that back? Is it difficult?

Kaise

Yeah PPI is just that, covers your loan should you be ill blah blah blah

right basically you need to get a copy of the T&C's from your loan,
read this site http://www.moneysavingexpert.com/reclai ... -insurance they know what they are talking about.

register your complaint, give them 12 weeks to reply, if they say no and you think you have a case call up the Ombudsman and they give them a poke, low and behold your money back!

some people on the MSE site get really stressed about it, i have just sent the letters off and forgotten about it really!

its worth asking the question TBH as if you don't ask they can't say no!

Fully-sprung

What I don't get is this! Banks now have to pay everyone back by law, but there are still companies advertising to take your money to get that money for you, why? Why would you want to pay a company to get it when the banks have to pay it by law?

thekickingmule

Awesomes! Thanks Kaise, I'll look into this!

Kaise

Fully-sprung wrote:

What I don't get is this! Banks now have to pay everyone back by law, but there are still companies advertising to take your money to get that money for you, why? Why would you want to pay a company to get it when the banks have to pay it by law?

right by law you are due your money back if you are owed it. if you took out the PPI in the knowledge that you needed it you don't have a case.

The law firms dealing with it are after a quick buck and some cases can be followed through quicker if there is a no win no fee solicitor on the case, then there are also cases with real disputes where a solicitor is actually needed.

you don't get it if you are not owed it!

projectsome

Kaise wrote:

Fully-sprung wrote:

What I don't get is this! Banks now have to pay everyone back by law, but there are still companies advertising to take your money to get that money for you, why? Why would you want to pay a company to get it when the banks have to pay it by law?

right by law you are due your money back if you are owed it. if you took out the PPI in the knowledge that you needed it you don't have a case.

The law firms dealing with it are after a quick buck and some cases can be followed through quicker if there is a no win no fee solicitor on the case, then there are also cases with real disputes where a solicitor is actually needed.

you don't get it if you are not owed it!

I've had 3 loans from an independant loan company, who are now bankrupt but have a paperwork from a company dealing with the ppi claims (I didn't apply).

problem i have is, 1. i don't know/remember if i took out ppi 2. if I've used it, missed a few payments at one point 3. I don't have any of the original paperwork!

Can I just wing it and hope for the best?

thekickingmule

Projectsome If you read that MSE link that Kaise posted, yes you can claim, even if you don't know you had, missed payments and don't have paperwork. It's worth the read really. I do have it, I can't remember how I was sold it though. I'm going to try it, possible to get back about £900 I recon

projectsome

thekickingmule wrote:

Projectsome If you read that MSE link that Kaise posted, yes you can claim, even if you don't know you had, missed payments and don't have paperwork. It's worth the read really. I do have it, I can't remember how I was sold it though. I'm going to try it, possible to get back about £900 I recon

Yep,

read it after I'd posted. Might have to sweet talk one of the female claims handlers in the office.

Kaise

you might get more than that,

an example for one of the loans that my claim letter refers to;

Refund of Premiums Paid = £538.29
Interest at 8% = £282.97
Excess Balance Payment = £59.07
Total = £880.33

so i thought i would get £538 and get an increase of nearly £400! all i am saying is its worth an ask!

mak3m

wish i had taken ppi now

cooldad

Don't use a company to collect. It won't be any quicker and they'll take a chunk.

thekickingmule

Kaise One thing you need to remember is that the interest is entitles to tax, so you owe the taxman money. When you get it, phone them up straight away and get it sorted, otherwise they'll come knocking on your door when you've spent it. They won't care though as they're all ghey.

Sgray

One thing to watch out for, is that if you still have the loan that the PPI was for, your lender will usually use the payment to reduce the balance of yor loan.

cooldad

They shouldn't as the two are unrelated.

Kaise

PPI paid in to my bank account this morning
£16023 - taxman owed £568


WIN!!

projectsome

Kaise wrote:

PPI paid in to my bank account this morning
£16023 - taxman owed £568


WIN!!

Right,

I'm penning all three letters this instant, even if the loan company has defaulted

projectsome

yay, got a reply to my subject access request, but have to send a cheque to receive the data (I didn't send one on purpose).

Slight problem being I don't own a cheque book, can banks do this over the counter etc?

Kaise

if you go in to your bank and you explain the situation the should print a cheque for you, failing that request a cheque book.....

DodgeT

I'm going to have to get this done, had quite a few loans / cc's etc over the past few years.

Kaise, without being too personal, what kind of loans (£) etc warrant the repayment of that amount of money???

Understand if you don't want to answer of course...

1mancity2

Before I went Bancrupt I had a few loans taken out on personal terms (sneaky feckers) for the business and I had around £60,000 of loans with around £15,000 on top of PPI but because I had to go bancrupt if I claim the reciever (Inland Revenue) gets the money, bummer.

Raymondavalon

I submitted my CV details to Haywood Marsh, now to be honest I've never had any form of PPI on my loan/credit cards as I was aware it wasn't law and also I read the fine print on any contract. A PPI has more reason not to pay out, plus they freeze the loan, interest free for 6 months, well HSBC do under their T&C anyway

The good news is that Mint settled me £362 on overcharges for letters sent to me over the past 6 years when I paid late (usually due to being abroad) or on the few rare occasions I exceeded the amount. Well, it's better than a kick in the head, plus it pays for an On One 456 carbon frame..

smegurmum

can I presume that intrest free loans won't have a PPI option (it's the only type of loans I've taken out so far)