PPI Claims

Pross

Chucked a claim in on a couple of cards I g ot nearly 20 years back last month. I was quite hopeful of a small refund on one as the company has been fined as they got their sales people to fill in the form and people like me to just sign on the dotted line (naiive 18 year old). However, got back of holiday yesterday to find a large cheque off the other company Unfortunately the wife thinks it is better to spend it on a new kitchen and trip to New York to celebrate our 40ths in December rather than me invest it in a Wilier Zero.7 but I am treating myself to a new set of hoops.

So do I go for Ksyrium Elite, RS8s, Racing 3s or some Planet X deep rim tubulars? Any other sensible alternatives at that price point? I'm looking for a fairly light racing wheel as I currently do all my riding on a R500 front and Aksium Race rear. I think having lost 10kg in 3 months and being able to afford something at last I deserve some nice new bling

Gizmodo

You don't need a new kitchen, you need to work on her.

As for alternative hoops, check out http://www.wheelsmith.co.uk/ for hand built.

Pross

Gizmodo wrote:

You don't need a new kitchen, you need to work on her.

As for alternative hoops, check out http://www.wheelsmith.co.uk/ for hand built.

The Wilier would certainly get more use than a kitchen but I'm working on the assumption that a happy wife will equal a happy husband Still got another card to go (the one I was pinning my original hopes on) and the Mrs has also made a couple of claims (via a claims company :roll: ) so maybe in a few weeks!

Best use of a half hour lunch break and the company franking machine I've ever had.

Frank the tank

Just remind the Mrs WHO was miss-sold the PPI, then buy whatever you like.

I think the term is butt out.

MattC59

Schoolboy error........... you told the Mrs about the cheque !

Pross

MattC59 wrote:

Schoolboy error........... you told the Mrs about the cheque !

I think she was wondering why I was walking around with a stupid grin on my face and looking like a big weight had been lifted off me. Maybe get an Ultegra groupset if the other card pays out, I'll then have a very good bike as my frameset (Scott CR1) is very good. Kitchen needs doing to be fair, been putting it off for years by painting units and replacing doors.

finchy

Tell her that you have no interest in New York whatsoever and you're not sitting on a plane for 8 hours just to go to an over-congested, high rise crap hole. Take her to the South of France and then spend the difference on your wheels.

upperoilcan

I ve seen a lot of people claiming it back,Just how far back in history can you go to warrant a claim ?

Pross

upperoilcan wrote:

I ve seen a lot of people claiming it back,Just how far back in history can you go to warrant a claim ?

I believe that if the card / loan was active in the last 6 years you can claim as the companies should still have all the paperwork and that is the time that credit histories go back. You can get a record of all the loans and credit cards you've had in the last 6 years for £1 and then check if you had PPI on them. However, I don't think there is a limit on how far back you can go if you have the paperwork available to back up your claim. In my case both cards were still active until a year or two back but they were taken out around 20 years ago. Judging by the payment I had the other day they have repaid the whole 20 years and they also pay out 8% interest.

If you go with a handling company they should be able to track everything down for you but they'll take about 25 - 30% of the repayment if you are successful so probably only worth considering if you don't have any paperwork and can't be bothered with the hassle!

I think the Ombudsman or Government has recently told the banks that they have to actively contact anyone they feel they missold to even if the person hasn't made a claim so a lot of people may end up with an unexpected windfall!!

upperoilcan

Thanks for the info Pross,but alas im far too late.....

The loan in question was quite a while ago..

shedhead

Hi Pross,

Do you have any links where you can find the ppi info for a quid & then where do you go to make a claim yourself?

What do they actually refund? the value of what the ppi would have cost?

Thanks

Pross

Best bet is probably Martin Lewis's site http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance it's all explained there and he has a copy of the standard form to complete (takes 5 minutes once you have the information). Obviously you have to have a case that you mis-sold, in my case I argued that I wasn't told I could cover elsewhere and that given I had a secure local authority job with 6 months full paid sick leave and 6 months half paid the product was of little benefit. In the case of the Burton Account Card that I am still waiting to hear on, they have been fined as the shop assistants used to fill everything in and just get you to sign on the dotted line without any explanation.

They re-pay everything you paid them plus interest.

rick_chasey

Just heard a friend of a guy I worth with got a PPI claim back for £16,000. :shock:


How big was his loan!?!

Aggieboy

Rick Chasey wrote:

Just heard a friend of a guy I worth with got a PPI claim back for £16,000. :shock:


How big was his loan!?!

Could have been from a long standing endowment mortgage.

Frank the tank

Aggieboy wrote:

Rick Chasey wrote:

Just heard a friend of a guy I worth with got a PPI claim back for £16,000. :shock:


How big was his loan!?!

Could have been from a long standing endowment mortgage.

I was mis-sold an endowment but couldn't prove it. :evil:

derbygrimpeur

I work in the industry and you don't need to go down the route of requesting copies of your agreements. That's just nonsense spouted by the various numpties on the Martin Lewis website. If you believe you were mis-sold PPI, all you need to do is make a complaint to the bank explaining why you believe you were mis-sold. They'll check if you had PPI. If you were mis-sold (and in reality, it doesn't really matter if you were /weren't - banks are just having to pay out on the majority of complaints), you should receive a full refund of premiums + interest charged on that if it was added to your card/loan + a further 8% per year. Banks have 8 weeks to deal with your complaint.

It is the interest that bumps up the refund, and yes there are cases of more than £16,000.

WHATEVER YOU DO, DO NOT USE A CLAIMS MANAGEMENT COMPANY - they're bigger vermin than the banks that mis-sold the PPI in the first instance.

shedhead

derbygrimpeur,

Does that apply to credit cards too? i started my credit card about 8 yrs ago & really don't know if i had PPI on it or not, is it automatically included without your knowledge / hidden in small print?

Thanks

Frank the tank

shedhead wrote:

derbygrimpeur,

Does that apply to credit cards too? i started my credit card about 8 yrs ago & really don't know if i had PPI on it or not, is it automatically included without your knowledge / hidden in small print?

Thanks

I'd be interested to hear what the case with credit cards is.

derbygrimpeur

yes, it's credit cards / loans / mortgages / store cards.

Generally speaking, it was never hidden in small print per-se. You've have been required to tick or sign somewhere. But the argument, and why banks are losing, is that this was not sufficiently clear and in many cases (primarily loans), customers didn't even know that it was an additional cost.

The refund does work slightly differently for credit cards though. You'll only get the 8% interest if the credit card would have been in credit if it were not for the PPI. So in most situations you'll get the premiums paid + interest charged, but not the 8%.

If your account is still open, and you still owe the bank money, they can use the refund amount to reduce your card/loan balance.

Ultimately, if you don't know whether you had it, it costs you NOTHING to make the complaint. The bank will in most cases ask you to complete a questionnaire about the sale. But if you can't remember the sale, just complete as much as you can. If they reject because you never had PPI, they should tell you what they've done to check this.

shedhead

That's great thanks, being thick, i assume i just need to complain directly to the card issuer (virgin) online if possible ?

derbygrimpeur

Online, writing, phone. They should allow any method

Aggieboy

Frank the tank wrote:

Aggieboy wrote:

Rick Chasey wrote:

Just heard a friend of a guy I worth with got a PPI claim back for £16,000. :shock:


How big was his loan!?!

Could have been from a long standing endowment mortgage.

I was mis-sold an endowment but couldn't prove it. :evil:

Frank - I was going to reply with what derbygrimpeur has written but from a personal view. When we had a mortgage and claimed, we didn't have to prove anything. IIRC, we filled in a tick box form and sent confirmation of policy etc.

Got £27,000 by the way. Have a nice day

Pross

shedhead wrote:

derbygrimpeur,

Does that apply to credit cards too? i started my credit card about 8 yrs ago & really don't know if i had PPI on it or not, is it automatically included without your knowledge / hidden in small print?

Thanks

The claim I just got paid on was a credit card. I was amazed by the amount, it never seemed like you paid much out as it was something like £1.50 for every £100 on the balance but I had it for nearly 20 years!

I just argued that it wasn't explained I could get the insurance elsewhere and that my employment terms meant it was of little value. I've got a few other loans and cards that I may have had cover on but can't find the information.