Reclaiming PPI

[doodab]

Has anyone done it?

I cancelled most of mine years ago but I expect I will be able to reclaim everything that was paid before then. It should run to several thousands.

[PAH]

Not personally as I've not had a loan with PPI in the last 10 years or so.

My mum has successfully reclaimed it on a loan she had, though still waiting for the bank to make the payment.

The loan went beyond her retirement age and there is a clause in the PPI terms that it's not valid if retired, so she claimed it back as they were charging her for an insurance she could no longer make a claim on.

Funny thing is they're also paying back the PPI for a couple of loans before her current one (I assume because she settled the outstanding old loan with the new one so they're all linked), for which I can't see how the PPI was mis-sold. She's not going to complain though, the full amount being refunded is almost 10k!

So well worth doing if you think you may have a chance. Though do not go through a claim management company, they charge around 25-30% of the reclaimed amount. Thieving parasites. They even have the cheek to offer to reclaim excessive bank fees when they're charging excessive fees themselves. So just like those solicitors milking the miners for their compensation over various injuries/illnesses being paid out by the government, this bunch of scum are doing the same. Evil ***** the lot of them.

It's a piece of piss to do yourself (there's a form on MSE or similar places) and only costs a stamp.

[Alf W]

I find it staggering that anyone was ever stupid enough to agree to pay for PPI in the first place.

[PAH]

I find it staggering that anyone was ever stupid enough to agree to pay for PPI in the first place.

Depends on your circumstances. I agree if you can cope without it, as IIRC the PPI fee is a significant part of the loan, something like 20% of the payments, which explains why my mum is getting such a big lump back.

For the situation it was intended for, before the mis-selling, helping normal working folk pay their debt if out of work for a long time it seems useful.

e.g. My dad has been off work long term ill since 2009 after being hospitalised and still recovering. Probably will never be fit enough to go back to work and will be retirement age in a couple of years anyway.

As he is/was self-employed he'd have been in a mess without PPI as he had several credit card debts. Fortunately the PPI has paid most of it off. If they hadn't he'd have claimed the PPI back for being mis-sold to the self-employed.

One claims management company that cold called him said he could still claim it back despite having made a successful claim on it. That's when I looked into what shysters these claims management companies are.

[MarillionFan]

I find it staggering that anyone was ever stupid enough to agree to pay for PPI in the first place.

WHS

[v8gaz]

I find it staggering that anyone was ever stupid enough to agree to pay for PPI in the first place.

Agreed. What kind of permie losers hang out here nowadays?

[lilelvis2000]

Lady who owns the neighbouring office claimed back £5000 for PPI which was automatically added on a loan. As she was self-employed she could never make a claim - there was a clause in the PPI about this. She went through a management company who took something like 25%+VAT of the total amount.

So if you can get it back yourself you'll be much happier.

Interestingly I once interviewed for a PPI company and I often wondered how the heck they made any money. They were making loads as the car park was full of Porches. Now I know how they were doing it.

[PAH]

She went through a management company who took something like 25%+VAT of the total amount.

Oh yes, forgot about them charging VAT on top rather than including it in the percentage.

I'm sure there are loads of individuals who are VAT exempt so the real figure isn't 30%.

Some also charge that percentage on the amount of loan saved by the bank restructuring the outstanding loan to remove the PPI. e.g. if the loan without PPI works out at several grand less for the remainder of the loan they want 30% of those several grand.

They make recruitment agents look like amateurs when it comes to taking the piss.

[MarillionFan]

Lady who owns the neighbouring office claimed back £5000 for PPI which was automatically added on a loan. As she was self-employed she could never make a claim - there was a clause in the PPI about this. She went through a management company who took something like 25%+VAT of the total amount.

So if you can get it back yourself you'll be much happier.

Interestingly I once interviewed for a PPI company and I often wondered how the heck they made any money. They were making loads as the car park was full of Porches. Now I know how they were doing it.

Where did they park their cars then?

[fullyautomatix]

As usual there were some really valid cliams for a refund of PPI since this was tacked on to a loan without agreement of the loanee. The idea being that since the loan was unsecured and a bit risky the PPI would serve as insurance for the company giving out the loan. All very dodgy.

But typically, everybody and their dog who ever took out PPI knowingly also started claiming refunds. Lloyds was first to completly refund about 3 billion. Its owned by the tax payer anyway, so no need to make profits.