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Thread: Reclaiming PPI

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    Default Reclaiming PPI

    Hello all. Has anyone here had any experience of reclaiming mis-sold payment protection insurance included as part of a loan? I've got forms to reclaim from Alliance & Leicester, and just wanted to get other peoples' views on this.

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    Quote Originally Posted by Moose423956 View Post
    Hello all. Has anyone here had any experience of reclaiming mis-sold payment protection insurance included as part of a loan? I've got forms to reclaim from Alliance & Leicester, and just wanted to get other peoples' views on this.
    When I went to claim on my NatWest Access payment protection, they basically told me I was stupid for paying for it. Eight years worth of premiums that do not count as a company director. (I was a permie when I first got the card.)

    I don't suppose that helps you, though, does it?

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    Moneysavingexpert.com seems to have pretty good and apparently comprehensive information on this particular scam insurance.

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    There's a story today in the Mail about a disabled guy that has been paying it on a loan but was unaware that he had signed up to 2,000 pounds of premiums. It was totally pointless as he is receiving disability benefit for life, but Lloyds are still refusing to repay because he signed the form.

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    The problem is people don't really understand what is going on, and the person talking to them does not check that they do. We don't like to look stupid, so just accept what we are told.

    I had a client who was at the time in receipt of benefit (Income support it was called then), the bulk of which was to pay his mortgage. (Do they still do this?), He had a little self-employed income, working a day, here and there which he did declare when he signed on every 2 weeks. This was after the last recession - quite a long time ago.

    An Insurance sales person, spent many hours doing a "fact find" and decided to record the money he received to pay his mortgage as his income on the paperwork. (About £20k pa) She scared him into thinking he must provide for his family (He had a son, who he had joint custody) and take out PPI to cover his mortgage payments! I did his tax returns for him, and when I reminded him that it needed to be done, he complained about being completely broke, and would not be able to pay me the nominal fee I asked in those days, to clients on hard times. I asked him to send me his bank statements and records and we'd sort it out when things improved. When I saw the monthly payment on his statements I asked him what it was for. He said he did not know, but the Adviser told him he had to have it, it was essential, and he would not be a good father if he did not have it.

    Long and short of it - he eventually go his money back..... But he really thought he had to have it! Even though I pointed out it did not give him any protection - as he put it - the "Advisor" knew everything, he didn't hide anything about where he got his money etc. I must admit I want to know what is the point of going to someone for advice, when they give you something that you cannot use, or suggest you take out something which you can never claim on. The are the advisor - not the client.
    Last edited by Little'Old Me; 27th February 2009 at 13:06. Reason: spelling!

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    I won! They're paying me £491 back. ******* top banana!

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    Well done, those PPI schemes played on people's concerns of being out of work. Often they seemed like a reasonable idea, but the paperwork was often riddled with caveats. In most cases they never would have to pay out if the person did lose their job. A despicable con really!
    Last edited by Bagpuss; 3rd March 2009 at 21:00.
    The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.

    But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”

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    I never buy insurances on products, loans, or goods and the like. My philosophy is that instead putting the money to one side, paying it off the mortgage, etc is all a far better gamble than what these insurances can offer.

    Take for instance your home insurance.. who here pays for accidental cover?.. it's something like £100-200 extra on top of your buildings and contents insurance. Now consider over a 5 year period how often would you ever claim for anything upto a grand being broken.. the only thing in my house worth anything near that is my HDTV and even then I could replace it brand new for about £500 now. How often do they ever get broken?.. hardly ever?.. so if you don't buy this insurance and nothing goes wrong you are £1000 better off over 5 years.. if something does go wrong you are probably still better off after 5 years.. etc..

    The only non compulsory insurance I do have is life insurance in the event I'm not here so it takes care of my family.
    The cycle of life: born > learn > work > learn > dead.

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    I see where you are coming from , but PPi is a particularly naughty little con. At least most other insurances will pay out.
    The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.

    But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”

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