Advice on starting a PPI claim please .

djbsom

Well-known Member
Hi folks,
I need a little guidance here.
Yesterday i was cold called and told they could claim back the PPI on 'my loan'. Now, normally I just ask them if they know the specifics of my loan and that is enough to establish that they are just phishing for potential business and I then politely end the call. However, the caller yesterday knew the name of the bank, the amount, the date I took out the loan and the date I paid off the balance early. He then proceeded to ask a few questions, such as did I know I had PPI added to the loan etc. ( I didn't ) Once I pointed out that I am self employed and therefore wouldn't have been able to claim on a standard PPI policy he then 'coached' me how to answer a few salient questions and started a conference call with a claims recovery firm. The lady then asked exactly the questions I'd been coached to answer (completely truthfully) and she agreed I had a strong case and has sent me a claims pack to get the process started. I have not yet signed anything.

Now, my question is this :-
Now that I believe I might have a claim, is it too late to proceed on my own therefore saving myself 25% of any settlement?
And, if the claim is unsucessful, will I be liable for any costs?
(the reason I worry that the claim may be unsuccsessful is that, although the loan was consequently paid in full, there was a period mid loan where I successfully persuaded them to accept small payments for a few months during a diffiult cashflow time. After this 'sticky patch' I was able to pay the loan off early.)

Thanks for any replies.

Dave.
:smashin:
 
D

Deleted member 498601

Guest
Have a look here mate;

Reclaim PPI for Free: £1,000s for mis-sold credit card and loan insurance...

Martin Lewis is well known for his money saving tips and advice, and his website is a gold mine of information. I've just recently started 2 ppi claims myself. Points that I've picked up on already; When you start step 1 (assuming you need to) - you ask the relevant company for the records pertaining to your account. You must include a cheque for £1 to cover their 'costs'. If you don't include it, they'll write back requesting it. Also, when asking for information from the company, ensure you give them any information that they would ask for as 'security questions', such as your D.O.B, address (at the time you took out the loan), account number etc. If you include as much information for them from the start, it gives them less of an excuse to repeatedly write back to you asking for infomation.
These companies (that owe ppi payouts) will make it as awkward for you to claim as possible; i.e "I'm sorry sir, we require your date of birth", so you tell them, then get another letter back "I'm sorry sir, we don't have your address" etc...They just want to drag it out, so that you give in!

As Martin Lewis says on this subject, if you are successful in claiming yourself (without paying out 25-30% to a 'no-win no-fee outfit), then the most this will cost you is the cost of a few stamps.

Hope this helps, good luck
 

Solar

Well-known Member
You only need to write a letter to your bank manager to claim it back, it's as simple as that.
 

ChrisNic

Well-known Member
Solar said:
You only need to write a letter to your bank manager to claim it back, it's as simple as that.

Or the dedicated PPI team that all the banks will have....
 

Knyght_byte

Distinguished Member
Only thing I can think is that in your conversation on the phone you agreed to their terms and conditions for getting this going, and if you pull out now, they'll sue for contractual breach. If you were in a conference call, they know how far you got. And you dont have to sign something for it to be contractual, you can agree over a telephone or click the yes button on a website for it all to be legally binding.

Hopefully you'll be ok and can make a personal claim and get all the money, although personally I think you are wrong to as you took advantage of protection by having reduced payments for a while, which means that you were not actually mis-sold as you would have defaulted on the loan otherwise. But hey, they take what they want in this world (the banks), so might as well take back where you can.
 

djbsom

Well-known Member
Only thing I can think is that in your conversation on the phone you agreed to their terms and conditions for getting this going, and if you pull out now, they'll sue for contractual breach. If you were in a conference call, they know how far you got. And you dont have to sign something for it to be contractual, you can agree over a telephone or click the yes button on a website for it all to be legally binding.

Hopefully you'll be ok and can make a personal claim and get all the money, although personally I think you are wrong to as you took advantage of protection by having reduced payments for a while, which means that you were not actually mis-sold as you would have defaulted on the loan otherwise. But hey, they take what they want in this world (the banks), so might as well take back where you can.


Thanks for your thoughts, especially regarding the contractual side.
Concerning me benefiting from the protection - When I "fell on hard times " I reached an agrement with the bank that I would make reduced payments for a short time untill my business picked back up again. I had no idea that I was paying for this sort of policy on top of the loan As a self employed customer it would'nt have paid anyway. I ended up paying the whole amount I was scheduled to pay, I did not receive any sort of discount or financial help, just some leniency. The bank would have known this and they never mentioned it. Still, they continued to take the premium alongside the loan repayment untll I was able to pay back the loan. So, as well as not knowing I was paying for the PPI, I also did not receive the benefit it was designed to give when I duly ran into the kind of difficulties it was supposed to protect against. So, I have no qualms aginst taking it back from the bank. I think I might just let the claim people do the work. Afterall, until they rang me I didn't know I had a claim.
Thanks all
Dave.
 
Last edited by a moderator:

Solar

Well-known Member
If you haven't filled out the claims pack then you haven't entered any contract with them, when it comes to handing over money or property they need a signed agreement between the 2 parties which is the so-called "claims pack" you are about to receive. Don't fill it in!
Get in touch with the bank yourself and ignore the pack in the post as it's just a con to get you to hand over a % of your legally owed money.
 

- johnyc -

Active Member
five years ago i found out by accident that i was paying ppi on a credit card and stopped it i didnt know anything about reclaiming it and that was the end of it as far as i was concerned . round about six months ago i was talkin to my neighbour who is a financial advisor and he was telling me some stories about ppi claims and how he helped his own family reclaim money . i told him about me finding out about mine and his advice was to fill in a form from the financial ombudsmans website fill it in and send it to them so i did and sent it recorded delivery . about five weeks later i got a printed cheque for £3500 . the funny thing is that i had chanced my arm and filled in a second form for a loan that i had paid off about 7 years ago and thought no chance but sure its free . two weeks after the the first cheque came through i got another one for £1100 . so for the price of two stamps and recorded delivery about three quid i was £4600 up :D

dont let those robbing :censored: get their hands on your money mate do it your self .

in fact if you want it i still have the form here on my laptop and i will send it to you , for 25% of course :laugh::laugh:
 

Adcook

Distinguished Member
If your claim gets rejected by the bank (which most do) and you get the Finacial Ombudsmen service involved dont expect a quick outcome. I put a claim in a while back which was declined and I then referred to the FOS. They wrote back initially saying my case would be viewed within 8 weeks, then about 5 days before the 8 week deadline they wrote back and said that due to very high volumes of PPI cases there is a large backlog whuch may take up to 1 year to clear.
 

brumhee

Distinguished Member
Just this nothing else :D

zEKMW.jpg
 

bosque

Distinguished Member
A lot of this business is probably why the economy is in the ****, crooks cold-calling people and convincing them they can claim back what they arent owed, billions being paid out for fraudulent claims when it could be used elsewhere (i.e. loans for companies who used to employ people but now going bankrupt etc).
 

philbam

Active Member
Look at the advert just below. Makes you sick these firms.:mad:
Just looked and the advert changes - it was a firm for reclaiming PPI.
 

craig1912

Banned
A lot of this business is probably why the economy is in the ****, crooks cold-calling people and convincing them they can claim back what they arent owed, billions being paid out for fraudulent claims when it could be used elsewhere (i.e. loans for companies who used to employ people but now going bankrupt etc).

Agree with this and also what you don't hear about is all the people who have benefited from PPI and managed to keep their heads above water when they've been off work through being ill or unemployed.
 

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