Discussion in 'Finance & Pensions' started by witsend, Nov 4, 2012.
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Not personally, but I know a few who have.
If there's a PPI firm chasing them, Lloyds have capitulated qithout a fight. However, with an individual they might be a bit more likely to do so.
If you've still got the original paperwork for everything (failing that, the dates concerned and any agreement numbers if you have them), then they will roll over and hand over the money.
It happened with Barclays with myself and I received £2,600 back from a £6,000 loan, which should give you some idea of just how much PPI was making for them. This was after the PPI firm took their cut from my payment, by the way, so the true figure might actually be a bit higher than half. In my particular case, it was "hinted" that I wouldn't get the loan if I didn't take the PPI.
It's definitely worth getting the templates from moneysavingexpert.com if you intend getting it by yourself, otherwise it's worth checking with one of those firms as to their fees. Equity in Finance is good, it's just that their initial documentation is very badly worded (if they haven't changed it), but their switchboard is top class.
I've done RBS, got some cash back. If you have all the info (and the energy to see it through) you can do it without a claim company, a mate of mine is doing so, obviously you get more dosh that way.
It is very much worth it, and I would recommend not using one of the claims companies as it's a piece of piss doing it yourself. As WLS has said, download the template from that site - if you go to one of the companies all they do is send you one and charge you around 30% for doing so.
If you were serving when you took out the loan/credit card you're almost certainly on a winner due to the 'safety' of the job.
I just got reminded of one other thing. The PPI can be treated by the taxman as a windfall, so just be aware that you might be required to pay tax on it.
Guzzler - the "safety" of the job is the reason I've never had cause to take out any PPI on any loan I've ever had, which of course means that I cannot attempt to make any sort of claim.A lot of this, IMHO, is caused by people who do not bother to read the small print or even read the agreement they are signing - it's not all the fault of the Banks!
Just done my tax form from my Accountant, got PPI payment from Barclaycard.
14 years payments returned (I had statements), compensation @8% pa simple, plus interest on total, tax is due only on the interest but that is painful, 40%.
Also done Santander who extended my morgage for 2 years after threatening them with Financial Services Ombudsman for mis selling no lawyers or other parties involved.
Never bothered with PPI myself, but is there not a time limit. "Younger" was a long time ago now Wits!
They had been trying to sell to me for years, told em I didnt need it, cos I was in the Andrew. About a couple of months before I left they tried again, I told them I was going Self employed and other work on short term contracts, "Just the thing for you" they said. Was all done over the phone dont remember signing anything, vaguely remember several pages of paperwork come back to me but is was in legalese and might as well have been in Chinese.
A few months back those nice people at "Egg" wrote me a dit saying they were very sorry but they had missold me PPI ... news to me as I had never knowingly asked for PPI however after a few letters back and forth they coughed up plus interest (less tax) which got me thinking ... what about Nat West as I had been into them for several loans over the years so sent them off a quick letter not expecting anything back. Cut a shaggy dog story short they have looked into it and have coughed up quite a considerable sum (including interest / less tax) without a fight ... mind they did re-calculate it and reduced the amount coming back by £5K but it will still be enough to take Cinderella (aka 'er indoors) to the Christmas Ball ... or at least a week in the sunshine!
So if you've ever had a loan its still worth having a go!
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