Author Topic: Claiming back PPI  (Read 200 times)

biglouis

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Claiming back PPI
« on: Apr 10, 2019, 08:37:55 PM »
I have been dragging my feet for ages in claiming back PPI on a credit card that Ive had for some time. I kept telling myself it was time consuming and complex. At the same time I did not want to trust a claims handling company as they are notoriously corrupt. You can also land yourself in a lot of trouble and debt using a company.

With the August 29 deadline looming I finally got around to it. I used a tool called "Resolver" which is free and I was put onto it by the Money Saving Supermarket site.

People - it took me all of 5 minutes to fill out the online form and its sent off electronically to the company you are claiming from. No paper forms or letter to send off. The Resolver website notifies you when a reply is received from the company you were claiming from and notifies you when to escalate your claim to the Ombudsman (if necessary)

The form is extremely easy to fill in and contains hints of how to make your case if you believe you were mis-sold. For example:-

Were you specifically told that the insurance was optional or were you given the impression that your success in qualifying for the product (in my case a credit card) depended upon you taking it out.

Were you in a job or profession where your employer provided you with sickness benefit for an extended period? (I was a university researcher so entitled to up to a year on full pay). If so then the insurance would not have been suitable.

Did you have a pre existing medical condition or disability? If so then the insurance would not have covered it so would have been unsuitable.

And so on.

Just using the info on the form I have been able to establish a case for mis-selling under several headings without having to do a lot of time consuming research.

Now I am kicking myself for not making a claim sooner.

NB: I cleared the outstanding balance on the card first. This is important because if you are successful the company will apply the amount they owe you to any outstanding balance you owe THEM on the card before they pay YOU out.
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minniemouse

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Re: Claiming back PPI
« Reply #1 on: Apr 10, 2019, 08:49:47 PM »
You can also just go to your Bank and ask them outright.  They're obliged to tell you.
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Diasi

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Re: Claiming back PPI
« Reply #2 on: Apr 10, 2019, 09:08:50 PM »
I was contacted recently by Barclaycard to tell me that I had PBI (payment break insurance) on a credit card, not under their name but underwritten by them, that I'd had around 2005. The premiums were classed as a purchase & interest charged so I'll get that back as well.

It spurred me on to check all my cards so I just phoned each of them up & they started a complaint process over the phone.

I'll have the results by the 28th May.
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biglouis

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Re: Claiming back PPI
« Reply #3 on: Apr 10, 2019, 09:52:47 PM »
Here us a simple example of why you should not use a company.


Lets say you owe Capital One £1000 on a credit card.


You use “Acme Claims” for negotiate for you. They will charge you 30% of what they win for you. You agree.


Capital One admit a claim for £900. They apply this to the balance on your card.


So you still owe Capital One £300 as that balance remains on the card.


Also Capital One may decide that they want withdraw your use of the card so you have to clear that balance.


But you also owe Acme Claims £300 (the 30% of what they won for you). You have to pay THEM even though you got no money in your hand and they will come after you through the courts if you cant/wont pay them. So if you cant pay them up front court fees will increase the debt.
Seen a lot of cases like this on TV programs and Consumer forums.


So you have still got £600 to find in a hurry.


This is a simplified example because as well as the PPI you paid in (not taxable) you are also entitled to interest on it (taxable). But I think you get the idea.
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Undercover Pensioner

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Re: Claiming back PPI
« Reply #4 on: Apr 11, 2019, 11:33:20 AM »
I don't.  PPI wasn't only about credit cards was it?
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biglouis

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Re: Claiming back PPI
« Reply #5 on: Apr 22, 2019, 02:45:47 AM »
PPI was on loans as well and all kinds of finance.


Got my PPI claim accepted in only 7 days. Cheque arrived yesterday.
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