The Claim Guys??

[Abz]

So when requesting PPI's at the point of taking out the loan, there is paperwork that needs a autograph at the end?

 

I'm pretty sure that said paper work is going to include something about PPI's is it not?

 

How is PPI meant to be sold? Put it on a market stool with a wheel for fortune wheel being spun by a midget clown?

 

If the above is true, then im understanding the whole PPI claim back as money for old rope, a bit like claiming for whiplash? I hope I'm wrong and I'm sure there are some genuine claims to be had but with the birth of these PPI claim back companies and other means its all kind of blown out of proportion.

 

All depends, I was told I wouldn't qualify for a £7k loan back in 2003 without PPI so I had to pay it.

 

My wife took out a loan ages ago, they automatically added her to PPI, no mention of this when she took it out but it was in the small print that they add it automatically & you can opt out of it at anytime. So she cancelled her one mid way through, still if it is not a requirement why automatically 'sneak' it in? If it was me , I wouldn't even noticed or questioned it & would have paid a payment of something I wouldn't required.

 

It's a bit like getting a new phone & then finding out they are charging you for phone insurance, they will then say "Didn't you read the 8 page small print? We mentioned it in there, somewhere."

[a98pmalcolm]

I agree Daman to be honest. Its like buying something and then getting triple back. I'm sure there are miss sold PPIs against people desperate for money feeling they have to have it to be accepted for the Loan.

 

Or against people that don't get told they will have a PPI on there loan.

 

But once there is a loop hole, everyone will go charging in..

[tbourner]

Not everyone is as clever and diligent at reading forms as you guys, most people who go for a loan just sign the form and go on their way. If the company supplying the loan don't say something along the lines of "This is your payment protection insurance payment, it's £xx and covers your loan payments if you lose your job or go long term sick, do you have any other cover such as unemployment insurance? How secure is your job? Could you cover the payments if you fell ill for more than 6 months?" The answers to these questions then should result in the company saying they recommend taking out the PPI or not. So you see if they just tick the box and ask you to sign the form for 'the loan' then the PPI was mis-sold.

[neo2810]

My PPI claims are based on clear missell, and I'd not have claimed for them had that not been the case.

Barclays adds it to my credit card application without asking or telling me in 2000. I have a copy of my application form and it clearly shows no tick in the PPI box. In 2009 they suddenly added "optional" To the statement against it. They have paid out.

Nationwide also added it to my mortgage without telling me despite a lengthly meeting with an advisor where I showed her seperate cover I had in place via another company.

 

I would imagine a large proportion are claiming in hope more than genuine protest but it's down to the banks to differentiate.

[CJ]

Sorry to resurrect an old thread but I wanted to reinforce the advice regarding doing this yourself.

 

I started a claim about 5 weeks ago and yesterday had a settlement offer which covered all the payments made + interest. I did this myself and so my outlay was £1 to get a copy of the original agreement and 2 x 1st class stamps to send off the claim form.

 

By using Money Saving Expert I was able to print out template letters and a claim form and just followed their instructions. Easy peasy and I am a happy chappy.

[TubbyTwo]

Sorry to resurrect an old thread but I wanted to reinforce the advice regarding doing this yourself.

 

I started a claim about 5 weeks ago and yesterday had a settlement offer which covered all the payments made + interest. I did this myself and so my outlay was £1 to get a copy of the original agreement and 2 x 1st class stamps to send off the claim form.

 

By using Money Saving Expert I was able to print out template letters and a claim form and just followed their instructions. Easy peasy and I am a happy chappy.

 

Im also doing the same, madness to get a claim company to do it for you then wipe out £800 for the pleasure.

[stevie_b]

Did all of you actually have PPI insurance (that wasn't specifically requested by you) as part of your loans? The banking industry reckons that as many as a third of claims coming from claims companies are either false or fraudulent. Fair play to the claimants if PPI was mis-sold, but if it wasn't (and you know it wasn't) then that's parasitic.

 

I'm not too surprised. The claims companies are aimed at people who just see £££ signs when they see the adverts on TV or in the papers.

[stevie_b]

http://www.bbc.co.uk/news/business-17921127

[TubbyTwo]

I took out a loan back in 2003 for just under £9k to buy a car with Lloyds TSB. They would not let me have said loan without PPI even though I didnt want it.

[Digsy]

Funnily enough I have just applied for a mortgage and the lender insisted that I have a financial review on the telephone as part of the application process. This was different to the actual application and agreement in principle - they called me a few days later. During the "review", as expected they "assessed my needs" for death and critical illness cover and repayments protection (which they are now pushing as a more general income protection product).

The whole thing was clearly just a selling exercise but I was quite surprised that they wouldn't say that it was without obligation unless pushed. They also kept repeating that they "really preferred" people to have some kind of cover in place. There was a clear implication that I really ought to be insuring myself.

Looks like the lenders still havn't learned their lesson.