Has anyone actually used one of these?

 

I was thinking about taking a punt. I can only recally having PPI one upon a time and longer ago than I have records for but I'm also seeing stories of people getting claims honored back to the early 90s.

 

Any reasonable firms around? Quite happy to lose 30% if that's their cut since I can't treally be arsed doing the detective work myself.

Why would you pay someone possibly 30% of any claim that may be due to you when all you need to do is write a SIMPLE letter yourself?

You can even download a suitable letter for nothing!!

There is NO detective work!!

 

If you've got money to waste, carry on!

Yup, what do you think the companies do? They don't have any real magic powers. I've done it with something similar.

 

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

did mine myself, most banks have a dedicated line, gave my details over the phone, 2 weeks later and money was in my account

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^ yep, it's that simple.

Do it yourself, we did and got around £4k!

Detective work??? There is none....Simply ring the PPI line for the bank/building society you had dealings with, they send a simple form.

Fill it out and wait...nothing more complicated then that. We had no idea on account numbers etc as our claim went back to 1995!

In fact the form contains the same questions a PPI "specialist " will need to ask you, to make any enquiries on your behalf. So its a silly option to give away a chunk of any claim.

Don't be lazy..its Simples

Edited 23 September, 201510 yr by Defenderben

The only time I can really remember having it is with a car loan from Arnold Clark.

 

I don't remember who the provider was and I've no records any more.

If it was with Arnold Clark finance and before 2005 you may well have a problem.

They are a finance company and were only regulated after 2005.

It was probably a bank working with AC. But which I can't remember. It was 2002.

^ yep, it's that simple.

 

That goes so well with your avatar!

It was probably a bank working with AC. But which I can't remember. It was 2002.

You would still need to find out, even if a CMC was doing the claim on your behalf. They still need you to provide them the information, all they do is fill in the same form you would, put a stamp on it and post it.

I was successful in a PPI recovery, did it myself and got £13K back from a loan in 2005.

All you have to do is to go to the ICO website and download their form. BUT if you want to let one of these firms get fat at your expense, it's not "what we do ", but what they don't do.

Has anyone actually used one of these?

 

I was thinking about taking a punt. I can only recally having PPI one upon a time and longer ago than I have records for but I'm also seeing stories of people getting claims honored back to the early 90s.

 

Any reasonable firms around? Quite happy to lose 30% if that's their cut since I can't treally be arsed doing the detective work myself.

 

I think part of the whole thing is that many folk had PPI despite turning it down and didn't know about it. In that sense would it be wise to get a template letter online and punt it around anyone you remember having dealings with on the off chance? 

Try looking on http://www.consumeractiongroup.co.uk/forum/search.php?searchid=6072634

It's "CONSUMER ACTION GROUP" ,who have usefull template letters on almost everything. Then there's also the ICO which has a form to let ypu do a DIY job on the PPI firms.

I know this is an old thread but please just go to the bank/institutions yourself! These people are just creaming off YOUR money!

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You would still need to find out, even if a CMC was doing the claim on your behalf. They still need you to provide them the information, all they do is fill in the same form you would, put a stamp on it and post it.

I was successful in a PPI recovery, did it myself and got £13K back from a loan in 2005.

 

Do you get just the money you have paid in PPI premiums or is there a compensation aspect to this?

It is purely compo. They calculate a figure of compensation based on what payment protection you paid and make you an offer or at least that was what happened to me and the wife and it was very nice.

Doing it yourself you get the lot, not a percentage of it, which is what happens if you employ someone to basically submit a form on your behalf, which they need all the info from you in the first place to submit the claim.

Edited 31 December, 201510 yr by Defenderben

I look in to exactly this as part of my job and I can promise you that you should never use a CMC. They make it out on the tv adverts like there's a lot of hard work to do when there isn't, they just send a letter with information that the customer has given them. They're just a middle man and do nothing that an ordinary person couldn't do themselves.

You could even write a complaint on a napkin and under law, the bank would have to investigate the complaint.

Like someone said above, the reason all this started was because banks often added PPI to people's policies either without them knowing, or told them they HAD to have the policy otherwise their mortgage, credit card or loan application etc might not be accepted. Or, sold it to them when they weren't eligible for it. (ie, retired, in the armed forces, already had good benefits from work so wasn't needed etc)

However, just because you had PPI doesn't mean you're automatically entitled to have it back. Did you know you had it when you first got the policy?

PPI in itself was actually a good product and covered people's payments if they couldn't through involuntary employment, sickness or an accident of some kind. Obviously it was just wrong if people were forced to pay out for it if they didn't want or need it.

Also, in regards to what you get back, you'd potentially get the PPI cost back plus 8% interest. Plus it would have to pay back any charges you'd incurred from having it if it had made you overdrawn or something. The bank has to put the customer back in the same financial position they'd be had they not had PPI, if it was mis-sold.

Finally, in regards to having it on car finance, a bank would still have to investigate the complaint even if like on car finance, it wasn't them that sold it to you. If you're not sure which bank it was that provided the finance, maybe speaking with AC could help. A CMC wouldn't be able to find that out for you.

They charge anywhere between 15-45% of any fees claimed back, plus 20% VAT. Whatever you do, don't line their pockets

Edited 1 January, 201610 yr by MillsyVRS