PPI...anyone ever get anything back?

I got some back last year from a loan I had in 1998, but that was because I had the original documents, not because they searched for PPI I paid. I think there maybe a cutoff point as to how far back they have to keep the records, but I'm not 100% sure.

They should pay interest on it. As I recall it's 8% interest, but that's SIMPLE interest, not COMPOUND. You also have to pay tax on the interest part of the refund.

Hope that helps a bit.

Many thanks Degs,yes it does help a bit, we do have the original docs so should be fine on that one then.They are obliged to keep all documentation for six years, after that it goes to the achive dept to research I have just found out.My only concern is that they could lie again to us re the bigger one, but we will await the outcome of the achive dept first.

I had a go at reclaiming ppi myself on a few credit cards from a while back. I found it very time consuming, and the banks make so many hoops to jump through. The procedure is frustrating to say the least, so I decided to use one of the firms doing the reclaiming thing instead. I sent them details of the cards I was claiming from, and they took the cases on. I have recieved repayment from 2 of the card providers, and from memory it was £1,300 from one, and £1,400 from another. Bear in mind I only received around 70% of the total claim, as the company took 30% as their fee.
I'm not too upset about the loss because of the fee, as I feel the company did me a service getting the money back.
They are still looking into a claim for one of my loans which I took out when I bought a new kitchen, and as far as I'm concerned it will be the biggest of my repayments if it comes off.

ps, I only had to give the reclaim company the name of the card provider (bank), and they did the rest.

There may still be the info (and forms) to claim PPI on moneysavingexpert.com I used them and was repaid plus interest in about six weeks. No fee.

Thanks John,yes my friend used one of these companies and couldn't believe it when her account went up by £3k a few weeks later, she was more than happy to give them the 30 %.in her words it was money she was never going to see anyway.

Cooperman I looked at their site this am and the information on there seemed to be very dated,having said that I didn't go to far into it.

Whatever you do don't use one of those God awful companies to reclaim your money.

You can print the forms off a few websites and do it all yourself - takes less than an hour.

I wouldn't be surprised if these companies were owned by the banks so they only have to give 70% away

A couple I'm friends with got £7K back in their pocket, didn't even know they had PPI, took their family on a dream holiday to Canada and USA.

Went with the free service with "The Ombudsman" a while back and after the initial hassle of the forms, etc. Just left them to it and forgot about it. Took about a year or so then a cheque arrived in the post for about 1200 quid. Lovely.

Never use the Complaint handling firms - the money is yours, you paid it, and you're entitled to what you paid back with interest - they literally do nothing for you, and people hand over thousands to them like its confetti

If you want to know if you had PPI on your loans, you can ask for a Section 7 Subject Access request if you dont believe their response - this will give you every correspondence you've had with the firm, including a list of all account transactions - this should show immediately if PPI was added at the start of your loan

Agree about not using the firms. The whole process is straightforward so easy to do it yourself.

Basically you now have to fill in an Ombudsman Complaint form which asks for details of your circumstances at the time PPI was taken out etc. Once they receive your complaint they have 8 weeks to provide you with a decision unless you agree to allow them more time at the end of the initial 8 weeks. The Ombudsman Complaint form can be downloaded from the PPI complaints section of banks websites. In some cases it can be done online.

Because they're watched so carefully on these PPI claims most of them take every precaution to make the right decision. For example I had a complaint with the Halifax that was partly upheld and I got a refund. About a year later they wrote back saying they had reassessed the complaint and it should have been fully upheld so they paid out more. 

It's definitely well worth doing.

My PPI experience ...
I had a Barclays Platinum Visa Card and paid PPI...
Anyway years later when Banks were settling PPI - I decided to have a go at Barclays ....
I did the claim myself ...(easy to do you can get the documents online to do it) ....I very carefully logged all the PPI payments on an EXCEL spreadsheet and presented my claim for around £ 5,000 to Barclays.
Barclays disagreed with my calcs ...and said they owed me over £ 8,300 and promptly paid this amount into my account.
Thanks Barclays ...Luvvly jubbly

what if you don't have the old bank statements ?  Most people bin or shred old bank statements.

You don't need old bank statements. It helps if you can provide as much info as possible but bank statements aren't essential. In most cases they won't even ask you to send statements at all.

Even if you have very limited information they should still be able to trace your details. It just speeds up the process if you can provide stuff like account numbers, approximate dates the policy was taken out etc.

I've had a look at the moneysavingexpert guide for this a few times, always seemed too complicated, but I suppose thats what the banks are relying on and why these claim back companies are making a killing. They're not getting a penny off me. Just need to knuckle down and do it myself. Cheers for the info, I'll give it a go.

3k
first attempt they seemed to ignore me...but phoned them up again and got paid quite quickly.

I haven't even cancelled my PPI yet. If I do that now, will that make it harder to make a claim or does it not make any difference?

Had a quick meeting with the bank manager who expressed shock when I said that the bank has failed us by not telling the truth about our PPI, and apologised for us having to go through this.

She has printed off all the loans I have had with the bank and is going to investigate and get back to us shortly.

I have now had a look online for details of what we will likely get back solely based on the docs I have for one loan, but am struggling to find a similar problem to ours.

We were charged £2034 PPI on a five year loan, that in itself is easy to work out,but what I can't find out is do we get 8% of the total amount for the last 11years AFTER the loan has been fully repaid.

Degs touched on this in the first reply, but didn't say if it carried on after the loan was paid.would love to hear from anyone who has been paid out in a similar situation.

Your situation sounds similar to me, so yes, the 8% is applied to the time after the loan finished. I think the idea is that it was your money which you might have had invested, so they compensate you for that. Like I say though, it's simple interest, not compound and it's taxable.

I'll try and have a look tomorrow to see what paperwork I still have. I did my own calculations based on some info on the web, but I'm not sure where that was.

Have had 14k back over the last 2 yrs well worth persuing...........

pursuing *

Wow. You lot must have lost a load on here over the years

£27

Topshot - I found my scribblings from last year. I did a manual calculation, but afterwards found a decent online calculator that didn't require any personal information.

Does that £2304 PPI include any interest they charged you ? In my case, the cost of PPI quoted was added to the loan and then interest was charged at the loan % rate. If so, then your PPI premium was £38.40 per month for 5 years.

With that figure, you can use this online calculator (use website at own risk, but been fine for me)

.
http://www.snazzyarticles.com/ppi-calculator/

So using figures of £38 / month, over 60 months, starting 192 months ago, the calculator suggests you'll get £4750 back (maybe a bit more, as using rounded down 38). When I did it for me, it was accurate to within a few 10's of pounds of the actual offer I received, and was very close to my manual calculations.

Regarding the tax, when I did it the tax was deducted at 20% at source. Since then the Personal Savings Allowance has come in, so I'm not sure how it's dealt with now.

Usual caveat ... this all worked for me, but I'm not guaranteeing anything.

11k back. Happy with that, as when I originally put in my complaint, they said that as they had my autherised signature on their paperwork I had agreed to it, therefore I was due nothing.

Many thanks for that Degs, I was actually paying £34.01 a month PPI so the figures that you came up with are pretty much what I have worked out.

I live in the Channel Islands so I guess I will be given the full refund and then declare it here next year.i appreciate your help Degs cheers.

I read this thread with great interest when it started as I could never be bothered to make a claim. I had no details whatsoever of the two bank loans that I had taken out over the last 15 years or so. This thread inspired me to look into it. I filled in a simple form on my banks website and sent it with little expectation. Logged on this morning to pay some bills and have been credited with the thick end of 4 grand. The form couldn't be any easier and took 15 minutes to fill out. I had no details available of any policy numbers, couldn't even remember for certain how much I had borrowed and for how long. I encourage everybody who has had a bank loan to look into it.
I am now in the process of contacting my credit card companies.
Thank you topshot.

PANTSSSS that is absolutely brilliant news mate, we have now found out we had THREE LOANS with PPI, and another two that they don't have paper work for which we have said should be settled in our favour. We have details of all our loans and the whole lot was sent off a couple of days ago.We now think we could be in for something in the region of 10k

Again, the bank manager has been ever so apologetic...don't know how this has happened blah blah blah.

Hopefully we will get as quick a payout as you did Pants, in fact the speed that they have paid you out is quiet incredible.

By the way I have PMed you with my bank details so you can deposit my 10% fee.

Pants, did you post off your claim or did it get done online?

I did it all online, sent my application on the 18th and received payment on the 7th. Just three weeks. The website stated that they usually take 8 weeks to reach a decision and maybe longer if they need to make furthur enquiries. I now live overseas so was expecting some delaying tactics if I was due anything at all. So it came as quite a surprise yesterday. I don't have any details of how they reached the decision as my mail is sent to a family address in UK. I do know that the bank have not tried to contact me during their investigation.
Once again I encourage anyone who has had credit or a loan to make a claim. It really was incredibly easy and the sums involved are not insignificant.

i struggle with this one ive ran 2 credit cards for the last 35 yrs and ive no idea if i payed ppi or not the wife thinks not,but we,re just your average joe and probably not even the sharpest tool in our own draws,but if we avoided or declined ppi how did millions and millions get conned into paying it,are these the same people that pay for extra shop insurance on £200 tv,s etc,

Going back so far companies used to just add it to your account. It was up to you to decline it. So it was never missold as such. I just assumed it was part of the deal and never questioned it. Make a claim, it will cost you nothing but 20 minutes or so of your time. As someone wrote earlier in the thread companies have been pressured into settling these issues promptly and fairly so you really have nothing to lose.

never had a loan,but cant remember me pointing out at any time that i didnt want ppi,i have started to make enquiries to see if we,ve got a claim, but not doing it myself

Just been down to the bank and our account has gone up by £7,202 due to our PPI claim being settled. Not sure if this is for all the loans we had PPI on, but I'm guessing it probably is.As yet had no confirmation from bank at all or written apology.

Guys, as has been said on here if your not sure if you have paid PPI it only takes a few minutes to fill out the forms and get the ball rolling. Don't forget we got this amount after being told we didn't pay any PPI, and only discovered we had paid by accident.

i struggle with this one ive ran 2 credit cards for the last 35 yrs and ive no idea if i payed ppi or not the wife thinks not,but we,re just your average joe and probably not even the sharpest tool in our own draws,but if we avoided or declined ppi how did millions and millions get conned into paying it,are these the same people that pay for extra shop insurance on £200 tv,s etc,


I've had plenty of loans in the last 25 years but I doubt I've ever paid PPI - why would anyone want to pay anymore on top of the loan that there were already paying - maybe it helped that I was in a fairly safe job, and would have been on full pay even if off sick ? But like you I rarely pay any shop insurance - the only one is for the washing machine as it gets absolutely hammered - I bought 3 lap tops one year and if I'd paid for all the ad ons they were trying to sell me I could have afforded a new lap top every year !

The thing I find funny with these adverts is they say "don't know if you ever had PPI"  - so people don't know or remember if they ever had PPI but always seem to know that they were miss sold it