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Started by Chazzer on Mar 17, 2012 3:22:10 PM
Claim your payment protection cover

I just did using the form from moneyexpert.com- and got £7500!!

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Chazzer - 17 Mar 2012 15:23:43 (#1 of 468)

I didn't realise that not only do you get back what you have paid them, but the interest they charge you is calculated taking the PPC into account, so I got ~£3500 refund plus all the interest back. Fucking get in!!!

TommyDGNR8 - 17 Mar 2012 15:27:30 (#2 of 468)

More money which went in bankers' pockets and is now being paid back by the taxpayer.

Fucking great.

Chazzer - 17 Mar 2012 15:31:14 (#3 of 468)

Tax payers don't own the credit card company I claimed from. Besides, I'm a tax payer too.

Post deleted by user
VendorOfQuackNostrum - 17 Mar 2012 15:42:11 (#5 of 468)

Payment Protection Insurance (PPI) was sold packaged with many loans and mortgages. You took out a loan, and added on was a premium for PPI, which would take over your payments if you were unable to meet them due to sickness, redundancy etc.

The problem was that many PPI policies were sold to people who could never claim on them due to small print issues. After a few test cases, it was realised that many people had been mis-sold these policies, and the method of selling (adding to the capital of the loan and paying off in instalments) meant that people were paying more than they really should have to.

Ad breaks on daytime TV are flooded with solicitor firms offering to help claim back the money overpaid by people because of these policies. The total amount, apparently, runs into billions of pounds.

Chazzer - 17 Mar 2012 15:42:29 (#6 of 468)

It's an insurance that many credit card companies added automatically to protect your payments if you are ill or out of work and can't repay. There was a judgement last year that stated that it was illegal and everyone was entitled to make a claim if they felt they had been mis-sold it or hadn't even been asked. And then get their money back. To be honest, I thought it would be rejected out of hand, but it couldn't have been easier. Filed a claim myself (don't use a company- they'll take a big commision) posted it, one month later- letter through the door saying complaint upheld, they work out how much you've been charged and refund. I've been with this credit card company for years, so it had mounted up. Worth doing as it was so easy, so I thought I'd let as many people know as possible. Didn't realise that it would cause offence!!

TommyDGNR8 - 17 Mar 2012 15:44:14 (#7 of 468)

Not offence, per se, Chaz, just scratched my bankhate sore. £9 Billion, it's costing us.

http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance

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

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Chazzer - 17 Mar 2012 15:47:30 (#9 of 468)

Know how you feel, Tommy- not my favorite people either, so it does feel even sweeter to get some cash from them. Of course, what they have to pay out will get recouped by charging all of us miore, but at the moment I'm just thinking about what to do with an unexpected £7500!!!

Spuds_I_Like - 17 Mar 2012 15:58:42 (#10 of 468)

Chazzer - how did you prove that it was mis-sold? I.e that you weren't asked if you wanted it?

TommyDGNR8 - 17 Mar 2012 16:01:01 (#11 of 468)

If it's anything like the endowment mis-sell, you just say you weren't properly advised and it's up to them to prove otherwise (which they can't).

Chazzer - 17 Mar 2012 16:01:11 (#12 of 468)

Just said I couldn't remember if I was or wasn't asked.

Spuds_I_Like - 17 Mar 2012 16:04:04 (#13 of 468)

Blimey. Didn't know it was that simple.

Chazzer - 17 Mar 2012 16:09:18 (#14 of 468)

Actually, I don't think I was asked- it was an Alliance & Leicester card, backed by MBNA. When A&L got taken over by Santander, both MBNA and Santander issued a new card- so I ended up with 2. Santander did ask, and I refused, but MBNA just carried on. It was so simple that it is just worth ten minutes filling in the form (it's about 8 pages long) and the price of a stamp. Even if you only get a few hundred quid, it's got to be worth it.

Spuds_I_Like - 17 Mar 2012 16:22:40 (#15 of 468)

I did have a 'graduate loan' (i.e. a loan) from HSBC and I think it had payment protection. I've always assumed that I was asked and agreed to have it, for peace of mind. Shall I file a claim or is that a bit norty? Hmmmm...

Chazzer - 17 Mar 2012 16:27:00 (#16 of 468)

If it was taken out >5 years ago they probably told or implied that you had to have it or they wouldn't give you the loan- they have to prove they advised you correctly, not the other way round. I think it's norty of them not to tell you that they owe you money and that you have to claim it....

SharkPatoo - 17 Mar 2012 17:10:09 (#17 of 468)

Hmmm, I am considering this now, I have a mysterious £9.70 I pay on my mortgage each month (so £1800 all in) which I can't see being anything but PPI and the fuckers have just put their interest rates up by 50% so am mighty pissed off with the chiselling bastards.

Post by deleted user
TommyDGNR8 - 17 Mar 2012 18:47:41 (#19 of 468)

I have a mysterious £9.70 I pay on my mortgage each month

It could be, but that sounds awfully cheap for PPI - it's usually between £5-10 per £100 per month on mortgages. Unless your mortgage is only £100 a month, of course.

That's where the bumper pay-outs have come from; folk who have been paying £50 a month for the last 20 years.

VinceNoir - 17 Mar 2012 18:48:36 (#20 of 468)

Hadn't mentioned it on here, but I received £3500 a month ago for missold PPI.

I only found out before the New Year that I was able to claim for it as I don't keep up with the news. I never wanted it on my loan but was never told it was optional. Both of my loans since then I said no as I don't need it.

Thinking of doing it for previous credit cards and store cards as well, because I know I was never asked about it for them. In fact it wasn't until my mate phoned his CC company and said he didn't want to pay protection that I found out it wasn't compulsory for cards.

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