PPI claims? is it another scam?

[piggynose]

got this email today, they claim your banks been charging you x amount of money over the years, and that they will make a claim for you.
its sounds like pie in the sky to me.

[jackthehat]

No, there are companies that, for a fee, will will reclaim back any PPI that you have been mis-sold.

I know of a couple who (doing it themselves) got back £6000!!

[factor-fiction]

Well it is a scam if you never had PPI.
If you feel you were missold it then make a claim yourself- just look on the Martin Lewis site to get the standard letters. Don't pay anyone who will want maybe 30% of your claim.
II think some of those claiming on their own PPI are also being a bit unfair on the lenders but that's another story

[jno]

DIY help:

http://www.moneysavin...im/ppi-loan-insurance

[EvianBaby]

There are loads of companies who will happily try to reclaim the money for you (if you have actually been paying it) but they will take a chuck of whatever you get and keep it for themselves.

I did it myself recently and it was so easy. Got 2.5k back with little effort. I would strongly advise not using one of these companies if you are planning to reclaim.

[VHG]

I cant believe anyone has missed all the PPI adverts on TV and radio or the PPI related news items, as there have been loads of them over the last few months.

Here is just one PPI news item from the Guardian as as example

http://www.guardian.c...ks-557m?newsfeed=true

[piggynose]

VHG, been out of the country almost 6 years now, thats possibly why i´ve never heard of them

[boxtops]

I do use a company, because they know the correct terminology to use and they chase up for me, and yes they take a percentage, but it's a percentage of money that I would never have had if I hadn't claimed, so I don't mind. We've had two lots back so far, another one awaiting settlement, and one more with the Ombudsman because the card issuer is arguing the toss with them.

[lcg]

yes it is a scam...they will charge you to do something that you could do yourself for free. i contacted barclays with a template letter from the money saving website (i think) and they initially denied they had charged us ppi and we no longer had the paperwork. but, after a few more letters back and forth, managing to get proof of the loan by bank statements online and the threat of the financial ombudsman getting involved, they coughed up nearly £4k. if you look at the money saving website, it gives you all the info to do it yourself and maximise your return. you do, however, have to reasonably prove they mis-sold the ppi to you and for a few different reasons. it was easy in our case as my hubby had a pre-existing health problem that would have rendered any claim useless and had proof from his medical team to support the claim. it is hard work, frustrating and long-winded...but definitely worth a go! good luck x

[boxtops]

lcg, that's why I'd rather give someone else a bit of the dibs to do the hard work and frustration for me - it does work.

[EvianBaby]

All the templates are there though Boxtops and there are plenty of people on the forum to ask for help.

I don't see the sense in getting money back from one robbing lot of bastards and giving a chunk of it straight to another.

In my case I sent the bank one questionnaire I got from Money Saving Expert, got a later asking me to wait a few weeks then got another letter saying we're sorry, here's your money. I would have been prepared to take the futher steps on my own if I'd had to though.

[factor-fiction]

EvianBaby/boxtops: there's no right or wong answer-it depends on each person's circumstances. If you have the time to do it then you can do it yourself. If you prefer to use your time in other ways- on leisure or looking after children or can earn more per hour from freelance work, for example, or if someonefinds it stressful to take on these matters- then I can see why they might choose to use aclaims company

[boxtops]

Thank you factor, that's my view entirely.

[EvianBaby]

I didn't say she was wrong, it's just my opinion she is letting someone else rob her. But if that's the most suitable option for Boxtops that's of course her choice.

[boxtops]

Nobody's robbing me, evianbaby - I didn't have the money in the first place, if I didn't claim it I still wouldn't have it - and it's easier for me, as factor says, to let someone else take the strain. I don't mind.

[EvianBaby]

Ok. Just sayin.

[boxtops]

We'll agree to differ :-)

[sunny-dave]

All of which sort of begs the question "why did you pay for PPI in the first place"?

It wasn't compulsory & the info about it being mis-sold has been around for many, many years?

[boxtops]

Because I took mine out, many many years ago, before we realised what a racket it was. It seemed like a good idea at the time, in case I lost my job, or was ill - and I did claim on it when I was in hospital. There are some organisations that pressured people into taking it - OH was told in one instance that it was necessary. I've always believed in insurance, just in case.

[EvianBaby]

The info we know now hasn't been around for that long Dave. Certainly not when I took it out about 7/8 years ago.

Lots of people, like myself were made to believe our hopes of getting accepted for a loan would be almost nil without PPI and that if we were to be accepted for a loan without PPI the APR would be through the roof.

But there are also those people who were sold it without even knowing they had it and those who were sold it without ever being elligable for a payout.

[boxtops]

Indeed we were, evian.