PPI - a rough idea?

[andy-hughes]

I have received a form offering me a chance to complain to a bank from whom I had a loan about wrongly purchased PPI.

The loan was £1,000, and they confirm that subject to scrutiny, I may be entitled to the repayment of the insurnace premium I paid.

Does anyone have a rough idea how much that would be?

[Mamyalynne]

I am NOT endorsing that you use this site, but maybe their calculator tool may give you an idea.

http://www.mis-soldpp...m/ppiclaimcalculator/

[factor-fiction]

My understanding is it will be all the premiums you have paid then add on interest of 8%. The idea is to put you back into the position you'd have been in without the PPi

[factor-fiction]

As part of that calculation of course it depends how long a period you paid PPI over.
If it was only a short term loan the amounts would not have been great, but over say 10 years it could be a reasonable amount

[andy-hughes]

My loan was over twelve months - in 2008, so i guess it's not going to be a fortune is it?

[factor-fiction]

PPI was often expensive and using that calculator you could be looking at around £200, although if you were paying PPi at that level plus loan interest the loan must have been pretty expensive overall. Were you self-employed at the time, andy, because that could be a good reason for saying it was mis-sold

[andy-hughes]

I am not self-employed, in fact I have secure employment, so i would not have agreed to the PPI if it had been offered tome - which it wasn't, hence my claim.

I have not taken out PPI for over twenty years because it is not needed - so the fact that they put it on the loan without my knowledge or consent means I have a claim.

i even queried whether they have the right info, for that reason, and it was confirmdd that PPI has been paid. Tut tut!

[chrissa1]

Don't use a Claims Company andy-hughes. Just do it yourself.

[chrissa1]

Whatever the rate of interest you were paying back in 2008. You should get that back too, then the 8% on top.

[dzug2]

Did you even have PPI? The claims company may well be chancing it with no actual knowledge of your circumstances. And they'll want their fee whether you are successful or not.

[factor-fiction]

I assumed that andy had had a letter from the bank as part of a process where banks were having to write to millions of customers who MAY have been mis-sold their PPI- see here:

http://www.guardian.c...banks-write-customers

[andy-hughes]

Thanks folks for your responses.

I have indeed been contacted by the bank - they have confirmed that receipt of a letter means that a PPI policy was enacted when the loan was agreed.

They also advise that they treat private company chasers the same as they treat their own customers - for free, and advise me not to use one, which I wouldn't anyway.

[chrissa1]

Good luck andy.