Anybody done this yet ? I've been considering it for a while but I'm not sure about a few things. Having had a fair amount of mortgages, loans, overdrafts & credit cards/store cards over the years I'm fairly sure I should get something back. Most of the companies looking for business seem to be offering 'no win, no fee' so, I'm assuming they'll be taking a percentage of any winnings - if so, is the percentage set across the board or can they set it as high or low as they choose.

I'd also like to know, which company people recommend or would avoid. How long the process takes, what pitfalls/hidden costs (if any) are involved & on what basis is the payout decided.


Thanks in advance to anyone who can help or share their experiences.

You can get a form from the lender that sold you the PPI.
Just fill it in and send it off. It can take a few months for it to be processed. I think going via a 3rd party is pointless as you will have to do most of the work anyway but will lose part of your payback in fees.

I got back about 2.5k from Lloyds TSB for CC protection.

I've just made a claim with Lloyds/TSB and it was just a case of calling them and giving them the loan/credit card account numbers and, if available, the policy numbers of the PPI. I was told that they would investigate the claims and it would be 16 weeks maximum to receive the outcome.
If they turn around and say you're not entitled to any PPI repayment you can then send off a letter (template available on t'internet) to the Financial Ombudsman.

A couple of friends of mine have gone through third party companies and they have taken in the region of 20% from their settlement figure (this was almost £4K for one them!)

DO NOT USE THE NO WIN NO FEE COMPANIES!

Especially this one based in Bradford:
http://www.guardian.co.uk/money/2011/au ... s-ppi-call

Do it yourself (it's really easy) and watch Watchdog on Thursday night to see more.

After having claimed and got back about £500 from our banks we suggested to some good friends that they try and see what happens. Yesterday they got a letter offering them almost £21,000 (they had been banking for over 20 years with the same account) Couldn't be happier for them and strongly recommend everyone else to try.

I'll quite happily forward on the original letter I sent out (& my friends copied) if anyone is unsure of what to write.

My claim is currently being processed.

A mate at work just received £6500 for about 10 years worth of loans/credit-cards.

Adrian - I've also been considering this. Do you have to know that you've been sold PPI or can you go ahead whilst unsure?

I'd appreciate if you could forward the letter to me e-mail address (below) - cheers

Just ask, if you don't know you have it then that's in your favour. If you don't have PPI then all it's cost you is a stamp

Will forward said letter shortly.

What if you've always avoided PPI ?

AK, obviously had/got mortgage (had for 15 years or so) Had a few loans but don't remember ever taking insurance, likewise with store/credit cards so unsure I'd be due anything...

Think I may have had mortgage cover for loss of job?

Then you've been careful and responsible with your money.

And your reward for that is nothing (although you'll have saved a lot of money - but with 6% interest on your payout for PPI, you might have been better paying).

I can't help but think that they must know who has paid it, so why don't they just pay it back?

Would be nice!!

I'm in the same position as Ledge. Not sure if I've ever had it. To be honest, probably not got all my paperwork from things like credit cards or sofa loans but had a look through my mortgage agreements and couldn't find anything about PPI in those.

So if you're unaware is it just a case of sending the said company a letter enquiring with your details (account number, name address etc) and then leave it in their hands?

May I get a copy too please AK?

I did all mine over the phone.

I just called my bank and said I wanted to make a claim, they asked why I believed the policy had been mis-sold, I told them and they said OK, it sounds like you have a valid claim, we will investigate and you will hear back within 5 weeks.

I did have to provide the loan and CC numbers though.

If you don't ask, you don't get - it'll cost you the price of a stamp to find out. The letter I sent covers PPI, bank charges & you can also ask about mortgage exit fees.

It takes 3 to 4 months to process but worth a shot. I have had a couple of refusals that are now being dealt with by the financial ombudsman. Some banks will say you are not due anything as you were aware of the policy when you took it out, this is a ploy to get people to give up, the ombudsman have a high success rate & again this costs nothing but stamps.

pm me your email address

It's 8% interest.

8%!

The amount of effort i've had to put in fighting PPI salesmen off with their bloody safety first "i'd sell it to my daughter", "i've got it myself", "you owe it to your familly" shiiiiite over the years!!!!!

And now you lot make a profit?

very true Groomy, I feel cheated

Who said fools never prosper......

I always thought PPI was a con so I avoided it.

Whether to take PPI is a question of risk assessment

As with all insurance

For some it makes sense, but for most it doesn't and it was missold as a routine add on

True - I didn't intend to label all PPI buyers as 'fools' - it should indeed have been a weighed up risk assessment - and those that took it for good reason after thinking about it probably shouldn't be getting compensation. Only those that weighed it up and made the wrong call based on duff information 'deserve' compensation but you'll never be able to work out who that was and so the fools get it too.

The risk assessement can be done retrospectively

If people were advised to take it out when they didnt want or need it (or in some cases didnt know it!) then they get it back.

Its really bout misselling isnt it?

I had HSBC on the phone to me 3 times a week when i took a mortgage out with them trying to get me to buy PPI from them. And their selling methods bordered on emotional blackmail - "do you want your familly out on the street" etc

If I was ever given the choice I would always avoid PPI insurances in the same way I always avoid that bottle of whatever they try to sell when you buy some shoes. I believe that PPI was added to financial products without consent and if this has happened then I would like the money back.

I can't stand the ambulance chasing culture but don't seem to have such a problem trying to get something out of the banks - that said if I do have a claim then it's been stolen from me in the first place. Hey-ho!

First of all dont use a 3rd party company.

Having said that I'm currently getting nowhere with Lloyds over claiming back PPI.
They do the claim from your phone call so inspite of being told it was on a previous mortgage and been given the PPI account no & mortgage details they said no PPI was ever sold. Correct on my current mortgage I dont have it!
Phoned them again - treat it as another new claim another 12 weeks wait.
They then sent a letter saying I was owed £0 and this was calculated by getting £0 with interest at 8% being £0.
I rang the number to complain and got passed around a bit, eventually got a letter saying it would be investigated but they now had 16 weeks to reply as it included Xmas.
I'm not holding my breath. I know how slippery Lloyds can be having already caught them out once on misselling insurance, (I ended up with a letter of apology - having refused the free insurance offer) and exit fees/ setup fees on a portable mortgage. Which after a battle I got a refund.

Made to think that it is a condition of the mortgage - you don't spend much time weighing it up then! They made it look like they were doing us a favour granting mortgage.
Told Home Emergency cover was free with Buildings & Contents - didn't need it already covered, but then find out its not free but over £5 a month. When payments are taken.

Why is it a con? If you're taking a mortgage out, doesn't it make sense to protect the repayments in case you become unable to work? Not all PPI was mis-sold.

Worked out fine for me.
Back in 1992 I had a big credit card bill (about 3k) and then was made redundant. PPI paid the whole amount off (I think they screwed up there). Last March they gave me 2.5k back as they said I was missold PPI.