PPI - Success stories?

lookitsjonno · 7 Mar 2012 at 10:31

I had a £5k loan about 8 years ago through the AA. The loan has since been paid off and i've burned all the paper work. I cannot remember if my policy had PPI on it, I don't remember opting for it, but I am sure it rings a bell

I've just rang the AA's PPI line and submitted a complaint, it took 2 minutes and they said they will contact me within 8 weeks with an answer.

If my claim is successful, how much could I expect to receive? I was paying £258 per month for 2 years.

Anyone else had managed to recover any money?

ShadowMan · 7 Mar 2012 at 10:44

To work out your return you would need to know if you definately had PPI. Whether it was front loaded onto the loan or not, if it was how much was it for and what the specific rates of interest were.

For reference I had a 7k loan from HSBC over 5 years. I was told to get PPI or I would not get the loan. My PPI was front loaded and interest rate on the loan was around 7%. I received just over £2200 in compensation and returned premium. I had cleared the loan early too so did not actually get as much as I would have if I had let it continue.

Spenty · 7 Mar 2012 at 10:53

Women at work just got a 5k cheque.

Deleted member 77746 · 7 Mar 2012 at 11:06

1700 successful return. 3 loans 3-6 years ago.

Gilly · 7 Mar 2012 at 11:07

I received just short of £4k recently.

scottmuir424 · 7 Mar 2012 at 11:11

im in the process of claiming back £3k via ppi

=XDC=FluphyBunny · 7 Mar 2012 at 11:23

I didn't get anything as they listened when I said no

My mum got over £2000 from MBNA

DAIR · 7 Mar 2012 at 11:26

I received over 5k about a month or so ago.

PapaLazaru · 7 Mar 2012 at 11:29

8 years is past the cut-off I believe. That is what my missus has been told anyway.

Gilly · 7 Mar 2012 at 11:30

PapaLazaru said:
8 years is past the cut-off I believe. That is what my missus has been told anyway.

Mine was dated back past that point.

Indigo · 7 Mar 2012 at 11:32

Not sure how much the loans were for but my manager had two claims paid. One for £2000 and the other for £3000.

ShadowMan · 7 Mar 2012 at 12:12

PapaLazaru said:
8 years is past the cut-off I believe. That is what my missus has been told anyway.

There is no cut off. It is just harder to do after 6 years as few banks keep the records. If you have your own paperwork this should not be a problem however.

Claims companies tend not to go for claims over 6 years as it actually requires them to do work rather than a quick buck on a recent claim.

izzop · 7 Mar 2012 at 12:40

Similar to ShadowMan, I had a loan with Barclays where the PPI was front loaded before I could take out the loan. From memory I think they used the term 'Premium Loan' which was added to the Cash Loan.

The loan was taken out in 2004 and they paid within 8 weeks, the money (£1600) was in my account before I'd received the letter telling me I was successful.

All it took was one phone and filling out a form.

DJMK4 · 7 Mar 2012 at 12:41

I have recently submitted through one of these PPI claim companies, however not sure what I will get back, this is for a Santander £5.5k loan I took out last year for my car

I am not anticipating it will be a success story, if it is however, bonus

No idea if it came with PPI

Heliospherez · 7 Mar 2012 at 12:41

Just out of interest,

Has anyone claimed from the Nationwide for misselling PPI.

We had a mortgage and loan with them (started in 1998) and the PPI wasn't explained in any way (in fact they basically told us we "had to" take it out on the mortgage and the loan we had) - they never explained how the PPI worked - the amount that would be paid out if we needed it - or how long it would pay out for..... absolutely nothing was explained to us.

I ended up cancelling both the PPI's around 2006 - with the woman on the phone actually giving me a bit of gip about doing so - and stating how important they were.

scratch · 7 Mar 2012 at 12:50

I need to get my claim against Natwest submitted for a £20k loan I took out in around 2004. They told me I couldn't have the loan without taking the PPI.

Unfortunately I made the mistake of destroying the paperwork though when I'd finished paying it off, so not sure I fancy my chances. Nothing ventured nothing gained tho hey..it could be a massive payout if successful!

Heliospherez · 7 Mar 2012 at 12:52

You can request copies of the paperwork for a fee.

Moneysaving expert has a template to get copies of any accounts they had of yours.

ShadowMan · 7 Mar 2012 at 12:53

If you dont have any paperwork first step is to submit an SAR (Subject Access Request) to the bank/institution requesting a copy of all paperwork relating to any account you have held there at any time.

Be sure to highlight the dates specifically for the loan duration if over 6 years ago as it means its harder for them to just say dont have it.

SAR will cost you a statutory £10 and can take a number of weeks to go through. It should get you all of your statements and agreements however and is a good starting point to go.

Templates are available on many consumer advice forums.

d_brennen · 7 Mar 2012 at 12:54

scratch said:
I need to get my claim against Natwest submitted for a £20k loan I took out in around 2004. They told me I couldn't have the loan without taking the PPI.

Unfortunately I made the mistake of destroying the paperwork though when I'd finished paying it off, so not sure I fancy my chances. Nothing ventured nothing gained tho hey..it could be a massive payout if successful!

Request a copy of the original credit agreement, they will have it. If they can't provide it your still laughing

sigma · 7 Mar 2012 at 12:55

This should boost our economy