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luvgonzo

luvgonzo

Pisshead
Jan 26, 2011
110,552
63,807
113
Jubilee Street
Serious one this time. Mrs Gonzo is fine. :D

We had a letter from the bank telling us that we had PPI and that they are letting us know this and what to do next.

A long with many people we had no idea that we had this insurance and were quite pleased to receive the letter as we are aware of the recent payouts to people who were mis sold.

Since then I've contacted them to state my general unhappines and have requested information as to what loan it is regarding.

This is where I need the help, the bank are being very vague and sate that we don't need to know what loan it was. I think we do as it could be a loan that we have had running for 8 years compared to a loan that was lets say 18 months long.

What payout should I expect? Should I ask for more? Should I insist they give me the full details of how much I've paid?
 
i would contact cab if i was you mate.

seeing as its your loan you have every right to know what its to do with , very strange comment from the bank, make sure cab know this as it is odd, you have the right to know about your own ruddy loan lol, i would contact trading standards as well, and maybe fsa.

payouts not sure, i cleared all mine before this came in so never had to worry about this.

if its a respectable company they should give you details of what the loan is what you have paid and why.
 
When they write to you with details of what they are prepared to pay they will tell you what loan it relates to and how they have calculated the amount. Best to do nothing until you get that letter. At all costs avoid signing up with one of the company's that say they will sort it for you. The amount will be the same, but the PPI company will take up to 30% for doing sod all.

If you are not happy when you get the letter from the bank take it up with them first, if still no joy then you can escalate it to the Banking ombudsman/FSA whatever they call it now.
 
You're only entitled to a refund of the PPI payments if you can prove you were mis sold it.

However most banks are paying out without question, but they're not obliged to.....

It's odd that the bank themselves have written to you advising you to not forget to shaft them? I'd check that the contact details on the letter actually are the banks and not some scammer trying to obtain your bank details........
 
banks are legally obliged to contact everyone. then its the ads on tv that will shaft you.

you only have a short time to get moving on it so i suggest you do so.

tobes is right though. ceck whats asked for then contact your own bank branch and make them refer you to proper section
 
I received about £6000 in ppi repayments on loans I had dating back to the early nineties. I did this after a mate of mine got 23 grand!
All you need to do is phone the lenders and by law, they have to give you all details. Don't use a ppi recovery company. They take up to 30%
 
Wait to see what they (the bank) come back with. If you feel that the offer is insufficient then refer the matter with all the details that you have to the Ombudsman.

Personally I think that,as you didn't even know that you had PPI and therefore had not felt that you were due any compensation then whatever they offer is a gain. But that's just me and I'll admit that I'm waiting to see how much I'm going to be offered by CCP.
 
Is it just banks that have to look into ppi they have sold or do building society`s have to as well?
Are all banks now required to inform you of past ppi or is it still at there descretion and up to you to chase them?
 
Diego said:
Is it just banks that have to look into ppi they have sold or do building society`s have to as well?
Are all banks now required to inform you of past ppi or is it still at there descretion and up to you to chase them?
Click to expand...

It covers any financial institution that mis-sold PPI as part of their licensed activities.
 
Foredeckdave said:
It covers any financial institution that mis-sold PPI as part of their licensed activities.
Click to expand...

Thanks Dave, i asked because the only names i have heard of putting large sums asside to pay for this have been banks, is this because they are the only ones that had dodgy selling practices or is it only the banks that make the headlines after the dissaster of toxic loans and the financial crash of 2008?
 
Keep meaning to look into PPI myself. I've had three cars on finance, a loan and the mortgage over the last twelve years so pretty sure I'd get something. I will ask a ombudsman to look at it for me though. I know they take up to 30% but its money I don't expect to be be getting and since I don't know what I'm doing I see it as anything is better than nothing.
 
Diego said:
Thanks Dave, i asked because the only names i have heard of putting large sums asside to pay for this have been banks, is this because they are the only ones that had dodgy selling practices or is it only the banks that make the headlines after the dissaster of toxic loans and the financial crash of 2008?
Click to expand...

The banks because they were the main culprits or because they took responsibility for the actions of the building societies that they bought. Now any independant financial firm that sold PPI must also take responsibility but they are tiny in comparison. <ok>
 
Gerrez said:
Keep meaning to look into PPI myself. I've had three cars on finance, a loan and the mortgage over the last twelve years so pretty sure I'd get something. I will ask a ombudsman to look at it for me though. I know they take up to 30% but its money I don't expect to be be getting and since I don't know what I'm doing I see it as anything is better than nothing.
Click to expand...

G, This is how it should work. YOU contact your lender and ask if they included PPI in those agreements. If they did then YOU claim compensation directly from them. Only if there is a problem in this process do you contact the Ombudsman. BTW the Ombudsman service is FREE.
 
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