PPI reclaim... how to work out how much?

[Du1point8]

Yes... Yes... before you go down the compensation culture, its not like that.

I took out a loan in 2007 over 62 months at £173.45 a month.

In 2009 Jan-May I was made redundant and I tried to claim the protection (March 2009) and couldn't due to several reasons:

Not signing on at the Job Centre immediately (I didn't want JSA and can't use the place).
Not having enough NI credits (Ex Company fked that up) and only sorted after I went back to work.

So because I couldn't prove I was unemployed and wasn't signing on they refused to let me use the Insurance/Protection and I couldn't legitimately claim.

Ergo.. I want my insurance back as what was the point of having the bugger if I got refused when trying to use it, I wouldn't have bothered if I had know.

The only reason I took it out was simply to make sure if I went unemployed that the loan was covered... Well what a screw up that was.

So Im looking at it this way... I should have claimed for just shy of £900 and couldn't, but figure it must be worth circa £900 back in a claim?

How do I work out how much it was per month in insurance as the loan was only just paid off and my records are lacking... Also my loan was with HSBC, the underwriters are Norwich... who am I going after?

Should I just ring HSBC telephone system and talk to them about it? I came here first to make sure, just in case the first advice was don't give them warning.

<dons the flame proof underwear and runs off>

[blindswelledrat]

No idea, but whilst I hate this claim-culture thing, in your shoes I would feel exactly the same.

[E55 Max]

The problem here is twofold.

1 You took out the PPI willingly and it wasn't mis sold.

2 The only reason you couldn't claim is because

a) You didn't sign on because you didn't want to - not the PPI companys fault
and
b) It wasn't the PPI companys fault that your previous employer had cocked up your contributions.

So in reality you have no claim, but in practice you could claim back the premiums as they probably wont check the finer details.

Morally don't claim
Financially claim

[Du1point8]

blindswelledrat said:

No idea, but whilst I hate this claim-culture thing, in your shoes I would feel exactly the same.

Cheers for the yes vote...

Im not one to ever do compensation/claim/etc.. but I just feel like its taking out car insurance and then being told to bugger off when trying to claim on it and being left the bill.

[petemurphy]

good timing i was literally going through a mass of lloyds paperwork this morning to find out if i can claim anything - is all rather confusing so thinking will just ring them up but will they try and put u off or will they help?

[Du1point8]

E55 Max said:

The problem here is twofold.

1 You took out the PPI willingly and it wasn't mis sold.

2 The only reason you couldn't claim is because

a) You didn't sign on because you didn't want to - not the PPI companys fault
and
b) It wasn't the PPI companys fault that your previous employer had cocked up your contributions.

So in reality you have no claim, but in practice you could claim back the premiums as they probably wont check the finer details.

Morally don't claim
Financially claim

Answers:

I didn't sign on cause it gives me no benefit, as they can't help me in any way shape or form... I didn't want to claim a benefit off the state if I don't need it, I just wanted to use my insurance.

So you telling me to claim the £900 off my previous Company or the HMRC as the mislaid records were between the 2 of them?

When I was finally back at work they said the unemployment didn't count as I wasn't unemployed anymore.

[blindswelledrat]

Du1point8 said:

blindswelledrat said:

No idea, but whilst I hate this claim-culture thing, in your shoes I would feel exactly the same.

Cheers for the yes vote...

Im not one to ever do compensation/claim/etc.. but I just feel like its taking out car insurance and then being told to bugger off when trying to claim on it and being left the bill.

Defnitely. As far as I am concerned your situation is no different to buying a physical object online that never arrives. Of course you want your money back - you'd be mad not to.

[E55 Max]

Du1point8 said:

Answers:

I didn't sign on cause it gives me no benefit, as they can't help me in any way shape or form... I didn't want to claim a benefit off the state if I don't need it, I just wanted to use my insurance.

So you telling me to claim the £900 off my previous Company or the HMRC as the mislaid records were between the 2 of them?

When I was finally back at work they said the unemployment didn't count as I wasn't unemployed anymore.

The trouble is that signing on would have given you the benefit of the PPI payng out your claim. They needed proof of your unemployment and the fact you had signed on was the proof.

I am unclear as to whether the £900 is what the PPI would have paid out in loan protection or was it the premiums you had paid.

You can claim back the premiums, not what would have been paid out if you had signed on.

[Du1point8]

E55 Max said:

Du1point8 said:

Answers:

I didn't sign on cause it gives me no benefit, as they can't help me in any way shape or form... I didn't want to claim a benefit off the state if I don't need it, I just wanted to use my insurance.

So you telling me to claim the £900 off my previous Company or the HMRC as the mislaid records were between the 2 of them?

When I was finally back at work they said the unemployment didn't count as I wasn't unemployed anymore.

The trouble is that signing on would have given you the benefit of the PPI payng out your claim. They needed proof of your unemployment and the fact you had signed on was the proof.

I am unclear as to whether the £900 is what the PPI would have paid out in loan protection or was it the premiums you had paid.

You can claim back the premiums, not what would have been paid out if you had signed on.

The £900 is what should have been paid if i could claim on it... I suspect you are looking closer to £1300 for the premium I paid to them... the premium is what i want back, no interest etc... just my premium.

[E55 Max]

Du1point8 said:

The £900 is what should have been paid if i could claim on it... I suspect you are looking closer to £1300 for the premium I paid to them... the premium is what i want back, no interest etc... just my premium.

Then the best thing is to find out what the premiums add up to and claim them back from the bank.
That way you get the £1300 or however much and are not out of pocket.

[P-Jay]

Depending on the Bank involved it's easier than that, just tell them you were miss-sold and they'll give you your premiums back, plus 8% interest on the amount. You don't have to work it all out or anything.

See my post in the other PPI thread - morally I don't have any problem with anyone claiming back PPI premiums, the balance of blame is with the Banks and Insurance companies.

[Du1point8]

P-Jay said:

Depending on the Bank involved it's easier than that, just tell them you were miss-sold and they'll give you your premiums back, plus 8% interest on the amount. You don't have to work it all out or anything.

See my post in the other PPI thread - morally I don't have any problem with anyone claiming back PPI premiums, the balance of blame is with the Banks and Insurance companies.

Its HSBC that I got the loan with, who they use is there own issue.

So I can use telephone banking and enquire about it? Or is there a pre set route that doesnt involve a ambulance chaser company?

[P-Jay]

Du1point8 said:

Its HSBC that I got the loan with, who they use is there own issue.

So I can use telephone banking and enquire about it? Or is there a pre set route that doesnt involve a ambulance chaser company?

Head over to Money Saving Expert, all the info's there, it's a bit lengthy, but not hard at all.

[petemurphy]

is mortgage payment insurance the same thing as ppi? other half had it for quite a while.

[sidicks]

P-Jay said:

Depending on the Bank involved it's easier than that, just tell them you were miss-sold and they'll give you your premiums back, plus 8% interest on the amount. You don't have to work it all out or anything.

See my post in the other PPI thread - morally I don't have any problem with anyone claiming back PPI premiums, the balance of blame is with the Banks and Insurance companies.

And of course this is "free money" and no-one else ends up paying for something that you aren't entitled to.

[Sarnie]

petemurphy said:

is mortgage payment insurance the same thing as ppi? other half had it for quite a while.

Potentially yes.

[anonymous-user]

petemurphy said:

is mortgage payment insurance the same thing as ppi? other half had it for quite a while.

Must be a prize for resurrecting an old thread with an off topic question!!
PS it's not a crime for your other half to have mortgage payment insurance. Just cancel it if you don't want it...

[petemurphy]

Jimboka said:

Must be a prize for resurrecting an old thread with an off topic question!!
PS it's not a crime for your other half to have mortgage payment insurance. Just cancel it if you don't want it...

but is it the same as ppi - ie could she have been missold it

[911 Turbo]

petemurphy said:

but is it the same as ppi - ie could she have been missold it

Yes, it is the same as PPI.

You need to have good reasons for saying that it was missold as generally speaking MPI is a good thing to have i.e. you don`t make the mortgage payments you potentially could lose your house. It is normally set up as a monthly direct debit as well which is the correct way it should be set up i.e. MPI is not normally front loaded as in added as a lump sum at the start of the loan.

The question to ask is did you have a need for the MPI and was it suitable for you. Would it have paid out if you needed to claim e.g. were you self employed but the MPI wouldn`t pay out to self employed people. Did you have an alternative insurance that would pay your mortgage which would have negated the MPI paying out or meant that you didn`t need it.

We claimed back our MPI (£5000 with the Halifax) on the basis that we were told that we had to have it as it was part of the mortgage package we had but we had no need for it as both my partner and I had 12 months employment sick pay which would have covered us for the twelve months that the MPI was meant to cover us for. Whole process took about four weeks in total.

As another poster has said pop over to www.moneysavingexpert.com - there is a whole forum over there dedicated to reclaiming PPI etc.

[petemurphy]

911 Turbo said:

Yes, it is the same as PPI.

You need to have good reasons for saying that it was missold as generally speaking MPI is a good thing to have i.e. you don`t make the mortgage payments you potentially could lose your house. It is normally set up as a monthly direct debit as well which is the correct way it should be set up i.e. MPI is not normally front loaded as in added as a lump sum at the start of the loan.

The question to ask is did you have a need for the MPI and was it suitable for you. Would it have paid out if you needed to claim e.g. were you self employed but the MPI wouldn`t pay out to self employed people. Did you have an alternative insurance that would pay your mortgage which would have negated the MPI paying out or meant that you didn`t need it.

We claimed back our MPI (£5000 with the Halifax) on the basis that we were told that we had to have it as it was part of the mortgage package we had but we had no need for it as both my partner and I had 12 months employment sick pay which would have covered us for the twelve months that the MPI was meant to cover us for. Whole process took about four weeks in total.

As another poster has said pop over to www.moneysavingexpert.com - there is a whole forum over there dedicated to reclaiming PPI etc.

thnks appreciate it