large PPI claim

[lisoo]

Long story short. £50,000 debt on credit cards and loans from 1987-2009.All PPI. MPI on £980,000 mortgage from 2002- 2006.Average payment per month was £350 on PPI over the 22 years. Not sure of the mortgage. Seriously ill after city job. Cards refused to pay out as self employed management expert. Some cards paid off and closed in 2009. No longer ill but poorly due to all the stress. We have been quoted a payout of £1,500,000+. Is this about right or a con?

[wales01man]

Who is claiming a payout so large?

[lisoo]

Who is claiming a payout so large?

We have checked online and we paid nearly £100k in PPI over the period. Three online calculators have thrown up this figure. Was ill and husband kept on paying from savings.

[wales01man]

Wait a while and others on here should be able to guide you in a claim no need for any claims firms claiming is relative easy getting them to pay will be a bit harder Please try and claim you may well be owed and it would be a good result

[lisoo]

Wait a while and others on here should be able to guide you in a claim no need for any claims firms claiming is relative easy getting them to pay will be a bit harder Please try and claim you may well be owed and it would be a good result

Thank you. Did sleep on it. We have claimed on two independently so they are our first 'tests' if you like.

[Amethyst]

Was the £350 just the Protection insurance on the mortgage? Paid between 2002 and 2006 ?

That they refused used to pay out due to self employment shows that the ppi didn't cover self employment, and thus if it was declared ( that you were self employed) at the start of the mortgage the ppi was midsold as it was not suitable. You will need to check the terms of the policy.

The refund should be approx the £350 payment plus interest at 8% per annum from the date of payment - so the first payment in 2002 would have 16 years of 8% simple interest added to refund - ( so 16 * £28 = 448 plus the £350 = £798 refund) then you'd work that out for each payment from date it was paid to the last one paid in 2006 ( 12 years @ £28 = £338 + £350 = £688 ) so yes it will add up massively. We do have a spreadsheet to help work it out where you'd enter every payment made but it's better to wait to check any offers made after you have all the info you need.

Have you made the initial complaint to the mortgage company yet ?

First step with the mortgage protection insurance to take might be a subject access request to get copies of the documents - mortgage agreement and the mpi agreement and terms before making the complaint so that you have everything evidentially before starting the claim. Do you still have copies of any of your mortgage statements etc showing the payments made to the insurance product ?

[TAKEALOOKATU]

Long story short. £50,000 debt on credit cards and loans from 1987-2009.All PPI. MPI on £980,000 mortgage from 2002- 2006.Average payment per month was £350 on PPI over the 22 years. Not sure of the mortgage. Seriously ill after city job. Cards refused to pay out as self employed management expert. Some cards paid off and closed in 2009. No longer ill but poorly due to all the stress. We have been quoted a payout of £1,500,000+. Is this about right or a con?

Firstly where has the quote come from?. I work for a financial management company specialising in PPI as most and mine take quite a large fee 36% i would suggest looking online as there are internet based companies that will do it for 10% plus vat still a considerable chunk but as you say you are feeling stressful and this may be your best option. Furthermore no PPI Company can give you a quoted payment and are not allowed to do this under FCA rules only the Lenders will give you a finalised payment if upheld. There is always the ball park figure that mione and others will quote you to entice you in. But there are so many reasons why that top end figure may be a lot less.
My advice as the quoted figure is so high is to look claims companies charging around 10% plus vat. I hope this helps. Please dont be enticed by the Gladstone Brooks of the ppi world very reputable but with sky high fees for
Applying to the Lender for your DSAR ( record of account ) ( 8 Weeks to comply ) this will show if PPI or MPPI is on the account.
They then write to the lender a Letter of Complaint ( a Letter that you can compose easily yourself )plus download a Financial Ombudsman PPI Questionairre ( this is to show the lender your Employment History and any sickness benefit you would have been entitled to just to build a bigger picture and to show that you wouldnt have needed PPI to pay the monthly installments) a further 12 weeks to receive a Decision. PPI companies have a max of 20 weeks i did my partners in 9 securing £1100 on a £3000 loan.

You sound by your post to be an intelligent person its not rocket science to do yourself and you should not have been sold the PPI or MPPI policy as you were self employed!!!. I wish you well

[Amethyst]

We do not recommend using a company to reclaim PPI - there is no need , it is perfectly straightforward to claim yourself - thank you for your thoughts however I have removed your link, but you do make a good point that if you feel you must use a cmc do a lot of research first, particularly as to fees, check round the forums for others experiences. As I said before your best bet is to get a SAR sent off to the mortgage company and gather your evidence before making a formal complaint. Then consider your options from that point.

[Amethyst]

SAR -> http://legalbeagles.info/library/gui...ccess-request/

[Turboman]

Reading your posts -- I am assuming you reccollect paying around £350 per month on loans/credit cards from 1987-2009, but that you are unsure re the mortgage PPI

I enclose a spreadsheet below that illustrates that £350 per month over 276 months (1987-2009) would total a refund of
--£96,600 in PPI paymnts made
--£154,766 statutory 8% interest (Gross--income tax at your appropiate rate is payable on this)
--TOTAL £251,366 GROSS

So this is nowhere near the £1,500,000 you have been quoted

Of course--the main discrepancy will be the assumption on what PPI was paid on your mortgage which you have not told us.

If you understand Excel--you can play around with the figures if you wish.

Please note that although Loans are simply PPI Paid + 8%, Credit Cards are more complex and in some cases the 8% interest may not be paid under FCA original guidelines relating to whether the CC Balance would have been in credit but for PPI Paymnt--However, the banks are now interpreting the guidelines differently and each may use a different method

Hope this helps

Turbs

Lisoo.xls