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Thursday, 8 September 2011

PPI Claims

Evening all, sorry I've bene quiet of late. Got lots going on at work which means I'm usually shattered by the time I get home. I'm off to Plymouth Monday - Wednesday next week with work and have been co-ordinating hotels, taxis, flights and train tickets for 12 people for the last few weeks! Also need to make a plan for the weekend so King Neil has enough food to keep him going while I'm away!

The other reason I've been busy is I've been sorting out my PPI claim. While this isn't really Castle related I thought it was worth sharing anyway.

In 2006 I took out a loan for my car then another one in 2007 for another better car. At the time I was told to have PPI as I "may as well". What they didn't tell me was:
  • As I was employed full time I'd be covered if I got made redundant
  • The PPI only covers you for the first 5 years of the loan, mine was over 6. So I'd be paying for a year that I couldn't even claim for!
So, few months ago one of my friends successfully won her PPI claim through a 3rd party company. Did a bit of research online and decided to give it a go myself.

Money Saving Expert have loads of info and templates letter to send out well worth checking out:
Link to relevant website here

So I rang my loan company to get a copy of my signed terms and conditions to see exactly what my loan repayments were for. Turned out that a 3rd of my loan was for PPI!

So I sent the template letter from Money Saving Expert off to them and kind of forgot about it. Received a letter in June saying I'd receive a decision by the 31st August. Set myself a reminder to give them a call a week later if I hadn't heard anything.

Yesterday I called them to check progress and it turns out they'd sent me an offer letter in July! They've accepted the mistake and agreed to refund all the PPI I'd paid so far and the interest on top. Called for a settlement figure today and just one more payment means I'll be debt free in October!

So two things:
  • Check any loans or credit cards you've had over the last 6 years to see if you have paid PPI
  • Ask for terms and conditions of these to make sure - they have to provide them by law
  • If you do want to put a claim in, have a go at doing it yourself so you can get all of your claim rather than having to give a high % to a 3rd party!
Hope that's been useful :)

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