PPI claim is it worth it
23 replies
DavidKlyne replied on 06/05/2017 16:10
Posted on 06/05/2017 16:10
TG
Interested in what you said about youngest son. Can I ask was that anything to do with mortgage protection insurance? The reason I ask is that as far as I was concerned any mortgage I took out was conditional on taking out protection insurance which seems to me very similar to PPI. I did put a case to the mortgage company but they didn't accept it.
David
IanH replied on 06/05/2017 18:54
Posted on 06/05/2017 15:05 by TammygirlWe have not had or paid for PPI on any of our financial dealings however we did have a card protection plan insurance. It seems it was sold at a greater cost than the bank was paying for it so we had a claim, nice little amount around £1000, funnily the interest over the years came to more than what we had paid
We've now got paperwork in looking at cc we've had. Our youngest son got back a fair bit from his mortgage company.
Posted on 06/05/2017 18:54
Yes, it's a strange aspect of PPI reclaims, that they allow interest at 8% per annum (compounded) which is far more than anyone could get if they invested the money these days.
It's a hangover from the early days of reclaims, when interest rates were higher and has never been changed.
As you say TG, the interest on the claim can sometimes be higher than the claim itself.
The interest is subject to income tax, depending on your personal circumstances. The interest is sometimes deducted by the bank making the repayment, so may be re-claimable.
Tammygirl replied on 06/05/2017 19:31
Posted on 06/05/2017 16:10 by DavidKlyneTG
Interested in what you said about youngest son. Can I ask was that anything to do with mortgage protection insurance? The reason I ask is that as far as I was concerned any mortgage I took out was conditional on taking out protection insurance which seems to me very similar to PPI. I did put a case to the mortgage company but they didn't accept it.
David
Posted on 06/05/2017 19:31
Not a 100% of the facts but his mortgage was with Northern Rock, he only had the mortgage about 4 years. It was some time after they had sold the house and moved down to Warwickshire they got a letter from the bank with a cheque for over £1000. OH thinks it was something to do with that it didn't fulfill requirements or something.
huskydog
Motorhomer