PPI Twitter clinic questions and answers

I’m experimenting with live Twitter Q&A clinics on my Martin Lewis Twitter feed. Yesterday it was payment protection insurance (PPI) reclaiming, following the huge climb down by the banks – and their putting over £6 billion away to foot the bill.

So, I thought it would be useful to recap the answers here. This is a direct transcript, so do remember it’s speedy and conversational with a maximum of 140 characters – not an authoritative formal response. For full info see the Loan PPI reclaiming and Credit card PPI reclaiming guides.

It’s worth noting that quite a few questions focused on when can I reclaim from? And, how do I get my details? So we’ll be boosting those elements of the guide and adding more in the weekly email.

Twitter questions and answers (questions and answers are unedited)

Q. How far back can you claim. Had a car loan a few years ago with PPI. Will the bank contact me? Thanks
ML. Easy rule is within 6 years but not of when you got it, of when it’s still active, but sometimes is possible from further back

Q. We are told our mortgage was miss sold but the company want £500. To proceed with the claim. Can you help
ML. How dare they – you can complain for free, that’s outrageous. Just write a complaint then if they reject go to Financial Ombuds

Q. I have a claim that was sent to iob (Ombudmsna – ML) should this get sorted now
ML. hope so but don’t expect it to be quick!

Q. My partner has a 7k loan and was missold by Lloyds TSB. How much is he likely to be entitled to?
ML. At a guess £1,500 – £2,000

Q. Can you claim for PPI on my M&S card that I don’t recall asking for & pay off monthly for a year and still charge each month
ML. sounds likely read www.mse.me/ppicards

Q. can I claim PPI from Egg? Are they following the banks re PPI?
ML. It applies to all finance companies – egg were fined a few years ago – so chances are high

Q. Had a Cap1 credit card since Feb 2005, can I still claim?
ML. if you were missold then I don’t see why not (provided insurance was still active within last 6 years)

Q. I was made bankrupt, can I claim on any portion of ppi paid? thx
ML. provided you were missold yes – but it may just be directed towards paying off your debts

Q. If I haven’t already applied can I still appy and how?
ML. yes and via www.mse.me/ppi

Q. we have had 3 cars from welcome and were told we couldn’t leave with the new car unless we signed up for ppi
ML. sounds like a strong case of misselling to me

Q. wot i don’t understand is how we are able to prove it
ML. If it’s been systemic misselling unlikely you’ll have to – they’ll have details

Q. my husband had a loan from Barclays 4 yrs ago. he’s become bankrupt since & didn’t finish paying, we have no pprwrk.
ML. You’ve a right to request paperwork, but the money could just be directed to pay off some of your debt

Q. are HFC paying out I’ve been told they are still waiting to appeal
Not heard that – also they were fined in 2008 (I think) so chances should be high.

Q. made settlement with card company can I still claim for PPI which was not usable as was student and only employed PT.
ML. the fact the card is closed is irrelevant, if you were missold you can reclaim

Q. lloyds tried to sell me ppi, said no loan without it, got me to take out separate policy, but not theirs, can I still claim?
ML. I’m guessing that was for a mortgage – if so then unlikely – as they can say it’s important that you get someone’s policy alongside the mortgage.

Q. How far back can you claim. Had a car loan a few years ago with PPI. Will the bank contact me? Thanks
ML. Easy rule is if the product was active within last 6 years – but you can try for longer. And no DO NOT ASSUME THEY WILL CONTACT U

Q. My loan is with firstplus , deal was ppi refunded in 5 years Jan 2012, should I claim now plus interest or wait till Jan?
ML. I don’t think you’re asking about being missold. I think that’s an extra option on the product – don’t know the details I’m afraid

Q. I have seen PPI on my CC bill from about 3yrs ago, I remember being asked about it but never understood it and did cancel. is there anything I can do?
ML. It depends whether you were missold see http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance

Q. Do you think issuing in the County Court would be a more effective way of consumers reclaiming PPI?
ML. No I think it’s costly and unnecessary, though it may be quicker. With this ruling complaining is likely 2b easiest

Q. I mortgaged in 2004 and was told PPI was compulsory by the advisor in bank. Can i reclaim?
ML. Depends, MPPI can be compulsory by some lenders (ie they require you to have policy) but not THEIR policy.

Q. my PPI claim has been with ombudsman for about a year still not allocated. Will the ruling speed things up?
ML. Hmmm not sure about this – still waiting to see full impact. Unlikely in the short term though

Q. took out ppi 9 years 15 years ago self employed the past 10 am I covered by ppi.
ML. It is the situation WHEN YOU GOT LOAN OUT that counts – i think you’re saying you were employed when you got it so unlikely

Q. bank doesn’t seem to be keen on reassessing my loan repayments by taking off the PPI and recalculating. What do I do?
ML. If i understand your question they’re not letting you cancel. You should be allowed to cancel.

Q. What if I don’t have old credit card information?
ML. You have a right to request info on the credit agreement for £1 under Consumer Credit Act

Q. I’ve been offered PPI rebate should I get interest lost?
ML. They should offer it as standard, as that’s FSA guidance, if not request if from them (try friendly phone call first)

Q. Hi Martin. Can I claim any PPI back for a Northern Rock mortgage I got out in 2001 and paid off a couple of years ago?
ML. If it was missold then yes

Q. PPI claim 4 £4k won thanks to your notes + dodgy paperwork their end. But payment been held til end of June. Is that normal?
ML. YAY WELL DONE £4k win. It can take time for payment, if legit comp and promised payment I wouldn’t worry (though do call to push)

Q. are all of the needed forms on your website?
ML. OF COURSE 🙂 – www.mse.me/ppi

Q. How do u know if you’ve been swizzed by bank. I pay insurance but don’t know how to get out of it or if I am entitled to rebate?
ML. Read www.mse.me/ppi

Q. Mrs been charged PPI for few years. CC said they wouldn’t refund as they’ve charged us 2 years without us raising it. Legit?
ML. No not legit (provided it was missold in first place)

Q. I know my mum is owed money through this but she’s lost loan/CC details! What to do?
ML. She has a right to request info on the credit agreement for £1 under Consumer Credit Act

Q. hi M sending a claim to Egg. The ppi was part of loan, inextricable as only one policy no. Should I ask for interest/comp too?
ML. No harm in asking, just don’t bank on getting it.
ML. Just to clarify interest is likely – but compensation (ie not just money back) unlikely

Q. my ppi was added to the cost of the mortgage in one lump without my knowledge. Is that something i can claim back?
ML. It’s slightly different with mortgage, but lack of knowledge on any product is likely to be misselling

Q. I had PPI on a loan about 10 yrs ago. It’s paid off & I don’t have any of the paperwork. Any way I can look into it?
ML. You can request paperwork, but you may be timed out, unless you were still repaying within last six years

Q. 25 yrs loan only given 10 yrs ins but paying back over 25 yrs can i claim as misold/bad product
ML. sounds like it, provided it was missold, tough to be exact on this though

Q. can i claim if loan is not paid off and i’m making reduced payments
ML. yes if missold

Q. i took a loan out in feb 2005, paid it off dec 2006, lost paperwork but i know i was mis-sold ppi, can i claim? #MLPPI
ML. yes it’s within 6 years so should be fine – request info on the old card you’ve a right to it

Q. hey Martin, I was misold a PPI via an independent mortgage advisor and lender Legal & General, could I still make a claim? tks
ML. If you were missold the fact it was by an advisor makes no difference you can still claim

Q. we had one going through with cartel then they went bust what to do!!
ML. Start it again yourself, just write to the bank – use www.mse.me/ppi

Q. i had a loan with PPI that I never asked for, I haven’t got many details apart from start date and bank – can I still apply?
ML. call them up

Q. sent letter and form (off MSE) to Bluesky Personal Finance & had no reply they’re charging me interest on my PPI is the right?
ML. Toughy are they still trading (i’m not sure they are) if not you may need to go via Fin Services Comp Scheme

Q. Paid off HSBC loan with PPI one year into 4 year loan, CAN I CLAIM IF FRONT LOADED? Didn’t need PPI as could pay loan off.
ML. Yes you can – provided it was miss-sold of course.

Q. Despite many requests bank has not sent my T&Cs. Should I just go ahead and start making the claim anyway?
ML. yes

Q. Is it possible to claim PPI from a Nationwide loan? I’ve not seen them mentioned on any list. #MLPPI
ML. They aren’t special, if they missold yes

Q. – PPI paid on loan taken on 2/12/2004, 5 months after 6yr limit. worth trying to reclaim? #MLPPI
ML. Yes, especially if the loan was still active, as is likely within last 6 years – as that’s what counts

Q. – PPI on long standing CC. How do I calculate the amounts paid in total or will they do that? #MLPPI
ML. they’ll do that

Q. – PPI on old, now cancelled CC’s. How do you get information from companies (Cap One). #MLPPI
ML. there’s a template letter in www.mse.me/ppi

Q. I think I might be entitled to compo on a couple of old deals I was in but don’t know if I’ve kept paperwork. Where do I stand?
ML. Request the paperwork off lender – you have a right to get a copy of the agreement for £1 under Consumer Credit Act

Q. wife got loan with AA forced PPI as single. Approx 9 yrs ago no paperwork! Any chance
ML. Request the paperwork off lender – you have a right to get a copy of the agreement for £1 under Consumer Credit Act

Q. is 6-year time scale when PPI was taken out or the last payment?
ML. it’s when it was last active generally so if you were still paying 6 years ago you should be fine

Q. does RBS have a history of misselling PPI on their graduate loans? (Circa 2006)
ML. They weren’t fined, but misselling has been systemic on most kinds of loans so it is likely – but can’t give firm yes or no

Q. i have a loan with welcome finance. 2 questions. 1 was not told i had insurance on the loan 2 did find out had insurance. 2 had to claim on loan due to illness and sickness. welcome did not tell me the insurance was ending
ML. Being told you had to is misselling. Yet Welcome Finance has closed, so you’ll need go via Financial Services Comp Scheme

Q. am confused if welcome has closed then who is that’s chasing me they say it’s welcome.
ML. Welcome’s in default, not closed. FSCS can help with sales post Jan 2005 (go direct for pre 2005) http://bit.ly/mGs4Hf

Q. Can I claim even if I re-financed the loan and then didn’t take PPI when re-finacing?
ML. It is the situation when you GOT a loan that counts, so if missold when you got the original loan with PPI then yes

Q. how far back can we claim? I took out a loan with Lloyds when I was on a short term contract back in the mid 90’s
ML. You can try that far back, but it is unlikely

Q. #MLPPI Hi took out hsbc ppi Feb/99. I told them didn’t need it. He said prob wouldn’t get loan without. Am i too late to claim
ML. Yep that is a lie – loan rates cannot be conditional on PPI. The problem is you may struggle as it was 99 see www.mse.me/ppi

Q. i had a loan with PPI that I never asked for, I haven’t got many details apart from start date and bank – can I still apply?
ML. Giving you PPI without consent sound like serious misselling, you’ve a right to ask them for any info too

Q. can my mum claim as she got told she had to take ppi to get her loan as she is over 50? #MLPPI
ML. Being told you ‘must take PPI’ is wrong, therefore v. likely to be misselling see www.mse.me/ppi