Reclaiming my PPI back

For months now my inbox for all my email accounts (I have 3) has been FULL with spam emails telling me I can claim back my PPI (payment protection insurance) on my credit cards and loans and how to “easily claim my PPI back”.

I’m well aware I can claim it back and fully intended to try – however these emails from companies have really been annoying me.  So much that it has made me not want to use any of the companies who have spammed me for months, sometimes 3 emails a day.

When the phone calls started too I got really annoyed and decided I would not use a company at all but would write to my banks and the loan company myself and see where it got me.

So I have.  This week I have drafted 3 letters – one to the company I had my car loan with in 2006 (the loan is fully paid off now however I’m still entitled to claim) and 2 to the banks I have my Credit cards with.  Time will tell if I will get anything back but at least I have tried, and if I do manage to reclaim the PPI I get to keep 100% for myself!!

Here is the draft of the letter I have sent incase you are wanting to reclaim for yourselves (I am no expert and this is a copy of a letter I was forwarded by someone who successfully reclaimed their money back):

Your Name
Name and Address of company providing PPI
Dear Sir or Madam
Re: Account Number (add account number)
I am writing in relation to the above payment protection (PPI) policy which I believe was mis-sold to me.
I believe you have not treated me fairly for the following reasons;
(Delete the reasons that do not apply to you)
  • The PPI was added without my knowledge
  • The salesperson selling the insurance was pushy and stronly advise me to take the insurance
  • I was (select from – told I had to take the insurance/told I could not get my (loan/credit card etc) without the PPI/only provided with a quote for the cost of the (loan/credit card etc) with PPI attached).
  • I (select from – was/knew I was soon to be) (select from – unemployed/self-employed/retired/over the age limit) when I took the policy and (select from – made your staff aware of this/was not asked about this).
  • I was not (select from – asked about any pre-existing medical conditions I suffered from/warned that pre-existing medical conditions could affect my insurance).
  • I (select from – was not informed that stress and back problems were excluded from the insurance/informed staff about (your medical condition) but was not warned that this would affect the insurance).
  • I was not asked whether I already had any existing insurance or employer benefits that would cover my repayments.
  • You have been punished by the Financial Services Authority for failing to treat customers fairly and I do not believe that the PPI I brought was sold in my best interest.
  • I was sold a single premium policy that was not fully explained to me as ( select from – the whole cost of the insurance was not made clear to me/it was not explianed what would be refunded if I cancelled the insurance or if I repaid the loan early).
  • It was not explained that my PPI would not run for the full term of my loan.
  • When I tried to cancel my insurance (select from – the refund I was offered did not represent a fair refund as is required under FSA guidelines for PPI providers/I was told I could not cancel the PPI without taking out a new credit agreement).
Unless you can prove that the policy was fair and reasonable and that I was treated fairly when I was sold the insurance, I demand a full refund of all the premiums, and subsequent interest on these payments, that I have paid in relation to this policy.  I also expect 8% interest to be added to each payment I have made as this is the statutory amount a court would pay.
I look forward to your full and prompt response to this letter.  If this matter is not settled within eight weeks of this letter I shall be contacting the Financial Ombudsman to investigate my complaint.
Yours faithfully
(Your signature)
(Your name)
That may seem like a long letter but really it isn’t, I only needed 3 of the bullet points for each of my letters.  If you do decide to claim yours back for yourself – please do let me know how you got on.
My letters were posted this week, so time will tell if I get my money back, I’ll let you know.
Good Luck

13 thoughts on “Reclaiming my PPI back

  1. I don't know if you've seen the new money saving expert site campaign? it's about reclaiming packaged bank account fees, after my success using the template on here for ppi I was buoyed to have a go, letter gone in post today. Hubby added me to his account which is a fee paying one, none of benefits are any use to us and I've resented having to pay to use a bank

  2. SUCCESS!!!! I pretty much used your template with a small tweak – they hadn't explained the without the insurance price, only the with the insurance price. I also had a pre-existing back injury, which I claimed on MBNA credit card insurance for and wasn't told that this would not be covered. Letter today from them says they will be sending me a cheque within next 8 weeks. I think you should consider reposting this blog again at somepoint in future. Thanks for helping me win!

  3. well done Emma, I to ohave have two letters back now – both stating they would be looking into my complaint 🙂

    That makes me happy at least.

    I'm still awaiting confirmations from the 3rd.

  4. So far so good (part of reasons I had delayed this was not knowing account number, I amended template to include info about when taken out, maiden name, address and the repayment schedule of dates and amounts) today I got a letter from mbna advising they are looking into my complaint and will reply in 28 days. As my letter stated a response expected in 28 days they've bought themselves an extra two weeks, should I give them the extra time? They know my account number now, using it as reference so I guess its fair rto allow a bit more time as they've done legwork

  5. This is interesting, I have also had an inbox full of spam emails and never really looked into this, however I did have loan and credit card insurance which turned out to be useless when I was off work sick for two months with a back injury. And I can see at least three points I could use, so I may as well try it. I had the loan til about 2005 and was horrified when I saw that the insurance almost doubled to total amount, but didn't realise this when it was sold in the style of "for an extra xx pounds a month you can the insurance, I was never told across the 5 year term this means you will pay xxxx and the loan doubles, or I'd not have taken it!

  6. Thanks for posting this. I really must do this myself. I'm fairly sure I'm entitled to a fair chunk as I've been self-employed for 13 years and have definitely had PPI in that time. Only started refusing it a few years ago, when I realised they wouldn't actually pay out for pretty much anything.

  7. We were the same went into bank (bank of Scotland )and the they gave us a list of the agrement numbers for all loans and credit cards we had through them .Hubby phoned the financial ombudsman as soon as we got home who took a list of the numbers and they sent a letter dirct to the bank we got sent a form to sign and within 5 weeks we have received 3 cheques and there is still one to come 🙂
    Dont like to think how much less we would have received going through one of these companys!!!

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