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02/11/2016 at 10:08pm
Location: Derby.
Outfit: Karsten 350+Awnings
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Joined: 01/7/2012 Diamond Member 
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Not sure about now, Rob, but a few years back, I would ignore any invitations to make a claim via third parties.
A/ I wasn't even sure we'd ever had any PPI in the past.
B/ With a lousy memory, and an acute lack of paperwork, I wouldn't have known where to start!
Then I heard mention that the Banks etc. were now (then!) being instructed to come clean, and go direct to those who had (or might have) been affected, and cough up accordingly. That seemed to be true, as we were contacted, directly, by both Natwest (previous loan(s) and MBNA (finance for a car).
They gave us the finer details (account numbers/details/dates/values etc), and all we had to do was to agree to them investigating fully, and reimbursing/compensating where applicable. The only apparent "catch" was that we had to agree to accept their findings and decisions, and that further claims (for those specific accounts) could not be made.
As we had nothing to lose, and as we didn't need to prove our case/details, we signed and returned the forms.
Just a few weeks later, between them, we potted a cool £5k+.
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03/11/2016 at 9:45am
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This is a class of business actively promoted by the Govt back in the day. It transferred some of the burden of supporting loan repayments after unemployment etc from the state to the private sector.
In itself, the cover could be crucial - for example, maintaining mortgage payments, and therefore the roof over the policyholder's head.
But unlike most other types of insurance, it was the lenders who sold it. And mis-sold it.
They often made it a prerequisite to the loan. Effectively, it was insuring their risk of default, but being targeted on sales, staff would be less concerned about eligibility. They were more interested in the bank's commission. And punters, as ever, didn't read the bumf.
The other side of the coin is that insurers, my old employers included, paid out millions in valid accident, sickness, and unemployment claims. Mortgages were paid. Credit card balances were paid off.
You'd think from the "industry" that's grown up around this that no-one ever qualified for it in the first place, and never had a claim paid. That's complete rubbish.
But I'm really only exercised over it, because we never had any 
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Mike
My advice is worth no more than the price paid for it
Prague May/Jun 2017
Lake Annecy Aug 2017
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Topic: PPI
