Free money

[Burgerman]

Have all in the UK filled in the free form on the various websites like which for a FREE and no claims company ripping you off PPI claim?

What can I say, I know 4 people that have got a few thousand up to 10s of 1000s. It takes minutes. Select every bank, loan, card, mortgage on the list even if you never heard of them. I did. Non of us thought it was worth doing because , "never had ppi" in the first place. Well thats what I thouht too, and thats what one of my carers thought. Well we are both in the money! Not that much, a few k pounds. Cant say how many, but its more than 5 and less than 6. But its unexpected and free, so...

You got 9 days left..

Go here. Waste 10 mins of your time even if you think its useless. I did, I didnt even think I ever had a loan worth worrying about, I dont DO loans. I have had a few overdrafts, and stuff for business in the historical days going back 30 years, or credit cards used and paid back before they gain anything. Agreed overdrafts that is, or a mortgage with PPI. (Not me).

Somehow they found ppi agreements from the 80s.



https://www.which.co.uk/consumer-rights ... i-for-free

[Irving]

Agree, it's silly not to. I did it a while back, when the issue first came to light, covering 40+ years of about 15 or so loans/mortgages/credit cards. I netted a nice 5 figure sum just south of 40k. It never fails to amaze me how the compound interest builds up. On one CC from C1980 relatively moderate usage of <1k netted >6k!

[Arnie voice]Do it now[/Arnie voice]

Hate the ads though...

[Burgerman]

The ads exist because those companies take about 20% of your cash. And all they gotta do is fill in that form I linked to, or a similar one on their desktop that fires off a letter to all the banks etc. So its very lucrative for them! No work, and 20% of your 40k...

But you can do it yourself for free.

The way compound interest adds up to crazy amounts is EXACTY why I dont do loans, cards, and insist that I save and get discount instead of ending up poor long term. Never borrow! Mine was added without my knowledge to an overdraft on a private/business account donkeys years back.

[Scooterman]

money from PPI going into bank.

When I read this I thought it was a typo as I couldn't imagine you getting hoodwinked into buying insurance you didn't need.

[Irving]

Going through one of those agencies is just stupidity. Given that there's a good chance you'll get something that's just throwing it away. They take 40% typically. Anyway the ads I was referring to were the Arnie ones, really can't see why they thought that would motivate people (or maybe it's just me because most advertising leaves me cold).

I think we'll have to differ on the 'never borrow' viewpoint. I'd say "Never borrow unless you understand exactly what you're getting into and how you're going to get out, and have a plan B just in case". It's always worked for me.

I'm no financial genius and I've been employed most of my working life plus I've run my own businesses. I've been essentially debt free since my 40s (despite my wife's concerted efforts ).

I've always treated credit cards etc as enablers - I manage them rather than let them manage me. If PayPal credit wants to offer me 12 interest free installments on a £1000 purchase my answer is yes please and set up a standing order for it. Fire & forget, the bulk of the money can be working for me in the meantime.

[Burgerman]

Well yes I will borrow if its "free". By which I mean theres no interest added into the price. But I want to kniw WHY its free. I must know their angle. And if I can buy cheaper as is often the case for cash with a little barganing.

But yes I use cards and overdrafts where its BENEFICIAL to me. I.e always pay back before interest added. 30 or 60 days and gain card cover for purchases. As you say, I manage them.

money from PPI going into bank.
When I read this I thought it was a typo as I couldn't imagine you getting hoodwinked into buying insurance you didn't need.

I specifically REFUSED it. They then added it without my permision after the event. Hard to detect the payment or interest differences o an overdraft that varies 30 times a week... Hence all the miss selling and dishonesty that caused all this PPI nonsense to begin with. But a small figure difference on a 30 year old overdraft/loan after the impossible to work out complexities of the compound interest payments, and subsequent 30 years of this interest adds up to a refund out of all proportion to what you might expect.

Its not just a refund of a trivial premium of a few pounds monthy. Its the full refund including yearly 8% added for 20 or 30 years!

So amount plus 8% + 8% + 8% + 8% + 8% + 8% + 8% + 8% + 8% + 8% + 8% + 8% + 8% + 8% + 8% + 8% + 8% + 8% + and on, and on, and on...

A 100 pound figure, in 30 years, is 1082 pounds after compound interest. And thats also why you should never borrow on a creditcard! Or anywhere!

[wheelie junkie]

I've never borrowed other than mortgage and car loans when I was younger but did use 0% finance only on items where I couldn't negotiate a discount. I always paid them off to avoid any charges, it worked fine for 3 or 4 purchases but then I was refused a 0% loan. I couldn't work it out but then discovered that my credit rating was affected by paying previous loans off, I'd been refused as they knew that they had no chance of making money. I don't know if it would still be on my credit rating but as I don't need to borrow money will never find out.

[Irving]

One of my PA doesnt have any credit cards. Her credit rating is pretty poor. I keep telling her that just owning a couple of cards can boost it significantly. You dont have to use them, but card companies tend to drop you after 12m if you dont use it, so i always ensure i have done a transaction on each card at least once a year. i see CC as a backup, in case of emergencies. You never know when you might need them. After my accident, before any insurances, etc, were identified, the one thing i didnt have to worry about was money, i knew i was ok for at least a year or more.

i think i read the other day that most working people in the uk had less than 2 weeks cover if they were out of a job tomorrow. That would worry me.

[Burgerman]

Amazingly, I was bored a few years back and played one card against another for credit limits, and won. Told them I was simplicating and only wanted 1 card.
I dont use them much, other than for protection online. But they all offered me 4k credit. So I called them again and they upped it to 8k... And one did 16k. I have a load of credit possible in an emergence...

[Scooterman]

I recently applied for an Aqua CC card. No fees and you can earn up to £175 cashback per annum I think?

Btw - What mobile phone contract are people on?

I've never had a mob contract, always been PAYG. I currently have a three mobile 321 PAYG SIM as 95% of the time I'm on wifi and when out and about only switch on network to say check bus/train times, etc. Maybe stream internet radio if I'm bored riding the scooter on a long run.

Am I losing out by not having a mob contract?

[Burgerman]

NO mobile phone contract! Those are just loans with interest to make money off idiots.

I have 2x phones for 35 pounds (for 2) a decade back. Still on the first one. And those have 30 day battery charge interval... I use a pay as you go contract that cost me a massive 10 to 15 pounds per YEAR over the last 5 years. GiffGaff DIY cheapest network.

[foghornleghorn]

GiffGaff DIY cheapest network.

giffgaff is only the cheapest network because they pay people to be their customers.

You can have the same 321 rates as the Three pay as you go offering on O2 as well if they are your best network coverage and you really want a top up to last forever.

I currently have a three mobile 321 PAYG SIM as 95% of the time I'm on wifi and when out and about only switch on network to say check bus/train times, etc. Maybe stream internet radio if I'm bored riding the scooter on a long run.

Am I losing out by not having a mob contract?

Not losing out unless you have to keep topping up.

If all you are doing is topping up once every never, are you aware of the Three Data Reward SIM? Same 321 pay as you go rates with 200MB of free data every month that might suit you looking up bus times etc without eating your credit https://www.three.co.uk/Free_SIM_MBB/Order

[Irving]

I recently applied for an Aqua CC card. No fees and you can earn up to £175 cashback per annum I think?

Aqua @ 36% interest ... Fine, just make sure you pay it off every month or that cash back will be paying off that exorbitant rate of interest...

[Burgerman]

Per year?

If you borrow 1000 then pay 36 percent per year for 5 years thats:

1.3k year one.
1.76k year two.
2.44k year three.
3.38k year four
4.51k year five!

Remember that your repayments increase by almost 500% as you go...

So only for crazy people. UNLESS you are extremely diciplined. Like me.

[martin007]

COFIDIS!

[Burgerman]

?

[Irving]

So only for crazy people. UNLESS you are extremely diciplined. Like me.

True, but if their credit rating is sh*t then that might be all they can get. But a year of good activity will boost the rating and give access to better options (though it might be a long time before they get to the really good rates <10%pa)

Cofidis Solutions Crédits is a French professional road bicycle racing team sponsored by a money-lending company, Cofidis. I guess from Martin's post they have a similar reputation as pay day loans companies do here.

[Burgerman]

I only ever bought expensive items cash. I save, and i fight for a discount. Cash talks.

One example.
My freind bought a Suzuki 1200 bandit in 97. He paid 6250 from a local dealer, and on 3 years credit, so he actually paid 8300 for it. And I remember this clearly as I was trying to get him to join me and buy a non official import instead. We dicussed all the details for a few hours. Why? Because I wanted one too. I could buy 2 of them, as a grey imports from holland, in crates, brand new for 4k each delivered to my door. He had no money. I had saved. I ended up buying just one at a higher 4250. And had to drive all the way to the other side of the country to collect it myself with my dyno trailer. (as a "van" to put the box in).

So he ended up paying 8300. I ended up paying 4250 plus a tank of fuel to get it, and self assembly from a crate, add oil etc. Takes 45 mins. For the exact same bike. That was the one that broke my neck, back, right femur, toes, all my ribs, caused complete spinal cord injury, chest full of blood and a 6 week coma.

[wheelie junkie]

There are benefits to using a card, protection if something goes wrong being one of them. I bought my off road wheelchair paying deposit and balance on my CC, paid both off immediately but main reason was concern that the maker could go bust before delivering it. Companies house beta website is really useful for checking a company before paying a big deposit! I paid for a head control system which didn't work too well and ended up with a chin control system which was substantially cheaper, didn't get a refund for the difference and before I did they went bust, had to sort a few other things at my own expense and my brother in law who worked for worldpay suggested doing a claim back. It was surprisingly easy to do and I got everything back, it might even have been possible to get the full value of the chair rather than just the bits I had lost out on. In certain circumstances it is definitely beneficial to use a card.

[Irving]

I agree, even if I negotiated a discount for cash I always put a small (>£30) deposit on a card (if they take Cc) , it's silly not to. If the vendor baulks at it I just don't do business with them. I even let them have their '3% for card transactions' even though it's no longer legal, though one company tried to put 3% of the full amount on the card. They insisted it was a genuine mistake! I went elsewhere...

I've found getting a moderate discount isn't hard. You just need to ask. If I'm spending a big amount I prefer to deal with a senior member of staff. Most store managers have discretionary discounts, though cash isn't king in most shops unless they are smaller independents. My local electricial wholesaler was good for that until he could no longer compete with the Net. Depends on the product to some extent.

[Burgerman]

I am looking at a shiny PPI cheque that arrived today. For enough to buy a new small car or a brand new top of range powerchair.

It took em a while. But you cant really complain! It will pay for a few essensials, and my current account overdraft after the repairs to my house after getting flooded by a leak 2 years ago. Funny how things turn out.

[sacharlie]

Pixels per inch!
What's this England thing?

[Burgerman]

?

[Burgerman]

Payment Protection Insurance. Was missold or added without permission to most loans or mortgages or overdrafts and credit cards for 40 years ish... The UK court ruled that the bank must pay it back, with 8 percent compound interest. The banks were not very happy. So about half the country got anything from a couple of grand to 150k back.

[Scooterman]

Payment Protection Insurance. Was missold or added without permission to most loans or mortgages or overdrafts and credit cards for 40 years ish... The UK court ruled that the bank must pay it back, with 8 percent compound interest. The banks were not very happy. So about half the country got anything from a couple of grand to 150k back.

Have you to tried to work out if the cheque matches the total monthly payments that were added to your policy/contract for the miss-sold PPI + the compounded interest?

Did the company you went through take much of a cut?

[Burgerman]

Yes, I did. This is the 2nd cheque... And what company? I just filled in a quick online form, and ticked every bank, credit card company, loan company in existence. Took all of 3 minutes or so. One form. On the 'which' website. No middleman. No cut. No percentage. Bank paid me directly.

All those PPI claim companies are is are just scammers. They fill in exactly the same form I did, theres many on the net that do multiple bank submissions for free. There was one on the moneysupermarket website too for e.g.. And click go and forget about it. The BANKS are the ones doing the search. And the ones paying up. And these PPI companies will take 20 to 50% from the payout if you are stupid enough to use them. Huge money for doing literally nothing. Again, if you dont know anything, and cant think, you get used and abused. Knowledge is power. The PPI claims companies do not add any value, and are actually harder to deal with than just doing it yourself.

I literally filled in name, DOB, and any previous adresses. And ticked all the banks and other lenders on a long list. And pressed go. The web form sent a request to all the banks on my behalf. Thats it. Took under 5 mins. And I am still getting results back from banks and loan companies I never heard of!

[Irving]

Payment Protection Insurance. Was missold or added without permission to most loans or mortgages or overdrafts and credit cards for 40 years ish... The UK court ruled that the bank must pay it back, with 8 percent compound interest. The banks were not very happy. So about half the country got anything from a couple of grand to 150k back.

Have you to tried to work out if the cheque matches the total monthly payments that were added to your policy/contract for the miss-sold PPI + the compounded interest?

Did the company you went through take much of a cut?

On my PPI payout (well over 5 figures ) I got a detailed breakdown of how the money was arrived at...

BTW BM a word of warning.... check if any of your interest payment is taxable - the p.a. interest allowance is higher now (£3k? pa) but i got hmrc on my back because i didn't declare it on my 2013/14 tax return, so had to pay tax on the interest - managed to avoid a fine though by arguing that there was nothing on the documentation from banks/building soc or the ppi website stating that tax was payable on the interest.

And I did it all myself too, no dodgy leeches...

[Burgerman]

Yes theres tax REFUND claimable too. As they already taxed it incorrectly. I also got a detailed breakdown.

[wheelie junkie]

I gave it a go, ticked a load of banks and zero, should of expected that as I have only used 2 banks since starting work and other than a mortgage don't borrow money and never have an unpaid credit card balance.Loans were usually interest free if paid within a year for items I couldn't get a deal on and I tickled the declined protection box. Too late now but I wish I'd known which banks paid out.

[Burgerman]

In my case they were long term overdrafts to buy business equipment or development money when initially designing and building automotive dynamometers and whatever. And they asked me if I wanted protection I said no. Most definitely not! The self employed dont lose their jobs...
And once this small amount is added WITHOUT PERMISSION and against my will, and added to the amount of interest you pay monthly on a varying overdraft amount its impossible to detect as compound interest isnt east to work out. So they basically didnt so much miss sell it, but plain lied and added it to my account without me knowing. They did the same to literally millions of people. May have only been an additional 5 or 10 a month. So you dont see it when added to a variable 3 figure sum that you are expecting to pay.