PPI Reclaiming discussion

asag · 1 April 2008 at 8:58PM

Hi

Haven't posted anything on the site for a while.

After sending a copy of Martin's letter to the bank asking for a copy of the loan agreement and following it up with another letter.

We wrote to the FO and they returned the forms informing us that they had contacted the bank. Bank sent a letter saying we would hear from them within 4 weeks. Got a letter from the bank saying that the information they were looking for was taking longer to locate and we would hear from them in any event by 28th February 08. (Which was the 8 weeks up for them to respond) Well that day came and went so we resent our complaint to the FO. A few days later we got a letter from The Royal Bank of Scotland saying that although they realised that the 8 weeks was up they still didn't have the information and we would hear from them within 28 days. They also gave us information on how to complain to the FO. They replied asking for the banks final response. If only!!! We have asked the bank for a copy of the original loan agreement. It is maddening that this request was first made in August/September and they still haven't replied satisfactorily or managed to deal with the request. :mad: A whole 7 months to deal with a request. We are finding it really frustrating.

Has anyone else had problems? Any tips with dealing with the Royal Bank of Scotland?

Thanks

petermb_2 · 1 April 2008 at 9:00PM

asag, is this loan still current? are you still paying it?

M1Vix · 1 April 2008 at 9:26PM

Hi all,

WOW......theres soooo many pages in here!!

Has anyone had any luck or in the process with PICTURE?? We took out a loan with them last year and the insurance was a whopping £9,231 !! The thing is, due to circumstances out with our control we asked for a top up which they were only to happy to do.

The only way the said they could do it, was to pay off the LAST LOAN, with this new one.....this was only after the 1st one had ran for 7 months.........but we didnt get ANYTHING BACK !!!!

ANY help with this would be really appreciated...........PLZZZZZZZ, many thx!!

cuddles xx

Hi Cuddles

We're in the middle of a claim with picture, we're after an equally whopping £8500. we have sent both template letters to picture and were fobbed off, our claim is now with the FOS. interestingly though within 2 weeks of our letter going to the FOS (of which we sent Picture a copy) Picture offered us just under £2000 (think we may have got them worried ). We have rejected this and sent copies of Picture's offer plus our rejection letter to the FOS. We know it may take months but its worth the wait when we've been so massively ripped off!! we'll keep the forum posted as we've not yet found anyone who's been succesful with Picture and with the excesive cost of thier PPI :eek: and thier shockingly slack systems and staff more people need to be challenging them. Go for it and good luck!!

Vix xx:j

M1Vix · 1 April 2008 at 9:47PM

HappyMummy wrote: »

Hello.

I've just been on the phone to Picture about the insurance that we're paying on our loan. It's a single premium insurance which cost £8,857.25 on top of the loan amount which was £35,500. We knew that it was for 5 years but hadn't realised that the total was being spread over the entire 15 year term. This took the total loan amount in July 2006 to £43,041.82. Part of the reason we took the insurance out was because if we hadn't made a claim in 5 years we would get 50% of the money paid in returned to us. It now seems that this is only the case if you miss or are late with no more than 2 payments in the course of the loan term. With one thing and another, mainly the birth of our first child and my maternity leave, we have been late with 9 payments - although there are no arrears on the account at the moment. We have never received a policy booklet which Picture say is not their fault (the loan was arranged for us through Capital One) despite the fact that we have telephoned on several occasions to ask for one. I rang today to cancel the insurance and they have told us that they will refund £927.83, reduce our monthly repayments by around £10 and bring the total final balance of the loan down to £42,113.99. We told the guy on the phone that this really didn't seem fair - we want to cancel the insurance but we are still paying for it. Is there anything that we can do?

Thank you

Happy
xxx

Hi Happymummy

Thought you might be interested to know we're in the middle of a £8500 claim with Picture which is currently with the FOS (we've just turned down a £2000 offer) strangely enough one of our issues was the fact that we never recieved any policy documents which they also told us was our fault, we have pointed out that we are not going to have any questions about a missing document that we don't know exists! don't we recieve paperwork in good faith? go for the claim and good luck!

Vix x:rotfl:

KRB16 · 2 April 2008 at 9:33AM

Quick question which I hope somebody may be able to shed some light on.

Just about to try (once again) and cancel my PPI which accompanies my BoS personal loan. I took the loan out in 2002 over 10 (yes 10!) years and stupidly took PPI. Tried to cancel it unsuccessfully in 2003 (would have meant taking out a new loan for £20,000!!) trying again at the moment. Just been reading through the BoS terms and came across the following with regard to insurance cancellation:

If you wish to cancel your cover, we will pay any
refund of premium to you unless you are in
arrears on your account when we will credit any
refund to your account. There will be no refund
of premium where a successful claim has been
made on the policy. If you cancel your cover, we
recommend that you ask your lender if you can
take out a new loan without insurance to repay
your account. If you do not do this, you will still
have to keep up payments to your account and
these include the insurance premium loan.

Is it just me or does this strike anybody else as grossly unfair?! You can cancel the PPI but you still have to pay for it unless you take out another loan...or am I missing something?

If anybody can shed any light on the above I'd be most grateful.

unhingedwalnut · 2 April 2008 at 9:46AM

About 6 months ago i sent off to Barclays to refund my PPI on a loan using Martins templates. Throughout they were unco-operative and denied mis-selling the PPI until i eventually went through the Financial Ombudsman which resulted in Barclays agreeing to settle the matter by refunding all the PPI over the last 4 years as well as standard interest.
However this was 2 months ago and Barclays have still failed to contact me or refund the money and i have spoken to the Financial Ombudsman a couple of time since and who have themselves made contact with Barclays with no result.
What can i do to progress this matter even after they have agreed to settle the matter as they are still taking the PPI? :mad: :mad:

ANY_CHANCE · 2 April 2008 at 10:48AM

Hi folks,

Just thought i would let you know how i was getting on with reclaiming incase there are others in the same boat

Sent a letter end of feb I had a letter yesterday, april, from HBOS saying they were going to return all premiums paid (I have calculated 2,600) plus interest:j :T

see below

You telephoned and stated that you never requested the cover on your card.
I have carried out an investigation into your concerns and would like to confirm my findings.
Your policy was taken out on 8th April 2002. At this time the General Insurance Standards Council (GISC) Private Customer Code applied. The principles of which, amongst others, required us to act fairly and reasonably, and give you enough information and help so you can make an informed decision, before you make a final commitment to buy your insurance policy. Although this was a voluntary code, we subscribed to this, providing you with Policy Booklets and Schedules explaining your policy.
My review indicates that due to the regulatory environment at the time of the sale that the adviser would have discussed the addition of the Repayment Cover with you when the sale was being made through our branch. There is no indication that this was not the case, giving you the option of making an informed decision on whether to take the insurance or not.
However from the documentation available, we are unable to establish if you did or did not want to purchase this policy at the time.
Having reviewed your account carefully I am satisfied that your policy was inappropriate for you because we cannot state categorically that you completed the relevant section on the credit card agreement indicating that you wanted the cover.
As such i am offering a full refund of all premiums paid, plus interest, since the start of your policy. This will be credited to your account within 14 days

:T :T :T
I dont know why they said we phoned them i sent a letter :rolleyes:

Big thanks to MSE and everyone who have helped motivate me to get those letters sent out
:kisses3: Thanks

Still have
First Plus/ Norton Finance
Barclaycard
Halifax Loan
HFC

noodledoodle47 · 2 April 2008 at 11:08AM

I sent my first letter off to HSBC and received a letter stating that they are sorry that I have found it necessary to complain. They also state that a customer services officer willl investigate my complaint..and that their service standards require that, wherever possible, a full response will be provided within four weeks...but in the event that this extends to eight weeks, then I shall be provided with additional guidance...

Wondered if anyone had any thoughts on this, or any guidance and am I going in the right direction.

louietudor · 2 April 2008 at 12:39PM

Quote:
Originally Posted by Shaung159

Hi new to forum so please bear with me!

I have written to three credit cards that I opened 1999-2003: MBNA, Lloyds TSB and Morgan Stanley (now Goldfish). i went through a very nasty divorce a few years ago and used the cards very heavily and in consequence paid considerable interest and PPI. At the time I wasnt even aware i was paying PPI, although in hindsight it is on the statements! Having kept the statements the total amount spent on PPI over the cards is about £2000.

Having read Martin's site I wrote to all three companies claiming general misselling, as I wasn't even aware (until I read the site) that I was even paying PPI. I also had very generous employer benefits at the time and wouldnt have needed PPI.

All three took months to reply but have all now replied denying any misselling and enclosing copies of the original agreements. In all three cases there is a box asking for PPI that they claim I ticked. I can't deny or confirm whether I did or didn't tick this box.

My question is given these copies of the original agreements is it worth proceeding any further with these claims or have I fallen at the first hurdle.

many thanks

I have the same problem, I don't know if I ticked these boxes or not, I know that the cover was not explained fully and no attempt was made by the company involved to ascertain if this cover was neccessary but they have a copy of an agreement where the PPI box has been ticked, I don't see how I can take this any further. Any ideas, anyone?

end quote:

i also have this problem ( although one account was where the tick was already included) so can i bump this for advice please

mark863 · 2 April 2008 at 12:41PM

Can anyone tell me what to do if the company you purchased ppi from has
since been bought out?
I have ppi running on car finance from jan 04 and although the company still use original name,they are registered elsewhere with different vat number etc.
Should I send letter to them anyway or should I try finance co, ie black horse?

ppi cost £1111.68+ £277.92 credit charge.

calculated at £1500 if I can claim back.

Any advice appreciated.

PPI Reclaiming discussion

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