PPI Reclaiming discussion

Absolutely.
You will have a good opportunity of getting your money back. As for them saying they will not discuss the issue again. I bet they will.

hi,

i've sent my claim of to the FOS, but after reading alot of posts on this thread i'm worried i've missed out some info in the claim form.

for example; it's a single premium ppi added on top of my loan but i can't find anywere in the terms whether it covers me for the life of the loan??

policy also only pays upto a max of 12 months if i was to claim ( is that standard ) ?? - i thought it would cover me as long as i was unable to work?

should i call/ write to them with this info, i've supplied the doc's i think are relevant (i.e) breakdown of overall cost & the "Wonderful Understanding Your Needs" form which is my ace card hopefully!!!!!!

any suggestions, thanks

sorry its a bit long; however, this is the 2nd letter i intend on sending to ltsb after receiving their first fob off letter. please advise on if you think it needs any amendments; ( ps loans were taken out in nov 98 and nov 99 )
I am writing in response to your letter dated 5th December 07, with regards the insurance sold with my loan.Yourreference is *********.

I do not feel your letter has offered a satisfactory justification that my policy was sold fairly, reasonably and within my best interests so I request that you look into my complaint again. If I do not receive a more favorable response within 14 days I shall be taking my complaint to the Financial Ombudsman.

To outline the situation further for you, in order for you to make a fair and informed decision, I will give you a brief overview of the main points.

On application of loan **********, I was told by the salesman that as I was of a young age, borrowing a considerable amount of money, I was deemed as “high risk”. Lloyds would only provide the loan to me if I had PPI in place for the full term of the loan, “in order to cover themselves”. As I believed I had no choice in this matter, I reluctantly accepted. I did not challenge this within the 30 day cooling off period as I believed that one of your members would not blatently lie to me over the T’c and C’s of my acceptability for the loan. Due to my circumstance at the time, had the PPI been a choice, I would most certainly have not accepted. No-one in their right mind would pay £2430.38 plus interest for a policy that there would a one in a million chance that was needed ( not that my medical suitable was ever checked in the event that the one in a million happened ). I am claiming back the full PPI amount now, as I have only just realized that this was actually not the case, and the Lloyds advisor, deliberately gave me incorrect information in order to sell me a product that was not required or wanted.

12 months later I refinanced the loan, account number **********, in which a further £2530.44 PPI was added to the beginning of the loan. I did not question the PPI as I still believed the T’s and C’s set out to me verbally by your advisor/salesman that it had to be in place for the full term of the loan. It was not clarified by the sales person that the PPI was still required, thus asking the question; how did the sales person know that the PPI was beneficial to me? Again, this must have been seen as an easy sale.

After speaking with you colleague today, I have been advised that the first PPI would have been partially refunded, however, she can not find any evidence of this to confirm, when it was refunded, the amount that was refunded, or indeed, even if it was refunded. The advisor referred me to my branch, who are unable to see anything prior to 2003 and refer me back to you. Should you be able to confirm a partial refend, I would still like to claim the remaining money that you in effect, stole from me.

In response to the points in your letter, yes I was aware of the T’s and C’s of the policy, which is why I knew it was of negligible benefit to me. However, the T’c and C’s were run through with me by the advisor, somewhat briefly, and I do not believe I was in receipt of the booklet. However, this part is unclear in my memory. Also, how can I cancel the policy within 30 days, when it has been made perfectly clear to me that the policy needed to be running for the full term of the loan?? Again, this is not an acceptable or fair reason on your part to confirm that the policy was sold fairly or reasonably.

I am extremely aggrieved that this situation has arised. I have run into financial difficulties over the years due to credit, for this I take responsibility for. However, I am not prepared to take responsibility for £4960.82 plus interest over 60 months, on moneys loaned to me, by yourselves, for a product that I did not want or require, however, was told was mandatory.

With regards to : The Financial Ombudsman Service guidelines state under section 2.3 Time Limits for referral of complaints to the Financial Ombudsman Service, DISP 2.3.1 (1) (c):
I understand this fully, however, believe as one of the leading banks in the UK, your duty of care to your customers should have no timescale. May I be bold enough to suggest that you resolve this issue as a matter of courtesy, regardless of the timescale stated. As this PPI was added unjustly, with no choice and negligible benefit, TWICE!!!!!!!

I would prefer to resolve both matters without involvement of official bodies if possible, however, I do not intend to take this lying down.
Please feel free to call me on this matter on .
Yours faithfully,:mad: :mad: :mad:

Hi All,

First time here so please be gentle ,

Right, after seeing the TV program and reading the various threads I thought I would contact Nationwide about the loan PPI cover that I have had with them since March 2003.

When i first applied for the loan i did so online, and I dont remember ticking for PPI. I was contacted by one of there call staff to run through the applliction etc. He talked about PPI, and I told him that I did not think it was needed as i got full pay from work if I was off sick, but his recommendation was that I took it out. when the forms came it had PPI included, so I sent the forms back unsigned, only to recieve them back asking for me to sign them or the appllication may not go through, so I did.

I have since "topped up" my loan 3 more times since then, twice I was told that as it was a top up loan the PPI would have to stay.

The last time I had quite a heated discussion on the phone with one of there call staff, basically explaining excatly the same thing as before, full pay off sick etc.. and that i could get life insurance & income protection for around £15.00 a month, they are charging me £51.81 on a £17,000 loan. But all she kept saying was that ours offer a lot more than that.

I have had a reply back from Natiowide basically saying that its tough because I had asked for it when I applied online and that I signed the paper work for Optional PPI, although it didn`t seem optional at the time.

I think that maybe the person who had contacted me had changed my application to show that I had ticked for PPI.

The first 3 loan agreements show the optional PPI cover but they do not have a seperate box to tick or sign for it. The last one does.

Also they say that I can cancel the PPI and I can have a refund on the unused part, aprox.£2,400 buy my calculations, but still pay the same £304.27.

The question is, should I take it further or take what`s on offer??

Sorry for the long post, I tried to keep as much info in as possible, but also try and keep it as short as possible.

Thanks for any help.
Chris.

petermb wrote: »

I am always willing to help and advise. I spend enough time on here.
Yes I do this stuff for a living but I dont charge clients any fees, win or lose.

But only via pm though :rolleyes: . You don't seem to be posting anything of real use to people in the open domain, only "yes, you should get the money" or "I know of reasons why you should get all your money back after 10 years pm me".

Why not share with the rest of us? It just seems like you're touting for business.