PPI Reclaiming Discussion Part 5
Comments
-
Not for interest and charges.do we have a case ?
I'm also not sure you have a case if some of it is PPI. If you had to take a managed loan, that means you obviously weren't in a credit-worthy position which would seem to suggest that you had need of insurance.
You cannot complain simply because the loan was expensive...0 -
Moneyineptitude wrote: »Not for interest and charges.
I'm also not sure you have a case if some of it is PPI. If you had to take a managed loan, that means you obviously weren't in a credit-worthy position which would seem to suggest that you had need of insurance.
You cannot complain simply because the loan was expensive...
Yes i do understand that, but as far as we remember at no time were we told that £50 would not come off of our loan and that it was for interest or insurance so just testing the water on here, incase anyone else had claimed successfully.
I will try and find paperwork
cheers0 -
Your memory is not enough to give you cause for complaint.as far as we remember at no time were we told that £50 would not come off of our loan and that it was for interest or insurance
You'd need documentary evidence of any such accusation.
Scrutiny of any records which survive will show that you were fully aware of whatever charges and interest you were paying from the outset. Not reading the agreement (or forgetting about the terms) is not a cause for complaint I'm afraid.
Do you really think the Bank would have granted you a Managed Loan without explaining that you were going to pay a whole lot more than for an ordinary loan? These loans were (and are) expensive because such borrowing is risky for the lender.
You might be able complain about PPI, if there was any, but you'll have to do some thorough research first.0 -
Had a PPI claim against M&S via Resolver which went to the Ombudsman, who rang me today to say my claim had been rejected; this is because, while the form I filled in said taking out PPI was "strongly recommended", this did not constitute advice to take it out (!), so I could have not done so with no harm to my credit rating etc. My contention was that I, like many others in 1993, did not KNOW there were any problems with PPI; and if someone official strongly recommended something, you tended to jolly well follow their recommendation!!
Whew - that's the steam blown off - but seriously: I was really surprised that the Ombudsman didn't uphold my case, when I have heard of seemingly similar cases which WERE upheld. Does this have anything to do with it being against the untouchable M&S?0 -
Written comments on a form or website are not deemed advice,I'm afraid.garfield23 wrote: »while the form I filled in said taking out PPI was "strongly recommended", this did not constitute advice to take it out (!),
There is nothing wrong with PPI (other than it was very expensive given the benefits). What was wrong was the way in which it was sold in many cases. If you simply filled in a form selecting PPI then that means you mis-bought rather than were (mis)sold the insurance.garfield23 wrote: »My contention was that I, like many others in 1993, did not KNOW there were any problems with PPI
Hundreds of thousands of successful complaints against this lender make a nonsense of such accusations.garfield23 wrote: »Does this have anything to do with it being against the untouchable M&S?0 -
Thank you for your comments; I accept that in law you are correct.
I still, though, feel that these distinctions, while legal, are quite unfair! I really can't remember (as it was taken out in 1993) whether I was just given the form without comment, or was "sold" on the idea by an adviser; but the idea that putting "strongly recommended" on the form didn't constitute advice in and of itself seems to me to be splitting hairs, and violating, if not the letter of the law, at least its spirit!0 -
Moneyineptitude wrote: »Y
You might be able complain about PPI, if there was any, but you'll have to do some thorough research first.
I will have a search in the loft, it was only a thought0 -
The only thing reason I argued, was because the broker being an issue was never mentioned before 2 months ago, before this point they had given other reasons for not paying, and as I did not know I had gone through a broker, and knew I had not received the communication giving me a deadline for appeal, I pursued it. Thank you for the info though.0
-
Ok thank you0
-
Sorting through some old paper work and was aghast to find I'd paid for PPI on 2 mortgages
one in the mid 90's and the other mid 00's, got in touch with Lloyds and they said they were both taken out with my consent which I stated that in no way would I have agreed to taking them out, and refused any recompense, so from there I went to the Ombudsman for them to try for me, told the Ombudsman all the details and left it with them.
A few weeks later got a letter from the Ombudsman saying they were siding with Lloyds and no refund for me, upon which I refused the outcome and insisted on another look at my case, it went to another person at the Ombudsman office and again they have come out in favor of Lloyds. My personal situation at the time of said policies was self employed, and never in my life have I taken any sort of insurance like this out or ever would, I don't even bother with extended warranties on anything. A bit of a dilemma of what I can do now, or is it that I have no recourse and no refund?:mad:0
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
Categories
- All Categories
- 343K Banking & Borrowing
- 250K Reduce Debt & Boost Income
- 449.6K Spending & Discounts
- 235.1K Work, Benefits & Business
- 607.8K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards