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PPI Query
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# 1
kjc82
Old 27-05-2011, 9:25 PM
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Join Date: Mar 2011
Posts: 14
Default PPI Query

Hi Everyone
After watching Watchdog this week I decided to check my past credit card bills etc for PPI. I found that when I first had my card there was PPI and also when I took out a loan PPI was included. I then cancelled both of these when they had been running for quite a while.

My question is could I still try and reclaim the premiums that I paid?
Also do I have to contact the bank for copies of the agreements etc?

Your help is appreciated x
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# 2
di3004
Old 27-05-2011, 11:34 PM
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Join Date: Jun 2007
Location: South Wales (Gwent)
Posts: 42,529
Default

Quote:
Originally Posted by kjc82 View Post
Hi Everyone
After watching Watchdog this week I decided to check my past credit card bills etc for PPI. I found that when I first had my card there was PPI and also when I took out a loan PPI was included. I then cancelled both of these when they had been running for quite a while.

My question is could I still try and reclaim the premiums that I paid?
Also do I have to contact the bank for copies of the agreements etc?

Your help is appreciated x


Hi there

If mis sold then yes you can give it a go, just follow the details below, link to reclaim questionnaire - step 3, complete, keep copies and send one to the head office or complaints dept of whoever set up your account, and allow 8 weeks for a decision.

As long as you have the account number, and know you were paying for ppi, and mis sold the product you can continue to make the reclaim.

If the account is now closed/settled, they may not longer hold the copy of the agreement, but then you can give it a try and see what happens, just write a simple letter, enclose £1 cheque or postal order, and request they send it by 12 days.

If you do want to request for info on your accounts, the other way to this is to request a SAR, letter template below, but there is a charge of £10 cheque or postal order for this request, where they have 40 calendar days to comply.

http://forums.moneysavingexpert.com/....php?t=1475553
Hope this helps.

http://www.moneysavingexpert.com/rec...nsurance#step3
The one and only "Dizzy Di"
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# 3
The Loan Ranger
Old 28-05-2011, 11:47 AM
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Join Date: Apr 2011
Location: Dunstable, Bedfordshire.
Posts: 224
Default

Quote:
Originally Posted by di3004 View Post
Hi there

If mis sold then yes you can give it a go, just follow the details below, link to reclaim questionnaire - step 3, complete, keep copies and send one to the head office or complaints dept of whoever set up your account, and allow 8 weeks for a decision.

As long as you have the account number, and know you were paying for ppi, and mis sold the product you can continue to make the reclaim.

If the account is now closed/settled, they may not longer hold the copy of the agreement, but then you can give it a try and see what happens, just write a simple letter, enclose £1 cheque or postal order, and request they send it by 12 days.

If you do want to request for info on your accounts, the other way to this is to request a SAR, letter template below, but there is a charge of £10 cheque or postal order for this request, where they have 40 calendar days to comply.

http://forums.moneysavingexpert.com/....php?t=1475553
Hope this helps.

http://www.moneysavingexpert.com/rec...nsurance#step3

Remeber, just because you HAD a PPI doesn't necessarily mean it was 'mis-sold'; Mr Lewis did not make this clear when he appeared on the box the other night; if you have applied a second signature requesting a PPI, thus declaring you have read and understood... and WANT the PPI- you will have to prove any allegation that you were duped into buying it. If the second signature applies and the loan has been settled for over six years no records will be held by the finance provider and all you'll have is a copy of the actual agreement- it'll be very difficult to prove or disprove that you did or didn't make good use of the policy without involving the actual Insurance company; and you'll no doubt rememeber whether you applied regarding the PPI........
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# 4
src007
Old 28-05-2011, 5:30 PM
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Join Date: Mar 2011
Location: Bristol
Posts: 419
Default

Quote:
Originally Posted by kjc82 View Post
I found that when I first had my card there was PPI and also when I took out a loan PPI was included. I then cancelled both of these when they had been running for quite a while.
Your chances of success really depends on the type of insurance you were sold. Some loan and credit card PPI was pretty much just a scam. Other lenders provided very good cover (and were looking to make sure you didn't fall into trouble).

Have a look at the 'general insurance' complaints in the link below. Have a look to see what percentage your lenders are losing.

http://www.ombudsman-complaints-data.org.uk/

This will give you an idea about whether or not to complain!
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# 5
Mwnciflewog
Old 31-05-2011, 10:34 AM
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Join Date: May 2011
Posts: 3
Default Similar situation

Hi, not meaning to hijack (please tell me if I am) but I am in a similar situation to the OP and not sure where to post.

I took out a Graduate Loan with Lloyds TSB for £8,000 in 2007 and was told it would be approved if I took the approx. £2000 PPI. I cancelled the PPI in 2009 but was told it had to be done by refinancing the loan, I have sent a SAR to Lloyds today but on looking back it doesn't seem that the PPI amount was ever taken off.

What is the next logical step? Can I reclaim if I cancelled, and how do Lloyds work out the refinancing as it seems very complicated.

Thank you.
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# 6
di3004
Old 31-05-2011, 6:54 PM
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Join Date: Jun 2007
Location: South Wales (Gwent)
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Default

Quote:
Originally Posted by Mwnciflewog View Post
Hi, not meaning to hijack (please tell me if I am) but I am in a similar situation to the OP and not sure where to post.

I took out a Graduate Loan with Lloyds TSB for £8,000 in 2007 and was told it would be approved if I took the approx. £2000 PPI. I cancelled the PPI in 2009 but was told it had to be done by refinancing the loan, I have sent a SAR to Lloyds today but on looking back it doesn't seem that the PPI amount was ever taken off.

What is the next logical step? Can I reclaim if I cancelled, and how do Lloyds work out the refinancing as it seems very complicated.

Thank you.

Hi there

Normally if you cancel within the cooling period then they could have adjusted the payments and cancel the ppi, but if done afterwards, they suggest refinancing the loan but without the ppi, however its possible then they included the balance of the ppi within the loan to the new loan.

So basically if you think you were mis sold the product, try to reclaim back on this, reclaim on the first one and the 2nd loan ppi and see what they come back with.
What you could do is complete the reclaim questionnaire (directly on Lloyds website), its the same one as on here, enclose 2 loan account numbers and complain of them both, they will come back with yes or no if ppi was not included etc. But you can still reclaim what you have paid of the PPI and interest.

http://www.lloydstsb.com/payment_pro...complaints.asp

Hope this makes sense, but follow the reclaiming procedures as it shows on the link above, good luck.
The one and only "Dizzy Di"
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# 7
Mwnciflewog
Old 01-06-2011, 2:44 PM
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Join Date: May 2011
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Default Thank you

Hi, thanks for the post, very helpful! Will await the details in the SAR from Lloyds and will follow your advice.
Many thanks
Mat
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# 8
marshallka
Old 01-06-2011, 2:57 PM
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Join Date: Oct 2006
Posts: 14,494
Default

Quote:
Originally Posted by Mwnciflewog View Post
Hi, thanks for the post, very helpful! Will await the details in the SAR from Lloyds and will follow your advice.
Many thanks
Mat
When you cancel the PPI there is only a rebate against the PPI amount and not the interest charged on it so your new agreement will often include a part of that interest that they charge you regardless. You had a loan for the PPI to be paid up front when a single premium PPI and that loan for the PPI is added to your original loan and carries interest just like your original loan would. Often the PPI only covers a certain number of years too on your loan regardless of the length of it.
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