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  • FIRST POST
    Former MSE Rose
    PPI Reclaiming Discussion Part 5
    • #1
    • 28th Feb 12, 4:40 PM
    PPI Reclaiming Discussion Part 5 28th Feb 12 at 4:40 PM



    Hi all, this thread is for discussing the
    PPI Reclaiming
    article.

    This is Part 5 of the discussion, as the last one was so long (read parts one, two, three and four). To discuss or ask a question about this article, click 'post reply'.

    To read about non FOS claims read this thread.
    Report and read success stories in this thread
    .

    Please remember:

    We're often quite laid back about discussion threads as this is a community after all.

    I'm afraid in the case of the PPI Reclaiming thread we're really going to have to ask you to keep the discussion on topic though, so that people can find the relevant information quickly and easily.

    If you do start making like-minded friends on here and would like to carry on chatting about what you did at the weekend/what you ate for dinner etc, that's fine, but the best way to do that is to go to our local pub the MoneySavers Arms where anything and everything is chatted about, start a thread there, then pop a link in here and suggest you all head over to there to chat.

    Thanks,

    MSE Rose
Page 494
    • zx81
    • By zx81 4th Sep 17, 7:38 PM
    • 13,216 Posts
    • 13,525 Thanks
    zx81
    You complain to whoever sold you the PPI.
    • Esingleton
    • By Esingleton 4th Sep 17, 7:41 PM
    • 2 Posts
    • 0 Thanks
    Esingleton
    How do I know where to find them - as far as I'm aware no longer trading - would I have to claim through car garage?
    • zx81
    • By zx81 4th Sep 17, 7:43 PM
    • 13,216 Posts
    • 13,525 Thanks
    zx81
    If the garage sold it to you, yes, you would complain to them.
    • DaveMoneySaver
    • By DaveMoneySaver 4th Sep 17, 7:48 PM
    • 2 Posts
    • 0 Thanks
    DaveMoneySaver
    Hi,
    First post, just looking for some advice.

    Recently put in a claim for my auntie on a overdraft PPI and it was successful but the account was a joint account, should I put in another complaint for my uncle or would the payout cover them both?
    • dunstonh
    • By dunstonh 4th Sep 17, 9:17 PM
    • 89,530 Posts
    • 54,981 Thanks
    dunstonh
    I'm almost positive I had, I took it out on a car loan to which I had a guarantor so I didn't require it
    Why do you think you dont need it? Being guarantor actually increases the reasons to have it.

    and didn't understand the loan was taken out with busseys
    you used a car dealer. You signed a credit agreement. Got a welcome letter confirming terms and periodic statements etc. How did you not know?

    I don't know who to contact in order to claim the money back
    You make your complaint to the car dealer. However, if this pre-dates regulation (Jan 2005) then the dealer does not have to consider the complaint.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Jevo
    • By Jevo 4th Sep 17, 9:39 PM
    • 1 Posts
    • 0 Thanks
    Jevo
    Front loaded ppi?
    My bank rejected my ppi claim as they have no record of loan amount or Pi being added even though I knew it was front loaded. When they sent sars info details showed an opening balance of £5,512.00 on a 5000 pound loan. It then shows 70 payments of £113.07 and states rate of 8.5 %pa. Does this seem right? I have no paperwork of my own?
    • zx81
    • By zx81 4th Sep 17, 9:45 PM
    • 13,216 Posts
    • 13,525 Thanks
    zx81

    I have no paperwork of my own?
    Originally posted by Jevo
    Only you can answer that question...
    • amersall
    • By amersall 5th Sep 17, 8:16 AM
    • 16,675 Posts
    • 18,720 Thanks
    amersall
    Hi,
    First post, just looking for some advice.

    Recently put in a claim for my auntie on a overdraft PPI and it was successful but the account was a joint account, should I put in another complaint for my uncle or would the payout cover them both?
    Originally posted by DaveMoneySaver
    you do not need to put another mis sell claim in as the bank looks at the claim as a whole.
    Last edited by amersall; 05-09-2017 at 8:19 AM.

    • Dianebam
    • By Dianebam 5th Sep 17, 8:49 AM
    • 2 Posts
    • 0 Thanks
    Dianebam
    Hi all hope I'm doing this right I was just wondering if anyone was on here to give a little advice. To cut a long story short my partner claimed ppi a few years ago through a company they took a large chunk of that money. Then 12 months ago another company got in touch saying they could claim for him as more than likely the bank didn't pay out what they should so he tried bank didn't pay out they said what they paid first time was right. However last week he got a letter from the bank saying they have looked at his file again and they didn't pay him right. Then on Friday the company who he first went with rang saying they want paying over £1000 from this money also they sent a letter on Saturday how can they claim this money as I'm assuming they sorted last one out for him a few years they got paid claim shut so how can they just come back now he's getting more money from bank
    • dunstonh
    • By dunstonh 5th Sep 17, 9:41 AM
    • 89,530 Posts
    • 54,981 Thanks
    dunstonh
    Then 12 months ago another company got in touch saying they could claim for him as more than likely the bank didn't pay out what they should so he tried bank didn't pay out they said what they paid first time was right
    This is a crafty tactic by the claims company as a number of banks have told to go back over old complaints and review them. This is happening automatically and do not require you to do anything. However, if you raise a second complaint, the bank brings your review of the old complaint forward. However, the new CMC can then take a chunk of the money for something that was going to happen naturally anyway.

    Then on Friday the company who he first went with rang saying they want paying over £1000 from this money also they sent a letter on Saturday how can they claim this money as I'm assuming they sorted last one out for him a few years they got paid claim shut so how can they just come back now he's getting more money from bank
    They cant. They are unlawfully requesting the money.

    https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/342291/Claims-management-regulation-business-bulletin-Aug-2014.pdf

    See page 2 first section. Here are two key bits:

    All CMCs have a statutory obligation to provide their
    services with reasonable care and skill. If a CMC
    fails to identify during the claims process that an
    offer made to their client is incorrect or otherwise
    inappropriate – and to advise the client of this –
    then it is likely that the CMC will have failed to
    comply with this obligation and therefore be in
    breach of contract.

    If a CMC seeks further fees from clients where the
    contract has concluded, this may be in breach of
    General Rule 1 which requires you to conduct your
    business with honesty and integrity. It may also be
    considered an act of fraud by false representation
    (Section 2, Fraud Act 2006).

    --

    So, you can tell that first CMC to go take a hike. You should also tell your partner to be less gullible on cold calls. He now has generated a bill to the second CMC for something that was going to happen free of charge if he had been prepared to wait. They took advantage of him and that is typical with cold calls.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Dianebam
    • By Dianebam 5th Sep 17, 12:50 PM
    • 2 Posts
    • 0 Thanks
    Dianebam
    Thanx for your help my partner as just told me when the second ones called they sent paper work for him to check and sign however he just tore it up he said he couldn't be bothered that why second one haven't been I touch. I knew the first ones (money savers) I think there called couldn't take no more well there ringing him back Friday and where off into the citizens advice after work today
    • thecolonel62
    • By thecolonel62 5th Sep 17, 5:53 PM
    • 5 Posts
    • 0 Thanks
    thecolonel62
    Hi what if the loan was to a company/partnership /LLP of which you were a significant shareholder? and especially if that company no longer exists is the bank then off the hook?
    • dunstonh
    • By dunstonh 5th Sep 17, 6:20 PM
    • 89,530 Posts
    • 54,981 Thanks
    dunstonh
    Hi what if the loan was to a company/partnership /LLP of which you were a significant shareholder? and especially if that company no longer exists is the bank then off the hook?
    Originally posted by thecolonel62
    Depends.... (dont you just love answers that start that).

    A signatory of the company can make a complaint on behalf of the company. However, not all banks will accept it where the company no longer exists as a legal entity (as there cant be a signatory on something that doesnt exist any more). Although some will.

    If the complaint is successful, the payment is made to the company. This means opening up the bank account again and declaring it as a profit on the company and paying the appropriate tax via the company tax return.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Dannyhomer1234
    • By Dannyhomer1234 5th Sep 17, 7:07 PM
    • 2 Posts
    • 0 Thanks
    Dannyhomer1234
    I recently contacted the broker I bought my mortgage through in 1998. I'm pretty sure I was sold PPI but they say they don't keep records after 7 years. The bank that supplied the mortgage say they cannot find my records. I sold the property in question years ago and no longer have any paperwork. Any suggestions on how to proceed?
    • dunstonh
    • By dunstonh 5th Sep 17, 7:30 PM
    • 89,530 Posts
    • 54,981 Thanks
    dunstonh
    I recently contacted the broker I bought my mortgage through in 1998. I'm pretty sure I was sold PPI but they say they don't keep records after 7 years. The bank that supplied the mortgage say they cannot find my records. I sold the property in question years ago and no longer have any paperwork. Any suggestions on how to proceed?
    Originally posted by Dannyhomer1234
    You dont proceed. you give up.

    Brokers only became regulated in January 2005. They do not need to consider complaints about sales made prior to that date.

    on the plus side, most MPPI sold by brokers is deemed suitable even when the complaint is post regulation. So, you were almost certainly not missold and are not missing out on anything.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Dannyhomer1234
    • By Dannyhomer1234 5th Sep 17, 10:04 PM
    • 2 Posts
    • 0 Thanks
    Dannyhomer1234
    Thanks, not the best news but at least a resolution
    • deadrobot
    • By deadrobot 6th Sep 17, 10:37 AM
    • 244 Posts
    • 154 Thanks
    deadrobot
    Hii!

    So I took out my mortgage in March 2008 and the mortgage broker sold me life insurance that came with payment protection cover, i.e. the life insurance would cover my mortgage if I became ill. Is this the same as PPI? The insurance ran for about 2 years and I then changed to cover that didn’t include payment protection as I was working for the NHS and they have full pay sick benefits.

    If so, I can’t remember who the life insurance was with, I don’t have the paperwork. I don’t think he’s a mortgage broker any more but I know that his email signature included: representative of Home of Choice Ltd which is authorised and regulated by the Financial Services Authority (FSA). Home of Choice Ltd is a Registered Company (Registration Number 03156922). The Registered Address is 25 Harley Street, London, W1G 9BR.

    So would I get in touch with home choice to ask them about it? Would they even know?

    Grateful for any help/suggestions! Thanks!
    • Moneyineptitude
    • By Moneyineptitude 6th Sep 17, 11:13 AM
    • 19,307 Posts
    • 9,417 Thanks
    Moneyineptitude
    I took out my mortgage in March 2008 and the mortgage broker sold me life insurance that came with payment protection cover, i.e. the life insurance would cover my mortgage if I became ill. Is this the same as PPI?
    Originally posted by deadrobot
    Life and Critical Illness Cover is no more PPI than your car insurance and I can't see that you have a valid complaint.

    Sorry.
    • dunstonh
    • By dunstonh 6th Sep 17, 11:15 AM
    • 89,530 Posts
    • 54,981 Thanks
    dunstonh
    So I took out my mortgage in March 2008 and the mortgage broker sold me life insurance that came with payment protection cover, i.e. the life insurance would cover my mortgage if I became ill. Is this the same as PPI?
    Life assurance is not PPI. Income protection can be PPI or PHI. Illness could be critical illness cover, which is not PPI.

    So would I get in touch with home choice to ask them about it? Would they even know?
    What do you want to get in touch with them about?
    Do you have a problem with what you were sold?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • BooJewels
    • By BooJewels 6th Sep 17, 11:17 AM
    • 28 Posts
    • 9 Thanks
    BooJewels
    [...] came with payment protection cover, i.e. the life insurance would cover my mortgage if I became ill. Is this the same as PPI?
    Originally posted by deadrobot
    You're sort of describing two separate things as one there. My own mortgage protection has three elements; life insurance, critical illness insurance and payment protection insurance. I think most mortgage insurance packages take much the same form - or you can take certain elements of those.

    The life and critical illness cover are on one policy - and these pay off the mortgage completely (different types here too - either the amount you originally borrowed, or the amount you still owe) if the named party either dies or suffers one of their qualifying critical illnesses.

    The third part is payment protection (i.e. PPI) and this covers your monthly repayments for a limited period (usually 12 months) if you're poorly and can't work or lose your job - again, with various qualifying criteria. So, as such PPI isn't life insurance - they're different things. If you had life insurance, you couldn't make a complaint, but might be able to with PPI, if that was what you had and it was miss-sold.
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