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  • FIRST POST
    • joemac666
    • By joemac666 5th Dec 17, 3:34 PM
    • 5Posts
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    joemac666
    sainsbury bank loan
    • #1
    • 5th Dec 17, 3:34 PM
    sainsbury bank loan 5th Dec 17 at 3:34 PM
    Hi Guys

    I'm really new to this and just started looking at old loans. I took a loan out in 2004 with Sainsburys bank on the internet.....I know I ticked the box for ppi. I think it was called silver or gold ppi. I cant remember speaking to anyone about this and the courier arrived soon after and I signed some stuff.....yes, never read it...

    I have the account number the monthly amount I paid but dont know the breakdown but the total was around 15k, I think the loan was 10k, but really cant remember.

    Would I have a claim as it was an internet based loan and if so what would be my best next step?

    Many thanks in advance for any advice/help offered.

    Joe
Page 1
    • zx81
    • By zx81 5th Dec 17, 3:42 PM
    • 14,409 Posts
    • 15,207 Thanks
    zx81
    • #2
    • 5th Dec 17, 3:42 PM
    • #2
    • 5th Dec 17, 3:42 PM
    Good news - if you selected PPI, it can't have been mis sold to you.
    • joemac666
    • By joemac666 6th Dec 17, 1:36 AM
    • 5 Posts
    • 0 Thanks
    joemac666
    • #3
    • 6th Dec 17, 1:36 AM
    • #3
    • 6th Dec 17, 1:36 AM
    Not my idea of good news.....but hey ho what ever floats your boat.
    • joemac666
    • By joemac666 6th Dec 17, 2:02 AM
    • 5 Posts
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    joemac666
    • #4
    • 6th Dec 17, 2:02 AM
    • #4
    • 6th Dec 17, 2:02 AM
    Hi

    For anyone reading this thread I would just add that it would be wise not to give up when they get some "expert advice" as above although I did ask and the guy did reply and I thank him for that.

    I would just caution people to try and get a second "opinion" as thats all these replies really are however poor uniformed replies can put people off going any further with a claim. I just came across this piece of info below and if you are in the same boat as me its worth a read. The reply above is just not factual, theres more to it than meets the eye and opens the door for a punt rather than just closing it down, look at case 5.

    The info is from the financial ombudsman website under ppi-our-approach, this site wont allow me to post the link.

    types of sale - "advised" and "non-advised"

    how are PPI policies usually sold?

    "non-advised" sales (sometimes known as "informed choice" sales) - where a financial business provides a consumer with information about a policy - but does not give them any advice and does not make a recommendation; and
    "advised" sales - when a financial business either gives a consumer advice or makes a recommendation.
    Financial businesses have different obligations depending on the type of sale.

    In cases involving non-advised sales, we would expect a financial business to have given the consumer information that is clear, fair and not misleading - to enable them to make an informed choice about whether the policy is suitable for them. This includes the need to draw the consumer's attention to any significant terms and conditions of the policy.

    In cases involving advised sales, we would expect a financial business to have taken adequate steps to make sure the policy they recommended was suitable for the consumer's needs.

    See below for further guidance.

    was a sale advised or non-advised?

    PPI can be sold on an advised or non-advised basis through any sales channel. In many cases it will be clear whether advice was given - for example, postal and internet sales are usually non-advised. However, the position will not always be so clear.

    When we are considering whether a sale was advised or non-advised, we look at the circumstances of the actual sale to establish what did happen, rather than what was supposed to have happened.

    Regardless of how a policy was actually sold, we will examine the evidence to see whether the financial business made the basis of the sale clear to the consumer. For example, we will look at the language used by the business - to see whether it was reasonable for the consumer to have understood the nature of the sale.

    case study 1
    We were given the recording of a phone conversation between a consumer and a sales representative. Before discussing the policy the representative said: "We will just be giving you information about the PPI and it will be up to you to decide if it is right for you". He went on to discuss it in similar terms throughout the conversation. We concluded that the sale was non-advised.

    case study 2
    We were given screen shots of a policy being taken out over the internet. These showed that the financial business had set out the details of the policy for the consumer's consideration without any recommendation. We concluded that the sale was non-advised.

    case study 3
    We were given the recording of a phone call during which a consumer took out a PPI policy. During the call, the representative said: "we think this PPI would be really good for you based on what you have told us about your circumstances". She went on to discuss it in similar terms throughout the conversation. We concluded that the sale was advised.

    Sometimes, when a consumer complains to a financial business about a sale, they are told that it was non-advised. But if the case reaches us, and we look at the evidence, we find the financial business communicated in a way we would expect to see in an advised sale. In these cases, if it seems likely that the way the business communicated affected the consumer's decision to take out the policy - by the consumer placing some weight on what was said - we may decide that the sale was advised.

    case study 4
    We were given the recording of a phone call during which Mr A took out a PPI policy. At the start of the call the representative told Mr A that the sale was non-advised. However, during the sale, she said "we think it would be a good idea for you to take out this PPI because without it you would struggle to cope if anything went wrong". We were satisfied from Mr A's reaction during the call that he had placed some weight on the statement - and we concluded that the sale was advised.

    case study 5
    We were given screen shots of a policy being taken out over the internet. Although these are usually non-advised sales, one of the screen shots said "we strongly recommend you take out this PPI". We were satisfied from the consumer's account of the sale that he had placed some weight on this - and so we concluded that the sale was advised.
    • Moneyineptitude
    • By Moneyineptitude 6th Dec 17, 2:21 AM
    • 18,912 Posts
    • 10,124 Thanks
    Moneyineptitude
    • #5
    • 6th Dec 17, 2:21 AM
    • #5
    • 6th Dec 17, 2:21 AM
    it would be wise not to give up when they get some "expert advice" as above
    Originally posted by joemac666
    Asking for advice, but then giving it yourself because you don't like the response?

    You should come back and tell the forum when your own complaint has been successful, not anonymous "case studies".
    • joemac666
    • By joemac666 6th Dec 17, 2:21 AM
    • 5 Posts
    • 0 Thanks
    joemac666
    • #6
    • 6th Dec 17, 2:21 AM
    • #6
    • 6th Dec 17, 2:21 AM
    Yes I asked for advice and received it. That doesnt mean I cant have an opinion. I just stuck this on to try and help as there are people that would just give up with that type of reply....good news....

    I'm just saying there is a chance for a claim and if you read the above would you not agree? If it does am I wrong to post a reply?
    • Moneyineptitude
    • By Moneyineptitude 6th Dec 17, 2:26 AM
    • 18,912 Posts
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    Moneyineptitude
    • #7
    • 6th Dec 17, 2:26 AM
    • #7
    • 6th Dec 17, 2:26 AM
    Internet sales of PPI are notoriously difficult to complain as mis-sold because, by self-selecting them, customers are buying rather than being (mis)sold.

    By all means return when (and if) your own complaint has been successful and berate the "expert opinion" you received.

    At the moment, your ire is a touch premature, I'm afraid.
    • joemac666
    • By joemac666 6th Dec 17, 2:39 AM
    • 5 Posts
    • 0 Thanks
    joemac666
    • #8
    • 6th Dec 17, 2:39 AM
    • #8
    • 6th Dec 17, 2:39 AM
    I'm sure you're correct about internet claims however you have totally missed the point. I'm not angry btw just disappointed in the way you wrote the reply. The cases are from the financial ombudsman and worth considering in my opinion. At the end of the day its worth a punt to send a letter, thats my point. Your last reply would have been a better first one as its more real and good advice.

    I didnt come here for a fight btw and really do think you guys do a good job at this however language is very important....just ask Teresa May about that lol. Thanks again, I will have ago and will update the outcome good or bad, it may help someone else decide what to do.
    • Moneyineptitude
    • By Moneyineptitude 6th Dec 17, 2:40 AM
    • 18,912 Posts
    • 10,124 Thanks
    Moneyineptitude
    • #9
    • 6th Dec 17, 2:40 AM
    • #9
    • 6th Dec 17, 2:40 AM
    I'm not angry btw just disappointed in the way you wrote the reply.
    Originally posted by joemac666
    I was not the author of post #2..
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