PPI, is this classed as miss sold?????

stafforshire_mom

Can someone tell me if this is classed as miss sold.
I took out a loan 2 years ago and added their PPI i was told if i don't use it i could claim it all back, so it was like a savings plan, but could be used if necessary.
I have now decided i don't want it, where do i stand, is this misguidance or i have i just been silly!

di3004

stafforshire_mom wrote: »

Can someone tell me if this is classed as miss sold.
I took out a loan 2 years ago and added their PPI i was told if i don't use it i could claim it all back, so it was like a savings plan, but could be used if necessary.
I have now decided i don't want it, where do i stand, is this misguidance or i have i just been silly!

Hi there
Did they make you take the PPI?
Was it explained to you ?
Was you eligible for the PPI?

Was the cover only to cover you for 5 years of your loan and the loan on longer terms ?
And then they told you if you do not make a claim in the first 5 years you will receive over half of that back ?

There are many reasons of mis selling and I feel you have a case.

Now above in the RED BOX you will note an AD "Reclaim £1'000's", click on that then you will see some info on PPI and list of mis selling list.

Now on there is also a template to reclaim on this.

However if you want some help and guidance through this, please post on the PPI reclaim discussion PART lll thread.
Click on loans
Then at the top of that very page you will see the PPI reclaim thread.

Please note there are also parts 1 and ll but now we're on part lll.

So you can find us there if you would like some help through this.;)

Good luck
Di.

Estereggeater

This is an updated post, below is a bit of history.
Last October I accepted their offer and waited and waited for payment I have last month contacted the FOS who are still pressing Bank of Scotland for payment.

Has anybody else had to wait so long or is it just me.

Eater



Originally Posted by Estereggeater
Hi all need a little help

Took out a loan with BOS 2001, for £1500 PPI was £600 over 60 months
Started my claim in April 2008, took it to the FOS in June with a fast trak claim considered in July
I telephoned in early September as I had not heard any thing in two months

Last week got an offer letter, I posted and

Originally Posted by Estereggeater
Hi
Well BOS, will not accept liability, goodwill gesture blah blah
I owe about £700 on a loan thats been passed to a collecting agency

---

They will calculate what I should have paid if the PPI had not been paid
----They are giving back the PPI fees penalties and interest plus 8 % and

---

will redue the loan if it's still in debt

My questions are can I ask for figures before I accept.
Can I get the refund via cheque and then pay the loan off my self.

Or as it's a goodwill gesture, take what I am offered and not push my luck

Ta
Estereggeater

You definately need a breakdown of the figure and also get it posted on the reclaiming discussion thread so someone can check before accepting it.

How can you accept an amount when you don't know what you are accepting.

So to update I contacted FOS to ask them to ask for a breakdown of what I might get, how the delay had led to financial hardship, effected credit rating, none payment of bills etc.
FOS contacted me today to say that BOS don't have to give a breakdown before I accept, they have put their hands up and pretty much to just accept it, I know these guys are working really hard with all these claims
The tone of the call was just sign the form, I feels like nothing else was considered.

Can I write any thing on the acceptance form, to say how I want the money left over paid to me, or should I just accept whats offered and move on.

Estereggeater

Godders

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Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL].

marshallka

Estereggeater wrote: »

This is an updated post, below is a bit of history.
Last October I accepted their offer and waited and waited for payment I have last month contacted the FOS who are still pressing Bank of Scotland for payment.

Has anybody else had to wait so long or is it just me.

Eater



Originally Posted by Estereggeater
Hi all need a little help

Took out a loan with BOS 2001, for £1500 PPI was £600 over 60 months
Started my claim in April 2008, took it to the FOS in June with a fast trak claim considered in July
I telephoned in early September as I had not heard any thing in two months

Last week got an offer letter, I posted and

Originally Posted by Estereggeater
Hi
Well BOS, will not accept liability, goodwill gesture blah blah
I owe about £700 on a loan thats been passed to a collecting agency

---

They will calculate what I should have paid if the PPI had not been paid
----They are giving back the PPI fees penalties and interest plus 8 % and

---

will redue the loan if it's still in debt

My questions are can I ask for figures before I accept.
Can I get the refund via cheque and then pay the loan off my self.

Or as it's a goodwill gesture, take what I am offered and not push my luck

Ta
Estereggeater

You definately need a breakdown of the figure and also get it posted on the reclaiming discussion thread so someone can check before accepting it.

How can you accept an amount when you don't know what you are accepting.

So to update I contacted FOS to ask them to ask for a breakdown of what I might get, how the delay had led to financial hardship, effected credit rating, none payment of bills etc.
FOS contacted me today to say that BOS don't have to give a breakdown before I accept, they have put their hands up and pretty much to just accept it, I know these guys are working really hard with all these claims
The tone of the call was just sign the form, I feels like nothing else was considered.

Can I write any thing on the acceptance form, to say how I want the money left over paid to me, or should I just accept whats offered and move on.

Estereggeater

I signed the acceptance but also contacted the FOS to ask them if they would then check that this was in order in that it was the usual way that they would expect a company to redress for misselling. I then had an email back from the adjudicator to say that the redress was in accordance with how the FOS would usually expect a firm to make it. I then posted the letter of acceptance. It all depends on the wording of your redress.

My redress was also goodwill and worded pretty similar to yours.

Hope this helps