PPI Reclaiming discussion Part III

di3004

wozzer1969 wrote: »

first plus sorted it but one thing i picked up on is the fact they did not ask about my wifes health as she suffers very high blood pressure, i am the first name but my wife is named on the policy

Arh, now don't know if you know but was this a single ppi sold to you, even though its a joint loan they tend to only cover the first person, the FOS take a very dim view on these policies, for example (god forbid), but if anything had happened to you then your wife would be left to foot the repayments here.

I will add a a link for you in a sec which has useful information on PPI, but you are one of those who have been mis sold with this single costly policies where the ppi is added within the loan, plus the interest is very costly too.
Its extortionate.

Please could you confirm if you were sold a 5 year cover, where after 5 years and you made no claim, they state you would receive over half of that back ?
What they don't tell you is that this 5 year cover is paid over the full term of the loan and you would not be covered after 5 years.
So if your loan was 25 years, your still paying for a cover that would not cover you.

I will post up some info for you now hun.;)

wozzer1969_2

thanks again for your help and i will be back by 6.00 tommorow night
:T

di3004

wozzer1969 wrote: »

thanks again for your help and i will be back by 6.00 tommorow night
:T

No problem and with pleasure.:D

I will add some info here for you then and tomorrow when your back here, you may have to seek out your posts as this forum really goes by quickly with everyone posting in, amy problem send me a PM.;)

Cheers hun, we will get there.:beer:

Di.
x

di3004

Wozzer check this out here:

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#checklist


And
http://www.timesonline.co.uk/tol/money/consumer_affairs/article2752237.ece


And
http://www.timesonline.co.uk/tol/money/consumer_affairs/article2752237.ece


And
http://www.thisismoney.co.uk/campaigns/loansinsu/article.html?in_article_id=452533&in_page_id=506

We can give you loads of info on this, give us a yell anytime hun.;)

This is also on Martin's front page of this site about PPI


The UK’s biggest protection racket isn’t run by East End villains with shooters, but the genteel staff of Britain’s banks. For years they’ve been stealing £1,000s, but now the door's open to get your money back.

If you’ve got a loan, credit or store card, you urgently need to check whether they included insurance as part of it. If so, without realising, you could be paying £1,000s for potentially worthless cover.
Get your money back
Payment protection insurance isn’t a bad product. It’s designed to meet repayments for a year in the event of accident, sickness or unemployment. The problem's the way it's been flogged.
The misselling has often been systematic, banks forcing staff to sell these policies or face lower pay. You may’ve been told the insurance was compulsory... IT ISN’T! That alone counts as misselling. Plus the self-employed, unemployed, retired, those with pre-existing conditions, or who are covered elsewhere, have all commonly been flogged unnecessary policies.
You could have it without knowing...
Heavier regulation means this is less likely in the last couple of years, but many people still have loans from when the picture was a bit like this:

You want a £5,000 loan over five years. You’ve seen it advertised at a cheap 7% rate, so you call up...
You: “I’d like a £5,000 loan over 5 years please.”
Bank: “I presume you’ve seen our competitive interest rates.”
You: “Yes, can you give me a quote please.”
Bank: “Sure, our fully protected loan is £125 a month.”
Now most people would find it virtually impossible to mentally calculate how much the monthly repayments should be, so £125 sounds fine.
It’s a brilliant hustle. The answer contained two little words that make ‘em a fortune - “fully protected”. They mean you’re also being flogged expensive insurance.
Actually the cost of the loan at 7% should be £100 a month, the remaining £25 is to pay for the insurance. That means if you’d just got the loan you’d have repaid the £5,000 borrowed plus £950 in interest.
Yet the insurance adds £1,500 over the life of the loan; that's MORE than the interest cost and it's almost pure profit for the bank!

Many people have this cover which is unnecessary. And even those for whom it is necessary are probably paying four times more than you need to, if you got it through your lender.
Reclaiming has got easier
The financial regulator has been fining PPI companies left, right, and centre, for “not treating customers fairly”, plus the Competition Commission has been investigating. This scrutiny means companies are having to hold their hands up to their past tactics. So if you’ve got a case, write and complain, it seems to be getting much easier.
To reclaim, you’ll need to write up to three letters (there are template letters for all of them here) the last being to the Ombudsman, though hopefully you’ll get a payout sooner. As all of this is free, the worst case scenario by reclaiming is you lose the cost of three stamps.

di3004

Take the test:
Have you been mis sold PPI ?


http://www.thisismoney.co.uk/ppi-test

marshallka

wozzer1969 wrote: »

thanks again for your help and i will be back by 6.00 tommorow night
:T

Wozzer. will take a look a little later when I have woken up more but hang fire on this one...:D

sparky0107

Morning everyone,
Recieved a letter from FOS, they are trying to get my claim for mis-sold PPI on RBS credit card to an adjudicator, should I send them copies of the paperwork which states that I get 2 years death in service benefit & also 2 years sickness leave pay from my employer, as part of my evidence that PPI was a useless product for me to have?

Hope everyone is OK, it's so hard keeping up with this thread as it moves so fast, you miss 1 day & there are over 20 extra pages, makes my head spin lol

marshallka

sparky0107 wrote: »

Morning everyone,
Recieved a letter from FOS, they are trying to get my claim for mis-sold PPI on RBS credit card to an adjudicator, should I send them copies of the paperwork which states that I get 2 years death in service benefit & also 2 years sickness leave pay from my employer, as part of my evidence that PPI was a useless product for me to have?

Hope everyone is OK, it's so hard keeping up with this thread as it moves so fast, you miss 1 day & there are over 20 extra pages, makes my head spin lol

I would, it all adds to your complaint and is proof you did not need it really..

I always think that the FOS gets the easy ones out the way quickly...this may be one of those ones..

Good Luck..

dreamer33

marshallka wrote: »

I have posted this on the bank charges reclaim thread Dreamer, hope you don't mind..;) .

Don't mind at all marshallka, any info that can help others please post or pass it on x

dreamer33

wozzer1969 wrote: »

Hi
i have recently recieved a reply from first plus with ref to me complaining to the ombudsman about being mis-sold the ppi loan.first plus have finally replied saying they did not mis sell the policy but if i want to cancel i will get £1164.93 and a gesture from them of £3562.86 which will come directly off my loan. the policy was £11000 from when i took it out in 2006. could any one tell me is this something i should accept even though it makes very little impact on my loan or should i continue with the obudsman.
please help

I think if any company is offering a gesture they may feel you will win more if you take it to fos. Clearly fp have mis-sold it here, just my opinion. I would continue with fos.