PPI Reclaiming discussion Part III

dreamer33

marshallka wrote: »

If the broker said that he strongly recommends that you take out the PPI then it becomes an advised sale of the PPI but this rule of demands and needs only came into force when the FSA took over the regulation of Insurance in 2005.

Check this link marshallka see what you think, it may have applied before regulation not sure?

http://www.which.co.uk/advice/how-to-tell-if-youve-been-mis-sold-ppi/ppi---rules-before-2005/index.jsp

ANDREW07

di3004 wrote: »

Hi there
Good to see you here.

PPI is optional and when you were sold this really it should have all been explained to you.

However, if you feel you have been mis sold then try reclaiming.;)

Check out the above red bix reclaim £1,000's there is also info on there to give you an idea, and also a template to help you, but add your own reasons, keep the letter strong, they have 8 weeks to get back to you, then we will take it from there, so if you post back after you receive a response, we will take you on to the following step.

Good luck
Di

Thanks DI3004

Please advise if they are allowed to loan and charge interest on the PPI.

do you think asthma is a valid reason for reclaiming under pre-existing medical conditions. I am so confused

ElastiMum

Thanks Di.:A

When I was on the phone to them they were able to tell me I took out the PPI in April 2000. I don't have any agreement documentation - so I guess the best thing to do would be to request a copy of this and perhaps the details of the payments I've made - I dread to think!

pinknico

Does anyone know if PPI was sold over the phone did there need to be a signed agreement as well?
I mean pre 2005

pinkaddict

di3004 wrote: »

Yeah your right, its me hun, getting all confussed with all this lately with the unfair rebate issues then the mis selling.......oops.......:o ........and have so much going on round me right now, which does not help with the concentration.....:rolleyes: lol.

If mis selling its the ones who arranged it, so pc world are responsible for this sale.;)

I do think and hope Pinkaddict will be back soon, with a bit of luck, and she will get my pm on this too.;)

Hi all...
Sorry I only really get the chance to come on here when I'm at work.
Thanks for all your help...I hadn't realised the debate I'd started! I'm going to send my letters and just see what replies I get. None of the paperwork I have has any contact details for PC World so I'm going to find out how to get in touch with them.
Thanks again, I'll let you know how I get on.

di3004

ANDREW07 wrote: »

Thanks DI3004

Please advise if they are allowed to loan and charge interest on the PPI.

do you think asthma is a valid reason for reclaiming under pre-existing medical conditions. I am so confused

Hi Andrew
Yes unfortunately they do charge interest on top of the ppi.:rolleyes:

I would check out your terms and conds on the med issues, these can vary, if you have not got the terms & conds and the policy booklet request for them or maybe you will come across these on google search, click in the year too.;)

Good luck
Di

s0095063

di3004 wrote: »

Hi there
And well done to your mum for her case being resolved.:T :beer: .
Well almost lol.

Right hun who is the company ?

Crikey surely it should not take them 6 weeks to work out a calculation..:eek: , I would write to them and tell them your mum has already waited 6 weeks, if you have not recieved anything within 14 days you will have to take further action.
Now I had to do this and suddenly the payment was paid before the 14 days were up.

Other than that I will see if I can trace my old LBA (letter before action), this normally works and then no action will be taken.

Post by recorded delivery to keep an eye on the royal mail website track and trace and give them 14 days from the date of your letter.;)

Good luck and congratulations to your mum, I hope she receives all her money very soon.:T
When she does please post on the success forums.;)

Check this LBA site out, this may help.
http://office.microsoft.com/en-gb/templates/TC011960301033.aspx?CategoryID=CT101470391033

Di.
x

Thanks for the help! :T

It was HBOS, i'll make sure my mum sends the letter out.

thanks again.

marshallka

dreamer33 wrote: »

Check this link marshallka see what you think, it may have applied before regulation not sure?

http://www.which.co.uk/advice/how-to-tell-if-youve-been-mis-sold-ppi/ppi---rules-before-2005/index.jsp

This link say here.

No extra requirements for advice

The main difference between sales before and after regulation is that all sales before regulation were 'non-advised', as the 'advised' regime didn't come in until regulation was introduced.
So, even if your policy was sold to you before 14 January 2005, if the adviser didn't cover the points under 'all sales' on the PPI – the rules page, then you may have been mis-sold and should make a complaint.



It is saying that all sales pre 2005 were non advised as "advised" did not come in until 2005

then it goes on to say

Even if your policy as sold before January, 2005, if the advisor didn't cover the points under "all sales" (which there is not a heading for on the rules of sales page) then you may have been missold !!! but I assume is this....

Information you should have been given

If some or all of this information was not made clear to you either before or at the time you agreed to take out the insurance, then you have grounds to complain.

• If PPI was optional on the product you bought, this must have been made clear.
• The adviser should have made you aware of any significant policy exclusions and checked whether any of these exclusions applied to you.
• The adviser should have made it clear how much the policy would cost and whether the PPI would be paid for by a single up front premium, or by regular premiums.
• If it was a single premium policy, then the adviser should have made it clear that the cost of the insurance would be added to the loan or finance agreement, and that you would pay interest on the insurance premium.
• If the insurance expired before your loan or finance agreement, the adviser should have made it clear that this was the case and (in the case of single premium policies) that you would continue to pay interest on the insurance premium after the insurance had expired.

I was told that my sale was "non advised" and I told them that these advised and non advised did not come in until 2005. Before that i was told that I should have been given paperwork etc about the PPI but no advise as such


here is what the FSA says consitutes "advice..

Giving advice
You give advice when you make a personal recommendation to the customer and in doing so you are
required to explain why the particular product and/or provider would meet his or her demands and needs.
This will be specific and individual advice to the customer and should not be generic.
Selling on a non-advised basis
A non-advised sale is when no personal recommendation is made to the customer.
The customer must, however, still receive sufficient information on the product to enable them to make
an informed decision as to whether it meets their own demands and needs.
Examples of non-advised sales could be where:
• the customer decides or knows the specific product they want – this could be in a similar way to an
‘execution only’ sale of an investment product; or

• the firm offers information on a range of products for the customer to make their own informed decision.


The demands and needs was for after 2005 when the FSA took over but you still should have been given sufficient information to make an informed decision regardless of dates.

http://www.fsa.gov.uk/pubs/other/factsheet_sales.pdf

bannisterbadback

Hello everybody,

I'm new to these forums and really hope someone can help. Here's my situation. In June 2006 i took out a personal loan with HSBC to buy a car. The amount I borrowed was £4500 over 5 years at 14.9%. I applied and was successful over the phone and all i had to do was go into my local HSBC branch to sign the paperwork and the money would be mine. The guy in the bank wasn't pushy but i think he mis-sold me my PPI because he told me that i could get the loan if i did not take out a policy where if anything happened to me, the loan would be taken care of. I reluctantly accepted this as i didnt know better. i have been paying the loan back for 2 years 3 months at £130.98 a month. When i have paid the money back i will have paid off £7859.06.

This seems a lot to be paying back to me so i was hoping someone could tell me if i have a case or not

Thanks!

marshallka

ANDREW07 wrote: »

About 7 years ago i took out a loan for £14000 with Lombard direct and stupidly took out the PPI for a cost of about £4500 (don't remember the exact figure) which was also lent to me at the time of taking the loan out. So in effect i was paying interest on about £18500. I finshed paying the entire loan off in August 2007

Firstly i am an asthamatic which i assume would not have been covered under the policy should i have become too bad to work. i never remember them asking if i had any pre-existing medical condition.

Are companies allowed to make you take out a loan and pay interest on the PPI?

Does anyone think i have a valid claim as i paid out ovber £5000 for something that potentially would nothave benefited me under certain pre-existing medical conditions.

Please help as i cannot establish whether i may have a valid claim.

I wouldn't state your whole claim on the fact that you were asthamatic though. If you were missold then you really should state other reasons too.

If you were not given the option of the insurance then you have been missold.

Just take a look at the link here and see what you can add and delete from the letter that you send. There is also a template letter on there too but sometimes it can be better to make your own up from this.

You then write to the firm that actually made the sale of the PPI to you if this is different from the lender and don't forget to send this recorded delivery so you always a proof and dates etc.

After that you have to give them 8 weeks for a full and final response. In this time it is usual to get a response of "sorry we sold this to you fairly" but you then respond to this and reiterate your complaint again. The next time they write they either give you a final response which you would need in order to take this complaint to the FOS or offer to settle.

http://www.moneysavingexpert.com/rec...urance#reclaim


Good luck