PPI Reclaiming discussion Part III

di3004

Sock_Monkey wrote: »

Hi All,

Sorry if this is a bit long winded but I am trying to sort out mine and my OH's financial stuff and wanted to ask about PPI reclaim as there are many on here far wiser then I about these things!

My OH has a loan with Lloyds TSB which he took out in 2006 after his marriage to his ex wife. It was meant to be a joint loan but the advisor at the bank told him she was not a suitable candidate and he should take out the loan individually instead (even though the amount they needed was higher than his annual salary, but lower than their joint salaries). His wife was with him at the time and they took his advice on it and did not put her name on the agreement. He was also told that because he was now on his own as an applicant PPI would help with the application being successful.

He and his wife split in Nov 07 and he then contacted the bank to try and cancel the PPI as he was having trouble making the repayments and without his wife's name on the agreement he could not make her pay even though half the debt was hers (another rant entirely). He was told that the policy could not be cancelled at all and he had to continue as he was. This was not something he was made aware of at the initial meeting as he thought the PPI was separate to the loan - he has since discovered it was front loaded.

I have read through the PPI reclaim guide and we are putting a letter together but wanted to ask if the following is suitable to be sent as reasons for reclaiming:


This is due to the fact that I was not given the correct information when the policy was sold to me, as

• your salesperson implied that taking out the policy would assist my credit application. I had originally come to arrange a joint loan but was told that my partner was not suitable and I was advised to take the loan out as an individual. I was then advised that taking out the PPI policy would help with my application on my own.
• your salesperson was very pushy in selling me the policy so that I felt I could not say no even though I did not feel I needed the policy.

This is also due to the fact that I contacted you in December 2007and you informed me that I could not cancel the policy, something I was not aware of as it had never been explained to me. As the FSA has now stated ‘no refund’ terms are considered unfair I would like my original cancellation request to be honored.

Any thoughts on the above and suggestions on the best way forward would be much appreciated

S. monkey

Hi there

If not done already I would request a SAR, they must supply all the information they have, it costs £10 cheque or postal order payment, but it may be of some help, where some useful documents made be amongst the info, they have 40 days to provide this, it may arrive before if your lucky.

Here is a SAR template if you require this, and post by recorded delivery.;)
Good luck and maybe you will receive more help here too.


Your address

Their Address

Date

DATA PROTECTION ACT 1998
SUBJECT ACCESS REQUEST


Dear Sir/Madam
Your name: xxxxxx
Account No/ No’s



I understand that you currently hold details of my personal and financial information within your internal record systems with regard to personal loan accounts And or credit cards

Please supply me with a complete list of transaction and charges relating to my history with your organization, INCLUDING Loans and or credit cards, payment protection insurance and other products. Alternatively a complete set of statements for the accounts or associated accounts is acceptable. I would be grateful if you would provide the following for ALL accounts or associated accounts I have held with your organization:
-Full copies of all contracts which you believe exist or have existed between myself and your organization, including true copies of any documents you hold in support of the same.

- A complete list of all transactions or statements relating to ALL of my Loan Accounts and or credit card with your organization.

-Copies of all documents which include any of my personal information including copies of any contacts or invoices, emails or computer records containing my personal information, or any records which pertain to this information.

-Full copies or transcripts of any correspondence in postal, email or any other format which you have entered into with any individual, organization or third party which contains my personal or financial, or which pertains to me.

- Where any previous information or records held have been deleted or disposed of, the methods used to do so, including dates, certificates or references confirming details of destruction. Where you are unable to provide such certificates, please provide a declaration, signed by an authorised officer of your company, confirming the dates and methods of destruction of this data.

-Full hard copy print outs of my personal or financial information, held in a digital, magnetic or any other format which is held in any archives, backups or other storage devices / locations.

I enclose a cheque in the sum of £10 to cover your fee.

IF YOU UNABLE TO DEAL WITH THIS REQUEST, YOU SHOULD IMMEDIATELY FORWARD IT TO THE PERSON WITHIN YOUR ORGANISATION RESPONSIBLE FOR DATA PROTECTION.

I look forward to hearing from you in the first instance of receipt.

Yours faithfully


Your name

dreamer33

di3004 wrote: »

Yep that's right - and there is always stand alone cover.....:rolleyes: !
And it should be a choice, afterall the problem with these highly costly PPI's is that many have ever tried to claim and then being told they are not eligible, that's my point here !

So what is the point ?:rolleyes:

They are only moaning because they will lose out on profits that they have stole from millions over the years.

Those that are arguing seem to be forgetting that its being done to protect the consumer and stop the mis-selling.

tiggrae

Sock_Monkey wrote: »

Hi All,

Sorry if this is a bit long winded but I am trying to sort out mine and my OH's financial stuff and wanted to ask about PPI reclaim as there are many on here far wiser then I about these things!

My OH has a loan with Lloyds TSB which he took out in 2006 after his marriage to his ex wife. It was meant to be a joint loan but the advisor at the bank told him she was not a suitable candidate and he should take out the loan individually instead (even though the amount they needed was higher than his annual salary, but lower than their joint salaries). His wife was with him at the time and they took his advice on it and did not put her name on the agreement. He was also told that because he was now on his own as an applicant PPI would help with the application being successful.

He and his wife split in Nov 07 and he then contacted the bank to try and cancel the PPI as he was having trouble making the repayments and without his wife's name on the agreement he could not make her pay even though half the debt was hers (another rant entirely). He was told that the policy could not be cancelled at all and he had to continue as he was. This was not something he was made aware of at the initial meeting as he thought the PPI was separate to the loan - he has since discovered it was front loaded.

I have read through the PPI reclaim guide and we are putting a letter together but wanted to ask if the following is suitable to be sent as reasons for reclaiming:


This is due to the fact that I was not given the correct information when the policy was sold to me, as

• your salesperson implied that taking out the policy would assist my credit application. I had originally come to arrange a joint loan but was told that my partner was not suitable and I was advised to take the loan out as an individual. I was then advised that taking out the PPI policy would help with my application on my own.
• your salesperson was very pushy in selling me the policy so that I felt I could not say no even though I did not feel I needed the policy.

This is also due to the fact that I contacted you in December 2007and you informed me that I could not cancel the policy, something I was not aware of as it had never been explained to me. As the FSA has now stated ‘no refund’ terms are considered unfair I would like my original cancellation request to be honored.

Any thoughts on the above and suggestions on the best way forward would
be much appreciated

S. monkey

The problem you have with your letter is that the policy was mis sold and he wants all his money back - if you put in about the cancellation request in December 2007, they may only pay back to that date whereas you want to be repaid to 2006. Also, using the standard template you don't make mention of the fact it was a single premium policy - if I were you I'd write the letter in the way you've explained it to us and incorporate elements of the template

di3004

Wow Welcome back Tiggrae......:j ,

Hope your okay, been busy hun have you ?

di3004

dreamer33 wrote: »

They are only moaning because they will lose out on profits that they have stole from millions over the years.

Those that are arguing seem to be forgetting that its being done to protect the consumer and stop the mis-selling.

Yes your right !;)

tiggrae

di3004 wrote: »

Wow Welcome back Tiggrae......:j ,

Hope your okay, been busy hun have you ?

yes I'm fine thanks and yes been very busy - but see you've all been coping without me !!! :eek:

di3004

tiggrae wrote: »

yes I'm fine thanks and yes been very busy - but see you've all been coping without me !!! :eek:

lol, well apart from my puter problems.......:rolleyes:

imonlyalittlefish

Thank you for your help

I'll try that di x

di3004

Does anyone know for sure if the Information commission office charge for any of their services ?

Someone on this forum said they had read something about this ?
Cheers.;)

di3004

imonlyalittlefish wrote: »

Thank you for your help

I'll try that di x

Good luck, let us know when you hear, cheers.;)