PPI Reclaiming discussion Part III

dreamer33

off out now wish me luck in the pouring rain I must be mad.

marshallka

I am not too worried about the co-op ones really. I want them all refunding and I think it may happen here. We have always run a good account with them for 13 years and never had any trouble and my only grievance is the PPI which until recently I did not know was optional.

I want this one with Firstplus sorting or at least out of my hands and with an adjudicator. This seems like forever just to get the complaint under jurisidiction. This one I will ask for stress money on top of. I have been sent around in circles here and being told one thing by Firstplus and then another by the Ombudsman. I believe the Ombudsman is right though but during my phone call to head of complaints at Firstplus last week where I mentioned about the rebate complaint being against the insurer they told me it would have to be against the broker as it was the broker that explained the rebate in a telephone call. What a load of B***s. I then said that I had an email from the Ombudsman stating that it was the insurer that determined the rebate (in their terms and conditions) and he then said well if thats what you have been told then do it. He did say to write to the company that I felt he knew was in liquidation. I then told him they were liquidated in 2003 and he said he did not know (yeah right a complaints manager as well!!!:rolleyes: ) I then told him I had a right for him to find out the person to write to and he said he would call back. Give him his dues here, he did, but i lost my rag with him as I felt he was really enjoying sending me on this wild goose chase and he put the phone down on me. I then found out by ringing Lloyds of London that my complaint went to Cassidy Davis in the first instance.

I am now waiting for this reply from the Ombudsman though (to my email above) as they said they would write on my behalf but I want to know just what they are stating on my behalf. If they are then going to definately look into this then I will relax but remember I have been told twice now by the Ombudsman service that they are looking into this and then let down. You can understand my concern here.

nova

Hi Everyone, l havent been on here for ages because we've been so skint we had to do without the internet for a while!
Wondering if anyone can help me please, very bravely we have done a mcol to ge money for charges and mis sold ppi, they have said they intent to defend all of the claim, does anyone think they are trying to scare us or do you think we stand a chance. Also after we filed our claim they filed one against us! it's quite scarey taking on these massive companies but l feel we cant all keep being trampled on.
lt's nice to be back!

Piquant_2

di3004 wrote: »

Hi there.

Do you by any chance still have the agreement for this?;)

If this is ppi and you did not realise you had this for example they added this without your knowlege you can try to reclaim this back.

It will be the actual broker who arranged the loan (who sold you the loan) you would have to write to.

Hi di

Thanks for your quick response.

Yes I do have the agreement, it breaks down thus:
main loan 20,000.00
insurance loan 3,562.00
total charge for credit 5,640.60
total amound payable 29,202.60

= 84 repayments @ 347.65
comprising
main loan repayment 295.09
insurance loan repayment 52.56

I'm fairly sure this is ppi and I'd like to cancel it, so back to the original query do I send 2 letters, one to cancel the 52.56 payment. And another to claim back the payments since October 2005. I know I was not asked if I wanted ppi and did not know it was optional.

many thanks indeed!

aitch7_2

I am interested in cancelling the PPI on my HSBC loan but have just become unemployed, (hopefully short term), and so I would not get another insurance elsewhere. Family can provide financial support to cover the loan repayments and, if I was to claim back PPI, this would cover some of the repayments anyway.
However, my policy says that if I cancel the PPI I will also need to cancel my loan agreement and am concerned HSBC will expect full payment of the loan or will not re-arrange the loan because I am now unemployed and /or I do not have sufficient insurance cover, (perhaps this could affect my credit rating).
Also it states, in the policy, the percentage of refund after each year of the loan has passed. Would this include the interest paid on the PPI and could I claim back PPI for the period before I had my loan re-calculated to include consolidation of a credit card?

di3004

Piquant wrote: »

Hi di

Thanks for your quick response.

Yes I do have the agreement, it breaks down thus:
main loan 20,000.00
insurance loan 3,562.00
total charge for credit 5,640.60
total amound payable 29,202.60

= 84 repayments @ 347.65
comprising
main loan repayment 295.09
insurance loan repayment 52.56

I'm fairly sure this is ppi and I'd like to cancel it, so back to the original query do I send 2 letters, one to cancel the 52.56 payment. And another to claim back the payments since October 2005. I know I was not asked if I wanted ppi and did not know it was optional.

many thanks indeed!

Hi there.

Yes that is definately PPI, so go for it.

If you require the template to help you through your claims, check out the above red box (top of page), where it advertises Reclaim £1000's, there you should find the info for ppi and a template to help you with this.
Add your own reasons for why you believe you were mis sold, and as you may know they have 8 weeks to respond.;)

Hopefully you will be successful first time round, if another letter can be sent until you receive your final decision, then it can go to the financial ombudsman service is needs to be.;)

Its always the one who arranged the loan who you write to and of course send a separate letter to cancel.;)

Good luck and please let us know the outcome of this, and post by recorded delivery.:D

Go for it.:D

marshallka

Piquant wrote: »

Hi di

Thanks for your quick response.

Yes I do have the agreement, it breaks down thus:
main loan 20,000.00
insurance loan 3,562.00
total charge for credit 5,640.60
total amound payable 29,202.60

= 84 repayments @ 347.65
comprising
main loan repayment 295.09
insurance loan repayment 52.56

I'm fairly sure this is ppi and I'd like to cancel it, so back to the original query do I send 2 letters, one to cancel the 52.56 payment. And another to claim back the payments since October 2005. I know I was not asked if I wanted ppi and did not know it was optional.

many thanks indeed!

I did answer this one for you too here

If it was missold then you send the one letter to the company that sold the insurance to you. (if this is different to the lender).

You can cancel the insurance but if this was a single premium insurance then this is actually another loan on top of your loan and to cancel could mean to redo the loan altogether. They then give you a rebate against the original loan that paid the PPI and this can often not make much of a difference at all to the repayments.

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

di3004

aitch7 wrote: »

I am interested in cancelling the PPI on my HSBC loan but have just become unemployed, (hopefully short term), and so I would not get another insurance elsewhere. Family can provide financial support to cover the loan repayments and, if I was to claim back PPI, this would cover some of the repayments anyway.
However, my policy says that if I cancel the PPI I will also need to cancel my loan agreement and am concerned HSBC will expect full payment of the loan or will not re-arrange the loan because I am now unemployed and /or I do not have sufficient insurance cover, (perhaps this could affect my credit rating).
Also it states, in the policy, the percentage of refund after each year of the loan has passed. Would this include the interest paid on the PPI and could I claim back PPI for the period before I had my loan re-calculated to include consolidation of a credit card?

Hi there
Sorry to hear of your unemployment.

Are you sure you don't want to try to reclaim from this now you have this cover hun?
Okay maybe they added this when you did not require this, or made you take this as being accepted for the loan, so you do have a reason to complain on this.

I think they mean if you cancel then a new loan arrangement is to be made, however maybe someone else could confirm this and about the credit rating. And I know what your saying about not in the position to be having a new loan, its an awkward situation.

Unfortunately they do charge interest on top of PPI, but if your successful by reclaiming on this, you will receive all of the ppi back plus interest charged.;)

I would wait for someone else to advise you here before you go any further, but meanwhile I wish you luck and again sorry to hear of your job loss, Good luck!

Di

bannisterbadback

Hi folks!

i know this will seem like an utterly ridiculous question but i have my letter all sorted and ready to go but would like to know, should i send it to my local branch or are the claimsdealt with at HQ?

silly i know but i wouldnt want the letter chucking in the bin if it gets sent to the wrong place

marshallka

Just had some good news here


Co-op are prepared to settle for 2 of my loans now and will look into redressing the earlier ones if I have the details. I have the details of the 1999 loan and have sent it to the adjudicator but not the 1997 loan.

They are willing to pay the last two loans back in full with 8% statutory interest and also look into the first two if I have the settlement details which I only have of one. It says here

Co-op has informed me it is prepared to review the two earlier policies taken out about 10 years ago, however it does not have sufficient information to offer redress at this time. It says it requires from you evidence of the total settlement figure you paid, and how much the monthly premium was. If you have copies of account statements to verify this please let me have them so that I can pass them to Co-op.

I have written an email back to ask the adjudicator if we sign for the two in mention on the basis that now I have sent the details of the other they offer redress of that one too.
Waiting for their reply.

:j :beer: