PPI Reclaiming discussion Part III

Mark_Collins_2

di3004 wrote: »

Hi Mark

Good you made it here.;)

Here you will receive help not just from me but others too.;)

Now here is the link to the PPI info and letter template
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You should write to the ones who arranged your loan for you, mainly the brokers if this was not arranged directly by the lender.

They have 8 weeks to respond, but check the info out first on the above link to check what mis selling occurs to you first so you can add this in the letter, the template will help you.
Post by recorded delivery for your proof and to keep a check on the 8 weeks.

Another letter maybe required if not successful first time round, then on to the Financial ombudsman service if you want to if still unsuccessful, depending if the ones who arranged the loan was regulated by GISC then where the FSA had taken over in Jan 2005.

Despite that there are other ways round this.

Good luck and let us know how you get on, in order to receive further help if requested.;)

Di

Hi Di,
I sent my letter off on Monday 24th November and received a letter today and the main points are listed below:

We note that your letter is in relation to the optional payment protection insurance and specifically, to the fact that when you subsequently redeemed your loan you did not receive a rebate of the premium you had paid.
From the records held by us we can confirm that your loan was funded on 26th march 2004 and redeemed on 21st march 2005.The optional payment protection insurance which was arranged in addition to your loan was for a period of 5 years. This policy remains in force until 26th march 2009 and as your loan has now been repaid, if you were to make a successful claim under the policy any benefits payable would be sent direct to you as a cash amount.
If you would like to cancel this policy we are happy to do so from the date of your letter (ie 21st November 2008 ) and allow you a pro-rata premium refund premium ( which we calculate to be £313.15 ). If you would like us to proceed with cancellation of the insurance we must ask to confirm this is writing.


I am still confused. I would have thought that when the loan had been repaid, the insurance would have stopped. Correct me if I am wrong, but this insurance will still run until 26th March 2009 !

Should I accept or are they just trying to fob me off on my first attempt to get back whats owing to me

marshallka

Mark_Collins wrote: »

Hi Di,
I sent my letter off on Monday 24th November and received a letter today and the main points are listed below:

We note that your letter is in relation to the optional payment protection insurance and specifically, to the fact that when you subsequently redeemed your loan you did not receive a rebate of the premium you had paid.
From the records held by us we can confirm that your loan was funded on 26th march 2004 and redeemed on 21st march 2005.The optional payment protection insurance which was arranged in addition to your loan was for a period of 5 years. This policy remains in force until 26th march 2009 and as your loan has now been repaid, if you were to make a successful claim under the policy any benefits payable would be sent direct to you as a cash amount.
If you would like to cancel this policy we are happy to do so from the date of your letter (ie 21st November 2008 ) and allow you a pro-rata premium refund premium ( which we calculate to be £313.15 ). If you would like us to proceed with cancellation of the insurance we must ask to confirm this is writing.
I am still confused. I would have thought that when the loan had been repaid, the insurance would have stopped. Correct me if I am wrong, but this insurance will still run until 26th March 2009 !

How can they do this and get away with it...:mad:
I have seen this a lot on here where people have paid back the loans and the insurance is still running. Its totally unfair to be paying insurance to actually insure nothing. I would make another complaint and also ask the loan company for a breakdown of the settlement figure. In your letter you need to state that this was totally unfair in that no-where in the terms and conditions did it state that upon redeeming the loan early you had to then cancel the insurance yourself. (I would just check you agreement/PPI terms and conditions though first).

You could also state that you are going to make a complaint to the FSA about the firm in that they did not cancel the policy when you repaid the loan and you were still charged for the insurance for a further 44 months and only offered a small rebate against it (but 44 months later). You were given a VERY unfair rebate and the FSA states that customers should be treated fairly (yeah right!) and also rebates should be fair (Yeah right again!!)

Send the letter recorded delivery and also who was this with??

I hope that it was a company in the jurisdiction of the FOS as this is so wrong.!!:mad:

di3004

Mark_Collins wrote: »

Hi Di,
I sent my letter off on Monday 24th November and received a letter today and the main points are listed below:

We note that your letter is in relation to the optional payment protection insurance and specifically, to the fact that when you subsequently redeemed your loan you did not receive a rebate of the premium you had paid.
From the records held by us we can confirm that your loan was funded on 26th march 2004 and redeemed on 21st march 2005.The optional payment protection insurance which was arranged in addition to your loan was for a period of 5 years. This policy remains in force until 26th march 2009 and as your loan has now been repaid, if you were to make a successful claim under the policy any benefits payable would be sent direct to you as a cash amount.
If you would like to cancel this policy we are happy to do so from the date of your letter (ie 21st November 2008 ) and allow you a pro-rata premium refund premium ( which we calculate to be £313.15 ). If you would like us to proceed with cancellation of the insurance we must ask to confirm this is writing.


I am still confused. I would have thought that when the loan had been repaid, the insurance would have stopped. Correct me if I am wrong, but this insurance will still run until 26th March 2009 !

Should I accept or are they just trying to fob me off on my first attempt to get back whats owing to me

Hi Mark

Please could you remind me who the loan was with or who arranged this?
Thanks.;)

Mark_Collins_2

marshallka wrote: »

How can they do this and get away with it...:mad:
I have seen this a lot on here where people have paid back the loans and the insurance is still running. Its totally unfair to be paying insurance to actually insure nothing. I would make another complaint and also ask the loan company for a breakdown of the settlement figure. In your letter you need to state that this was totally unfair in that no-where in the terms and conditions did it state that upon redeeming the loan early you had to then cancel the insurance yourself. (I would just check you agreement/PPI terms and conditions though first).

You could also state that you are going to make a complaint to the FSA about the firm in that they did not cancel the policy when you repaid the loan and you were still charged for the insurance for a further 44 months and only offered a small rebate against it (but 44 months later). You were given a VERY unfair rebate and the FSA states that customers should be treated fairly (yeah right!) and also rebates should be fair (Yeah right again!!)

Send the letter recorded delivery and also who was this with??

I hope that it was a company in the jurisdiction of the FOS as this is so wrong.!!:mad:

The loan had been taken out with Ocean Finance or it maybe Ocean Money now.Thank you for your advice I will read thru the T&Cs before writing back.

mcclune

Hi
I am looking for a bit of advice. I have just received a letter back from Lloyds rejecting my request for repayment of the PPI. They have based this on a form I signed when I took out the loan, where I have ticked a box saying I wish to purchase Loan Protection Insurance.

This might appear to be cut and dried, but at the time I had just split up from my partner, I was trying to sort my finances out and the loan was sold to me as this was my only option. I ticked the box so I could get the loan.

Lloyds state in the letter that I took out the loan and I elected to protect my risk by purchasing an insurance contract for a 'one off premium' plus interest.

Can anyone tell me if, because of this, I am fighting a lost cause?

Thanks
McClune

Mark_Collins_2

di3004 wrote: »

Hi Mark

Please could you remind me who the loan was with or who arranged this?
Thanks.;)

The loan was with Ocean finance then, but maybe called ocean money now.

marshallka

mcclune wrote: »

Hi
I am looking for a bit of advice. I have just received a letter back from Lloyds rejecting my request for repayment of the PPI. They have based this on a form I signed when I took out the loan, where I have ticked a box saying I wish to purchase Loan Protection Insurance.

This might appear to be cut and dried, but at the time I had just split up from my partner, I was trying to sort my finances out and the loan was sold to me as this was my only option. I ticked the box so I could get the loan.

Lloyds state in the letter that I took out the loan and I elected to protect my risk by purchasing an insurance contract for a 'one off premium' plus interest.

Can anyone tell me if, because of this, I am fighting a lost cause?

Thanks
McClune

You are not fighting a lost cause here. Lloyds are a bank and so under the jurisdiction of the FOS if needs be.

You now need to write back to them as this is a standard fob off letter and this time state that you were told you could not have the loan unless you took out the payment protection.

Was this a single premium policy?? I would bet it was in that it had interest on this and you were not offered to buy a policy elsewhere or asked if you had alternative insurance. Were you asked any medical pre existing conditions and told they would be excluded etc...

Wirte back and ask them for a final repsonse in the matter and if its not what you want then you will have no alternative than to take your complaint to the FOS.

Send the letter recorded delivery too so you have a proof and don't give them longer than 8 weeks from the first complaint letter.

Hope you get there and don't give up..:D

Mark_Collins_2

marshallka wrote: »

How can they do this and get away with it...:mad:
I have seen this a lot on here where people have paid back the loans and the insurance is still running. Its totally unfair to be paying insurance to actually insure nothing. I would make another complaint and also ask the loan company for a breakdown of the settlement figure. In your letter you need to state that this was totally unfair in that no-where in the terms and conditions did it state that upon redeeming the loan early you had to then cancel the insurance yourself. (I would just check you agreement/PPI terms and conditions though first).

You could also state that you are going to make a complaint to the FSA about the firm in that they did not cancel the policy when you repaid the loan and you were still charged for the insurance for a further 44 months and only offered a small rebate against it (but 44 months later). You were given a VERY unfair rebate and the FSA states that customers should be treated fairly (yeah right!) and also rebates should be fair (Yeah right again!!)

Send the letter recorded delivery and also who was this with??

I hope that it was a company in the jurisdiction of the FOS as this is so wrong.!!:mad:

I have just checked the T&Cs for the insurance cover plan and it reads "The termination date of insurance" shall mean :- the date on which the insured person terminates the loan agreement. So again if I am wrong please correct me, should the insurance have stopped when the loan had been repaid ?

marshallka

Mark_Collins wrote: »

The loan was with Ocean finance then, but maybe called ocean money now.

I take it it was sold by Ocean finance too and not a broker??

I am not sure whether they would be under the jurisdiction of the FOS as this was taken prior to January, 2005 but you could find out from ringing the FOS and asking if they were former members of the general insurance standards council.. lets hope they were..:mad: .

marshallka

Mark_Collins wrote: »

I have just checked the T&Cs for the insurance cover plan and it reads "The termination date of insurance" shall mean :- the date on which the insured person terminates the loan agreement. So again if I am wrong please correct me, should the insurance have stopped when the loan had been repaid ?

Yes, you have them here in that they have not treated you fairly and also your terms and conditions state otherwise. Its not YOUR fault. You need to copy this and highlight it on the copy and send it with another letter by recorded delivery.

Tell them that you are writing to the OFT who they hold their consumer credit licence with and also the FSA about not treating you fairly and also the rebate was unfair.

As regards the misselling then just pursue your complaint with the further proof.