PPI Reclaiming discussion Part III

pinknico

It is my understanding that the six years starts from the end of the loan/credit card contract not the start., call the FOS and give them the details they will contact them for you or start a complaint form for you.
Let us know how you get on.
Have you still got this loan?

marshallka

Gurkhaman_Swaroop wrote: »

Hello > I am having a similar problem with my bank, First Direct, claiming that my claim is over the six year period, therefore refusing a refund. I quote their letter; "The loan account you refer to was opened on 24 April 2002 and therefore falls outside of the time period set out in the legislation".

However, the Money Savings Expert has this information; "If your policy started over six years ago and you are either still using it, or it ended within the last six years: Reclaim and ask your lender for a copy of the paperwork if you no longer have it. Your chances of success may be reduced if you have been aware of the misselling for some time, you have already complained or your account is very old." I have got the paperwork that I request the bank to send me.

Could someone please clarify this for me as I had no idea that this PPI was optional until a few weeks ago when I started seeing adverts on TV offering to help people claim refunds for PPI wrongly sold, I was led to believe that the PPI was part of the loan with no mention that it was optional.

Co-op bank wrote to me and stated that my accounts were over 6 years old and also they mentioned that I should have been reasonably aware at the 3 years mark.

I have had to take this to the Ombudsman but they have offered redress on 3 out of 4 of my loans and these were over 6 years old. I know this is because they were a bank and part of the old Banking Ombudsman Scheme which was around before the Ombudsman now and also I only just became aware of this through the media attention. I would just pursue your complaint and also find out from the FOS when they became under the jurisdiction of them. You need to telephone the helpline at FOS and ask if this firm were a member of the General Insurance Standards Council and also at what date.

Let us know how you get on.

cot1198

marshallka wrote: »

It would be because of the rebate you recieved against the insurance (or not!!) and also the insurance had the interest on it too. If you win with the missold it will be like not repaying more than £2000 extra on the loan...

When was this loan taken out... ??

My firstplus was a loan of £21463 (including the insurance) and then repayments of £11K and still owed them £20500...:eek:

I see your point
the loan was taken out in June 2006

marshallka

cot1198 wrote: »

I see your point
the loan was taken out in June 2006

It cannot be the rule of 78 in the settlement then as it was abolished on new loans after 2005 so it must be cause of the unfair rebate you got against the insurance. I would see what you get back from the misselling as this may surprise you just how much it did cost..;)

di3004

Morning.;)

Had to get off early last night folks, I was shattered, it was a funny day yesterday, (due to again hubby's job loss), okay not literally funny but things to sort out, but golly its looking bad everywhere with lots going into administration.......:eek: , I know there was 100 to go at hubby's works yesterday and more in the near future, but we will get by somehow.;)

Marhallka hunni thank you for your support you have been so amazing, a true diamond.:T :A .xxxx

marshallka

di3004 wrote: »

Morning.;)

Had to get off early last night folks, I was shattered, it was a funny day yesterday, (due to again hubby's job loss), okay not literally funny but things to sort out, but golly its looking bad everywhere with lots going into administration.......:eek: , I know there was 100 to go at hubby's works yesterday and more in the near future, but we will get by somehow.;)

Marhallka hunni thank you for your support you have been so amazing, a true diamond.:T :A .xxxx

Are you feeling better today DI??

I hope so and it is like another blow or you could look at it as a fresh start too Di.. some things happen for reasons..;)

Gurkhaman_Swaroop

pinknico wrote: »

It is my understanding that the six years starts from the end of the loan/credit card contract not the start., call the FOS and give them the details they will contact them for you or start a complaint form for you.
Let us know how you get on.
Have you still got this loan?

Thank you, that is what I understood also. As my early retirement due to ill health is in progress, I cleared the outstanding loan earlier this month because I would not be able to afford the monthly repayments until May 2009.

I am in the process of sending First Direct the second letter from the template provided by this website. I shall keep all posted on my situation.

di3004

marshallka wrote: »

Are you feeling better today DI??

I hope so and it is like another blow or you could look at it as a fresh start too Di.. some things happen for reasons..;)

Hi Marshallka
Yes thanks hun, getting there.;)
And yep I believe these things happen for a reason, a fresh start now :T , time to look forward and leave the bad year behind.;)

Thanks hunni. x:A

Not heard a thing yet from any of them at the FOS though.....:rolleyes:

Gurkhaman_Swaroop

marshallka wrote: »

Co-op bank wrote to me and stated that my accounts were over 6 years old and also they mentioned that I should have been reasonably aware at the 3 years mark.

I have had to take this to the Ombudsman but they have offered redress on 3 out of 4 of my loans and these were over 6 years old. I know this is because they were a bank and part of the old Banking Ombudsman Scheme which was around before the Ombudsman now and also I only just became aware of this through the media attention. I would just pursue your complaint and also find out from the FOS when they became under the jurisdiction of them. You need to telephone the helpline at FOS and ask if this firm were a member of the General Insurance Standards Council and also at what date.

Let us know how you get on.

Thank you for your helpful reply. What happened with your other complaint? First Direct is the online banking branch of HSBC, I would therefore presume that they are a member of the General Insurance Standards Council, I shall however contact the FOS helpline to ask them.

It would be very helpful if you don't mind sharing what you wrote to the Ombudsman when you approached them for help, I should appreciate it very much.

Gurkhaman_Swaroop

di3004 wrote: »

Hi Marshallka
Yes thanks hun, getting there.;)
And yep I believe these things happen for a reason, a fresh start now :T , time to look forward and leave the bad year behind.;)

Thanks hunni. x:A

Not heard a thing yet from any of them at the FOS though.....:rolleyes:

Hi Di,

Sorry to hear about your hubby's situation, I too am in a similar situation, about to retire early due to ill health. As Marshallka says, these things happen for a reason and I am glad to be retiring early, I can relax without all the added unnecessary stress and look for part time work that I can control the stress factor of

Just to let you know, my wife's family are from your neck of the woods. Take care.