PPI Reclaiming discussion Part III

maxdp

marshallka wrote: »

Hiya maxine, hope you are OK...I take it you have no news yet on yours .

Hope it gets sorted soon.. Have you emailed or rang them again??

Hi Marshallka

Am fab ta. No News. Have one which FOS has assigned an adjudicator A and L (MBNA) and am waiting to hear back. Have 2 others with FOS Lloyds and Barclaycard PPI on cards still awaiting an adjudicator.

Not heard back from my other one from FOS:rotfl::rotfl::rotfl: Well slap my thights laughing:T Am exploring other avenues. Other unmentionables are still being investigated. Apart from that everything else is working well.:D

marshallka

maxdp wrote: »

Hi Marshallka

Am fab ta. No News. Have one which FOS has assigned an adjudicator A and L (MBNA) and am waiting to hear back. Have 2 others with FOS Lloyds and Barclaycard PPI on cards still awaiting an adjudicator.

Not heard back from my other one from FOS:rotfl::rotfl::rotfl: Well slap my thights laughing:T Am exploring other avenues. Other unmentionables are still being investigated. Apart from that everything else is working well.:D

Like I say then - nothing sorted...;)

Have you read my latest email from the adjudicator (although not my adjudicator ), but its who is dealing with sorting out who I need to complain to and they have now said it will take a few months to sort this out . I have emailed her today to say that my six years are up after christmas stopping me taking the complaint through the courts if I so wish and they have had the complaint passed to two adjudicators already and then passed back to me and its near on 7 months now so I need to know who to complain to... . They are still none the wiser as to where my complaint lies and it may have to go to the legal department. :mad:

I just wish they could be more specific. I was told by the adjudicators manager after reading my policy details that it was under COMPULSORY jurisdiction of the insurer...

Been quite down about this today... its a little more than money that they have taken from me... They just do not realise..

Five_2

Hello, my very first post here and it’s a long one!

I would like to ask for some help with a possible PPI miss selling claim on a policy my wife took out in 2006 before we were married.

The secured loan was with Barclays and now First Plus and at present she is still paying the PPI on the loan.

My wife has a birth defect within her heart that has only last month caused her to be hospitalised overnight. Although it is serious it does not affect her day to day life.

Am I right in thinking that because of this, and because the sales person never asked about long term illness, only conditions within the last two years at the point she took out the loan insurance that she should not have been sold the insurance policy?

Also, please can somebody explain the definition of a single premium loan?

The loan agreement lists the total loan amount, then the PPI loan, then the total
e.g.
Loan 26,500
PPI 5,281
Total 31,781

But the PPI is repaid from the start over the whole 300 month term. Is this a single premium loan?

Additionally the PPI cover only lasts for 60 months, but the loan is for 300 months, so what happens if she needs to claim after 60 months?

In the original literature from Barclays it claims the PPI insurance is a cash back scheme.
I’ve quoted directly from the brochure here

Barclays_PPI_sales_document wrote:

After five years, if you haven’t made an insurance claim, you could be eligible for a cash back payment equivalent to the amount of your insurance premium as stated in your loan agreement (you will not receive a refund of the interest paid by you on your premium over the term of the loan)

Is this really saying that if we continue to pay the PPI for the next three years we will receive the £5,281 back? It seems the magic words there are “you could be eligible”
I guess the main question is should she try cancel the PPI insurance now, receiving a very small percentage back (about 14% of the total). Tthen if one or more of the points above are correct and she was in fact mss sold try and recover the rest plus the interest.

Or should she simply claim the PPI was miss sold from the start and ask for a full refund and immediate cancellation of the insurance policy?
I would be so very grateful if somebody could clear up these points and show me in the right direction.

Many thanks in advance
Niall

di3004

I am so tired tonight, think I may have an earlier one if I can, not quite yet though.....:rolleyes: , I tried posting earlier and it was not getting anywhere, it just suddenly stopped, so I restarted this thing twice......:mad:

mar1e

Niall

I dont have the answer to be fair but I was sold the same policy in 2006 and have just sent my letter off today requesting a breakdown of calculations.

Marie

di3004

Five wrote: »

Hello, my very first post here and it’s a long one!

I would like to ask for some help with a possible PPI miss selling claim on a policy my wife took out in 2006 before we were married.

The secured loan was with Barclays and now First Plus and at present she is still paying the PPI on the loan.

My wife has a birth defect within her heart that has only last month caused her to be hospitalised overnight. Although it is serious it does not affect her day to day life.

Am I right in thinking that because of this, and because the sales person never asked about long term illness, only conditions within the last two years at the point she took out the loan insurance that she should not have been sold the insurance policy?

Also, please can somebody explain the definition of a single premium loan?

The loan agreement lists the total loan amount, then the PPI loan, then the total
e.g.
Loan 26,500
PPI 5,281
Total 31,781

But the PPI is repaid from the start over the whole 300 month term. Is this a single premium loan?

Additionally the PPI cover only lasts for 60 months, but the loan is for 300 months, so what happens if she needs to claim after 60 months?

In the original literature from Barclays it claims the PPI insurance is a cash back scheme.
I’ve quoted directly from the brochure here
Is this really saying that if we continue to pay the PPI for the next three years we will receive the £5,281 back? It seems the magic words there are “you could be eligible”
I guess the main question is should she try cancel the PPI insurance now, receiving a very small percentage back (about 14% of the total). Tthen if one or more of the points above are correct and she was in fact mss sold try and recover the rest plus the interest.

Or should she simply claim the PPI was miss sold from the start and ask for a full refund and immediate cancellation of the insurance policy?
I would be so very grateful if somebody could clear up these points and show me in the right direction.

Many thanks in advance
Niall

Hi there Niall

Welcome.;)

Seems like to me you have a case here and that is the usual, for example a 25 year loan being sold a single PPI that only covers for the 5 years of the loan then that is it, yet you still have to pay for it for the 25 years, its so wrong and is also wrong really for this type of policy to be sold, its a rip off, then being told you will get a good percentage of it back after 5 years if not ever made a claim, the usual selling tactics lark here.
Its very costly indeed plus with all the interest added etc, not all info is usually disclosed to you.

Right hun, check this out here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will find some very useful PPI info and a list of mis selling reasons, there is also a template letter on the link, add as much info as you can with your own reasons to back your case.

They have 8 weeks to respond, post by recorded delivery.

Another letter maybe required if not successful first time, depending what they put in the letter, they may even suggest on that one and only letter you can take to the Financial Ombudsman Service if not satisfied with their response.

Just take it one step at a time, see what happens after the first response and we shall take it from there, hopefully you will be successful first time, please let us know the outcome of this in order for us to help you.

I would like to add though if you plan to cancel the PPI and you do require cover, it may be wise still to cover this maybe with a stand alone cheaper option.
And I will also mention that if you do cancel its very unlikely the repayments will come down that much unfortunately, so hun that one is up to you, but if your successful here they have to you put back in the position as if the PPI were never taken, plus refund back the interest with the PPI and Stat interest of what a court would award.

Good luck;)
Di

Five_2

mrssloan wrote: »

Niall

I dont have the answer to be fair but I was sold the same policy in 2006 and have just sent my letter off today requesting a breakdown of calculations.

Marie

Hi Marie, why would I want to request the breakdown of calculations for my account I would be grateful if you could explain how this would help me. I'm really trying to determine all the information I need.

thanks

di3004

Five wrote: »

Hi Marie, why would I want to request the breakdown of calculations for my account I would be grateful if you could explain how this would help me. I'm really trying to determine all the information I need.

thanks

Hi there
Marie has some issues with some calculations of her PPI and requesting for figures of calculations to help with her individual case.

I have added a post above for you hun, hope that helps you.;)

Good luck
Di

Five_2

di3004 wrote: »

Hi there Niall

Welcome.;)

Seems like to me you have a case here and that is the usual, for example a 25 year loan being sold a single PPI that only covers for the 5 years of the loan then that is it, yet you still have to pay for it for the 25 years, its so wrong and is also wrong really for this type of policy to be sold, its a rip off, then being told you will get a good percentage of it back after 5 years if not ever made a claim, the usual selling tactics lark here.
Its very costly indeed plus with all the interest added etc, not all info is usually disclosed to you.

Right hun, check this out here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will find some very useful PPI info and a list of mis selling reasons, there is also a template letter on the link, add as much info as you can with your own reasons to back your case.

They have 8 weeks to respond, post by recorded delivery.

Another letter maybe required if not successful first time, depending what they put in the letter, they may even suggest on that one and only letter you can take to the Financial Ombudsman Service if not satisfied with their response.

Just take it one step at a time, see what happens after the first response and we shall take it from there, hopefully you will be successful first time, please let us know the outcome of this in order for us to help you.

I would like to add though if you plan to cancel the PPI and you do require cover, it may be wise still to cover this maybe with a stand alone cheaper option.
And I will also mention that if you do cancel its very unlikely the repayments will come down that much unfortunately, so hun that one is up to you, but if your successful here they have to you put back in the position as if the PPI were never taken, plus refund back the interest with the PPI and Stat interest of what a court would award.

Good luck;)
Di

Hi di3004, thanks for the welcome,

Are you saying that because the insurance doesn’t cover the full term of the loan its been miss sold? Is this the only reason I have, or would my wife’s pre existing heart condition come into play as well?

We have already read and re read Martins initial web page and have already mocked up the first letter to send off.

My main question is really should we cancel the PPI insurance first

Or

Complain about being miss sold and cancel the insurance then with the first sample letter from Martin?
thanks

maxdp

marshallka wrote: »

Like I say then - nothing sorted...;)

Have you read my latest email from the adjudicator (although not my adjudicator ), but its who is dealing with sorting out who I need to complain to and they have now said it will take a few months to sort this out . I have emailed her today to say that my six years are up after christmas stopping me taking the complaint through the courts if I so wish and they have had the complaint passed to two adjudicators already and then passed back to me and its near on 7 months now so I need to know who to complain to... . They are still none the wiser as to where my complaint lies and it may have to go to the legal department. :mad:

I just wish they could be more specific. I was told by the adjudicators manager after reading my policy details that it was under COMPULSORY jurisdiction of the insurer...

Been quite down about this today... its a little more than money that they have taken from me... They just do not realise..

No quite right no further forward:eek: I agree they do not know or care what people on here are going through. The ups and downs etc. Nobody seems to know answers at FOS or are not telling, They keep moving the goal posts it is so frustrating. Do not get down Marshallka we can all be strong together.

Have to go now as am up early in the morning. Take care:D