PPI Reclaiming discussion Part III

ombler

Thanks yeah i'll send the letter explaining this tonight

pinknico

maxdp wrote: »

Oh Pinknico you are sweet;) God help if we all went onto another Forum we could all upset loads of people:rotfl:

We could give the self righteous (?) " you shouldnt have borrowed any money, hard luck" crew a run for their money!!

sharibe

Hello everyone,
After some advice on my next steps! Had letter back from Lloyds today about my 3 x claims for PPI. They have given me a bog-standard response so it seems, saying that I elected to proctect my risk by purchasing an insurance contract for a 'one off' pemium of ...... and they said they did not lead customers to believe thre insurance was compulsory etc etc (is that a bog-standard response??). They have also sent copies of all the loan agreements where I have ticked that box.

The other thing they have sent is a 'personal summary and our recommendations', there is a signature block at the bottom of it which has been signed by nobody (not me, nor the adviser)...this states the following:

Your demands and needs: to cover loan repayments against unemployment against , life and critical illness, sickness and accident cover.

Your existing relevant insurances: You have not advised me of any insurance policies to cover this need (I WAS NEVER ASKED!!).

Details of our product recommendation: Loan Protection Insurance...I have recommended this product for the following reasons: Miss T would not have any other means of repaying the loan repayments should she be off work through sickness /accident after her sick pay finished and would not want th elaon to have to be paid should anything happen to her. Miss T is aware the unemployment cover would not be in place at present due tothe redundancy being possible. Howevr explained that any new job after 6 months would be as per the loan protection policy.

I dont know what the above is all about really, as I said it is not even signed. No idea what the redundancy stuff is about. I did mention when taking out my last loan in May 05 that there was a good possibility that I would be made redundant but that if I was I would be paying the loan off in full as I knew I was going to be getting approx £34,000 if I was made redundant ( I was in the end in Mar the following year and I did pay the loan off in full).

So folks....what should I do/say now? Is my case strong enough by just saying they said I had to have to PPI with no acutal proof of that? The letter they sent me ended up saying if I wanted to take the complaint further I was to go to the financial omudsman.

Any help would be most gratefull....I so so want to take this further!!!

Kind regards
Sharibe
xxx

ombler

Right letter to egg in the post box, now its the waiting game i hope this can be resolved quickly (and in time for new year)
will keep you all posted

Toffee_Penny

Hi guys remember me? (.....erm no! :rotfl: )

Well I sent my letters off today for OH to try and reclaim ppi on his credit cards and loan. It cost me a few quid at the Post Office and I could hear people behind me tutting at how long I was taking but I'm glad I have finally got round to sending the letters off.

I used the standard template one for now with the reason for mis-selling as OH is self employed, we'll probably get letters back telling us to :mad: OFF but hey it's worth a try.

We are on a DMP at the minute and hope it doesn't sound wrong but any money credited to our total will be a bonus so I'm up for the fight! I have found old terms and conditions for Halifax loan which we took out in 2006 and it states about paying out for self employed if your business ceases to trade, well OH never owned his own business so please wish us luck.

I feel daft trying to fight it out now and admit its solely because we started to struggle with payments but we never truly fully understood the meaning behind ppi until now, I know I know, should have read the small print, should have done a lot of things but hey ho! :rolleyes:

wish me luck xxx

Heartmate

maxdp wrote: »

Hi there.

Am sure others will input their knowledge on this. My first point would be that as far as I was aware a verbal agreement is binding. It is the usual story with this sort of thing. They entice you to but PPI cause they get huge amounts of commission on these things. Send of £10.00 and get a full SAR and follow the information on the red tag claim back 1000 on the home page.

Anglian would be receiving my 1st letter tomorrow. Will keep updating here. Just one question I should be paying off the balance on my loan next week and I would be eligible for claiming my PPI premium back (should lose a substantial portion of my original premium- that's what the PPI policy says). Will this affect my PPI reclaim on the basis of mis-sell? Keep up the good work on this forum, thanks.

di3004

sharibe wrote: »

Hello everyone,
After some advice on my next steps! Had letter back from Lloyds today about my 3 x claims for PPI. They have given me a bog-standard response so it seems, saying that I elected to proctect my risk by purchasing an insurance contract for a 'one off' pemium of ...... and they said they did not lead customers to believe thre insurance was compulsory etc etc (is that a bog-standard response??). They have also sent copies of all the loan agreements where I have ticked that box.

The other thing they have sent is a 'personal summary and our recommendations', there is a signature block at the bottom of it which has been signed by nobody (not me, nor the adviser)...this states the following:

Your demands and needs: to cover loan repayments against unemployment against , life and critical illness, sickness and accident cover.

Your existing relevant insurances: You have not advised me of any insurance policies to cover this need (I WAS NEVER ASKED!!).

Details of our product recommendation: Loan Protection Insurance...I have recommended this product for the following reasons: Miss T would not have any other means of repaying the loan repayments should she be off work through sickness /accident after her sick pay finished and would not want th elaon to have to be paid should anything happen to her. Miss T is aware the unemployment cover would not be in place at present due tothe redundancy being possible. Howevr explained that any new job after 6 months would be as per the loan protection policy.

I dont know what the above is all about really, as I said it is not even signed. No idea what the redundancy stuff is about. I did mention when taking out my last loan in May 05 that there was a good possibility that I would be made redundant but that if I was I would be paying the loan off in full as I knew I was going to be getting approx £34,000 if I was made redundant ( I was in the end in Mar the following year and I did pay the loan off in full).

So folks....what should I do/say now? Is my case strong enough by just saying they said I had to have to PPI with no acutal proof of that? The letter they sent me ended up saying if I wanted to take the complaint further I was to go to the financial omudsman.

Any help would be most gratefull....I so so want to take this further!!!

Kind regards
Sharibe
xxx

Hi there Sharibe

So much of this so reminds me of my lloyds response, to me this is standard, maybe differ slightly as mine was regarding Credit Card PPI, not got to the loans yet.

Have they given you the opportunity to write to them again with further information?, if so then write again and tell them you are not satisfied with their response as you strongly feel you were mis sold on this PPI product and only became aware of these issues since reading in the media which gave you the opportunity to check your paperwork, and where you realised this was added, and give an explanation to what they have said above if you can.
Also tell them if they do not uphold your complaint, you will take this to the Financial Ombudsman Service for them to investigate.

When they get back with another response, it should be the final decision, which should enclose the leaflet of the Financial Ombudsman service, so if unsuccessful again, then I would then go direct to the FOS in order for them to investigate this.

Keep us posted though so we can help you, cheers and good luck.;)

Di
xx

di3004

ombler wrote: »

Right letter to egg in the post box, now its the waiting game i hope this can be resolved quickly (and in time for new year)
will keep you all posted

Good luck Ombler, wish you luck and we look forward to hearing the outcome of this.;)

Di
x

di3004

Toffee_Penny wrote: »

Hi guys remember me? (.....erm no! :rotfl: )

Well I sent my letters off today for OH to try and reclaim ppi on his credit cards and loan. It cost me a few quid at the Post Office and I could hear people behind me tutting at how long I was taking but I'm glad I have finally got round to sending the letters off.

I used the standard template one for now with the reason for mis-selling as OH is self employed, we'll probably get letters back telling us to :mad: OFF but hey it's worth a try.

We are on a DMP at the minute and hope it doesn't sound wrong but any money credited to our total will be a bonus so I'm up for the fight! I have found old terms and conditions for Halifax loan which we took out in 2006 and it states about paying out for self employed if your business ceases to trade, well OH never owned his own business so please wish us luck.

I feel daft trying to fight it out now and admit its solely because we started to struggle with payments but we never truly fully understood the meaning behind ppi until now, I know I know, should have read the small print, should have done a lot of things but hey ho! :rolleyes:

wish me luck xxx

Hi Toffee Penny
Good for you and we wish you luck with all here.;)

And not to worry about the small print business, there are catches with these in my opinion and to me they should have been responsible in making sure they were selling the right product to suit all our needs, not just assume we will be covered, they should check first in my opinion.

You go for it and let us know how you get on, cheers.
Good luck!;)

Di
x

di3004

Heartmate wrote: »

Anglian would be receiving my 1st letter tomorrow. Will keep updating here. Just one question I should be paying off the balance on my loan next week and I would be eligible for claiming my PPI premium back (should lose a substantial portion of my original premium- that's what the PPI policy says). Will this affect my PPI reclaim on the basis of mis-sell? Keep up the good work on this forum, thanks.

Hi there
Just to get this straight, if you reclaim on this and your successful then you should receive absolutely every penny plus interest, and an extra 8% interest of what a court would award, you should not lose out on anything.
If mis sold the aim is to be put back right in the position as if you did not have the PPI in the first place, so basically it should work out a little more than your full PPI and the interest on top again.;)

I do know if cancelling after a cooling period then you would lose a proportion of this, but as above you that should be how it works.

Good luck.;)
we look forward to hearing the outcome.

Di
xx