PPI Reclaiming discussion Part III

sjat81

Hi All,

I took a loan through debt buster loans who at the time of buying told me that I had to take the PPI they were offering due to the type of loan I was getting or the company providing the loan would not give the loan to me ( poor credit) I then said could I not look elsewhere for it to get it cheaper and wwas told No (no ifs or buts) for these reasons I would like to claim:


At the time of sale and purchase, I believed that the Payment Protection Insurance was compulsory.
I was never informed that this insurance is only optional.

I was never informed that if Payment Protection Insurance was required we could purchase it elsewhere.

I was led to believe that our application would have been rejected had I not included the Payment Protection Insurance.


The PPI was then front loaded by the loan provider London Mortgage company so I have just phoned them to say I'm not happy as I have been mis sold the policy and they said it is not their responsibilty as the PPI was sold by the broker, so I contacted Debtbuster loans who said they would listen to the tapes of the sales conversation and get back to me (via phone) within 10 days, I have just received the letter saying my complaint is being investigated so I called them (the supervisor) who sent me the letter saying that I thought I would be contacted by phone within 10 days (I called them on the 27/11/08) with the outcome and he said he has passed it over to the complaints dept for resolving? and it will take upto 8 weeks before I hear anything which I think is quite long (is it excessive). Apparently they are following their standard compklaints procedure.

I then got the name of my insurance provider to tell them I want to cancel my PPI policy and I was told it was only for 3 years and so finished in june this year! it added around £2500 to my loan which I now have to pay for the next 15 years! which is an extra £37 a month.

What should I do as the policy is no longer valid and it was sold to me by a broker? should I send the first PPI letter to debtbuster loans or wait until they get back to me.

I took out the loan/PPI in June 05 (not sure if this helps me?) as I read in posts on here that some form of legislation came in around this time.


Can anyone advise me on what I should do from here?

smudge2002

Hi,

I took out a loan over 7 years from First Direct in June 2007 and took out their PPI. I have recently asked for a settlement figure and havin received the figure find that they haven't included a refund of the PPI. I rang them yesterday to query this and have been told that this is because I made a claim on the insurance in December 2007. I was unaware at the time I took out the loan that there would be no refund of the PPI on early settlement of the loan if I had made a claim. If I had been I would not have taken out the PPI. Their argument is that because I applied for the loan online and their T&Cs were available online and I should have been aware of this. Now I find that the settlement figure is over £1000 more than the original loan amount. Also I will have paid for 5 1/2 years of insurance that I no longer need or will be able to claim on because of a claim that amounted to just over £400.

Is there anyway I can re-claim a refund on the PPI when I settle the loan? Any help wouild be appreciated.

showergirl

smudge2002 wrote: »

Hi,

I took out a loan over 7 years from First Direct in June 2007 and took out their PPI. I have recently asked for a settlement figure and havin received the figure find that they haven't included a refund of the PPI. I rang them yesterday to query this and have been told that this is because I made a claim on the insurance in December 2007. I was unaware at the time I took out the loan that there would be no refund of the PPI on early settlement of the loan if I had made a claim. If I had been I would not have taken out the PPI. Their argument is that because I applied for the loan online and their T&Cs were available online and I should have been aware of this. Now I find that the settlement figure is over £1000 more than the original loan amount. Also I will have paid for 5 1/2 years of insurance that I no longer need or will be able to claim on because of a claim that amounted to just over £400.

Is there anyway I can re-claim a refund on the PPI when I settle the loan? Any help wouild be appreciated.

If you have made a claim then I am sure that you will not be entitled to a refund

di3004

Hiya folks
Can't stop sorry but just to let you know your questions will be answered by someone at some point today, apologies for not being able to post right now, due to some stuff going on at home at present.;)

Thanks Max, yes the account numbers are shown and the amounts.
They will have to do, thanks hun.;) :A


Marshallka will try to pop back a little later.:A

Hope all are okay.xx

nembot

Hi all,

Egg have just been fined £721,000 for mis-selling insurance!

The consumer revolution is gaining momentum.

marshallka

maxdp wrote: »

Hi Marshallka

You need to keep away from docs and hospitals they are full of germs:eek:

Saying that I know you do not want to spend your time in these places.

Hiya maxdp, I have only just turned my puter on today as I feel like I am dying....:eek: . I have never felt so ill in my life. I have a cough that is so dry my lungs are killing me. There is not a bone in my body that does not feel like its had a punch from Tyson.

showergirl

Have just got off the phone to Tesco PF. It is now 4 weeks since I put in a claim for my ppi. They say they are investigating my case but do not have all the paperwork yet, and have reminded me that they have until the 6th of jan to reply. Looks like I am going to have to wait the full 8 weeks before I hear anything. I don't think they are too happy that I said that I didn't think the person with whom I discussed the loan was properly trained as in the template letter. If they are anything like their stores new people are just given 30mins training then put on a till.

hayjamdan

i took out several loans with a high street bank. these were taken out in dec 2003 ,i later took another in feb 2004 and later in dec 2004 all these loans was higher than the one b4 to cover the outstanding amount for the previous loan. however when taking out the loans i wasnt told anything about getting a ppi. i just found out i had the insurance because my husband was asking if i had insurance i had to ring them up to find out and they said yes i had. with the two previous loans i was given some money back dont no weather it was from the insurance as i thought because i had made some payments they were giving me back dat money . really confused can some one please help

di3004

marshallka wrote: »

Hiya maxdp, I have only just turned my puter on today as I feel like I am dying....:eek: . I have never felt so ill in my life. I have a cough that is so dry my lungs are killing me. There is not a bone in my body that does not feel like its had a punch from Tyson.

Marshallka, sorry to hear your not well hunni......._pale_ , hope you get better real quick.
As you know - get plenty of fluids down you, they say tea is a good remedy, especially chinese herbal tea.;) And for the dry cough a tea spoon of honey a few times a day.;)

Get plenty of rest and some shut eye when you can.
Thinking of you.:A

Di
xxxxxx

marshallka

di3004 wrote: »

Marshallka, sorry to hear your not well hunni......._pale_ , hope you get better real quick.
As you know - get plenty of fluids down you, they say tea is a good remedy, especially chinese herbal tea.;) And for the dry cough a tea spoon of honey a few times a day.;)

Get plenty of rest and some shut eye when you can.
Thinking of you.:A

Di
xxxxxx

Sorry cannot post as I cannot sit up for long. My back is killing me and this cough is so annoying.

Be back hopefully tomorrow.:A