PPI Reclaiming discussion Part III

marshallka

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.

As you have made a claim on the PPI I am unsure if you can make a complaint on this but I do see where you coming from. Are you wanting to cancel the PPI now??. If you do cancel the PPI now you are you saying that this would not reduce your loan repayments and you would receive no rebate at all as this is unfair I think...??

Have you tried writing to them and asking what would happen if you cancelled?

marshallka

showergirl wrote: »

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.

They do usually drag it out the full 8 weeks as they stall but think positive and you may get lucky...;)

Let us know how you get on..

marshallka

hayjamdan wrote: »

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

Are you saying the insurance was added without your consent?

If you are then you were missold this and need to get a letter in (one letter should do for all the loans!!).

Just take a look at the link here and see what you can add and delete from the template letter. Its always best to do your own from this. There are lots of reason on there for the misselling so pick out the ones that are applicable to yours.

You then write to the firm that actually made the sale of the PPI to you if this is different from the lender and don't forget to send this recorded delivery so you always a proof and dates etc.

After that you have to give them 8 weeks for a full and final response. In this time it is usual to get a response of "sorry we sold this to you fairly" but you then respond to this and reiterate your complaint again. The next time they write they either give you a final response which you would need in order to take this complaint to the FOS or offer to settle.

http://www.moneysavingexpert.com/rec...urance#reclaim


Good luck

marshallka

showergirl wrote: »

Is it true that the ombudsman charges to look at your claim. If so who pays this

Yeah, its about £450 after the first 3 complaints...:D

marshallka

di3004 wrote: »

Blimey, well I have never heard of that and I was never charged for using their services, maybe its a business charge if you know what I mean, in other words they charge the business but not the consumer.;)

Di, showergirl is on about what the Ombudsman charges the firm here...;)

marshallka

maxdp wrote: »

Oh Marshallka Poor You. I send you lots of love and a dodgy cuddle:kisses3:
Oh they took that one off. But hope you feel better soon.:o

Feel a little better today maxdp but the sweating has kicked in now. At least I can post.. I must have been ill yesterday as could not even sit at my chair:eek: . I still ache and going to have a shower in a min. Its been quiet though really. I bet everyone is getting ready for christmas.;)

marshallka

bathgatebuyer wrote: »

Exactly how it works - you make a complaint against a bank and the FOS charges that bank their admin costs of £450 of considering a complaint. Which is why I don't understand daft banks who say, "Go to the FOS then" over small credit card reclaims and the like that are well below the FOS costs they would incur! Plonkers!

I think if they have so many complaints against one firm it should become automatic paybacks and this would free up time for the FOS....and also fine them heavily too.;)

marshallka

Trieshard wrote: »

I've been reading some of these posts as i'm looking for some assistance but can't find anyone with the same problem as me. I got some double glazing installed by Anglian windows. there was an agreement and i recently noticed that PPI had been added. i was not aware that it had been added as i was not asked any questions about my financial position or emplyment other than was i working and what did i earn. The policy covers me for 5 years but the loan is for 10!!
The PPI is provided by GE money lending and i've written to them asking for a refund due to mis-selling. They claim it's not there problem as they did not sell me the policy, they say i should write to Anglian. Should i now wriote to Anglian Windows, even though i pay the loan to GE money??

Yes, you always make the complaint against whoever sold the insurance to you.

marshallka

maxdp wrote: »

Hi Bathgatebuyer
I think if they accept all PPI claims and pay back they would pay a lot more out. A lot of people are put off with the reply letter saying basically get stuffed. They do not take it further. Also the amounts they agree to pay out along with the FOS DO NOT take you back into a position as if you had not taken PPI cause then Rule 78 comes into place as Marshallka talks about.

They are funded by these institutions and they are very good at doing what they are able to do, My problems is that they do not have enough powers to make these people pay out within a certain time span. They are mediators and try to make us and the lenders work together.

The amount they charge is like p...ing into the wind with these lenders.:eek:

If you ask me Rule of 78 should be the next super complaint....afterall if the OFT that deemed it unfair and oppressive (and only fair to the lenders!!!) and yet it was devised by the OFT too. .

marshallka

bathgatebuyer wrote: »

Sorry, maxdp, I meant in respect of credit card charges reclaims not PPI.

I had one for about £350 and the lender said 'go to the FOS' even after I'd said in my letter, "I know it will cost you £450 if I do, but if you insist, here's a copy of the complaint form I'm going to send them if you don't give me the money". Theydidn't, so I complained to the FOS, got the £350 back and they also had to pay the FOS the £450 quid.

No wonder banking in ths country is in trouble when they can't do their sums properly.

They ARE costing themselves money!!!

I cannot see the sense in it either... ,