PPI Reclaiming discussion Part III

smudge2002

marshallka wrote: »

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?

Hi,
I am looking to settle the whole loan and have discovered this when I asked for a settlement figure. They have given me a figure of the outstanding balance, less a rebate of interest, and on the line for "Refund of Insurance" there is the figure of £0.00. If I remember correctly when I took out the loan the full premium for the 7 years cover was added to the original loan amount and the monthly payment calculated from this. When I spoke to them on Tuesday night I was told that none of this premium could be refunded even though there would be no payment to protect if I cleared the loan.

I asked for the complaint to be escalated and am currently waiting for a call back from them. I will ask the whether the monthly payment would decrease if I cancelled the insurance as I hadn't thought of that though I'm sure, given what they've said so far, they will say it won't

marshallka

Doddy03 wrote: »

Hi the insurance was for a period of 5 years and cost over £10,000! This is why I want to take it further. I can't see where the 78% has come from and I also believe that come next August they will state that we have cancelled the policy and therefore are not entitled to any further money. I know we have nothing to lose by taking it further but it is now beginning to stress me out already!!! Any help would be much appreciated and thanks so much for responding. Oops sorry they have offered us £1,100 in final settlement.

Its a pro rata refund of the amount of time left on the insurance and they are still trying to diddle you out of more money here. I would no way accept this personally and would pursue the complaint more.

marshallka

smudge2002 wrote: »

Hi,
I am looking to settle the whole loan and have discovered this when I asked for a settlement figure. They have given me a figure of the outstanding balance, less a rebate of interest, and on the line for "Refund of Insurance" there is the figure of £0.00. If I remember correctly when I took out the loan the full premium for the 7 years cover was added to the original loan amount and the monthly payment calculated from this. When I spoke to them on Tuesday night I was told that none of this premium could be refunded even though there would be no payment to protect if I cleared the loan.

I asked for the complaint to be escalated and am currently waiting for a call back from them. I will ask the whether the monthly payment would decrease if I cancelled the insurance as I hadn't thought of that though I'm sure, given what they've said so far, they will say it won't

Let us know what they say and then we can all look at other ways to go about this.

marshallka

Neptune76 wrote: »

Thanks for finding that info for me. Will look into the FSCS. Still think that GE Money must take some blame for this as they did sign the contract 12 days after I did. And the insurance part is not in my handwriting. Surely they have to check that I was given the correct information?

Its would have been the seller of the loan and insurance and not the lender as the seller would have ticked the box for the insurance to be taken usually. I would ring the FSCS and ask them if you can claim through them for the company that is dissolved. I don't know how the FSCS works for complaints prior to 2005 as I note that your insurance must have been before this as this company dissolved in 2003. Perhaps Di and Pinknico could explain this to you as both have complaints in there for other companies.

pinknico

marshallka wrote: »

Its would have been the seller of the loan and insurance and not the lender as the seller would have ticked the box for the insurance to be taken usually. I would ring the FSCS and ask them if you can claim through them for the company that is dissolved. I don't know how the FSCS works for complaints prior to 2005 as I note that your insurance must have been before this as this company dissolved in 2003. Perhaps Di and Pinknico could explain this to you as both have complaints in there for other companies.

Prior to 2005, I dont think that insurance was covered by the FSCS. I would call the FOS and the FSCS and see where they direct you.

marshallka

pinknico wrote: »

Prior to 2005, I dont think that insurance was covered by the FSCS. I would call the FOS and the FSCS and see where they direct you.

Yeah, wondered about that but do the same rules apply as in FOS like the GISC thing although with the company in question it was a dealership and doubt they would have been members... .

pinknico

marshallka wrote: »

Yeah, wondered about that but do the same rules apply as in FOS like the GISC thing although with the company in question it was a dealership and doubt they would have been members... .

No those rules dont seem to apply, if you go to the web site and click on how to claim, and then on insurance brokers it says they were only covered from 2005 .

marshallka

pinknico wrote: »

No those rules dont seem to apply, if you go to the web site and click on how to claim, and then on insurance brokers it says they were only covered from 2005 .

Thats a bummer then for Neptune76...:mad: .

clubfoot79

Hello, I have just received my letter back from Intelligent Finance as I was claiming my PPI back as I felt I was forced into having it and made to think I had to take it due to the size of the loan.
They have come back to say I selected the cover without discussing it with their consultants (not true by the way they made me feel like I had to take it) and I had a cooling off period on which I could have cancelled the ASU but didn't however I didn't know this was the case. I did finally cancel it after 50 payments when I realised I could.
They have said as it was back in 2003 they are unable to listen to the tapes and disagree that I have been missold the ASU and can take it up with the financial ombudsman if I so wish. They have also sent me my signed contract (which I had already).
What shall I do next? feel like giving up

uptomyeyes1984

Hi all,

I have a quickie for you, turns out the PPI we are reclaiming on our joint loan we 1st thought the loan was in my name but they have now discovered it was in my husbands name (not told this at the time of taking loan) doesnt bother us and the claim is still going through the calculations department (so we are getting it back)

but anyway heres the question

If my husband was the 1st name on the loan, i was the one who signed the ppi it turns out, surely this is it being mis-sold too?

thanx if you know the answer to this.
Kelly x