PPI Reclaiming discussion Part III

Credit-Crunched

"Well i've just spoken to my partner who said he's pretty sure that when we took the loan out we had no choice but to have the insurance or we couldn't have the loan,"

These things really need to be clarified, quite and important point, you are attempting to challenge a legal document. Get all of your infomration and facts together or you ahve no chance of challenging.

umms and ahhhs dont win cases

marshallka

Credit-Crunched wrote: »

Just a quick question for the people who are here purely to fuel the re-claiming ppp fires.

In the current financial climate, would these people be so quick to cancel their policies if they were to need them, for arguments sake a redundancy. I know its hard to believe that a redundancy could happen in such stable economic conditions, but hey stranger things have happened.

Before you start advising cancelling policies, maybe take some time to see what existing cover they have in place, to see if there is an actual need for it.

I am NOT, i repeat not advocating forceful sales and underhand sales of insurance, i am merely pointing out that sometimes, they are necessary.

I would not be allowed to offer some of the inaccurate and mis-leading advice i read on this forum as i am so heavily regulated by the FSA.

My point is before you run head long into a PPP reclaim frenzy, take a step back, and see if it is actually a benefit to you.

I for one have posted on here numerous times that we all most probably need something in place but not something that resembles these single premium policies that are mostly sold purely for the profits of the bank and finance institutions. We have an income protection insurance which is a monthly amount to protect our income but its cancellable with no penalties and also is not a loan to pay an upfront payment so incurs no interest. NONE of these single premiums are actually good value. I suggest you actually read the figures from the Office of Fair Trading that states that only 20% (one in 5 policies) of these policies actually pay ANYTHING out so you think again about how much profit is actually raised from these sales.

We appreciate your input here to this thread, but if you cared to read the difficulties that people have had by being forced to take another loan when already in debt. They then find out that they could never claim on the policy so they were actually induced to this for NOTHING other than to profit the banks and the debts have now spiralled out of control. Yeah I really feel for these banks and finance companies.:rolleyes:

We do need something in place and people know that but not these single premium policies. A stand alone income/loan protection is the best option and we do state this regularly. We are just trying to help people to get back on their feet and re-sort their finances in order to afford any protection at all. Most people on here have already settled their loans and paid large amounts back for policies they never and "could never" have used. They were made to take these policies as "compulsory to the loan" and people that have tried to claim have since found out they cannot use the insurance so I for one will always try to help and fuel the relcaiming PPP fires. Even those that decide not to cancel there is only a 1 in 5 chance of using it. If anyone was told that at the time of taking this out how many would actually opt for it themselves.:rolleyes:

marshallka

Inespa wrote: »

Well i've just spoken to my partner who said he's pretty sure that when we took the loan out we had no choice but to have the insurance or we couldn't have the loan, but also when we made the settlement i'm sure that included paying the whole amount for the insurance over the 62 month period and i just wondered whether some of this should have been refunded as we only had it for a few months. Sorry i'm not really clear as to how this whole insurance thing works. Also Halifax are now sending me a breakdown as to what our settlement covers so that should clear some things up.

Right if you are saying you was missold the insurance then you can make a complaint. Also if you recieved no rebate against this when you settled that is unfair too.

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

Credit-Crunched wrote: »

"Well i've just spoken to my partner who said he's pretty sure that when we took the loan out we had no choice but to have the insurance or we couldn't have the loan,"

These things really need to be clarified, quite and important point, you are attempting to challenge a legal document. Get all of your infomration and facts together or you ahve no chance of challenging.

umms and ahhhs dont win cases

Umms and ahhhs don't win cases but anyone is free to request a SAR from the company...There is sometimes evidence in them to win the case...:D .

hayjamdan

marshallka wrote: »

hayjamdan wrote: »

It can work in your favour if one was to pay off the other if this had to be taken to the Ombudsman service but if this is the case then I would put the date on the form of the complaint of the latest loan and ask them to look into all of them at the same time somewhere in the complaint explanation.

thanks marshallka

thats wat i did in the complaint i only asked about the last loan but after speaking to some one at barclays i rang up the claims department and asked them to include the other two as they were mis-sold as well

di3004

pinknico wrote: »

Evening Marshallka, hope you are feeling better.


Hello Di, I am fine, still waiting.:D

Hi Pinknico, hope you hear soon.:D x

di3004

marshallka wrote: »

Still here Di but feeling rough...:eek:

Hi Marshallka....oh dear......sorry to hear your still not feeling well..... hope you get better real soon.:A
I had the hot flushes all evening......:o feeling okay now though lol......:D

di3004

marshallka wrote: »

I think that there may be problems with this one then and it may be that they are arguing the upholding of this. What do you think has happened Di???

Yep I think so as well hun.....:rolleyes: , I know he said he raised further issues but whatever that was he did not disclose that to me...... , think I should write to him as I've not done this yet only emails.;)

bathgatebuyer

Credit-Crunched wrote: »

Just a quick question for the people who are here purely to fuel the re-claiming ppp fires.

In the current financial climate, would these people be so quick to cancel their policies if they were to need them, for arguments sake a redundancy. I know its hard to believe that a redundancy could happen in such stable economic conditions, but hey stranger things have happened.

Before you start advising cancelling policies, maybe take some time to see what existing cover they have in place, to see if there is an actual need for it.

I am NOT, i repeat not advocating forceful sales and underhand sales of insurance, i am merely pointing out that sometimes, they are necessary.

I would not be allowed to offer some of the inaccurate and mis-leading advice i read on this forum as i am so heavily regulated by the FSA.

My point is before you run head long into a PPP reclaim frenzy, take a step back, and see if it is actually a benefit to you.

I agree to a large extent with what you say - even if people now decide that PPI cover is not right for them or won't cover them in the event of redundancy, it's a risk to change to something like Income Protection (which I have moved to) in the present climate if there's even the slightest risk of redundancy as a new policy would likely have a 3 or 6 months exclusion clause attached to a new policy.

I'm cynical enough to think that it doesn't matter what kind of PPI cover you have, the main aiim of the insurer is to find a way out of it!

marshallka

pinknico wrote: »

Evening Marshallka, hope you are feeling better.


Hello Di, I am fine, still waiting.:D

Thanks pinknico, I missed your post and thought it was to Di..:o .

We have had the flu and it is proper flu as its bed ridden us. Now we are just coughing like crazy still and aching. I have a pain really bad in the left side under the ribs. Hubby had had two days off work and broken his god knows how many years record too:eek: . Other than that we are fine thanks...:D