PPI Reclaiming discussion Part III

di3004

Hiya Dreamer hunni.

Hope your well and had a good xmas.;) :A .

Good to see you here. xx

mrrobgee

marshallka wrote: »

I assume you took out a PPI policy where after 5 years if you did not make a claim then they would refund you the policy. They say this to you to get you to buy this but they forget to add that the policy is refunded at the cost without the interest that is payable over the whole term of the loan. This is then near on double what the policy is and you only get back the actual price of the policy without the interest so very expensive in the long run.

I take it you are saying you received the cash back part of the policy back???

Yes i recieved a lump sum approx two years ago

Also was it Firstplus that actually sold you this policy or did you use a broker?? If you used a broker then its the broker you make a complaint against and not the lender.

And what year was this taken out??

It was Taken out with Firstplus as we already had a existing loan with them. It was taken out in December 2001 and we was unaware of interest that would be added.

lou77_2

marshallka wrote: »

Right are you saying this PPI was added to the loan without you knowing??

If this is the case then I am sure you have a complaint.

You have to complain to whoever actually sold you the insurance if this is different to the lender.

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

Yes, although he cannot remember the call I am certain that he would not have taken the PPI had he known it was included and optional. The only thing I can think of is that he wasn't told about it at all - when the paperwork came he would have just signed and returned it without looking at it because he still does!

I shall get the letter off as soon as possible and let you know how it goes.

Lou.

di3004

mrrobgee wrote: »

marshallka wrote: »

I assume you took out a PPI policy where after 5 years if you did not make a claim then they would refund you the policy. They say this to you to get you to buy this but they forget to add that the policy is refunded at the cost without the interest that is payable over the whole term of the loan. This is then near on double what the policy is and you only get back the actual price of the policy without the interest so very expensive in the long run.

marshallka wrote: »

I take it you are saying you received the cash back part of the policy back???

Yes i recieved a lump sum approx two years ago

Also was it Firstplus that actually sold you this policy or did you use a broker?? If you used a broker then its the broker you make a complaint against and not the lender.

And what year was this taken out??

It was Taken out with Firstplus as we already had a existing loan with them. It was taken out in December 2001 and we was unaware of interest that would be added.

Hi hun
Marshallka should be back at some point and will respond to your post.;)
So it was a loan advance then/consolidation sort of thing to pay off the other?

All the best with this, Marshallka knows how this firm works and will help all she can, good luck.;)

Di
x

di3004

lou77 wrote: »

Yes, although he cannot remember the call I am certain that he would not have taken the PPI had he known it was included and optional. The only thing I can think of is that he wasn't told about it at all - when the paperwork came he would have just signed and returned it without looking at it because he still does!

I shall get the letter off as soon as possible and let you know how it goes.

Lou.

Good luck Lou

We look forward to hearing the outcome of this.;)

Di
x

di3004

Toffee_Penny wrote: »

Hi Di

I know it sounds so cheesy but if it wasn't for you guys and that Martin fella then I wouldn't know where to start with it all

Reading through the success and failures thread brings hope to everyone who is trying to get something back.

It's a stab in the dark with GUS because of the date of the loan but others have had successes from that far back, so I am hoping (crossing my fingers and all that!) I suppose it's worth spending £1.08 compared to what we could get back :rolleyes:

Bless you hun and we wish you the very best.;) :A

I see you have mentioned about GUS with the date, but wonder if the FLA will be able to help in these cases here:
http://www.fla.org.uk/fla/consumerfinance/Consumercomplaints.riv

Not sure if you have tried these before, or if anyone else can confirm, some have been successful with these, but again some have not been successful, always worth finding out though - just in case.;)

Fingers crossed.
Di
x

marshallka

mrrobgee wrote: »

marshallka wrote: »

I assume you took out a PPI policy where after 5 years if you did not make a claim then they would refund you the policy. They say this to you to get you to buy this but they forget to add that the policy is refunded at the cost without the interest that is payable over the whole term of the loan. This is then near on double what the policy is and you only get back the actual price of the policy without the interest so very expensive in the long run.

marshallka wrote: »

I take it you are saying you received the cash back part of the policy back???

Yes i recieved a lump sum approx two years ago

Also was it Firstplus that actually sold you this policy or did you use a broker?? If you used a broker then its the broker you make a complaint against and not the lender.

And what year was this taken out??

It was Taken out with Firstplus as we already had a existing loan with them. It was taken out in December 2001 and we was unaware of interest that would be added.

Well you are very lucky there as Firstplus were members of the GISC on 20th November, 2001 so if this has to be taken to the FOS then they have jurisdiction over this. One thing I would mention though is that some people have been turned away when making a complaint to the FOS as the FOS helpline are saying they did not have jurisdiction until 2005 but this is untrue and you need to stipulate that you know they were members of the General Insurance Standards Council BEFORE you took out your loan.

Good luck with this complaint. I would also add that I take it you never made a claim against it either (other than the money back after the 5 years and I mean a claim for unemployment or something like that!!) as this would invalidate your complaint.

Was there PPI on the existing loan then too and was this settled before and you took another out...??

di3004

Marshallka

Hope you get some good news in the post tomorrow, I'm hoping to receive that flipping PPI document......:rolleyes: fingers crossed.;)

marshallka

di3004 wrote: »

Marshallka

Hope you get some good news in the poist tomorrow, I'm hoping to receive that flipping PPI document......:rolleyes: fingers crossed.;)

Di, I HOPE i get some good news too but realistically looking at it I think you and I both know that I will get a knock back on this and it will just be a stalling thing my next letter. I really don't think that I will get anywhere with this one but I will not give up. I just hope that the FOS do their bit and see it as unfair too??? Another thing I doubt as well from my experience with them and complaints involving FIrstplus and me..:rolleyes:

di3004

Can they refuse to give this to me Marshallka do you know? (PPI document)

It seems they are very hesitant in sending it to me, I requested for it on the 6th Dec, I know it does not help with xmas, but they do normally confirm the emails as well, which I sent last week to remind them......