PPI Reclaiming discussion Part III

maxdp

di3004 wrote: »

lol, silly dizzy me lol......:o :rotfl: , yes my own name in full.;)

I thought you meant the wii, because as you know you can also play others across the world lol x

Do you have this or shall I email it to you?:D x

OK Got that ta. Will get it sorted:D

di3004

Andy, also check this out here:

This covers anything from being told the insurance was compulsory, to not knowing you had even purchased PPI, to the fact you were already covered through work or your partner.
It also applies if the policy isn’t what you agreed to, you got store card cover in a shop and it wasn’t explained or you didn't realise it's a joint policy but only in one person’s name.
Does this apply to you? Expand the full [URL="javascript:showDiv1()"]General misselling briefing[/URL].





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Lenders selling PPI polices are obliged to tell you about the specific criteria of the policy and to confirm it’s the right product for you. However, because PPI polices earn providers a high proportion of profit, staff are often highly encouraged to sell as many as possible, and are well remunerated for doing so, meaning misselling is rife.

When you contact a lender by phone or in person if they don’t give you fair, correct and reasonable information it’s likely you were missold. Due to the volume of complaints, the regulators are now hot on the heels of this issue.

Some common examples of PPI misselling

Were you told insurance was compulsory?

It’s a common complaint that consumers are told they must buy a policy from the same provider as the loan or credit card to be accepted for the product. Any company that subscribes to the banking code (see list) agrees it will not insist that you buy an insurance product from them, so although it can request that you have PPI from somewhere, it does not have to be from them.

Therefore if the salesperson:

• didn't make it clear the policy was optional,
• implied or stated the loan would be more expensive if you didn’t take the insurance,
• implied or insisted you take out their policy to qualify for the product or help with your application,
• was very pushy when selling the product so that you felt you could not say no,
• would not let you continue with the loan application if you did not sign the insurance agreement as well,

then go to the how to reclaim section.

Did you already have insurance cover?

If you were already covered - for example you had a separate income protection policy or your employer provided an illness and redundancy package, and you informed the salesperson that you had this cover but they insisted you also had to take their insurance; or you weren't asked if you had any alternative cover, go to the how to reclaim section.

Have you tried to cancel your policy?

Prior to Mar 07 some contracts had terms that said you could not cancel the policy even if you had paid off your loan or had a change of circumstances. Since the FSA looked into these refund terms, cancelling is now possible for all current and future contracts. So if you tried to cancel your policy and were told you weren’t allowed or that you needed to take out a new agreement with different terms, go to the how to reclaim section.

Is the insurance term too short?

Long term loans are often sold with a single premium policy lasting for a maximum of five years, no matter how long the loan is for. If you’ve now checked your policy and found that it does not cover the full term of your loan, but thought that it did, the salesperson should have pointed this out. If not go to the how to reclaim section.

Do you have a joint loan but the insurance is only in one name?

If you’ve checked your paper work and have found that all names responsible for paying back the loan are not covered under the insurance, which is unfair in itself as either could be chased for money if you get behind with payments, and were told or thought that all names were covered, go to the how to reclaim section.

Did you sign up for the finance in a shop?

If you got a store card or insurance on a car dealership loan, it was likely to be sold by someone with no financial background, meaning more room for error, and a whole catalogue of misinformation could have been given. If this happened to you, send a reclaim letter to check the insurance was sold in your best interests.

Just realised you have insurance?

Have you just checked your loan agreement or credit card statements to find that you have been paying for insurance, but didn’t realise until now that you had it or what it's for? Some old agreements, particularly store cards, may have used pre ticked boxes requiring you to opt out of the insurance rather than opt in, which is unfair. Always check and if you’re paying for insurance you didn’t know you had go to the how to reclaim section.

In summary…

If you have an inappropriate PPI product and weren't told it was inappropriate or you don’t think you were given the full information on what the policy would and would not cover, send a letter asking for an explanation.
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di3004

maxdp wrote: »

OK Got that ta. Will get it sorted:D

Cool, cheers hun.;)

Maxdp.

Not sure if you can help in anyway but Andy above requires some help regarding his grand-parents PPI, sadly he lost his grandfather a few months ago and now all the problems are left for his gran, so I have added a few posts, but any further help/info for Andy would be a great help for him.;)

Cheers hun.:A xxx

di3004

The in-laws are on their way.......:eek: , back when their gone lol xx

pinknico

Hi Maxdp , Di and Dreamer can I , if you dont mind, have your names for Facebook via PM. Thanks x

maxdp

Andylad wrote: »

Hi, I'm going to try and reclaim mis-sold PPI on my Nan's behalf and was wondering whether anyone can advise me. Basically, my Nan took out a loan in her name with Lloyds TSB back in 2001 so that her and my Grandad could buy a car. The banked opened the loan in my Nan's name as they couldn't do it in joint names at the time due to some error at the bank. The bank told my Nan that she had to take out PPI on this loan (payable to Scottish Widows) to which she agreed.


In 2004, my Grandad had an operation on his leg and therefore could no longer work. They both went back to the bank to tell them of their new circumstances and re-financed the loan to lower the monthly payments. A new PPI was taken out with the new loan but the bank refused to cancel the Scottish Widows DD (for the old loan). They told my Nan & Grandad that they must still continue to pay this (even though my Nan argued this was for the old loan). The bank just kept saying it was in their interest that they kept paying the Scottish Widows Policy despite them paying for a new PPI for the refinanced loan.


The new loan was in joint names and the bank advised my Nan & Grandad that they then would both be covered by the PPI. Sadly, my Grandad died in September 2008 to cancer and so my Nan informed the bank of this and shortly after, she received a letter in October to say the loan was covered by insurance and would be repaid. A week or so later another letter arrived to inform them that only my Nan was covered by insurance being the first named person on the loan agreement.


I have looked at all the paperwork my Nan has given me and it does state that only my Nan was covered but I'm just a bit angry the way the PPI was sold. Can anyone advise how I can go about claiming back the PPI on the old and refinanced loan.


Many thanks,
Andy

Hi Andy

Sorry if I am repeating stuff you have already posted but have not read through all the posts.

How old were Nan and Grandad when they took out the Loan.

Were they working.

Did they have any disabilities when they took the loan out.

Why did they say that the previous PPI had to continue to be paid. Was that cause it would cover them for disabilities etc that had commenced after the first loan was taken out.

When did they stop paying for the first PPI or are they still doing so.

Sorry to ask lots of question but just trying to get full picture so that we can help. Again I apologise if you have already posted this.:D

maxdp

maxdp wrote: »

Hi Andy

Sorry if I am repeating stuff you have already posted but have not read through all the posts.

How old were Nan and Grandad when they took out the Loan.

Were they working.

Did they have any disabilities when they took the loan out.

Why did they say that the previous PPI had to continue to be paid. Was that cause it would cover them for disabilities etc that had commenced after the first loan was taken out.

When did they stop paying for the first PPI or are they still doing so.

Sorry to ask lots of question but just trying to get full picture so that we can help. Again I apologise if you have already posted this.:D

Hi Andy

Were Nan and.or grandad retired when they took out the intial loan and did they have any disabilities illnesses etc when they took out the first loan and then also the second loan:D

nutmeg

Hi all,
just wanted to keep you updated with my claim, recieved a letter yesterday
from bank stating that they are still looking at my claim for miss-sold ppi on three loans.They have given me a reference number if i want to contact them, also told me that the matter would be resolved by 23rd January, so have just printed off a letter explaining in more detail how i was miss-sold. Hope this strengthens my case.So fingers crossed!
Have been reading posts daily (thought i was the only lonlely house wife here!) been pmsl
Will keep in touch, once again thanks for all support given to me so far would be lost otherwise.
Can i also say a big thankyou to the guy (whoever he is )who changed my tyre on boxing day at our local garage, you never know he might be on this site

maxdp

nutmeg wrote: »

Hi all,
just wanted to keep you updated with my claim, recieved a letter yesterday
from bank stating that they are still looking at my claim for miss-sold ppi on three loans.They have given me a reference number if i want to contact them, also told me that the matter would be resolved by 23rd January, so have just printed off a letter explaining in more detail how i was miss-sold. Hope this strengthens my case.So fingers crossed!
Have been reading posts daily (thought i was the only lonlely house wife here!) been pmsl
Will keep in touch, once again thanks for all support given to me so far would be lost otherwise.
Can i also say a big thankyou to the guy (whoever he is )who changed my tyre on boxing day at our local garage, you never know he might be on this site

Hi Nutmeg

Thank you for keeping us updated;) Is this love in the air with your tyre changer or just gratitude.:D

marshallka

di3004 wrote: »

Marshallka

How are you today?
And your eye(s)?, hope everything is okay.;) :A x

Just thought I would let you know I am still here but shoulder is bad :mad: and eye the same. I have been working all day again and just stopped for some food. Will try and catch up later