PPI Reclaiming discussion Part III

marshallka

di3004 wrote: »

This here from moneyladder is an interesting read:



Reporting unfair contract terms

If you have a contract for one of the products covered by us – see Challenging unfair terms in financial contracts – and you think a term in it might be unfair, you can report it to us. Please remember to:

• send us a copy of your whole contract (sometimes called the terms and conditions), not just the term you think is unfair;
• explain which term you think is unfair, and why; and
• send us details of any discussions you have already had with the firm about these terms.

Send all of this to the following address:
Unfair Contract Terms Team
The Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS



What happens next?

We will look at the contract you have sent us and if we think a term is unfair we may ask the firm to stop using that term. If a firm doesn’t agree, and we think the term causes significant disadvantage to a number of customers, we may consider getting a court order to stop the firm using the term.

Our discussions with firms are usually confidential so we will not normally be able to tell you about the action taken as a result of your complaint, but be assured that we will consider it carefully. Some investigations may take a while to complete, but we post all agreements to change a contract term on our website. You can find these in Product news.

By making these agreements public, it helps prevent firms from using or recommending terms that are unfair. We also expect all firms to take note of the agreements, and change their contracts if they have similar terms.

We don't have the power to compensate you if you have lost money because of an unfair contract term. You must complain to the firm directly – see Making a complaint. If you are unhappy with the way the firm handles your complaint, you can take it to the Financial Ombudsman Service – see Related links.


Apologies to both Dreamer & Marshallka if you have already posted this, I'm one of you did lol. x

Firstplus did change the terms in their PPI cancellation terms on the contracts between when me and dreamer had the loans. Also Tron_ess confirmed it too..Dreamer had different terms to mine.

marshallka

rensters wrote: »

Hi everyone, I'm completely new to all this money saving but have just come accross a PPI we took out with our mortgage a few years ago. It looks like we're paying £49 per month for PPI on our £120,000 mortgage. I don't know if this is a fair price and if we have a case to reclaim for anything - I vaguely remember us agreeing to it at the time, but since we initially took the policy out, they've never written to us with any updated policy details like they do with the buildings and contents and I completely forgot we were paying it. It was only when I saw it on a recent bank statement and called them up that they told me what it was for. £49 every month for 3 years is a lot of money so if there's any way of doing anything about it I'd love to know! Any advice you can give would be really appreciated. Many thanks, Kerry

Are you sure this is PPI and not income or mortgage protection insurance??

rensters

It's Mortgage Payment Protection Insurance provided by Paymentshield. They also provide our buildings and contents insurance so they appear on our bank statement twice. I just assumed one was for buildings and one for contents, until I looked further into it and realised the buildings and contents are together and only come to £38 per month! I know, it's probably all my own fault for being gullable at the time and signing my life away!

di3004

Marshallka

I cannot find my email from the adjudicator that I had about the dates, this was to say lloyds had 2 weeks, can you remember when I received the email, wasn't that about 2 weeks ago or longer?

Will check my recently deleted box again but its disappeared when I just checked just now.......:rolleyes: I thought I saved it but cannot find it.....:o .

I know I had that one last week, this was because he was looking at the info about that comment if you remember but not sure if that meant he had heard from them or not, but didn't he mention a date something like the 12th of November to me?
And would those dates be for both parties?? I really can't remember how this worked out now, my head's gone.......:o

marshallka

rensters wrote: »

It's Mortgage Payment Protection Insurance provided by Paymentshield. They also provide our buildings and contents insurance so they appear on our bank statement twice. I just assumed one was for buildings and one for contents, until I looked further into it and realised the buildings and contents are together and only come to £38 per month! I know, it's probably all my own fault for being gullable at the time and signing my life away!

This will be a cancellable payment with no penalty interest etc if you do cancel.

You mention you took this out with your mortgage???
How are you stating now that you could make a reclaim? What are your reasons for reclaiming it back?

If you are paying it comfortable then it may be the best option if you do need some sort of protection. I pay something similar and it is peace of mind. Its not a single premium policy and with interest on the payments and it is cancellable at any time.

marshallka

di3004 wrote: »

Marshallka

I cannot find my email from the adjudicator that I had about the dates, this was to say lloyds had 2 weeks, can you remember when I received the email, wasn't that about 2 weeks ago or longer?

Will check my recently deleted box again but its disappeared when I just checked just now.......:rolleyes: I thought I saved it but cannot find it.....:o .

I know I had that one last week, this was because he was looking at the info about that comment if you remember but not sure if that meant he had heard from them or not, but didn't he mention a date something like the 12th of November to me?
And would those dates be for both parties?? I really can't remember how this worked out now, my head's gone.......:o

pm'd ya Di.

rensters

marshallka wrote: »

This will be a cancellable payment with no penalty interest etc if you do cancel.

You mention you took this out with your mortgage???
How are you stating now that you could make a reclaim? What are your reasons for reclaiming it back?

I have no idea! We were definately given the 'hard sell', being told it was essential incase any of us lost our jobs or got sick, our home wouldn't be safe, etc, but I don't really think we were forced or tricked into it in any way so I guess I have no come back. I just feel if I knew then what I know now, thanks to this website, I wouldn't have gone anywhere near it! What a waste of money! will defo cancel it though, thanks for the advice.

marshallka

rensters wrote: »

I have no idea! We were definately given the 'hard sell', being told it was essential incase any of us lost our jobs or got sick, our home wouldn't be safe, etc, but I don't really think we were forced or tricked into it in any way so I guess I have no come back. I just feel if I knew then what I know now, thanks to this website, I wouldn't have gone anywhere near it! What a waste of money! will defo cancel it though, thanks for the advice.

If you are sure of cancelling it then go ahead. I had just added this to the post.

If you are paying it comfortable then it may be the best option if you do need some sort of protection. I pay something similar and it is peace of mind. Its not a single premium policy and with interest on the payments and it is cancellable at any time.

This day and age we all need something in place just not loans on top of loans. Mine is around the same price as yours too. I am not "anti" all insurance, just the single premiums and the ones with pre ticked boxes...Its all about choice. If you were not given a choice then make a complaint.

marshallka

di3004 wrote: »

Thanks hun, pm'd ya back.:D .

Give him a nudge now maybe???

MILKYBHOYO

I havent been online for a while (My home PC fried) but I have just got some Fantastic news! Firstplus have upheld my complaint (only 2 days off the dreaded 6year line) and have agreed to refund the whole amount paid plus interest. Total £7600.

I was expecting to drag this out to FO (and even then not anticipating anything back, But no, they resolved within 8 weeks.) I could attempt to drag this out for additional statutory interest, but I'm satisified with my lot.

I'd like to take this opportunity to thank all the regulars on here (and Martin)for their kind words of advice and support.

Keep up the fight. I will keep reading.:T

And yes I will add to successes and failures post as well.