PPI Reclaiming discussion Part III

jadean

Hi, I'm hoping that someone can help me out with a quick question?

I am trying to do some research for my younger brother who I believe was mis-sold PPI by GE Finance back in 2002. We are trying to find out whether it is fair that he was sold PPI for a loan that was secured against his house?

I've taken a look through the various posts and it looks like he has a case on a number of counts but wondered if we should add to this list?

• He was told that he had to take out the insurance in order to get the loan.
• He doesn't seem to understand the full details (he is deaf and no one appears to have made any effort to explain or translate things for him).
• No one asked him if he already had insurance to cover the loans or if he had any medical conditions that they needed to be aware of.
• We tried to stop the PPI but were told that we couldn't.
• The variable interest rate charged by GE Finance has increased over the period of loan each time the Bank of England increased interest rates yet it has never (not once) been reduced when the Bank of England reduced interest rates.
• The PPI policy is a "single premium" policy and ends long before the full term of the loan and therefore does not provide suitable cover in any case.
• GE Finance say that the PPI is supplied through one of their agents (Pinnacle) and so is nothing to do with them.

The original loans (1 x £20k and 1 x £30k) were taken out within 6 months of each other and on each occasion PPI was added to the value of the loan meaning that he pays interest on the value of the insurance for the duration of the loan. As both loans were secured against his house with the lender having a charge on his property it seems unfair and not in his interest that he was forced to take out PPI in addition.

Any advice or help that you can offer would be very much appreciated.

marshallka

MILKYBHOYO wrote: »

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.

Wahoooooo, glad for you:beer: :j .

Was this after going to the Ombudsman ?? Sounds at though you did not ned them after all.

Just found your original post and you have been so lucky here.

---

Well, me and the wife have just started PPI Reclaim process this week. ( I have to say info and advice from this Website on this matter is absolutely 1st class). Firstplus have come back very quickly (within 2 days.) with standard "we are looking into your case ....thanks for bringing this to our attention", and yes I do expect the fob offs. I will keep you all informed. I am also requesting a SAR from them this week.

We took out the loan in November 2002, 28k over 180 months and the PPI was added at front end, around 5000. We made 30 payments of around 400 pound then asked for a settlement figure. In the end the settlement figure was 34811 plus the 12000 we'd already made in payments (Still makes me mad) total paid to firstplus 47k approx for a loan of 28k. At least !!!!!! Turpin wore a mask! We were moving house so we needed to settle anyway.

I reckon we are due the 5000 plus interest paid (payments and settlement) as well as the 8% per year standard addition.

I will keep you posted

---

A bit more in your pocket then... Well done...

marshallka

jadean wrote: »

Hi, I'm hoping that someone can help me out with a quick question?

I am trying to do some research for my younger brother who I believe was mis-sold PPI by GE Finance back in 2002. We are trying to find out whether it is fair that he was sold PPI for a loan that was secured against his house?

I've taken a look through the various posts and it looks like he has a case on a number of counts but wondered if we should add to this list?

• He was told that he had to take out the insurance in order to get the loan.
• He doesn't seem to understand the full details (he is deaf and no one appears to have made any effort to explain or translate things for him).
• No one asked him if he already had insurance to cover the loans or if he had any medical conditions that they needed to be aware of.
• We tried to stop the PPI but were told that we couldn't.
• The variable interest rate charged by GE Finance has increased over the period of loan each time the Bank of England increased interest rates yet it has never (not once) been reduced when the Bank of England reduced interest rates.
• The PPI policy is a "single premium" policy and ends long before the full term of the loan and therefore does not provide suitable cover in any case.
• GE Finance say that the PPI is supplied through one of their agents (Pinnacle) and so is nothing to do with them.

The original loans (1 x £20k and 1 x £30k) were taken out within 6 months of each other and on each occasion PPI was added to the value of the loan meaning that he pays interest on the value of the insurance for the duration of the loan. As both loans were secured against his house with the lender having a charge on his property it seems unfair and not in his interest that he was forced to take out PPI in addition.

Any advice or help that you can offer would be very much appreciated.

If you feel it was missold then get a letter in now. It has to be against the firm that sold the PPI to you if different from GE. What dates were these loans...

Just take a look at the link here and see what you can add and delete from the letter that you send. There is also a template letter on there too but sometimes it can be better to make your own up from this.

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

MILKYBHOYO

marshallka wrote: »

Wahoooooo, glad for you:beer: :j .

Was this after going to the Ombudsman ??

No, funnily enough, it was right at the end of the 8 week period. (My 1st letter 9th September. date I took loan out 8th november 2002)

I am chuffed.

My goal is to actually bank this and not spend it like a weekend millionaire(I am like a sieve with money).:j

marshallka

MILKYBHOYO wrote: »

No, funnily enough, it was right at the end of the 8 week period. (My 1st letter 9th September. date I took loan out 8th november 2002)

I am chuffed.

My goal is to actually bank this and not spend it like a weekend millionaire(I am like a sieve with money).:j

I am glad that you are happy with this. What a relief you are not in the queue for the Ombudsman. Happy Christmas then!!!!:beer: :j

pinknico

MILKYBHOYO wrote: »

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.

Brilliant news well done!! How were you mis sold?

dreamer33

MILKYBHOYO wrote: »

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.

I'm very pleased for you its good to hear successes and FP aswell :eek:

dreamer33

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

Lol there are so many terms on the web it can all be very confusing.

JaneH_3

T his is a re-post - think I originally put it in the wrong place Sorry
Having successfully made bank charges reclaims with MSE help and I am now trying to help a friend reclaim some PPI.
We sent of a later stating he had been mis-sold the policy but got a polite refusal letter back. We were going to leave it at that but I have since watched Martins TV programme on this very subject and I feel even more strongly that my friend could have a claim. However there are a few things that I am not sure about before we go further.
We have, in the meantime, requested all the original details from the bank.
The loan was taken in July 2007 having visiting his local branch.
He was told, verbally, that he was unlikely to be accepted for the loan unless he took the PPI. He said he didn’t want it and had never had it in the past either – this included previous loans with the bank. He is a serving member of the armed forces and has never felt the need for this insurance. However because of he was told that it was a condition of being accepted he reluctantly “ticked the box” on the computer generated form.
The loan was a “buy now, pay later” loan so the first payment wasn’t made until 1st November 2007.
The PPI was a single premium one added to the loan at the start.
He has also had one payment holiday in May 2008.
His loan was for 7 years and I understand that these policies are only usually for 5 years – another reason, I believe, he could have been mis-sold.
Firstly – Should we continue to try and claim?
Secondly – If we can claim I would like to try and calculate what he can claim back plus the interest that might be due to him however because of the delayed start to repayments, the payment holiday and the fact that it was a single premium policy added to the original loan I really don’t know where to start.
Thirdly – We have now (October 2008) managed to cancel the policy. Lloyds did this by way of closing down the originally loan and restarting it under a new reference number. They also made payment to him of £655 into his bank account – does this sound right?
Any advice greatly received.
Thanks

marshallka

JaneH wrote: »

T his is a re-post - think I originally put it in the wrong place Sorry
Having successfully made bank charges reclaims with MSE help and I am now trying to help a friend reclaim some PPI.
We sent of a later stating he had been mis-sold the policy but got a polite refusal letter back. We were going to leave it at that but I have since watched Martins TV programme on this very subject and I feel even more strongly that my friend could have a claim. However there are a few things that I am not sure about before we go further.
We have, in the meantime, requested all the original details from the bank.
The loan was taken in July 2007 having visiting his local branch.
He was told, verbally, that he was unlikely to be accepted for the loan unless he took the PPI. He said he didn’t want it and had never had it in the past either – this included previous loans with the bank. He is a serving member of the armed forces and has never felt the need for this insurance. However because of he was told that it was a condition of being accepted he reluctantly “ticked the box” on the computer generated form.
The loan was a “buy now, pay later” loan so the first payment wasn’t made until 1st November 2007.
The PPI was a single premium one added to the loan at the start.
He has also had one payment holiday in May 2008.
His loan was for 7 years and I understand that these policies are only usually for 5 years – another reason, I believe, he could have been mis-sold.
Firstly – Should we continue to try and claim?
Secondly – If we can claim I would like to try and calculate what he can claim back plus the interest that might be due to him however because of the delayed start to repayments, the payment holiday and the fact that it was a single premium policy added to the original loan I really don’t know where to start.
Thirdly – We have now (October 2008) managed to cancel the policy. Lloyds did this by way of closing down the originally loan and restarting it under a new reference number. They also made payment to him of £655 into his bank account – does this sound right?
Any advice greatly received.
Thanks

Definately continue the claim. Your friend was most likely missold as aren't the armed forces paid throughout anyway regardless. I take it it was Lloyds that actually sold the loan, have to say this as the claims always go to the seller of the product which sometimes is different from the lender.

Also note that as this is after 14th January,2005 you will definately have recourse through the FOS (if needed) as it was after the time the FSA took over the reins of the sales of PPI and there were definate rules to follow.

Just take a look at the link here and see what you can add and delete from the letter that you send. There is also a template letter on there too but sometimes it can be better to make your own up from this.

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