Reclaiming PPI

Starbug

Hello,

Appologies if its in the wrong place.

I have done a lot of reading lately about reclaiming PPI and it has had me thinking. In 2005 i took out car finance with Welcome Finance, the loan for the car which was essential at the time was around £5,700, off the top of my head the total to be paid back over 5 years was something stupid like £13,000. The monthly repayments were £295 of which i think (without the figures which are at home), PPI totalled upto £72pm or thereabouts. In December 07 i finally got a company car so informed Welcome i wanted out and they basically came up with some half assed number that i owed them another £1500 just to terminate the contract and they took the car back, at the time it seemed like a good idea because i just wanted rid and i was sick of paying £295 pm for a car i'd no longer need. I've worked it out and i have made payments for approximately 3 years.

Long story short i believe i was also miss-sold PPI as i do remember the conversation and due to my then dodgy credit history i felt obliged to accept and it was pushed with little explanation. Will it be worth chasing Welcome to reclaim this? I can post full figures later as i have all the original documentation still at home.

I have spent the best part of my twenties managing and paying off debts from my earlier twenties, i am now fully clear of all these awful times. My credit file is now clear, i can obtain usual mainline credit again and i think its about time i put one in the win column for me.

Should i be writing off to Welcome?

Any advice appreciated.

Chris

di3004

Starbug wrote: »

Hello,

Appologies if its in the wrong place.

I have done a lot of reading lately about reclaiming PPI and it has had me thinking. In 2005 i took out car finance with Welcome Finance, the loan for the car which was essential at the time was around £5,700, off the top of my head the total to be paid back over 5 years was something stupid like £13,000. The monthly repayments were £295 of which i think (without the figures which are at home), PPI totalled upto £72pm or thereabouts. In December 07 i finally got a company car so informed Welcome i wanted out and they basically came up with some half assed number that i owed them another £1500 just to terminate the contract and they took the car back, at the time it seemed like a good idea because i just wanted rid and i was sick of paying £295 pm for a car i'd no longer need. I've worked it out and i have made payments for approximately 3 years.

Long story short i believe i was also miss-sold PPI as i do remember the conversation and due to my then dodgy credit history i felt obliged to accept and it was pushed with little explanation. Will it be worth chasing Welcome to reclaim this? I can post full figures later as i have all the original documentation still at home.

I have spent the best part of my twenties managing and paying off debts from my earlier twenties, i am now fully clear of all these awful times. My credit file is now clear, i can obtain usual mainline credit again and i think its about time i put one in the win column for me.

Should i be writing off to Welcome?

Any advice appreciated.

Chris

Hi Chris and welcome.;)

It maybe worth you checking out this link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

There is some useful information and a list of PPI mis selling reasons, there are quite a few reasons of why people were mis sold, even if its just the one reason you can still try to complain and reclaim on this.

You will also a find a useful template letter on the above link to help but add your own reasons, and give as much information as possible to back your case.

They have 8 weeks to respond, hopefully you will hear before with a successful response, but if not another letter maybe required until you receive a "final decision", or until they enclose a leaflet about the FOS (Financial ombudsman service).

If you can let us know when you hear please post up in order to take you to the following steps.

Good luck and any letters posted to these finance companies, always post by recorded delivery, in order to check this has reached them by checking this out on the royal mail website track and trace, there is a reference tracking number on recorded delivery items on a white receipt the post office should hand to you.

Also just to say there is also an actual help PPI thread for these matters, just click on loans, then on the top of that page you will see PPI reclaiming - discussion III thread, so feel welcome to post there anytime too for further help if you require this.

Di.;)

Starbug

Hi,

I will take a look at the link you posted, thanks.

I have dug out all the bits of paper work i have left all though i think i've shredded most of the important stuff as it was last year now, i've still got the account number and so on so we'll see what happens. I'll fill out the first letter template and get it in the post tomorrow.

Thanks again.

Chris

di3004

Starbug wrote: »

Hi,

I will take a look at the link you posted, thanks.

I have dug out all the bits of paper work i have left all though i think i've shredded most of the important stuff as it was last year now, i've still got the account number and so on so we'll see what happens. I'll fill out the first letter template and get it in the post tomorrow.

Thanks again.

Chris

Hi Chris

And not a problem, good luck with your letter, and keep a copy for yourself too in case you have to refer to it at some point.;)

Keep your receipt safe as well from the recorded delivery and track your letter down on the royal mail website, you will know when they have received this then, and of course mark the 8 weeks down on the calendar, hopefully you will receive a favourable response first time round.

Please let us know the outcome of this in case further action is needed to deal with these, as there are other steps to take here if we have to.;)

If you have no paperwork and need any of this you can ask them to post you a copy of agreements if the last 6 years, they may charge a £1 for these, but if you require a lot more info and you have not got this as you said, then a Subject Access request may be of some help, although there is a charge of £10 cheque payment or postal order for this and they MUST provide EVERYTHING they have on your accounts within 40 days.

See what happens about your letter first if you want to and we will take it a step at a time.;)

Good luck and if you want more help just give us a yell.

Cheers
Di

jonny_bravo1

Hi chris if your letter doesnt work you may want to try using a solicitor although they charge redic amounts per hour or a claims company whom have onboard lawyers... if it isn't missold you can always check out this,
it was on panorama the other day that Even if you dont have ppi on your loan you can claim on your loan as it has potentially got flaws = unenforcable contracts!!! found this website seems to be the only one so far thats for free upfront http://www.claims.350.com/Unenforcable_loans.htm

art200380

Chris - good luck with the reclaim and I hope you are succesful as I would rather the money in your pocket than the company's.

However after reading your OP and many other similar ones part of me does wonder why so many people think you have the right to reclaim the PPI fees. When you signed up for the loan you had the choice whether or not to take PPI insurance - and you chose to pay it. No-one forced you.

Every contract/loan I have entered into - the person on the other side of the desk has tried to push their PPI/sickness/redundancy etc etc cover and I always decline. I would not dream of taking this type of cover, paying it for x amount of time and then trying to reclaim it because its suddenly dawned on me that its money for nothing and I'm going to try and say I was forced into it. Nobody forces anyone into these kinds of things.

I'm looking forward to the day when a judge throws one of these cases out and says sorry Mr Smith, you were an adult when you signed that loan agreement, and you wanted the PPI cover then and nobody forced you into it....case closed.

Starbug

Thanks for the reply Art.

The difference is i remember the conversation like it was yesterday because i was extremely concerned why the payments i thought i'd be making of £220 had gone up to £295, they explained it as some form of insurance and it was required, this i am certain of.

Given that the reason i needed the loan from such a company in the first place was because i had lost my job years and years ago and got stuffed by a credit card company claiming i had to pay back fortunes every month which i couldnt afford, worry set in so without really discussing it any further i agreed. Had i known it was optional i'd have looked at another form of payment protection and one that wasnt going to cost me 75 pounds per month. Foolish yes but i was also miss-sold, this i am certain of.

Now i am debt free and quite comfortable within my finacial situation and having found so many useful posts on this site, i don't see why i shouldnt claim such monies back and sit in my account rather than theirs

EssexHebridean

Art, that's a terribly simplistic response. Many on here have genuinely been mis-sold these policies. There are certain rules and guidelines that the companies are supposed to follow, unfortunately many don't and if this is the case why on earth should the fees not be reclaimable? If someone sold you something and said that you needed to buy a particular accessory to go with it or the item wouldn't work, but you later, having spent the extra cash, discovered that the claim was so much nonsense and you didn't need to spend the extra at all, I think you would want to get that money back? Why then should that not apply to someone who has taken out a loan and been told that they "must" take the associated insurance not then be able to claim that back once they realise that in fact this was not the case at all?

clanger69

I's say Art is a disgruntled Sales Boy who has lost a chunk of his commission selling PPI in his line of work!!

art200380

Maybe I am too cycnical but there are too many people jumping on this band-wagon and reclaiming fees.

Iam trying to break it down to its simplest form - but lets remember that there are hundreds of lenders out there and no-one forces anyone to do anything!

I have taken 2 or 3 loans over the years and yes they always try and push the insurance side by asking questions like "well what would you do Mr Smith if you were made redundant and couldn't afford the monthly re-payment?" and even on occasion when I have answered sarcastically "well I would just default on the loan" they still have moved on and let me have the loan without taking the insurance.

I consider myself to be of average intelligence - no more or no less than the next man - but if I went to a lender and they insisted that they took this extra product I would refuse and contact another lender and try them...and then another etc.

Using your example of other products - if I bought a £1000 tv from Currys and they said it would only work if I bought this other electric "decoder product" for £200 I would question why is that? Even if they gave me a reasonable answer I would say "well thanks for your help" and I would try other shops and ask around and I would even go home and research it on the internet.

Why should these finance co's pay this money back? you went to them because you wanted something from them (i.e. to borrow some money) and they offered you an insurance product which you decided to take and just because years later you haven't made a claim and realised how expensive the insurance product was - that shouldn't give you the right to ask for your money back.

I just wonder where this is all going to end - I mean are people going to start trying to reclaim the holiday insurance money they have paid to Thomas Cook for their last 10 years worth of Thomas Cook holidays - because they think that because they never claimed on it and it was an extra £100 a year on their holiday cost - they should have the right to ask for the money back?

I think I would actually be embarrassed as an adult to make one of these claims - because you're affectly admitting that you don't read the small print and you don't question things in life and just accept them at face value. In fact if we were turn this argument around - wouldn't it be a good idea for the government to say have a central register whereby anyone reclaiming credit card fees/bank charges/PPI insurance refunds were put on the register and then for the rest of their lives were not able to get a mortgage/credit card/insurance of any kind because they were deemed incapable of accepting responsibility for their purchase???

art200380

Clanger - I'm not a sales guy - just an average intelligence accountant working hard with aspirations of moving up the property ladder, having a nice car, long-haul holidays etc etc and am just a bit p*ssed off this month with people trying to get money for nothing!