reclaim loan payment protection insurance

pandy12

Hello
In May 2006 I took out a loan with my bank the Co-op for 6K and asked them not to include the PPI (payment protection insurance), they sent me some paperwork without the PPI included, however by the time I got round to sending the paperwork back was after a month so they told me that they would need to send me some fresh paperwork and resent it with PPI included. Around this time I found out that I was more than likely going to be made redundant after a years contract, I was working for a charity at the time and were not able to get further funding to continue some of the posts , so just signed the paperwork and sent it back( with PPI included).

When I was made redundant 4 months later I choose not to sign on as my situation is a bit complicated, my partner has his own business and his income constantly fluctuates and I have a lodger that I get £270 a month from. I was out of work for 6 months and when i did ring the Co-op up to check with them whether I could claim they asked me if I was in receipt of any other benefits to which I said no.
I did say to them at this stage how I wish I had asked for the PPI to be removed again. Four months later, after finding work i rang the bank about increasing my loan, they said they would think about it but that if they did it wouldn't include PPI. My partner now feels that I have been mis sold PPI twice and this is the second loan in 5 years that I have paid it on. I paid off another loan 12K in 2 years and 2K of that was PPI of which I thought at the time you had to have as part of the loan (this loan was from Dec 04- Dec 06) and I never tried to claim on it.
Any advice on whether I have a case to reclaim would be useful.
Many thanks for reading this.
Best wishes
Pandy

natweststaffmember

I think you need to re post this on the loans forum where there is a PPI discussion thread and I am sure people can help you. Hope that helps.

davep4032

I took out a loan of £19000 with lloyds TSB in oct 07 and was told that if i did not take out PPI the loan would be refused, i explained to them that i was in the armed forces and still had a contract for 15 years to serve therefor my job was secure but was told the same. Due to my situation at the time i took on the loan and now i feel it was miss sold, however, after reading through the loans terms and conditions i found this....

'' If you choose to purchase the LPI, we will pay any LPI loan directly to your insurer to cover the price of the premium. If you decide to cancel the LPI policy and the LPI loan will also be cancelled. The cash loan will continue and we will collect only the monthly repayment for the cash loan.''

Well i was told i could not ''choose'' to perchase LPI, i was told i had to.

I want to try and reclaim but am thinking this sentance in the terms and conditions will go against me.

Any information will be very gratefull

stevem0030

I took finance out in july 2004 for a van and was told i would have to take out ppi to get the credit. i am still paying £35 a month for this, will i be entitled to claim this back and if so should i cancel it before i send a claim in?
hope someone can help thx

vikki_v

My husband took out a loan 3 years ago for 16k and was told he needed the ppi or he would be refused it. in may last year he found this was worng and decided to claim it back although the bank saw no probelms with what he did one letter to the FOS and a few months waiting he got it back and the bank then changed his monthly payments to what they should be almost £80 a month less.. All I can say Is try the worst they can say is no

di3004

pandy12 wrote: »

Hello
In May 2006 I took out a loan with my bank the Co-op for 6K and asked them not to include the PPI (payment protection insurance), they sent me some paperwork without the PPI included, however by the time I got round to sending the paperwork back was after a month so they told me that they would need to send me some fresh paperwork and resent it with PPI included. Around this time I found out that I was more than likely going to be made redundant after a years contract, I was working for a charity at the time and were not able to get further funding to continue some of the posts , so just signed the paperwork and sent it back( with PPI included).

When I was made redundant 4 months later I choose not to sign on as my situation is a bit complicated, my partner has his own business and his income constantly fluctuates and I have a lodger that I get £270 a month from. I was out of work for 6 months and when i did ring the Co-op up to check with them whether I could claim they asked me if I was in receipt of any other benefits to which I said no.
I did say to them at this stage how I wish I had asked for the PPI to be removed again. Four months later, after finding work i rang the bank about increasing my loan, they said they would think about it but that if they did it wouldn't include PPI. My partner now feels that I have been mis sold PPI twice and this is the second loan in 5 years that I have paid it on. I paid off another loan 12K in 2 years and 2K of that was PPI of which I thought at the time you had to have as part of the loan (this loan was from Dec 04- Dec 06) and I never tried to claim on it.
Any advice on whether I have a case to reclaim would be useful.
Many thanks for reading this.
Best wishes
Pandy

Hi Pandy

If you feel you have a case here I would write to complain and try to reclaim, have you also checked this out here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

With your own reasons, write to them, try to use your own words as much as possible, they have 8 weeks in full to respond.
Send by recorded delivery for your proof of posting and to keep a check on the 8 weeks timescale they have to respond.

If this is unsuccessful another letter maybe required, if by when you receive the final response and still not successful they you should have the option of taking this to the Financial ombudsman service.

However, let us know the outcome and we shall help you move on step by step if required, good luck.;)

There is also a PPI Reclaiming discussion thread for this matter, click on loans first and you will see this thread on top of the page more or less.

Di

di3004

davep4032 wrote: »

I took out a loan of £19000 with lloyds TSB in oct 07 and was told that if i did not take out PPI the loan would be refused, i explained to them that i was in the armed forces and still had a contract for 15 years to serve therefor my job was secure but was told the same. Due to my situation at the time i took on the loan and now i feel it was miss sold, however, after reading through the loans terms and conditions i found this....

'' If you choose to purchase the LPI, we will pay any LPI loan directly to your insurer to cover the price of the premium. If you decide to cancel the LPI policy and the LPI loan will also be cancelled. The cash loan will continue and we will collect only the monthly repayment for the cash loan.''

Well i was told i could not ''choose'' to perchase LPI, i was told i had to.

I want to try and reclaim but am thinking this sentance in the terms and conditions will go against me.

Any information will be very gratefull

Hiya Dave

Check this here
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

And there is also a template letter to help you, but use your own words and obviously your own reasons for your complaint, another maybe required if not successful, if still unsuccessful you will be given the option of taking this to the FOS (Financial ombudsman service) they will enclose the leaflet in within their response.

Post by recorded delivery, as they have 8 weeks to respond in full, keep a check on the dates.

Let us know the outcome in order to receive further help if required.

Good luck.;)

di3004

stevem0030 wrote: »

I took finance out in july 2004 for a van and was told i would have to take out ppi to get the credit. i am still paying £35 a month for this, will i be entitled to claim this back and if so should i cancel it before i send a claim in?
hope someone can help thx

Again like my above posts I have added the link to help you through this.

However, I do not think they were covered by a regulator then such as GISC where the FSA had taken over in 14 Jan 2005, to take this to the Financial ombudsman service (FOS) as the FOS are only able to investigate complaints that were covered by these regulators.

But please try anyway, some who are in the same postion as yourself due to the date of when this was taken out are taking these to court as well, this is not so bad, and I am sure someone with experience of dealing with advice on small claims court will post up to help here.

Some also try the FLA which is known as the Financial leasing association here:
http://www.fla.org.uk/fla/

Some are still successful, some not so go for it and see what happens.

Let us know how you go from the first stage of writing to them to reclaim and we can move on from there, good luck.;)

di3004

vikki_v wrote: »

My husband took out a loan 3 years ago for 16k and was told he needed the ppi or he would be refused it. in may last year he found this was worng and decided to claim it back although the bank saw no probelms with what he did one letter to the FOS and a few months waiting he got it back and the bank then changed his monthly payments to what they should be almost £80 a month less.. All I can say Is try the worst they can say is no

Well done Vikki.:T
Yes your right its worth trying, at only a price of a stamp as well.;)