PPI Reclaiming Discussion part 4

di3004

LiarLiar wrote: »

Thanks for your reply Di. Just so i am clear are you saying that if i have cc insurance on 1 card this covers all cards? You are a lady who knows, and have helped a lot of people. Keep up the good work.

Thank you for your lovely comment.;)

I would check on this with any policy agreements you may have on your CC, but in my experience its ppi per card.
Does this help?:)XX

di3004

Sorry forgot to mention if with the same bank they can apply ppi to each card too, separately sort of thing.;)

MoodyBlues

I had to send the letter off again as the post office has lost the original letter...

di3004

MoodyBlues wrote: »

I had to send the letter off again as the post office has lost the original letter...

Blimey how annoying :mad:, can you request for posting compensation?

boredsailor

Hi all,

First time blogger so please excuse me if I don't quite stick to the rules. My query is regarding my outstanding complaint against Lloyds TSB on the issue of reclaiming my PPI charges from my Credit Card account.

The whole process thus far has taken approximately 18 months and there now seems to be light at the end of the tunnel albeit shrouded in a slight mist of grey.

To avoid the niff naff and trivia, the application form for my Credit Card was not completed by my hand. Only by answering questions posed by the Lloyds TSB employee did the application get completed and all of a sudden there appeared a tick in the "Wish to apply for PPI" box. I know this to be the case as the application form isn't even in my hand writing!!

Anyway, after rejecting my claim, Lloyds TSB recommended that I contact the FOS which of course I did. Their most recent letter states, "...I wrote to Lloyds TSB on 28 January 2010 explaining my reasons for upholding this complaint and recommending that it makes a settlement to you. I have also recommended that Lloyds TSB should pay you £200 compensation for distress and inconvenience.

Lloyds TSB have not responded to my view therefore the complaint will now be referred to one of our ombudsman for a final decision"

My question is threefold:

1) As Lloyds TSB have not responded to the FOS, does this prove that they admit liability and that I was in fact missold PPI?
2) If the FOS have recommended Lloyds TSB make a settlement to me, does this mean I should receive all PPI premiums IN FULL that I have paid out?
3) As the case has been referred to an ombudsman, is there a chance that the decision will be reversed and the FOS will in fact find in favour of Lloyds TSB?

Fingers crossed this is the home straight and it proves to be a successful outcome however if anybody could shed some light on the three issues above it would be much appreciated.

MoodyBlues

di3004 wrote: »

Blimey how annoying :mad:, can you request for posting compensation?

Yep. Sent it off today. Hopefully they won't lose it!

boredsailor: sounds to me like they are admitting liability. Good luck with your claim.

mossy31

Hi,

I wonder if someone could give me some advice. Four years ago my husband and I took out a secured loan and were sold PPI. I was told that if we did not make a claim in the first five years we would be able to write requesting the sum of the PPI back, the cost of which was £6500.

However the insurance covers my husband only and I explained at the time that he gets sick pay from work and has several life insurance and critical illness policies in place already.

The policy was described as a 'savings scheme' in that if we don't use it, we get £6500 back. It was made to sound like a great idea. It was not stressed that the figure would be added to the amount of the loan and we would have to pay interest on it for five years which of course we won't get back !! This only came to light about two years in when I phoned for a settlement figure as we wanted to re-mortgage and amalgamate this debt and was told that the balance outstanding was more than we borrowed.

I have ummed and ahhed about going down the reclaiming route as we are supposed to be able to have the £6500 back next year and I don't know whether to rock the boat. But I feel that we have coughed up a load for interest and am worried as they now say that we COULD get UP TO the amount of the policy. Has anyone been in a similar situation ?

di3004

boredsailor wrote: »

Hi all,

First time blogger so please excuse me if I don't quite stick to the rules. My query is regarding my outstanding complaint against Lloyds TSB on the issue of reclaiming my PPI charges from my Credit Card account.

The whole process thus far has taken approximately 18 months and there now seems to be light at the end of the tunnel albeit shrouded in a slight mist of grey.

To avoid the niff naff and trivia, the application form for my Credit Card was not completed by my hand. Only by answering questions posed by the Lloyds TSB employee did the application get completed and all of a sudden there appeared a tick in the "Wish to apply for PPI" box. I know this to be the case as the application form isn't even in my hand writing!!

Anyway, after rejecting my claim, Lloyds TSB recommended that I contact the FOS which of course I did. Their most recent letter states, "...I wrote to Lloyds TSB on 28 January 2010 explaining my reasons for upholding this complaint and recommending that it makes a settlement to you. I have also recommended that Lloyds TSB should pay you £200 compensation for distress and inconvenience.

Lloyds TSB have not responded to my view therefore the complaint will now be referred to one of our ombudsman for a final decision"

My question is threefold:

1) As Lloyds TSB have not responded to the FOS, does this prove that they admit liability and that I was in fact missold PPI?
2) If the FOS have recommended Lloyds TSB make a settlement to me, does this mean I should receive all PPI premiums IN FULL that I have paid out?
3) As the case has been referred to an ombudsman, is there a chance that the decision will be reversed and the FOS will in fact find in favour of Lloyds TSB?

Fingers crossed this is the home straight and it proves to be a successful outcome however if anybody could shed some light on the three issues above it would be much appreciated.

Hi there

This also happened with my hubby last year, the bank ignored the Adjudicators decision, so it was moved then to the ombudsman himself, they do mostly agree with the adjudicators decision and the ombudsman's decision is final, and of course they must comply to the ombudsman's final decision.

If the FOS have upheld in your favour then this must be treated as if you did not take out ppi in the first place.
So you should receive all you have paid, plus interest, also 8% interest of what a court would award for being deprived of your money.

In regards of your last question, you should be fine, as stated in my first paragraph.;)

You will be okay, good luck with this.

di3004

MoodyBlues wrote: »

Yep. Sent it off today. Hopefully they won't lose it!

boredsailor: sounds to me like they are admitting liability. Good luck with your claim.

Good well hope they sort this out for you soon.;)

di3004

mossy31 wrote: »

Hi,

I wonder if someone could give me some advice. Four years ago my husband and I took out a secured loan and were sold PPI. I was told that if we did not make a claim in the first five years we would be able to write requesting the sum of the PPI back, the cost of which was £6500.

However the insurance covers my husband only and I explained at the time that he gets sick pay from work and has several life insurance and critical illness policies in place already.

The policy was described as a 'savings scheme' in that if we don't use it, we get £6500 back. It was made to sound like a great idea. It was not stressed that the figure would be added to the amount of the loan and we would have to pay interest on it for five years which of course we won't get back !! This only came to light about two years in when I phoned for a settlement figure as we wanted to re-mortgage and amalgamate this debt and was told that the balance outstanding was more than we borrowed.

I have ummed and ahhed about going down the reclaiming route as we are supposed to be able to have the £6500 back next year and I don't know whether to rock the boat. But I feel that we have coughed up a load for interest and am worried as they now say that we COULD get UP TO the amount of the policy. Has anyone been in a similar situation ?

Hi there

That is the thing with these costly policies, they are a total rip off, especially as you would be paying the ppi for the life of the loan, where it would only protect for 5 years.

More here with guidelines of reclaiming:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

I think you have good reasons to try to reclaim, so write to the ones who set this up for you by giving them 8 weeks in full, get proof for your posting as well, and do not worry about writing down the amounts, if successful they should provide you with the breakdown in detail, or you request for them to send them to you.

The above link is very useful, follow those guidelines, ask for help if required, good luck and please keep us posted.;)