PPI Reclaiming Discussion part 4

worldsnooker147

amersall wrote: »

The ppi is still on the loan to the end of the term with interest,and yes you have no cover but you still pay,you have the perfect reason for mi sell, that is why these types of ppi are rip off, your best course of action is to go mis sell.

thanks amersall

i am defo going down the mis-selling route.

iv got a few valid reasons for mis selling IMO

theyve had 3 and a half months come monday and iv had no final decision yet, just a load of 'still investigating' letters, which they even sent the same letter out to my follow up letter!!

got the onbudsman letter all sealed and ready to post on monday!

im hoping theyre holding off on purpose cos they can see i have a good claim( hoping ill give up i mean)

amersall

worldsnooker147 wrote: »

thanks amersall

i am defo going down the mis-selling route.

iv got a few valid reasons for mis selling IMO

theyve had 3 and a half months come monday and iv had no final decision yet, just a load of 'still investigating' letters, which they even sent the same letter out to my follow up letter!!

got the onbudsman letter all sealed and ready to post on monday!

im hoping theyre holding off on purpose cos they can see i have a good claim( hoping ill give up i mean)

Well done for sticking with this, get that letter off pronto.Good luck and let us know how you get on x

amersall

worldsnooker147 wrote: »

hi there,
im attempting to claim back from a personal loan with ppi on from HSBC,
started my claim on the 10th may with the official questionnaire from this site, and ive had 2 responses from them basically saying they need more time, so on the 10th july i sent them the follow up template from this site telling them they had 2 weeks to respond with a decision and then i got a letter back on the 12th july saying they cant give me a decision in that timescale and hope to have a decision by the 8th august, theyre 14 days is up now
so ive completed the FOS questionnaire and enclosed all their letters and mine.
wonder if anyone else is having the same problems???
the loan is a 8 year joint loan( that is still active and we are 3 years into),im claiming on the fact that i was forced into taking the ppi otherwise i wouldnt have been able to take out the loan
on another note the ppi policy is only in my name and not my partners(which i have also told them were not happy with)

any help would be grateful thanks, i can give more detail if needed, just ask

Just gone back to this post, wait for your post on monday, as sunday is the 8th, you may just hear something ,if they wanted another delay they may have sent you a letter by now, if you dont get any joy monday then get your fos letter off. x

di3004

worldsnooker147 wrote: »

its just hard to understand,

my loan was for 15k + 8k interest + 7k PPI = 30k

ive paid it for 3 and a half years now, have 4 and a half left on it

the balance is 17k now

what happens to the remaining ppi amount included in that sum when people cancel?? do u mean it just goes in their pockets???

i meant to ask, does the ppi only last 5 years??? so id be paying the last 3 years for nothing??????( thats if i lost), ive just seen this a few times in others posts

Hi there

As amersall says. (She beat me to it) lol.

If you still have the policy details, check them, but lots of these policies only protect for the first 5 years, yet the loan may be for 10 years or more, so even though the ppi ends, we still pay for the ppi for the remainder of the years, but yet not protected for the remainder of the loan years.

These policies are frowned upon and this is a complaint alone for being sold one of these.
They have now stopped selling this type of insurance policy.;)

Dazzarazza

I have just spoken to Natwest on the phone about cancelling this service, and the person on the phone said that by cancelling this it may have an affect on the loan rate and my O/D rate.. he said he wasnt the best person to advise mind you.

Does anyone else know if this is true?

When i took the loan out I was only told that by taking out the advantage gold service I'd get a reduced rate and not told if I cancel it could then increase the rates?

So basically he was saying i've got to carry on paying 12.95 a month for the rest of my loans term (30 months left) for it to not affect the rate?

I am looking at changing banks and don't want to really pay for the advantage gold when i dont really use any of the benefits anyway..

di3004

Dazzarazza wrote: »

I have just spoken to Natwest on the phone about cancelling this service, and the person on the phone said that by cancelling this it may have an affect on the loan rate and my O/D rate.. he said he wasnt the best person to advise mind you.

Does anyone else know if this is true?

When i took the loan out I was only told that by taking out the advantage gold service I'd get a reduced rate and not told if I cancel it could then increase the rates?

So basically he was saying i've got to carry on paying 12.95 a month for the rest of my loans term (30 months left) for it to not affect the rate?

I am looking at changing banks and don't want to really pay for the advantage gold when i dont really use any of the benefits anyway..

Hi Daz
Ummmmm, not too sure on this to be honest, hopefully someone will know who have had dealings with these.

Its best to check.
Have you the policy details on this?
If not they should provide them for free for you, or maybe some info on their website on cancellation terms.;)

amersall

Dazzarazza wrote: »

I have just spoken to Natwest on the phone about cancelling this service, and the person on the phone said that by cancelling this it may have an affect on the loan rate and my O/D rate.. he said he wasnt the best person to advise mind you.

Does anyone else know if this is true?

When i took the loan out I was only told that by taking out the advantage gold service I'd get a reduced rate and not told if I cancel it could then increase the rates?

So basically he was saying i've got to carry on paying 12.95 a month for the rest of my loans term (30 months left) for it to not affect the rate?

I am looking at changing banks and don't want to really pay for the advantage gold when i dont really use any of the benefits anyway..

Hi there, have a look at your terms and conditions for this.If they gave you a preferential interest rate for loan and o/d then i think they will be able to put your interest rate up if you cancel this. Sorry i cannot be of more help.

Dazzarazza

Thanks both, I cant see anything in my advantage gold documents about the loan rate.. i can see that my O/D will probably go up by 0.4%.. best thing is to go to my branch

amersall

Dazzarazza, just looked at this account with natwest and i dont know what rate deal you got with your o/d and loan but you are in effect using what you are paying monthly for, with this account you get preferential rates on credit cards and mortgages too. If i were you i would ask them what the loan and overdraft would cost each month if you went back to ordinary current account, that way you could see if you would be better off paying the monthly fee for what you have now or, if you will save more than that by changing to a normal current account.x

Dazzarazza

Thanks Amersall, that's what i am going to do..