PPI Reclaiming Discussion part 4

bhoywonder

I have started to fill in the initial Enquiry questionnaire and have included the following, do you think this is sufficient as i could go on all day about this but thought it would be easier to include the main points.

I would like to make a claim to FSCS as I believe I have been mis-sold a PPI policy purchased along with a loan from Picture Financial. The key reasons I believe I was mis-sold are outlined below:

The PPI was an upfront premium but at no time was it explained to me that this only covered one person and would only last 5 years, however the full amount would be added from day one to date of completion.

It was implied during discussions that I was required to take the PPI along with the loan as this would help with the approval process. I even queried the PPI once everything was agreed and was told then that if I chose to cancel, the whole loan would be required to be processed from the start and no guarantee of success. At the time there was a great deal of pressure to accept PPI otherwise the loan may not be approved again.

We were not asked whether or not we had any similar protection or that this could be purchased elsewhere. We were both covered by our employer’s income protection and also we would have both received in excess of 6 months redundancy should this have happened.


Any comments/suggestions would be greatly appreciated

di3004

bugsy161 wrote: »

Hiya Di,

Hope you are well.

Just an update on my Lloyds PPI refund.

Spoke to the very helpful lady at Customer Care again today and she has transferred the £200 distress and inconvenience money into my account.
I should get the final settlement figure for the refund on Monday and the figure for the reconstruction of the account by next Thursday.
Interesting to note that Lloyds only have records going back 10 years so, unless you can prove that you had PPI before then, they will only pay you a maximum of 6 years.
This also applies if you took out PPI in the 80's or 90's. You have to be able to prove that it was taken out, or in force. In my case they have the evidence from 1987 to prove it.
The other point to note is that, if you were paying PPI prior to 2000 (10 years ago), they have no record of what you were paying so, unless you can prove otherwise they will take the last payment on record as being the same for the previous number of years.
For example......if you were paying £10 per month PPI in 2000 and you took the PPI out in 1995, they would use the calculation based on the fact that you were paying £10 per month all the way back to 1995, irrespective of what you had been paying or what the balance was.
If you were paying no PPI due to a nil balance in 2000, but were paying £50 per month in 1998 then the calculation is based on the nil balance unless you can prove otherwise.
Fortunately for me I did not have a nil balance in 2000 so they have calculated back to 1987 based on the PPI I was paying in 2000, which will be great if I was paying about £50 per month which I think I was.
They will always use this calculation in favour of the customer but it is not in favour of the customer if the 10 year ago figure was low, or even nil.

Hi bugsy

I'm not too bad thank you honey, and hope your well too.;)

Some action at last, that is great bugsy :T.

Looks like you have a huge amount to come back to you, and remember the interest on top of that as well, it certainly will be a massive amount, good luck.

That is interesting as well bugsy what you posted, thank you.

I know with one of my hubby's he only kept info going back so far on one credit card ppi, so they just went back to the last 6 years, I see what you mean though, cos on the other where he did still have the details (which they no longer held), they did go back to about year 2000 I think.

Hope you receive the remainder of all that money soon.:A, thanks for posting up on this.:T:TXXXX

di3004

bhoywonder wrote: »

I have started to fill in the initial Enquiry questionnaire and have included the following, do you think this is sufficient as i could go on all day about this but thought it would be easier to include the main points.

I would like to make a claim to FSCS as I believe I have been mis-sold a PPI policy purchased along with a loan from Picture Financial. The key reasons I believe I was mis-sold are outlined below:

The PPI was an upfront premium but at no time was it explained to me that this only covered one person and would only last 5 years, however the full amount would be added from day one to date of completion.

It was implied during discussions that I was required to take the PPI along with the loan as this would help with the approval process. I even queried the PPI once everything was agreed and was told then that if I chose to cancel, the whole loan would be required to be processed from the start and no guarantee of success. At the time there was a great deal of pressure to accept PPI otherwise the loan may not be approved again.

We were not asked whether or not we had any similar protection or that this could be purchased elsewhere. We were both covered by our employer’s income protection and also we would have both received in excess of 6 months redundancy should this have happened.


Any comments/suggestions would be greatly appreciated

Hiya, yes that is great.

Also just posted on the other thread for you as well.

You will be okay, and the FSCS are paying out due to these reasons, good luck.;)

Ian4

Hi Di,

Thanks for the advice, I have just emailed the CEO of Lloyds, watch this space!
Great news for Bugsy- fingers crossed I have similar luck.
With regard to the interest? How much do they pay? Also any idea on how you calculate the interest?

Thanks again.

di3004

Ian4 wrote: »

Hi Di,

Thanks for the advice, I have just emailed the CEO of Lloyds, watch this space!
Great news for Bugsy- fingers crossed I have similar luck.
With regard to the interest? How much do they pay? Also any idea on how you calculate the interest?

Thanks again.

Its my pleasure Ian.;)

Will be keeping a watch for your updates, good luck.

And yes that is great news for bugsy, who did actually wait a very long time though, so am so happy to hear this is finally resolved after all this time.

There are a few posts in regards of calculating PPI, one is posted from Maxdp, if the banks calculate inline with the FOS it should be calculated the same.....
https://forums.moneysavingexpert.com/discussion/1596473

And another thread was posted up yesterday.....
https://forums.moneysavingexpert.com/discussion/2697331

These are very useful.;)

amersall

Flamingo80 wrote: »

I take back the afore-mentioned complaint!! lol

Letter arrived today. They say they agree the information provided to me was not adequate for me to make an informed decision about PPI and are paying me £2497 plus 8% interest. :T

So chuffed!! all for the cost of one recorded delivery letter. If anyone is reading this thread and considering reclaiming ~ do it, do it, do it!!

Thanks everyone for your advice and help, keep up the good work!! :T

:money: Well done to you :j:j

amersall

madwithlloyds wrote: »

Update on Lloyds PPI Claim

Following on from my post last week, where I had been totally ignored by my branch of Lloyds since 14th April 2010 regarding my complaint on 2 Loans,I spoke to customer care and I contacted Eric Daniels via email on monday 23rd August.

I recieved a what I would imagine to be a standard letter from customer care on the 24th August saying that they would be looking into the matter and a decision would be made within 8 weeks.

Yesterday I recieved a letter saying that "Mr Daniels has asked me to investigate your concern and to provide you with a reply as soon as possible"

They letter was an apology and to say that they have found no evidence that either policy were mis-sold, and that they have decided to resolve my complaint by offering me a full refund on both loans!!!!

A total of £7670!

I have signed acceptance forms and posted back to them and now I just wait until the money is in the bank. I hope it doesnt turn into a fiasco like the complaint has.

Very happy now as it allows us to be totally debt free and have a large amount left to do with what we please.

Thank you to MSE forum and to the people on here for all the advise you have given to me as I wouldnt have been able to do this without all the help I have recieved from this site.

Thanks again

Not quiet so Mad with lloyds :j

That is good news :j:j well done :money:

amersall

Glawseagle wrote: »

A quick update after finally receiving confirmation of success in our third and final dispute regarding the mis-selling of PPI by both Santander & The Black Horse.

Black Horse Loan PPI - £401.00

Santander Credit Card PPI - £824.00

Santander Loan PPI - £4333.00

So for the sake of writing 6 letters, filling in 3 forms, making a dozen phone calls, we are £5558 better off.

Heartfelt thanks to Martyn and especially to you lot on here.

Keep up the good work against the greedy, mischievous financial establishments.

Brilliant :j well done :beer:

Munichjoolz

Alright , it's done. Questionnaire for the Halifax done and ready to send. The advice on how to fill them in came in very handy on some questions!

One thing I found interesting (bearing in mind that this was 1998 so I wasn't sure of some of the details until I got the paperwork back) the acceptance box for the PPI on the credit agreement was already crossed by machine and the man I saw had already dated it and indicated where I should sign. Although it was a long time ago I do remember that I was told that the insurance was compulsory and there was no other discussion of the matter as the agreement was brought into the room as an 'afterthought', as he thought a credit card would be a convenient way for me to pay my everyday expenses - I had actually gone to that meeting to get a personal loan (for which I have the agreement dated the same day!) and the credit card agreement was an 'extra', all prepared for me to sign with very little discussion. Shocking, really.

I know it'll be turned down first off but I'm more hopeful of a result now that I see the form and information all done and together. Even if you think you can give very little information I'd say give it a try, you might be surprised. More when I hear anything, joolz

di3004

Munichjoolz wrote: »

Alright , it's done. Questionnaire for the Halifax done and ready to send. The advice on how to fill them in came in very handy on some questions!

One thing I found interesting (bearing in mind that this was 1998 so I wasn't sure of some of the details until I got the paperwork back) the acceptance box for the PPI on the credit agreement was already crossed by machine and the man I saw had already dated it and indicated where I should sign. Although it was a long time ago I do remember that I was told that the insurance was compulsory and there was no other discussion of the matter as the agreement was brought into the room as an 'afterthought', as he thought a credit card would be a convenient way for me to pay my everyday expenses - I had actually gone to that meeting to get a personal loan (for which I have the agreement dated the same day!) and the credit card agreement was an 'extra', all prepared for me to sign with very little discussion. Shocking, really.

I know it'll be turned down first off but I'm more hopeful of a result now that I see the form and information all done and together. Even if you think you can give very little information I'd say give it a try, you might be surprised. More when I hear anything, joolz

Good one joolz.:T

And you never know, you could still be successful first time round, but not to worry otherwise cos we will get there in the end.;)

Fingers crossed and the best of luck, we will look out for your posts.:)

Di
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