PPI Reclaiming Discussion part 4

dani_79

di3004 wrote: »

Hi there

In my opinion lloyds have done this to lots on here, upheld on loan ppi and not the credit card ppi, but do not back down.

Sometimes they have been known to even change a final decision, its up to you but maybe in your case I would write something like...

Dear

Thank you for your letter dated XX/XX/XXXX in regards of my complaint via Credit Card Payment Protection Insurance - Account number XXXXXXXXXX.

I understand that you have now giving me the opportunity to take my complaint to the Financial ombudsman service (FOS), but I am requesting you reconsider this complaint - because I do not believe it have been investigated properly, and possibly overlooked.

This is due to the fact that you previously upheld on a loan PPI account for the same reasons I have for this complaint, and I would like to mention that the FSA are punishing banks for rejecting genuine complaints and for not investigating them properly, so I am giving you the opportunity to reconsider and if you can contact me by 14 days with your decision with hopefully an overturned decision in my favour - due to my reasons that are truly genuine and I stand my ground on these reasons.
Its possible you may have missed my points, but I will appreciate it if you will reconsider, thank you.

If I do not hear by 14 days of you receiving my letter (posted by signed for recorded delivery), I will then take this matter further via the FOS or small claims court.



Yours sincerely



Something like the above will be okay, but otherwise complain to the FOS now if you want to.;)

Hope this helps, good luck.

Di

Hi Di,

Thanks for your advice, i will send a letter , with the content above to them and await the response.

Thanks again:)

di3004

dani_79 wrote: »

Hi Di,

Thanks for your advice, i will send a letter , with the content above to them and await the response.

Thanks again:)

Hi Dani_79

Your most welcome.

Fingers crossed for you, please keep us posted.;)

Cheers

Di

di3004

Just thought I would post up some info from Martin's guidelines of reclaiming and the link it came from, basically to give newbies an idea on how to deal with this.

Some common examples of PPI misselling

Were you told insurance was compulsory?

It’s a common complaint that consumers are told they must buy a policy from the same provider as the loan or credit card to be accepted for the product. Any company that subscribes to the banking code (see list) agrees it will not insist that you buy an insurance product from them, so although it can request that you have PPI from somewhere, it does not have to be from them.

Therefore if the salesperson:

• didn't make it clear the policy was optional,
• implied or stated the loan would be more expensive if you didn’t take the insurance,
• implied or insisted you take out their policy to qualify for the product or help with your application,
• was very pushy when selling the product so that you felt you could not say no,
• would not let you continue with the loan application if you did not sign the insurance agreement as well,

then go to the how to reclaim section.

Did you already have insurance cover?

If you were already covered - for example you had a separate income protection policy or your employer provided an illness and redundancy package, and you informed the salesperson that you had this cover but they insisted you also had to take their insurance; or you weren't asked if you had any alternative cover, go to the how to reclaim section.

Have you tried to cancel your policy?

Prior to Mar 07 some contracts had terms that said you could not cancel the policy even if you had paid off your loan or had a change of circumstances. Since the FSA looked into these refund terms, cancelling is now possible for all current and future contracts. So if you tried to cancel your policy and were told you weren’t allowed or that you needed to take out a new agreement with different terms, go to the how to reclaim section.

Is the insurance term too short?

Until banned in May 09, long term loans were often sold with a single premium policy lasting for a maximum of five years, no matter how long the loan is for. If you’ve now checked your policy and found that it does not cover the full term of your loan, but thought that it did, the salesperson should have pointed this out. If not go to the how to reclaim section.

Do you have a joint loan but the insurance is only in one name?

If you’ve checked your paper work and have found that all names responsible for paying back the loan are not covered under the insurance, which is unfair in itself as either could be chased for money if you get behind with payments, and were told or thought that all names were covered, go to the how to reclaim section.

Did you sign up for the finance in a shop?

If you got a store card or insurance on a car dealership loan, it was likely to be sold by someone with no financial background, meaning more room for error, and a whole catalogue of misinformation could have been given. If this happened to you, send a reclaim letter to check the insurance was sold in your best interests.

Just realised you have insurance?

Have you just checked your loan agreement or credit card statements to find that you have been paying for insurance, but didn’t realise until now that you had it or what it's for? Some old agreements, particularly store cards, may have used pre ticked boxes requiring you to opt out of the insurance rather than opt in, which is unfair. Always check and if you’re paying for insurance you didn’t know you had go to the how to reclaim section.

In summary…

If you have an inappropriate PPI product and weren't told it was inappropriate or you don’t think you were given the full information on what the policy would and would not cover, send a letter asking for an explanation.
Close

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

redgie

di3004 wrote: »

Hi there

How old is this loan (year)?

What you could do is check any old banking statements for the account number.

For instance if your still with the same bank now where you used to pay for the loan repayments, the account number of that loan would be shown next to the monthly repayments.

If you do online banking then this should allow you to go back I think up to 7 years or so on most.

Good luck.:)

Hi, I don't know why I didn't think to check my internet banking so thank you for the reminder!

I'll post the letter on Monday, I'll probably be back to ask more advice at the next stage.

Thanks again:D

di3004

redgie wrote: »

Hi, I don't know why I didn't think to check my internet banking so thank you for the reminder!

I'll post the letter on Monday, I'll probably be back to ask more advice at the next stage.

Thanks again:D

Hiya, not to worry, its not something we all think of.;)

We shall be about LOL.:D, look forward to helping you then.;)

blinx

Hi there,

First time posting after reading loads & loads of posts & articles on here re PPI… a bit nervous so please bear with me… also not sure if I am encroaching on someone else's thread/post as I couldn't find how to start a new one - so assuming this is just one long continuous thread, here goes:*deep breaths* --- I took the advice given on how to go about re-claiming back PPI….. in that I sent off a few letters using the template letter on this site (Letter Template – Policy Terms and Conditions) … and for safety measure I also enclosed a £1 cheque with each as suggested, (which I understood was to cover the cost of providing statements) – all well and good so far! However, I have had one letter back from one of the companies that I wrote to (re a store card) confirming the total amount of insurance premiums paid (£426) and also the start date (April 97) and the Cancelled Date (March 2006) - but then in the last paragraph their letter goes on to state:

“If you require copies of your statements, in addition to the information provided, please send an administration fee of £10.00 to………. Under the Data Protection Act 1998, we are only obliged to keep statements on our system for a period of six years, therefore these will be the statements that will be provide.”

:question: My Question is this: I am not sure what to do now?!! i.e., whether I should send off the £10 for the statements (which by the sounds of they are only legally obliged to send me one year’s worth (last year being 2005 to 2006))… Sorry if I appear dense but I would really appreciate any advice on which way to take this from here…. :undecided

TIA

p.s.

they also enclosed a one page photocopy of the paperwork relating to my account (when it was opened in 1997) and it refers on there to insurance as ‘payment and purchase protection’ – I assume this is PPI tho I always get it wrong when I assume!

Dave_6

Hi Guys

Helping a mate out on this one so bare with me -
Wrote 2 separate letters to HSBC 3 weeks ago (2 different loans, 1 was paid off, 1 is still running) , sent questionaires and also cover letters and posted separately. HSBC have now sent 1 letter back to cover both loans stating they are investigating... etc etc basic letter really saying they hope to respond within 4 weeks


BUT

At the end of the letter it says.. regarding comments about cancelling the PPI on the current loan you will need to visit a local branch to restructure your loan. The branch will arrange a new loan without protection and for the outstanding balance on your existing loan to be repaid. New loan will be on the same basis/interest rates/time frame honoured etc.



Is the best option to maybe wait a few more weeks and then send a chasing 2nd letter? I'm guessing that going into the branch now and asking to restructure the loan might be a bad option? Could complicate things? My mate isn't the sharpest tool in the box and could easily be tricked into agreeing to something that could damage his case. Or would it be a good idea to go in to change things..? He's currently paying between £300-£400 a month and of that I think about £80 is PPI.



What do you think would be the best course of action at the moment?



Thanks
Dave

maxdp

Dave_6 wrote: »

Hi Guys

Helping a mate out on this one so bare with me -
Wrote 2 separate letters to HSBC 3 weeks ago (2 different loans, 1 was paid off, 1 is still running) , sent questionaires and also cover letters and posted separately. HSBC have now sent 1 letter back to cover both loans stating they are investigating... etc etc basic letter really saying they hope to respond within 4 weeks


BUT

At the end of the letter it says.. regarding comments about cancelling the PPI on the current loan you will need to visit a local branch to restructure your loan. The branch will arrange a new loan without protection and for the outstanding balance on your existing loan to be repaid. New loan will be on the same basis/interest rates/time frame honoured etc.



Is the best option to maybe wait a few more weeks and then send a chasing 2nd letter? I'm guessing that going into the branch now and asking to restructure the loan might be a bad option? Could complicate things? My mate isn't the sharpest tool in the box and could easily be tricked into agreeing to something that could damage his case. Or would it be a good idea to go in to change things..? He's currently paying between £300-£400 a month and of that I think about £80 is PPI.



What do you think would be the best course of action at the moment?



Thanks
Dave

Hi There

There is nothing unusual about restructuring the loan without the PPI etc. Perhaps he could get them to give a written quote of the new figures etc, before agreeing and get you to check it out. Alternatively post the new figures up here for somebody to check out for you.

Good Luck

di3004

blinx wrote: »

Hi there,

First time posting after reading loads & loads of posts & articles on here re PPI… a bit nervous so please bear with me… also not sure if I am encroaching on someone else's thread/post as I couldn't find how to start a new one - so assuming this is just one long continuous thread, here goes:*deep breaths* --- I took the advice given on how to go about re-claiming back PPI….. in that I sent off a few letters using the template letter on this site (Letter Template – Policy Terms and Conditions) … and for safety measure I also enclosed a £1 cheque with each as suggested, (which I understood was to cover the cost of providing statements) – all well and good so far! However, I have had one letter back from one of the companies that I wrote to (re a store card) confirming the total amount of insurance premiums paid (£426) and also the start date (April 97) and the Cancelled Date (March 2006) - but then in the last paragraph their letter goes on to state:

“If you require copies of your statements, in addition to the information provided, please send an administration fee of £10.00 to………. Under the Data Protection Act 1998, we are only obliged to keep statements on our system for a period of six years, therefore these will be the statements that will be provide.”

:question: My Question is this: I am not sure what to do now?!! i.e., whether I should send off the £10 for the statements (which by the sounds of they are only legally obliged to send me one year’s worth (last year being 2005 to 2006))… Sorry if I appear dense but I would really appreciate any advice on which way to take this from here…. :undecided

TIA

p.s.

they also enclosed a one page photocopy of the paperwork relating to my account (when it was opened in 1997) and it refers on there to insurance as ‘payment and purchase protection’ – I assume this is PPI tho I always get it wrong when I assume!

Hi and welcome.

The £1 request is normally just for the copy of the agreement, and they do ask for £10 for the statements, but you could do this by requesting a Subject Access Request in short known as a SAR where they have 40 calendar days to comply and send all the data they hold on you, so this should include other documentation as well as the statements.

There is a SAR letter template if you would like to use this, remember to enclose £10 cheque or postal order for this request and post by recorded delivery.
https://forums.moneysavingexpert.com/discussion/1475553

and not to worry your on the right thread, if you want to do your very own thread, you stay on the ppi threads and you will note "new thread" but you can stick to this one if you want to.;)

In regards of the reclaiming side of it, there is a FOS questionnaire you can complete, save as well in case you need to refer to it later on, and then send the completed questionnaire to whoever was responsible for setting up and selling you the policy.

They have 8 weeks in full to respond, they sometimes ask for more time and give a timescale - that is okay just as long as you know where you are with this matter.

And again post by recorded delivery, this is your proof of posting.

These FOS questionnaire's are in replacement of the first template letter of reclaiming, and issued by the financial ombudsman service (FOS) for us to use to make a reclaim to the responsible business.
And you will find the questionnaire on link below - further down the page as stage one.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Hope this helps, ask for help anytime and good luck.;)

blinx

di3004...Thank you SO much, your comprehensive reply is VERY much appreciated... :j(I'm a 'bit blonde' tho :doh: so will have to read it a few times to fully digest the contents!). Once again, many thanx for your help - its given me the confidence to soldier on in taking on the 'big wigs' -- (I was questioning/whinging/moaning about those PPI charges for years... pushing up my repayments... Grrr).........

blinx