PPI Reclaiming Discussion part 4

Catriona82

Hi folks, just wandered if anyone could advise me if I have a case to try and reclaim the PPI I was sold on the insurance for a Loan from Northern Rock in 2006.

My case is a bit vague as there was nothing obvious like they added the insurance without telling me or telling me it was compulsory but here is what I do have:

The person on the phone was pushy and made me feel like it was something I really needed.

They did not at any time ask if I had any other way of paying the premiums i.e. employment benefits or family members that could help (which I do have). If I had been asked these questions I think I would have realized that the insurance was not necessary and I wouldn't have agreed to take it.

I have just tried to cancel the insurance and I have been told that I must have a new agreement. The way she explained it made sense but I noticed this was on the list of reasons on the questionnaire guide.

Can anyone tell me if its worth me trying to claim or if its just a case of lesson learned and also can someone explain why needing a new credit agreement is in fact a reason to claim? (i was told the new credit agreement was for the same apr as the old agreement so they are not trying to shaft me with a higher interest rate)

thanks for your help.

Munichjoolz

It was perfectly straightforward once I had the paperwork and two weeks on from my last post the Halifax have sent me a (very long) letter saying that the 'Calculations Team' are now on the case working out how much would put me back in the position where it would be as if I had never taken the insurance. The rest of the letter is apologies and explanations the complaints procedure and Ombudsman Service. They also say they have tried to phone me. Call me cynical but I don't think they have! still, The Halifax (a) being helpful and (b) not refusing my claim, what a shocker!

On the matter of the storecard, Santander have sent an acknowledgement of receipt of the claim.

I never thought I'd have a result like that after two weeks, and I'll be back with developments as they happen!

di3004

Catriona82 wrote: »

Hi folks, just wandered if anyone could advise me if I have a case to try and reclaim the PPI I was sold on the insurance for a Loan from Northern Rock in 2006.

My case is a bit vague as there was nothing obvious like they added the insurance without telling me or telling me it was compulsory but here is what I do have:

The person on the phone was pushy and made me feel like it was something I really needed.

They did not at any time ask if I had any other way of paying the premiums i.e. employment benefits or family members that could help (which I do have). If I had been asked these questions I think I would have realized that the insurance was not necessary and I wouldn't have agreed to take it.

I have just tried to cancel the insurance and I have been told that I must have a new agreement. The way she explained it made sense but I noticed this was on the list of reasons on the questionnaire guide.

Can anyone tell me if its worth me trying to claim or if its just a case of lesson learned and also can someone explain why needing a new credit agreement is in fact a reason to claim? (i was told the new credit agreement was for the same apr as the old agreement so they are not trying to shaft me with a higher interest rate)

thanks for your help.

Hi and welcome

It sounds like they forced the ppi on to you and it was not discussed, I assumed all sales of ppi had to be on an advised sale basis after Jan 2005.

I would personally give it a go, if you do no longer require this, or if you already have adequate cover if the loan is still active (you can actually purchase stand alone protection elsewhere which is normally lots cheaper than that of the banks etc.

All you do is if you want to give it a go is......

Complete the reclaiming questionnaire, as shown below as stage one of reclaiming here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim
Send this to whoever arranged and set up your policy from the start, keep a copy for yourself as well, just in case you need to refer to it at some point, for example, make a complaint to the financial ombudsman service (FOS) if your not happy with the final outcome.

They have 8 weeks to give a decision, although they may ask for more time to investigate, this is okay, just as long as you know where you are.

I would also post by recorded delivery for your proof of posting.

Good luck with this and please keep us posted, cheers.;)

amersall

Catriona82 wrote: »

Hi folks, just wandered if anyone could advise me if I have a case to try and reclaim the PPI I was sold on the insurance for a Loan from Northern Rock in 2006.

My case is a bit vague as there was nothing obvious like they added the insurance without telling me or telling me it was compulsory but here is what I do have:

The person on the phone was pushy and made me feel like it was something I really needed.

They did not at any time ask if I had any other way of paying the premiums i.e. employment benefits or family members that could help (which I do have). If I had been asked these questions I think I would have realized that the insurance was not necessary and I wouldn't have agreed to take it.

I have just tried to cancel the insurance and I have been told that I must have a new agreement. The way she explained it made sense but I noticed this was on the list of reasons on the questionnaire guide.

Can anyone tell me if its worth me trying to claim or if its just a case of lesson learned and also can someone explain why needing a new credit agreement is in fact a reason to claim? (i was told the new credit agreement was for the same apr as the old agreement so they are not trying to shaft me with a higher interest rate)

thanks for your help.

Hi there, only cancel the ppi if the loan term is the same as the old one, they could extend that part, Put your claim in for mis sell, give your reasons and say you want ppi paid to date back with interest.Only cancel the ppi and do a new loan if the term and apr are the same as the old one. When you win mis sell you will get the ppi taken off your loan and your monthly payment reduced by the ppi amount, any overpaid will be returned to you with interest.Good luck with this and please keep us posted.x By the way, a new agreement is not a mis sell reason, that is what they have to do if you cancel ppi.

di3004

Munichjoolz wrote: »

It was perfectly straightforward once I had the paperwork and two weeks on from my last post the Halifax have sent me a (very long) letter saying that the 'Calculations Team' are now on the case working out how much would put me back in the position where it would be as if I had never taken the insurance. The rest of the letter is apologies and explanations the complaints procedure and Ombudsman Service. They also say they have tried to phone me. Call me cynical but I don't think they have! still, The Halifax (a) being helpful and (b) not refusing my claim, what a shocker!

On the matter of the storecard, Santander have sent an acknowledgement of receipt of the claim.

I never thought I'd have a result like that after two weeks, and I'll be back with developments as they happen!

Wonderful, well done and Congratulations:T:beer::j and the best of luck with Santander too.;)

amersall

Munichjoolz wrote: »

It was perfectly straightforward once I had the paperwork and two weeks on from my last post the Halifax have sent me a (very long) letter saying that the 'Calculations Team' are now on the case working out how much would put me back in the position where it would be as if I had never taken the insurance. The rest of the letter is apologies and explanations the complaints procedure and Ombudsman Service. They also say they have tried to phone me. Call me cynical but I don't think they have! still, The Halifax (a) being helpful and (b) not refusing my claim, what a shocker!

On the matter of the storecard, Santander have sent an acknowledgement of receipt of the claim.

I never thought I'd have a result like that after two weeks, and I'll be back with developments as they happen!

:beer: Well done to you :j:j

Catriona82

amersall wrote: »

Hi there, only cancel the ppi if the loan term is the same as the old one, they could extend that part, Put your claim in for mis sell, give your reasons and say you want ppi paid to date back with interest.Only cancel the ppi and do a new loan if the term and apr are the same as the old one. When you win mis sell you will get the ppi taken off your loan and your monthly payment reduced by the ppi amount, any overpaid will be returned to you with interest.Good luck with this and please keep us posted.x By the way, a new agreement is not a mis sell reason, that is what they have to do if you cancel ppi.

thats interesting. I was told that I had to agree to take out either a 48 month or a 54 month agreement to take off the insurance. I have 49 months left on the loan. In this case should I just leave the protection on my loan for now and include this information in my claim?

Catriona82

Catriona82 wrote: »

thats interesting. I was told that I had to agree to take out either a 48 month or a 54 month agreement to take off the insurance. I have 49 months left on the loan. In this case should I just leave the protection on my loan for now and include this information in my claim?

should also add... since i'll be paying my next installment tomorrow (1st of the month) the time left on the loan should be down to 48 months. Would it be OK to call back early next week and go for the 48 month arrangement since it should not then affect the remainder on my loan, or should I still leave the insurance to aid my claim?

I am also trying to reduce my monthly bills and having to wait for possibly months to get any decision doesn't sound appealing if I can save some money now too.

advice really needed and appreciated!

amersall

Catriona82 wrote: »

thats interesting. I was told that I had to agree to take out either a 48 month or a 54 month agreement to take off the insurance. I have 49 months left on the loan. In this case should I just leave the protection on my loan for now and include this information in my claim?

Hi there, you could take out the 48 month loan this will reduce your monthly payment (by the way, does it reduce your payment?) then put your claim in.When you put your claim in it is not worth putting about the new loan offers, as this is what they have to do to take off the ppi.Put your claim in and keep us posted.x

amersall

Catriona82 wrote: »

should also add... since i'll be paying my next installment tomorrow (1st of the month) the time left on the loan should be down to 48 months. Would it be OK to call back early next week and go for the 48 month arrangement since it should not then affect the remainder on my loan, or should I still leave the insurance to aid my claim?

I am also trying to reduce my monthly bills and having to wait for possibly months to get any decision doesn't sound appealing if I can save some money now too.

advice really needed and appreciated!

You could call now, as it too late to do anything about this months payment as it has been taken, just make sure the monthly payment on your new loan is less the ppi payment of your old loan. If it is not then there is no point taking it.