PPI Reclaiming Discussion part 4

di3004

ginger5092 wrote: »

Hey Di
Hope you are well

You have been so good with advice in the past,want to run this past you.

Took a loan out in 2003 with first plus,usual PPI,that finished in 2008,got rebate,£6000.

However,unbeknown to me,they are still tagging on the payments for the PPI onto my loan payments which is still live

So,went for First plus who put the blame at Loans.Co Uk who apparently administered it or whatever.

Had a go with Loans .co. Uk

The usual nonsense from them but stuck it out,received a letter recently saying they had done nothing wrong and that was the end of it.

fair enough,under stress I took the PPI cause they knew I needed the loan but they never ever told me the payments for the PPI would be "tagged" to the loan for its entirety.

Any advice would be much appreciated as I am now losing the will to fight

Well hello there, hope your well.

So this ppi was the one that only protects for 5 years then, and your still paying for this for the life of the loan then i take it?

I would get another letter in, if that was not the final decision, ask them to reconsider.

Did they mention if this was final or not, or even mention the FOS at this stage?

di3004

puppy24 wrote: »

Hiya

I just wanted to ask if anyone can recommend a good company to help me reclaim some PPI on a bank loan I believe was mis-sold to me some years back please, as I'm not confident enough to try and tackle this on my own. I've been contacted by a company offering to do just that, but they're asking for a cut of 39% if they're successful and Martin says you shouldn't go with one that asks for more than 25%. I've had a shop around and because there are so many out there, I wondered if anyone could please recommend one? I'd be ever so grateful, thanks.

Hi there

Not sure if you have checked through the forums as yet, but it seems lots have had hassle using claims companies, and some are even taking longer than that of doing it yourself.

With claims companies, I am aware they more or less do the same, but you also complete form after form with them as well, this can be a right pain and someone i know have recently been let down badly after having her complaint with them for over 2 years, they can no longer deal with her case. I cannot recall the name of the business, but i do know this is happening quite a lot.

Have another think about having a go yourself, its only completing a questionnaire, which is in my opinion less work and hassle than using a claims company.

Complete and send to whoever responsible for setting the account up, keep a copy for your records as well, give them 8 weeks, although they may ask for longer to deal with it.

You will find this here on this link as stage one.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

As for this site, we do not normally suggest or recommend using a claims company, but either way, wishing you luck and you can ask for help here anytime, good luck.;)

amersall

ginger5092 wrote: »

Hey Di
Hope you are well

You have been so good with advice in the past,want to run this past you.

Took a loan out in 2003 with first plus,usual PPI,that finished in 2008,got rebate,£6000.

However,unbeknown to me,they are still tagging on the payments for the PPI onto my loan payments which is still live

So,went for First plus who put the blame at Loans.Co Uk who apparently administered it or whatever.

Had a go with Loans .co. Uk

The usual nonsense from them but stuck it out,received a letter recently saying they had done nothing wrong and that was the end of it.

fair enough,under stress I took the PPI cause they knew I needed the loan but they never ever told me the payments for the PPI would be "tagged" to the loan for its entirety.

Any advice would be much appreciated as I am now losing the will to fight

Hi there, you need to put a mis sell claim in to loans.co.uk again.This is front loaded ppi.
It was not explained to you when you took the ppi out that it was put on the start of the loan and you paid it full term with interest.
That the ppi only lasted 5 years but you still pay it back over the term with interest.
You were told that after 5 years you could claim the ppi amount back, but what they failed to tell you was (that you have now found out) this is still on your loan to term with interest.
You were not told that your ppi would end at this time, so you would have no cover but still be paying for this with interest.
You do not believe that they gave you enough info on the ppi to make a informed decision, as if you had known the full implications of this ppi, you would not have taken it.
If you win mis sell then you will have the total ppi amount taken off the balance of your loan, any ppi monthly payments you have made to date with interest will be given back to you, but as you have had the cashback you may not get anything back as they will want the £6000 back, this may be enough with the monthly ppi payments made to date.
The benefit here is the balance on your loan will reduce by the £6000, your monthly payment may go up though, this depends on how they work the refund out as you have had your payout, your payment may also reduce, again it is how they work your refund out. Send the letter and state the reasons i have put above, and tell them if they do not give you a positive response you will take this to fos. Hope this helps.

amersall

puppy24 wrote: »

Hello there

I'm new to this forum business so I'm not sure if I'm posting this in the right place? But I was wondering if anyone could please recommend a company that can help me reclaim some PPI I believe I was mis-sold on a bank loan some years ago. A company has phoned me to offer their services but they are asking for a cut of 39% if they're successful, but Martin said you shouldn't go with a firm that asks for more than a 25% share. So have you used one and been successful? Any advice?
Thanks

It only take seconds to write a letter to the bank with the loan account number, and tell them you were mis sold this ppi because.. and give your reasons, you take this letter to the post office and send recorded. Do you honestly think that is worth 25% of a win?. This is all a claims co will do, please have a go yourself, just a few lines are all you need and you will get all the help on here for free.

spillsy

Hi, I'm a newbie after some advice.
Santander missold me ppi in November 2004 (when they were know as GE Capital). They told me over the phone that the PPI was part of the agreement, not optional. This was my first loan and I didnt know any different.
After hearing about people being able to reclaim missold PPi's I thought I'd try and believed I had a good case.
I wrote my first letter (using the tempate from this website) on 12th november, I received a reply on 8th December to say thay needed more time and a final letter on 22nd December saying " As the sale of the credit protection Insurance policy took place moe than 6 years ago we are unable to provide any comment as we consider this to be statue barred" Blaa blaa blaa "The complaint must be referred to the FLA as the issues you have raised falls out of the FOS jurisdiction"
They may aswell be speaking a different language to me! Do I look at this letter as a final decision or are they calling my bluff? Any advise would be GREAT. Thanks

di3004

spillsy wrote: »

Hi, I'm a newbie after some advice.
Santander missold me ppi in November 2004 (when they were know as GE Capital). They told me over the phone that the PPI was part of the agreement, not optional. This was my first loan and I didnt know any different.
After hearing about people being able to reclaim missold PPi's I thought I'd try and believed I had a good case.
I wrote my first letter (using the tempate from this website) on 12th november, I received a reply on 8th December to say thay needed more time and a final letter on 22nd December saying " As the sale of the credit protection Insurance policy took place moe than 6 years ago we are unable to provide any comment as we consider this to be statue barred" Blaa blaa blaa "The complaint must be referred to the FLA as the issues you have raised falls out of the FOS jurisdiction"
They may aswell be speaking a different language to me! Do I look at this letter as a final decision or are they calling my bluff? Any advise would be GREAT. Thanks

Hi and welcome

Even though the Financial ombudsman service (FOS) will not be able to investigate due to this, the FLA is unlikely to either, but there is no harm to rule this out with them first.

But the FOS have been suggesting other avenues to take due to this, but it may just take some time.

You can also point out (if this is the case) that you only just recently became aware of the ppi mis selling, and if you had known sooner then you would have challenged it by now.

The FOS have been suggesting the insurer direction of the loan business, one of mine due to more or less being in the same situation as yourself have gone the insurer/underwriter direction, and as these are regulated by the FSA, the FOS are able to take this on to investigate, unlike the lender/broker side of it.

All you do is ring the FOS, if you have by then made contact with the FLA and they cannot do anything to help, then let the FOS know you have already tried, then they will or should suggest the insurer etc.

So as stated contact the FLA first:
http://www.fla.org.uk/contact-us

If they cannot help, then explain to the FOS, and contact them free here during office hours:
http://www.financial-ombudsman.org.uk/contact/index.html

Come back to let us know what happened and we can move on to the next step, normally this would be to request for the policy document details of the insurer from the lender, and make a reclaim with them, if this fails, you can therefore request the FOS to take this on as another avenue to try - in order of trying to get your ppi back to you.

The insurer details are enclosed on the policy details.

Hope this helps for now, but please keep us posted, good luck.;)

amersall

This is a lot of "who shot john" if you ask me, i and others on this site have won with loans from the 90s, and did not get a response like this.Do as di says and let us know what happens.

user2002

Hi Guys,

I have now had another letter from Barclays regarding my PPI claim from 1999 to present. They tell me that a decission can not be made until the court case has happen so they can decide how to deal with me, this is due to the claim going so far back. They also told me I was now free to discuss my problem with the FOS as they could do no more until after the case.
I spoke with the FOS explained Barclays had instructed me to further my case through them.
FOS explained I should wait the whole 8 weeks now my complaint is in, also they, quiet abruply, said that my reasons for claiming may not be valid.
My reasons for mis-selling were, I was not aware I had a choice or even there were cheaper options for insurance at the time.
My insurance was sold as part of the loan and I was told by the teller I had to take it, surly this is miss selling!!
The FOS lady also said there are many claims of this type that won't be able to get a refund due to the vague nature of how it was sold. ie. it was a long time ago and I can't remember all the details.
Kinda got the feeling I was in the wrong for trying to claim.

I will await the outcome but I have little confidence any thing will come back to me now.

Dirks_Engine_Room

Adjucator rang again last Thursday and asked me some more questions on my claim against Natwest for missold PPI. Told will recieve answer in the next few days..... Guess its squeaky bum time!!

di3004

Dirks_Engine_Room wrote: »

Adjucator rang again last Thursday and asked me some more questions on my claim against Natwest for missold PPI. Told will recieve answer in the next few days..... Guess its squeaky bum time!!

Hiya

Hopefully it will be good news, fingers crossed.;)