PPI Reclaiming Discussion part 4

shy2011

Hi there
Looking for some info for my parents. They remortgaged in 2006 and were sold a mortgage payment protection policy covering unemploymentnsickness and accident. It was set up as a joint policy. However my dad had an accident in 2001 and hasnt been able to work since so im questioning why they were sold this policy? Any ideas if its worth looking into a missold policy?
Thanks

di3004

shy2011 wrote: »

Hi there
Looking for some info for my parents. They remortgaged in 2006 and were sold a mortgage payment protection policy covering unemploymentnsickness and accident. It was set up as a joint policy. However my dad had an accident in 2001 and hasnt been able to work since so im questioning why they were sold this policy? Any ideas if its worth looking into a missold policy?
Thanks

Hi there

So sorry to hear of your dad's accident in 2001, hope he have recovered by now.
May I ask by being sold the ppi if a claim have been made on the sickness side of it?

However, I do think Dunstonh maybe able to help on this one, if you post on a separate thread (stay within the ppi reclaiming threads) and subject is something like "Mortgage PPI help required", then I'm sure Dunstonh will come across this and will be able to give some advice on this for you.

Good luck.;)

shy2011

Thanks for your reply. My mum claimed on it with sickness when she had an operation but no other claims apart from that, does this hinder us because she has claimed? Thanks i will look for that thread

di3004

shy2011 wrote: »

Thanks for your reply. My mum claimed on it with sickness when she had an operation but no other claims apart from that, does this hinder us because she has claimed? Thanks i will look for that thread

Hiya, your very welcome

I understand a reclaim can still be made, also depending on the circumstances of reasons of being mis sold, and if successful the amount due would be reduced due to the fact of a successful claim due to sickness already made.

For more details on reclaiming here.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Also comment by Martin below as also on above link.;)

Have you already claimed on the insurance?
Until Jan 2010 it had been generally assumed you could not make a misselling complaint if you've already made a successful insurance claim because that would indicate the policy was suitable. Yet proposals from the regulator now mean more people could be entitled to compensation.

Anyone who has claimed on a PPI policy can still submit a misselling complaint, though the chances of success are unclear. However even if you're not successful you may be able to cancel your insurance.

georga

Hi,
I have followed step one and two on the reclaim process. However, the insurance company that I was claiming from is now under RBS. Barely within the alloted time frame in step 2 RBS responded (on behalf of St Andrews, the insurance company) with simply a booklet explaining their rules and a short letter stating that I need to call them so they can explain why and how there insurance policy works giving the impression that I am not entitled to a refund.
I suppose what I need advice on, is this an attempt by RBS to brush my claim off, should I still contact them or should I continue onto step 3.
Any advice would be very helpful here.
Georga

di3004

georga wrote: »

Hi,
I have followed step one and two on the reclaim process. However, the insurance company that I was claiming from is now under RBS. Barely within the alloted time frame in step 2 RBS responded (on behalf of St Andrews, the insurance company) with simply a booklet explaining their rules and a short letter stating that I need to call them so they can explain why and how there insurance policy works giving the impression that I am not entitled to a refund.
I suppose what I need advice on, is this an attempt by RBS to brush my claim off, should I still contact them or should I continue onto step 3.
Any advice would be very helpful here.
Georga

Hello Georga and welcome

If this is a mis selling reclaim complaint, then whoever set up and sold you the policy are the ones responsible, so if it was RBS, then pursue them.;)
Good luck.

Munro_Bagger

rezarf wrote: »

...

We/i believe we were mis sold the ppi on the above account number.
1)We/i were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/i were not told that the ppi only covered us for 5 years, but the ppi would still be on the loan to term end with interest.

3) We/i were told that if we did not make a claim on the ppi ,after 5 years we would recieve the ppi as cashback, and to look on this as savings plan.. But were not told that the ppi would be on the loan to term end with interest and the cashback of ppi would not include the interest that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
a) A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy;
b) Restructuring of the loan going forward so that the amount owed, the monthly repayments, the term and the charges reflect those that would have applied, if the original loan had been sold without the PPI policy.
c) In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Firstplus pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/i will require you to rearrange the loan as if PPI had never been included on the aforementioned loan.
Rezarf

Hello Rezarf! I have just assisted my OH with his questionnaires, but he was struggling with Sections C.3 and E. He wanted to put in a succinct complaint, but wasn't sure what 'language' and 'tone' to use.

Section E - I saw your post and Amersall's response - did you use the text he supplied to put in this section? My OH has also struggled with the 'Why are you now unhappy with the insurance' section. He's put in that he didn't want it (mis-sell reason), and it was never claimed on, but can anyone suggest anything else?

Section C.3 - my OH has stated something along the lines of 'I was unable to make the x payment in month x and was advised by letter that I was x amount in arrears'. He has also mentioned that a DMP was set up on a particular date, to encompass the loan amount. Is this okay, or has he explained too much?

Many thanks.

georga

Hi Di.
Thank you for the welcome.
Actually, RBS was never mentioned in any of the documents I have with regards to the loan and insurance until this recent response. I am still confused about reclaiming and there is a section in the booklet that says they have eight weeks to respond further. Would that be more for the first step in the mis selling recalim compalint not the second. This is getting very confusing. Tsk lol

di3004

georga wrote: »

Actually, RBS was never mentioned in any of the documents I have with regards to the loan and insurance until this recent response. I am still confused about reclaiming and there is a section in the booklet that says they have eight weeks to respond further. Would that be more for the first step in the mis selling recalim compalint not the second. This is getting very confusing. Tsk lol

Hi there

I can understand this can be confusing, but I would pursue RBS anyway and enclose a "copy" of the letter you received from the insurance company.

The timescale is that of 8 weeks and this is the first stages of reclaiming, you can do this by completing the reclaiming questionnaire (this replaced the template letter on this site and was issued by the financial ombudsman service (FOS) for this purpose, so you save a completed copy to save time later on, such as if your not happy with the final outcome of the decision you can make your complaint to the FOS by sending them a copy of your reclaiming questionnaire.
The questionnaire you will find on stage one here.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

If you do not have the printing facilities, you can contact the FOS and they will send you one in the post, tell them you want to make a reclaim against a company for PPI and you require the sufficient questionnaire to make the reclaim.
http://www.financial-ombudsman.org.uk/contact/index.html

http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Send your complaint to the head office of RBS, or if they have a complaints dept, then send to them.

georga

Di.
It makes sense with regards to RBS as in their letter they do mention my complaint. I had already sent copies of all my loan and insurance documents when I contacted St Andrews the first time (with the template I printed off this great site.:-) ). I sent the same documents to St Andrews for the second time with the second step template (again from this site ). Obviously, RBS has now popped it's head into the equation claiming quote this complaint was "on the Bank of Scotland (Brand) persoanl loan". Anyway, I will give it a couple of weeks and see if they (RBS ) respond and print off the other documents you suggested to use as and when. I have to say, I do get the feeling RBS might be trying to delay the inevitable. ;-)
Again thanks for your advice.
Georga