PPI Reclaiming Discussion part 4

di3004

PoppyHoppy wrote: »

Hello all,
I've just received my phone recording from Vanquis from when I accepted the card.
I requested the recording because when I took out the card in 2008 I agreed to their ROP - I cancelled it last year when I realised I was paying it.
Having listened to the recording, I now understand why I did take it out. The advisor said that they charge 99p per £100 balance. So I would have thought, oh that's £9.99 max. Now, the max balance I've had is £1000, yet I was often making payments around £20 per month, so clearly it's not 99p per £100.
Has anyone else claimed back based on the cost being much higher than they claim?
Another issue is, the advisor says she has given me a personalised recommendation for this product. However, didn't ask ANY questions to establish if it's suitable. Surely this is another mis-sell?
Any pearls of wisdom will be received with thanks before I send off yet another letter to Vanquis

Hiya

So basically the information was mis leading then?
You could mention this on your next letter.

Meanwhile maybe someone who have had dealings through these will post up soon of their own experience, good luck.

esso_super

Hi,

I have a question.. if you claim against being mis-sold a PPI for a credit card and still have an outstanding credit balance.. surely the
bank/credit card provider would/could a) expect you to pay any compensation against the credit debt or b) ask for complete settlement of the credit debt of anything left over?

So some of us IMHO could be in a catch 22 situation... if you apply to claim a mis-sold PPI then the provider could ask for full repayment of the loan/credit debt? Am I thinking right or is there something that prevents them doing this?

Thanks

di3004

esso_super wrote: »

Hi,

I have a question.. if you claim against being mis-sold a PPI for a credit card and still have an outstanding credit balance.. surely the
bank/credit card provider would/could a) expect you to pay any compensation against the credit debt or b) ask for complete settlement of the credit debt of anything left over?

So some of us IMHO could be in a catch 22 situation... if you apply to claim a mis-sold PPI then the provider could ask for full repayment of the loan/credit debt? Am I thinking right or is there something that prevents them doing this?

Thanks

Hi there

This differs from one bank to the other, but I am aware if there are any outstanding arrears, for any business to receive the award, anything remaining and interest is normally paid directly to the customer.

However, it is also known the award may be refunded towards an account with no arrears.
I understand many have wrote if no arrears to receive the refund directly to them, because they have already been deprived of their money in the first place.

bflare

di3004 wrote: »

Hiya

What I would do personally is, either write a letter to explain that your reclaim was in regards of a loan ppi and nothing at all to do with an overdraft, do you have the loan account number? (and didn't accidentally give them the bank account number).
And ask them to continue to look at your previous letter and enclose the loan account number of the loan ppi you want to make a reclaim on.

Or

Start afresh by writing a brand-new letter reclaim - give details of the loan account number, your reasons for making a reclaim, ask they get back with a decision by 8 weeks.

Or optionally complete the reclaim questionnaire as on stage one below.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

Remember to keep copies of all you send and receive as well - in case you need to refer back to it again at some point.

Hope this helps.:D;) Good luck x

Hi Di,
I sent Barclays another letter last Tuesday with your comments & my loan account numbers & details of my monthly payments. I have today received a letter saying: "[FONT=&quot]We are looking into your concerns & will contact you shortly" is this a standard answer people get when first complaining?????


Thanks.[/FONT]

di3004

bflare wrote: »

Hi Di,
I sent Barclays another letter last Tuesday with your comments & my loan account numbers & details of my monthly payments. I have today received a letter saying: "[FONT=&quot]We are looking into your concerns & will contact you shortly" is this a standard answer people get when first complaining?????[/FONT]


[FONT=&quot]Thanks.[/FONT]

Hiya

That sounds about right, and the next letter should be hopefully the decision.;)
Good luck, hopefully they will get it right this time. x

bflare

di3004 wrote: »

Hiya

That sounds about right, and the next letter should be hopefully the decision.;)
Good luck, hopefully they will get it right this time. x

Thanks Di,

I told them the following which was partly what you suggested but i keep thinking they may come back saying that there employee's were not trained that way & then i would be stuck!!!

"[FONT=&quot]Can i please reiterate that I believe you have not treated me fairly for the following reasons;

The salesperson selling the insurance was pushy and strongly advised me to take the insurance. I was not given any alternative to say No to the Payment Protection Insurance (PPI), and was expected to accept and sign for the policy.
If I had not accepted the PPI, I assumed I would not have been able to have the loan, I believe this is not fair and should have been given the opportunity to say yes or no. I feel deprived of my money, and wish you to refund what is rightfully owed to me, plus interest, and 8% interest of what a court would award"

Guess i will soon find out lol

Thanks,

Tony.
[/FONT]

di3004

bflare wrote: »

Thanks Di,

I told them the following which was partly what you suggested but i keep thinking they may come back saying that there employee's were not trained that way & then i would be stuck!!!

"[FONT=&quot]Can i please reiterate that I believe you have not treated me fairly for the following reasons;[/FONT]

[FONT=&quot]The salesperson selling the insurance was pushy and strongly advised me to take the insurance. I was not given any alternative to say No to the Payment Protection Insurance (PPI), and was expected to accept and sign for the policy.[/FONT]
[FONT=&quot]If I had not accepted the PPI, I assumed I would not have been able to have the loan, I believe this is not fair and should have been given the opportunity to say yes or no. I feel deprived of my money, and wish you to refund what is rightfully owed to me, plus interest, and 8% interest of what a court would award"[/FONT]

[FONT=&quot]Guess i will soon find out lol [/FONT]

[FONT=&quot]Thanks,[/FONT]

[FONT=&quot]Tony.[/FONT]

Hi Tony that is very good, and of course they have 8 weeks but you may hear something before that, good luck.

steve_1771

Hi; new to the site, and just looking for some help if anyone could help I would very much appreciate it.

In 2005 I took out a loan which had PPI attached at a cost of £7500 over the term, unfortunatley in 2006 I lost my job and started to struggle financially and went self employed. After contacting Lloyds TSB and explained the situation, they were far from helpful and following some independent advice fron National Debtline I opted for a reduced payment plan.
Things steadily improved and I was able to increase my payments again, however, the bank refused to stop interest & charges and completley ruined my credit file as well as seemingly never ending the debt scenario.
Last year I used "Which" to apply for a refund on my PPI and after several weeks had an offer from Lloyds for £2'500 in full & final settlement, which regretably I opted for which was used towards clearing my loan debt.
My question is, would I be able to approach the ombudsman service to appeal this as the PPI refund was some £5'000 short of what I was originally charged.

Thank You

Steve

Pilchardsmoney

I'm sure the question of expiry of 6 years must have been raised but please take pity on a newbie & save me trawling all the discussion for the time being & tell me............... Do I stand a cat in hell's chance or have I been timed out? I have so far made no formal complaint.
I deffo have a case but it was between 96 & 04. Barclays insisted they would not give me the mortgage without their PPI AND they knew both my wife & I were self-employed. They must have had about £8,000 out of me.

di3004

steve_1771 wrote: »

Hi; new to the site, and just looking for some help if anyone could help I would very much appreciate it.

In 2005 I took out a loan which had PPI attached at a cost of £7500 over the term, unfortunatley in 2006 I lost my job and started to struggle financially and went self employed. After contacting Lloyds TSB and explained the situation, they were far from helpful and following some independent advice fron National Debtline I opted for a reduced payment plan.
Things steadily improved and I was able to increase my payments again, however, the bank refused to stop interest & charges and completley ruined my credit file as well as seemingly never ending the debt scenario.
Last year I used "Which" to apply for a refund on my PPI and after several weeks had an offer from Lloyds for £2'500 in full & final settlement, which regretably I opted for which was used towards clearing my loan debt.
My question is, would I be able to approach the ombudsman service to appeal this as the PPI refund was some £5'000 short of what I was originally charged.

Thank You

Steve

Hi and welcome.

There is no harm in trying, but they bank may state that you agreed, accepted and signed for the offer.
But as said, there is no harm in giving it a go, give the FOS a ring and see what they suggest.
Wishing you luck.