PPI Reclaiming Discussion part 4

Dirks_Engine_Room

Rang RBS today regarding my complaint and she initially said they were finalising things with regulators and that I would be written to in due course. I informed that they had written to me on 11th May and that they were now dealing with mine and others complaints. She quickly back tracked and said they were. I asked her to clarify this and asked whether RBS still had complaints on hold to which she responded that they now were "not on hold".

My own personal opinion is that they are making it up as they go along. Think will ring again tomorrow.

Dirks Engine Room

di3004

themass wrote: »

Mmmm, a little update here, the wife walked in from work and put her hands on the agreement with Norton, (Nemo were right).
it is their agreement and terms and conditions for PPI, clearly states it is optional,
Statement of demands and needs
1-If you cannot work because of an accident or sickness (we are both entitled to sick pay at work)
2-unemployment cover (we have a seperate cover via the mortgage which is more than the monthly cost)
3-death or critically ill (we both have life and critical illness cover)
it then states
"you have selected to apply for ppi on this basis"
it appears we signed sealed and delivered to them
I think ive just kissed goodbye to around 6k.

Hi there

That means nothing, what you have to remember is the fact that you were sold a policy that was only going to protect you for the first 5 years of your loan, these are no longer being sold to anyone with a loan, they are frowned upon, and its a strong case if you have been sold one of these, despite what they have issued you with, keep at them.;)

di3004

Dirks_Engine_Room wrote: »

Rang RBS today regarding my complaint and she initially said they were finalising things with regulators and that I would be written to in due course. I informed that they had written to me on 11th May and that they were now dealing with mine and others complaints. She quickly back tracked and said they were. I asked her to clarify this and asked whether RBS still had complaints on hold to which she responded that they now were "not on hold".

My own personal opinion is that they are making it up as they go along. Think will ring again tomorrow.

Dirks Engine Room

Hiya

I was emailed today with the same sort of feedback, so it must be all moving forward, although mine may take some time, even though its been with lloyds since before xmas, others were before mine, so they should be dealing with them in an orderly manner.
How long have yours been with them?

Good luck and let us know what they say.;)

amersall

themass wrote: »

Mmmm, a little update here, the wife walked in from work and put her hands on the agreement with Norton, (Nemo were right).
it is their agreement and terms and conditions for PPI, clearly states it is optional,
Statement of demands and needs
1-If you cannot work because of an accident or sickness (we are both entitled to sick pay at work)
2-unemployment cover (we have a seperate cover via the mortgage which is more than the monthly cost)
3-death or critically ill (we both have life and critical illness cover)
it then states
"you have selected to apply for ppi on this basis"
it appears we signed sealed and delivered to them
I think ive just kissed goodbye to around 6k.

You have very valid reasons not to take the ppi. See what comes back from norton.
People have won mis sell and have the terms and conditions that tell you this that and the other, what it does not say is the amount of commission that was made for every ppi that was sold, or that the sales people were given incentives to sell, sell, sell.
Especially front loaded ppi (that this most likely was with norton). Did the ppi only cover you for 5 years, but the loan ran longer?.
Fingers crossed for you and please keep us posted.

themass

Thanks Di, you people are diamonds,it would be so easy to just give up put it down to experience
ive got the figures of the loan, pretty scary
cash loan amount £25500.00
ppi loan amount £6311.25 (total over 60 months) £8614.98
as you say the cash loan was over 120 months but the ppi for just 60.
this was all paid off some 3 years ago when we re mortgaged , scary very scary
Ste

di3004

themass wrote: »

Thanks Di, you people are diamonds,it would be so easy to just give up put it down to experience
ive got the figures of the loan, pretty scary
cash loan amount £25500.00
ppi loan amount £6311.25 (total over 60 months) £8614.98
as you say the cash loan was over 120 months but the ppi for just 60.
this was all paid off some 3 years ago when we re mortgaged , scary very scary
Ste

Your welcome hun;)

You do have a good cause to complain, and if they made you aware of this in the first place, then its unlikely you would have taken it out anyway, and of course what options did they give? in my opinion none, they use pressure.
You will be fine, so keep it going.:T;)

amersall

themass wrote: »

Thanks Di, you people are diamonds,it would be so easy to just give up put it down to experience
ive got the figures of the loan, pretty scary
cash loan amount £25500.00
ppi loan amount £6311.25 (total over 60 months) £8614.98
as you say the cash loan was over 120 months but the ppi for just 60.
this was all paid off some 3 years ago when we re mortgaged , scary very scary
Ste

These are the reasons for mis sell on a frontloaded ppi loan.

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.
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.

If you get crap back from norton, then send this.

di3004

amersall wrote: »

These are the reasons for mis sell on a frontloaded ppi loan.

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.
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.

If you get crap back from norton, then send this.

YAY :T:T:j:j:beer:

amersall

Also, would you have recieved a bonus or cash back of the ppi at some stage?.
If not then dont put 3) lol

themass

Half i think.after the 5 years you get half back, not sure how that works when its paid off,
Amersall you wrote those with great passion and knowledge super advice,
i will draw up a letter, (unless there is a template somewhere)
also noticed it was joint cover my wife has a thyroid problem and may not have been eligable anyway.