PPI Reclaiming Discussion part 4

di3004

CornishMaid wrote: »

Hello, I'm a complete newbie and hope I'm managing to post in the right place I've been avidly studying this site for a couple of weeks since my hubbie & I finally stopped burying our heads in the sand and decided to confront our massive debts (£37000 unsecured debt + mortgage & secured loans)

I have a couple of questions about reclaiming PPI and was hoping someone could answer if possible. Please forgive me if i ramble unnecessarily

Since we decided to tackle our problems we have been reading this site avidly. From this we realised that when we took out one of our secured loans (taken out 2004) we were told that we would not benefit from a reduced interest rate unless we took out PPI as well. This week, on realising we may have been missold I phoned to immediately cancel the PPI expecting some resistance - when I said that the reason for cancelling was that we had been told we had to have the policy I was told "Oh, you were missold it then." I was then told that it was my husband's name only on the policy and it could only be discussed with him. As far as we were concerned we were both covered - in addition we have no paperwork relating specifically to the PPI - it is only mentioned on the initial loan paperwork which is in both our names.(I do keep all paperwork meticulously so I definitely haven't lost it!)

Q1 - Does this give us a valid reason for a claim - I have sent the letter in anyway but would be grateful to know from people who have been there whether Halifax are likely to pay out?


We also have another problem with the same bank (Halifax) who told us when we transferred our mortage with them to a Tracker mortgage (2001) that we could only do so if we took out their Total Mortgage Payment Protection plan. (My husband previously had life assurance with the Halifax at a much cheaper rate but we were explicitly told that only the TMPP would "provide the cover needed"). Funnily enough it was the same member of staff that dealt with both of these transactions - we have many other products with the Halifax (for our sins) and have never ever taken out PPI on any of them. In addition my husband decided to do his own testing and went into our local branch yesterday to ask if this level of cover was compulsory. The adviser would not answer him outright and only said that "it was a very good thing to have."

Q2 - Do we have grounds to claim back in this case - again I have sent the letter in but would be interested to hear from others who may have been in this situation.

Anyway I'm so glad to have found this website - it's a little ray of sunshine in a very dark time - currently attempting to negotiate with creditors but not going so well so far

Hello and Welcome.;)

Yes I believe you do have a good case here, good luck with this and keep at them, if you need any help when required, just let us know.

There is a success thread next to this one, if you've not checked on there yet, have a browse through when you have time, where you should see where others have been successful with this company.;)

Di
X

di3004

sahra wrote: »

Hi, I requested a copy of my agreement back in August last year so have that to hand. They sent me 1 sheet of paper and that was only for charges made for late payments. Not bothering to claim those back as it's only about £40, but I would have thought they'd have sent dates, etc of phone calls we'd made to them. I wanted these first before sending off my 1st letter to claim back our PPI.

Hi hun
Please remind me, what year this was taken out? Thanks.
Before 2005 telephone calls were not always recorded, but yet if yours were taken out in the last 6 years they should of supplied some transcripts of this otherwise.

It may be a good idea to ring the Information Commissioners Office (ICO) and see what they have to say, it may be worth you checking the ICO website as well for more information:
https://www.ico.gov.uk/Global/contact_us.aspx

Explain your situation on regards of your SAR, they should be able to offer some advice and help on this, good luck and please let us know.;)

tafstar71

Hi to all, some good news from loans.co.uk. after 1 letter sent 16 jan, I have today received a letter stating that they are upholding my complaint in my favour, i will have the balance of the ppi refunded to the loan by the insurance company, and the premiums i have already paid, plus 8% interest, will be refunded directly to me within a month, i was also given the choice of cheque or bank transfer. I will say, that as far as my experience with loans.co.uk is concerned, they have been excellent, no fob offs, no excuses, just a straight hands up, we were in the wrong, and all in just about 6 weeks. full marks to them for putting right their wrongs

di3004

showergirl wrote: »

Hi everyone,

I have rang the FOS and they tell me Tesco PF have not replied to their letter so a reminder was sent out yesterday.

Hope you are all ok

Hi Showergirl

Hope your well, okay here hunni X

Fingers crossed you will hear something very very soon.:A X

di3004

tafstar71 wrote: »

Hi to all, some good news from loans.co.uk. after 1 letter sent 16 jan, I have today received a letter stating that they are upholding my complaint in my favour, i will have the balance of the ppi refunded to the loan by the insurance company, and the premiums i have already paid, plus 8% interest, will be refunded directly to me within a month, i was also given the choice of cheque or bank transfer. I will say, that as far as my experience with loans.co.uk is concerned, they have been excellent, no fob offs, no excuses, just a straight hands up, we were in the wrong, and all in just about 6 weeks. full marks to them for putting right their wrongs

Wonderful news, good one :T :beer: :T Congratulations hun.
I agree the staff are nice at these finance companies where they are not to blame really, they were advised to sell this as part of their job to what I know of. So its nothing against them personally.

I remember my nephew worked for a few loan companies and had slapped wrists for not pushing the PPI onto customers, he had enough now works for the police force lol.;)

Again well done to you.:T :beer: X

zachira

Hi I am newbie on this website hopefully I am doing the right thing I mean posting my question in a write place.

I have got a Barclaycard loan with PPI, now for me to cancel it PPI:

1) Can I ring them first and cancel it. I have checked the policy and there says if I will cancel my policy or repay my loan early I can get the money back. This is an example what I will receive is showing below:
Proportion of loan term expired
Percentage of premium to be refunded
One quarter
56%
Half
25%
Three quarter
6%


Can you please explain to me is this proportion that I have paid or is this I still what I have to pay?
Now it’s a 36mts I have paid in total. Then how much money I could get back. To be honest I don’t even have a breakdown of how much is my PPI in total.

2) Or do I write them first following Martin's reclaim stages? And then wait for a respond.

I remember I have tried to cancel it a few years ago I was told that my loan repayment will increase and then it will have an effect on my credit history. Obviously I was scared and I said ok just leave it the way it is.

Many thanks.

zachira

Hi I am newbie on this website hopefully I am doing the right thing I mean posting my question in the right place.

I have got a Barclaycard loan with PPI, now for me to cancel it PPI:

1) Can I ring them first and cancel it. I have checked the policy and there says if I will cancel my policy or repay my loan early I can get the money back. This is an example what I will receive is showing below:
Proportion of loan term expired
Percentage of premium to be refunded
One quarter
56%
Half
25%
Three quarter
6%


Can you please explain to me is this proportion that I have paid or is this I still what I have to pay?
Now it’s a 36mts I have paid in total. Then how much money I could get back. To be honest I don’t even have a breakdown of how much is my PPI in total.

2) Or do I write them first following Martin's reclaim stages? And then wait for a respond.

I remember I have tried to cancel it a few years ago I was told that my loan repayment will increase and then it will have an effect on my credit history. Obviously I was scared and I said ok just leave it the way it is.

Many thanks.

di3004

zachira wrote: »

Hi I am newbie on this website hopefully I am doing the right thing I mean posting my question in a write place.

I have got a Barclaycard loan with PPI, now for me to cancel it PPI:

1) Can I ring them first and cancel it. I have checked the policy and there says if I will cancel my policy or repay my loan early I can get the money back. This is an example what I will receive is showing below:
Proportion of loan term expired
Percentage of premium to be refunded
One quarter
56%
Half
25%
Three quarter
6%


Can you please explain to me is this proportion that I have paid or is this I still what I have to pay?
Now it’s a 36mts I have paid in total. Then how much money I could get back. To be honest I don’t even have a breakdown of how much is my PPI in total.

2) Or do I write them first following Martin's reclaim stages? And then wait for a respond.

I remember I have tried to cancel it a few years ago I was told that my loan repayment will increase and then it will have an effect on my credit history. Obviously I was scared and I said ok just leave it the way it is.

Many thanks.

Hi and welcome.;)

I see you state you have checked your cancellation rights on this, however make sure with them first or see if someone posts in about this actual matter who have had dealings with this company.
As with some companies if you cancel say for instance after the cooling period of taking this out, say 30 days, some will say to take a new loan without the PPI, I am aware that within the cooling period if anything have been paid then you would receive your amounts of PPI back.

Now in regards of the calculations they would come in handy, but you do not require this in regards of reclaiming, you can still send a letter to reclaim and complain if you feel you were mis sold on the PPI product, and meanwhile write to them to request some calculations of this, you can request for a quotations of settlement, (even if you do not plan on settling) tell them you want this posted.

I Take it you still have the agreement for this loan?
What year did you take this out?

As soon as you receive the figures of this you are welcome to post them on here where I am sure Turbo or someone will take a look at them for you.

If you've no agreement for this, also request for this, this should take 12 days to come back to you from request but you must also enclose a £1 postal order or cheque payment for this.

The only other way to retrieve all the paperwork, is request a Subject Access Request (SAR) there is a letter template for this on the thread, they must supply everything they have on you going back as far as 6 years, this may come in handy for your reclaim if required to back this up later on.

But this one there is a cost of £10 cheque or postal order payment, they must comply within 40 days, and post by recorded delivery.

Going back to the reclaiming, they have 8 weeks to respond in full, if you require more info on this matter, please post up to let us know.;)

di3004

Zachira

Hope you found the above post I just posted of some help, now here is the link to the PPI reclaiming:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will find some useful PPI info of mis selling reasons which may occur to you, they have 8 weeks to respond in full.
Post by recorded delivery for your proof of posting and to keep a check on the 8 weeks they have, you can check the tracking out on the royal mail website.

Try to use your own words if you can and obviously your own reason of why you feel you were mis sold this product.

Another letter maybe required if not successful first time, let us know and we can help step by step.;)
Good luck X

dreamer33

Turboman wrote: »

These calculations are very tiring--so as Hull City just won

I'm going to celebrate with

The Ballad of Lucy Jordan--lol

http://www.youtube.com/watch?v=8Ws6qeLIKFU

Hi turboman

You have been a great help on here to lots and your doing a wonderful job with your calcs :T :A :A your help is very much appreciated by all :j