PPI Reclaiming Discussion part 4

beamerguy

beamerguy wrote: »

PPI: Lloyds says sorry for mis-selling

14 June 2011
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Lloyds Banking Group has said "sorry" for flogging worthless payment protection insurance (PPI) policies and promised a catalogue of measures to provide compensation for victims, in yet another sign of capitulation by banks.

http://www.moneysavingexpert.com/news/reclaim/2011/06/ppi-interview-lloyds-says-sorry-for-mis-selling

"for flogging worthless payment protection insurance"
FRAUD ACT 2006 covers this one in a nutshell:j

COME ON --- CAPITAL ONE, MNBA (Bank of America) , and all the others selling worthless payment protection insurance
Who on earth would want buy your products/services now

h0pusp0pus

beamerguy wrote: »

COME ON --- CAPITAL ONE, MNBA (Bank of America) , and all the others selling worthless payment protection insurance
Who on earth would want buy your products/services now

dont forget hfc and egg id like them to pull their finger out to please

beamerguy

h0pusp0pus wrote: »

dont forget hfc and egg id like them to pull their finger out to please

ADDED
COME ON --- HFC, EGG , and all the others selling worthless payment protection insurance
Who on earth would want buy your products/services now

Evil_J

Hi All

I took a loan out from barclays back in 2007 for £18000 to use for paying off my credit card debts and it was a really good interest rate of about 7.8% at that time. The adviser told me that this would be a great way of consolidating, therefore i went for the deal. When i went for the appointment i was told that the overall amount i will have to payback was about £22000 over 7 years. I was told that this included PPI and it was essential otherwise i wont get the loan. I was not told at the appointment that if i try to payback the loan in larger amounts then that would not be possible. I only found out almost a year after that if i payback say £10000 lump then i would have to take another loan for the remaining amount at a higher rate. So i got stuck in a vicious circle until last year someone told me that PPI was not essential. So went back to the bank and asked them about this and they told me that if i payback the remaining amount in full then they will give me some of the PPI back. So after a long time i just decided to pay the whole thing off by borrowing money from my dad and brother this March 2011 and i was only given back about about £600.
I am really not happy the way iwas told about this whole thing and i am wondering if i can claim any of the PPI back for the last 5 years or so. If i remember correctly there might have been one time when i could not be pay the monthly in time to the bank through my direct debit as there was a delay in my money being transferred to the account. Would this effect my claim ?
I still have the paperwork somewhere for all this laon.
Can anyone advise me on what would be the best way of going about claiming?

I do apologies for the long e-mail but i thought i give as much info as i can.

Many Thanks

EJ

cappo

Evil_J wrote: »

Hi All

I took a loan out from barclays back in 2007 for £18000 to use for paying off my credit card debts and it was a really good interest rate of about 7.8% at that time. The adviser told me that this would be a great way of consolidating, therefore i went for the deal. When i went for the appointment i was told that the overall amount i will have to payback was about £22000 over 7 years. I was told that this included PPI and it was essential otherwise i wont get the loan. I was not told at the appointment that if i try to payback the loan in larger amounts then that would not be possible. I only found out almost a year after that if i payback say £10000 lump then i would have to take another loan for the remaining amount at a higher rate. So i got stuck in a vicious circle until last year someone told me that PPI was not essential. So went back to the bank and asked them about this and they told me that if i payback the remaining amount in full then they will give me some of the PPI back. So after a long time i just decided to pay the whole thing off by borrowing money from my dad and brother this March 2011 and i was only given back about about £600.
I am really not happy the way iwas told about this whole thing and i am wondering if i can claim any of the PPI back for the last 5 years or so. If i remember correctly there might have been one time when i could not be pay the monthly in time to the bank through my direct debit as there was a delay in my money being transferred to the account. Would this effect my claim ?
I still have the paperwork somewhere for all this laon.
Can anyone advise me on what would be the best way of going about claiming?

I do apologies for the long e-mail but i thought i give as much info as i can.

Many Thanks

EJ

Sounds like you've a good reason or two for a claim, if you were late with a payment it should'nt make to much difference,id see what the other guys on here think as well but i would put a claim in,it sounds as if the ppi rebate was not proportionate,i know banks do this as they've done it to me. And you should'nt have been told that the ppi was essential to get the loan although many were

cappo

h0pusp0pus wrote: »

it seems a bit mad to me that people are still going to no win no fee companies to sort their ppi out (no offence to anyone who has) but its so simple and straight forward to make a claim yourself with the free help and guidence and support you get on this forum it couldnt be simpler give it a go and dont give these money grabbing companies get a share of your refund

I agree i did this with 4 claims i've got in at the mo,i never realised it was so easy to claim i've another 6 claims in at the moment and i'm doing them now myself.

cappo

oorbrian wrote: »

I got a call when out saying that my CMC was sending me forms to complete and send back. Is this normal?
Do settlements come this way or is it request for more info? Too late to phone when i got message

I've had this myself sounds like a standard info request

cappo

di3004 wrote: »

Hi there

I assumed as long as that actual account is settled, then your entitled to keep the refund on that account, tell them this is a separate loan with a different loan number, where you settled in full some time ago, and you wish to receive your refund as you have been deprived of your money already due to being mis sold.

I would contact the FSCS for more details, as with Welcome now in default, they possibly passed your case to the FSCS to deal with, give them a call and check it out.

http://www.fscs.org.uk/contact-us/

http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-for-welcome-financial-hn0qripj/

Good luck.

I agree with Di if your loan is settled your refund should'nt be used to offset an existing loan as this is 100% separate borrowing and has nothing to do with the old loan as di says speak to them about this.

cappo

woody123456 wrote: »

Hello,

Yes i do believe it was mis sold.

My husband is the first named on the insurance, he is self-employed and cannot in effect lose his job or be made redundant.

I had and still do, a 12 month full sick pay entitlement with my employer

we both have life/critical illness insurance

I had no idea the policy only lasted for five years i honestly did not, the cashback was glamourised up and i was told to see it as a savings plan.
At no point was i told that i would still pay the same premiums uninsured for the following fifteen years with interest

We had to pay the FULL PPI premium upfront and it was added to our loan over twenty years, again this was not fully explained.

We were made to feel like we needed the ppi to support us getting a thumbs up for a loan.

Do i have a case, I have filled out all the forms and sent them to FP And also fos as well because i feel so bloody cheated.

Thanks

You have a very good case here as Di says try not to worry,put in a claim we're all here to help you at any time.

jcw17

Hi,

Just wondering if anyone thinks it is worth me trying to reclaim the PPI I took out on a loan of £1500 back in Oct 2001 with Lloyds, which I think was sold as a graduate loan. The first repayment was made in November 2001 and the last in January 2005. At the time I took the loan out I had been working for 20 months and I needed the loan to pay off my overdraft which had acrued over 6 years as a student. I was told I had to take out the PPI or get my parents to back the loan which wasn't an option as I didn't want them to know about it! I have all my old bank statements detailing the loan repayments but I'm pretty sure I destroyed the original paperwork when we moved house a couple of years ago.

Any help/ideas very welcome!
Thanks x