PPI Reclaiming Discussion part 4

citibird27

cappo wrote: »

I think the problem is citibird the banks are finding that more people are complaining than they thought would, a lot of people like you Di and i are also going back a long way with the complaints and i'm sure numbers are increasing, all you can do my woman is keep chasing them and threatening them, we'll get there in the end, i think i'm owed upward with interest of 3-4k your not going to walk away from that are you,good luck with yours.:D (p.s as for the bank not finding the original paperwork if they can't the ico might help the bank find it.)

Evening, Cappo...

I think you are absolutely right!

The onslaught of claims, especially in light of the Judicial review must be a nightmare for the banks...( obviously, I lose sleep at night worrying about them...:rotfl::rotfl:)

People like us , digging into loans etc from way back, must be something they don't want...and so, how easy to say, there is no info?

I bank with Barclays...and I recall a loan or two, going back to 1997...they should have that info to send to me responding to my SAR....but I will be keeping on with my claims...

I have to say again, that this forum is invaluable...and a shining example of what consumer power looks like!:):) x

cappo

IANC wrote: »

I think you will find that if it is upheld, you will get a LOT more than £3,000 back

The premiums sound like they will be a fair bit more than that alone.

If they pay contractual interest, which they should in my opinion, the interest could be a larger figure than the ppi payments.

i agree ian,you sound as if you have two upholds there trish,i was the same with Lloyds tsb two credit card accounts i had with ltsb had ppi on them,i was misold as i was self employed and had medical conditions i wasn't asked about,i think your on fairly safe ground here,good luck.:)

cappo

IANC wrote: »

I keep wondering whether any of these large institutions will go bust on the back on the PPI reclaims.

A lot will have had massively reduced profits over the last 5 years, they will no doubt have blown what they received in daft CEO bonuses and now on the back of the worst recession in centuries, they are paying out Billions.

I just hope if they do before they repay all the PPI, the FSCS continue where they left of (but this will mean a loss for claimants due to FSCS limits)

I read recently that the FSA have increased the upper ceiling for PPI redress per institution from £100k to £150k, so I'm hoping this was done in anticipation of my HBOS claim :rotfl:

if they do ian they only have themselves to blame don't they? (the banks)

cappo

citibird27 wrote: »

Evening, Cappo...

I think you are absolutely right!

The onslaught of claims, especially in light of the Judicial review must be a nightmare for the banks...( obviously, I lose sleep at night worrying about them...:rotfl::rotfl:)

People like us , digging into loans etc from way back, must be something they don't want...and so, how easy to say, there is no info?

I bank with Barclays...and I recall a loan or two, going back to 1997...they should have that info to send to me responding to my SAR....but I will be keeping on with my claims...

I have to say again, that this forum is invaluable...and a shining example of what consumer power looks like!:):) x

I agree citibird, it's a shame we do have to go too the trouble of sarring the banks,heard today that fos are getting 900 new claims a day now.

citibird27

cappo wrote: »

I agree citibird, it's a shame we do have to go too the trouble of sarring the banks,heard today that fos are getting 900 new claims a day now.

You know, Cappo...it's just a fight...the big banks still trying to dodge responsibilities...don't you think?

Time was that banks were trusted institutions...and now we know different!:p

But the grand thing is...for those of us who are new to the fight...there is so much support, and information on this website from people like you...and I would bet my mortgage on the fact that the banks did not anticipate this either...Martin Lewis has been heroic in exposing what went on, and that has unleashed a powerful response...people like you and me are going back years for every loan and card...for every time they took our money when it was wrong to do so!!:mad:

All I can say is...it was a bit scary to take them on...but 2 successes and £5,500 reclaimed...Game On!!!

Can you imagine what the final total might be, in reclaims??:rotfl::rotfl:x

cappo

citibird27 wrote: »

You know, Cappo...it's just a fight...the big banks still trying to dodge responsibilities...don't you think?

Time was that banks were trusted institutions...and now we know different!:p

But the grand thing is...for those of us who are new to the fight...there is so much support, and information on this website from people like you...and I would bet my mortgage on the fact that the banks did not anticipate this either...Martin Lewis has been heroic in exposing what went on, and that has unleashed a powerful response...people like you and me are going back years for every loan and card...for every time they took our money when it was wrong to do so!!:mad:

All I can say is...it was a bit scary to take them on...but 2 successes and £5,500 reclaimed...Game On!!!

Can you imagine what the final total might be, in reclaims??:rotfl::rotfl:x

This is potentially a nightmare for the banks citibird,I really think even with them losing the jr that they thought they would still just walk over all the consumers that they've fleeced out of serious money. As you say it's game on now, consumers 1 banks 0 it as ian says is going to cause some problems for the banks balance books but as you said and i'm the same i won't lose any sleep over them either, some banks are putting up more of a fight than others but it's going to go the same way for them in the end there going to lose if they've misold and they have on a grand scale.:)





final tab for misales in the end could well be 15-18 billion

trish22_2

Hi all,could you help me here please,have a PPI claim in with Lloyds TSB,Have £14800 Balance on there ,been paying minimum amount for quite a few years so it never seems to go down,have had it sin ce 01/01/2002,in 2005 i had a £7500 balance on it then,but it as just got larger,due to being self employed and business not good,i am in my 13th week now still waiting for some sort of outcome,but my question is would i be entitles to PPI payment back,contractual interest and simple interest,i did cancel the PPI about 18 months ago,the lady on the other end had the cheek to say,what about if you were ill,well yes i have a pre existing health condition i have had for many many years,and i was self employed when taking it out,lloyds knew this as my business account is with them and still is.
If i do get it upheld,which i think is very likely,am i likely to get around £3000,as i would like to pay my overdraft off.
Not in any arrears with my c.card,just only able to pay minimum payment and lots of my statements show as much as £97 pr month ppi.
Also my daughter as just found out that Virgin automatically put it on her new credit card in 2006,it was attached to a "its playtime"
pamphlet,just like a voting sheet you get through when theres an election,in one large section it has SOFTER LANDINGS (PAYMENT PROTECTION COVER,ITS SAYS "You already have payment protection cover on you account,Smart move.---this came with the card stuck to the front of it,my daughter at no time asked for this,she said when she activated the account.the guy never asked her whether she had any pre-existing illnesses or whether she needed protection cover,has she already had BUPA And worked for a governing body,she was paid quite handsomely and did not need it.
She has only just realised it was sitting on her statements.
My question has anyone else had this problem with Virgin ,which is MBNA
thanks very much for your help,if you are able to help.
:A


Thanks for your replies,i was getting a little worried as when i read they add the ppi to the following months interest,it then reduces the amount you get back ,so would have thought that would make a huge difference to the payback.

Have also got one with HSBC(midland Bank) which i have had for 30 years,closed this one in 2002,went into my local branch,said they could not find me,altho have no statements etc,only info on my name and where lived at the time,think this will prove difficult in light on what i am claiming for ppi..,i am sure i was paying payment protection on this one as well,was it about 30 years ago (ppi that is)

Thanks

irnbru74

Hi,
Looking for a bit of advice, got a rejection letter for PPI, worth around £3500. My husband applied over phone and is adamant that he was advised to take PPI cover to secure loan application (was a large sum of money which we needed at time) and he took the bronze option which was life insurance (cheapest option)
We were already well covered, so we think we were mis-sold PPI.




But they have rejected on the following -

1. Your loan application was accepted at .....2006... You were contacted and advised of this the same day. After you had been advised the loan had been approved our advisor discussed our optional insurance products with you. In view of this it does not follow that you were advised the purchase of PPI was a condition of the loan being agreed.
2. Our advisors follow strict sales scripts during each call. I have reviewed the sales script which was in place at the time your loan was arranged and confirm you were advised the PPI was optional.
3. The credit agreement contained two boxes to sign; the first was to accept the terms of the principle loan and the seond was to accept PPI. By signing the seperate insurance box you confirmed you opted to purchase PPI.

His recollection is different to that of the above, he has always rejected PPI when offered with any other loan etc and remembers that he felt pressured to take PPI, which is why he chose cheapest option!.
Is there anyway in which we can challenge this, can we send a SAR, to see if they have a transcript of conversation?
Is there anyway we can challenge what is being said about sales script and how it was conveyed?
We obviously can't contest 3rd part and are not. However we are contesting the way it was sold!
Are we kidding ourselves on that we can contest this?
Thanks

cappo

irnbru74 wrote: »

Hi,
Looking for a bit of advice, got a rejection letter for PPI, worth around £3500. My husband applied over phone and is adamant that he was advised to take PPI cover to secure loan application (was a large sum of money which we needed at time) and he took the bronze option which was life insurance (cheapest option)
We were already well covered, so we think we were mis-sold PPI.




But they have rejected on the following -

1. Your loan application was accepted at .....2006... You were contacted and advised of this the same day. After you had been advised the loan had been approved our advisor discussed our optional insurance products with you. In view of this it does not follow that you were advised the purchase of PPI was a condition of the loan being agreed.
2. Our advisors follow strict sales scripts during each call. I have reviewed the sales script which was in place at the time your loan was arranged and confirm you were advised the PPI was optional.
3. The credit agreement contained two boxes to sign; the first was to accept the terms of the principle loan and the seond was to accept PPI. By signing the seperate insurance box you confirmed you opted to purchase PPI.

His recollection is different to that of the above, he has always rejected PPI when offered with any other loan etc and remembers that he felt pressured to take PPI, which is why he chose cheapest option!.
Is there anyway in which we can challenge this, can we send a SAR, to see if they have a transcript of conversation?
Is there anyway we can challenge what is being said about sales script and how it was conveyed?
We obviously can't contest 3rd part and are not. However we are contesting the way it was sold!
Are we kidding ourselves on that we can contest this?
Thanks

Hi irnbru i would call the bank tell them what you've told us and advise the bank that you will fos this if they are'nt willing to be reasonable i think it sounds like you've a good case here, a sar on this one might not actually tell you too much with regard to telephone transcripts although they did start keeping transcripts of calls from 2005 so you've scraped in,i would ask the bank to reconsider this before you take any further action, good luck:)

IANC

citibird27 wrote: »

Hi there...Thank you...you do offer a lot of sound advice!
Would you mind answering a really dim question for me?:o

What exactly is contractual interest?

I haven't heard of it before, other than in this forum...

Thanks...and sorry for having what is clearly a blond moment!:):)x

No worries Citibird.

Contractual interest is basically the interest that is charged on the original contract. Eg on a Credit Card it is whatever rate of interest that the credit card company charge you.

In my case, the APR rate on my credit card is around 29%, so I want my PPI payments to include this level of interest to ensure that I am not out of pocket.

It is different with loans though.

cappo wrote: »

if they do ian they only have themselves to blame don't they? (the banks)

Of course, I just hope it happens after all of the claims are satisfied.