PPI Reclaiming Discussion part 4

di3004

Jo_anne_h wrote: »

Hi guys,

Looking for some advice... My partner took out a loan through Bank of Scotland in 2007 & took the PPI. He did the application over the phone and was that excited it was approved and he could get his new car he would have agreed to anything. He tells me they said "we advise and recommend you take our insurance"... is this allowed?? I worked for RBS selling PPI for a few years before this and as it was over the phone we HAD to tell customers it was their choice, it was optional and we could NOT give advice!?????

The loan is still going at the moment and I have been looking into the DIY PPI claims... I have read through his paperwork and there is a factfind on why they sold it... NEED "you have confirmed you are working and have applied for an unsecured personal loan. You require peace of mind that your monthly loan repayment would be covered should your income stop unexpectedly"

Anyone any thoughts on if it would be worth trying to reclaim??

Jo

Hi Jo & welcome

I totally agree with Cappo, do go for it, get your money back where it belongs - to you.

Complete the reclaim questionnaire as on step 3 below, send to the ones who set up and sold you the account, head offfice or complaints dept, keep copies for yourself as well, they should confirm by letter when they receive your complaint and let you know a timescale of when you should hear a decisio.
The FSA have given the main of the banks/companies extra time to deal with these complaints, currently 12 weeks, although they may still resolve earlier than that with a bit of luck, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

cappo

Jo_anne_h wrote: »

Thanks Cappo, should I go on that being the reason then? On the demands & needs statement the part Our Recommendation and Reasons for Making it...
"We are advising and making a recommendation to you after we have assessed your needs based on the information provided to us, the product recommended is suitable because it will cover you should your income stop inexpectedly. We recommend that you consider our Unsecured Personal Loan Repayments Cover, as you have advised that you do not have existing cover that you wish to use, that would protect your new commitment to us. This cover will protect your repayments in the event of an accident, sickness, unemployment, critical illness,permenant total disablement, if you become a full time carer or in the even of your death.
You have advised that you have taken into account the cost of cover, which will be detailed on your personal loan agreement.
Please note that our recommendation is subject to underwriting and does not confirm acceptance of cover. Should your application be accepted you will also be sent detailed policy documentation and we advise that you read tis documentation carefully.
We wouldlike to draw your attention in particular to exclusions and conditions that apply to this cover. You should read these carefully in line with your own circumstances to ensure that you fully understand any implications. If you have any further queries at this pount please do not hesitate to contact us for further information."

I am pretty sure it is not allowed unless the person on the phone was a qualified insurance adviser which my other half remembers nothing about! just looking for a second opinion before going for it as I've been away from it a while now!!!

Jo

yes jo and anymore reasons u can think of.

di3004

Jo_anne_h wrote: »

Thanks Cappo, should I go on that being the reason then? On the demands & needs statement the part Our Recommendation and Reasons for Making it...
"We are advising and making a recommendation to you after we have assessed your needs based on the information provided to us, the product recommended is suitable because it will cover you should your income stop inexpectedly. We recommend that you consider our Unsecured Personal Loan Repayments Cover, as you have advised that you do not have existing cover that you wish to use, that would protect your new commitment to us. This cover will protect your repayments in the event of an accident, sickness, unemployment, critical illness,permenant total disablement, if you become a full time carer or in the even of your death.
You have advised that you have taken into account the cost of cover, which will be detailed on your personal loan agreement.
Please note that our recommendation is subject to underwriting and does not confirm acceptance of cover. Should your application be accepted you will also be sent detailed policy documentation and we advise that you read tis documentation carefully.
We wouldlike to draw your attention in particular to exclusions and conditions that apply to this cover. You should read these carefully in line with your own circumstances to ensure that you fully understand any implications. If you have any further queries at this pount please do not hesitate to contact us for further information."

I am pretty sure it is not allowed unless the person on the phone was a qualified insurance adviser which my other half remembers nothing about! just looking for a second opinion before going for it as I've been away from it a while now!!!

Jo

Hi Jo

Write everything that applies to you, for a stronger case, looking like a good reclaim here in my opinion, the best of luck, please keep us posted and ask for help when required as well x;):)

di3004

cagey26 wrote: »

This may be a stupid question, so I apologise in advance!

I have seen numerous posts in the forum stating that single, upfront PPI premiums can be seen as reason enough to show a miss-sale, but I have not seen an explanation as to why (although I have not read every post, I'll admit). Would someone be able to clarify the rationale please?

I'm sorry if this is a numpty-like query.
Thanks
KG

Hi no that's fine, no worries lol

The point with these type of policies, they are extortionately costly, no matter how long they protect your loan, 5 or 25 years, they do not explain the full cost either, and it was still sold as a one monthly single payment which soon adds up with the interest.

cappo

cappo wrote: »

yes jo and anymore reasons u can think of.

Sorry jo yes i'd go for it, another good reason is as it was a loan it would have been front loaded and as our smitchy says a loan within a loan you have very good reasons for a claim. steve

cappo

cagey26 wrote: »

This may be a stupid question, so I apologise in advance!

I have seen numerous posts in the forum stating that single, upfront PPI premiums can be seen as reason enough to show a miss-sale, but I have not seen an explanation as to why (although I have not read every post, I'll admit). Would someone be able to clarify the rationale please?

I'm sorry if this is a numpty-like query.
Thanks
KG

it's not a numpty query at all, we're all here to help each other.:)

Jo_anne_h

Great guys,

Thanks very much, have filled out the forms so will get it printed & photo copy his loan agreement and get it all sent away!

He also told me a courier brought the docs & he had to sign them there & then & give them back!!! Wierd!!! Pressure is another reason I have put!!! Ha!

Keep you posted!

Jo

di3004

Jo_anne_h wrote: »

Great guys,

Thanks very much, have filled out the forms so will get it printed & photo copy his loan agreement and get it all sent away!

He also told me a courier brought the docs & he had to sign them there & then & give them back!!! Wierd!!! Pressure is another reason I have put!!! Ha!

Keep you posted!

Jo

Everything crossed for you Jo.:D;) x

cappo

di3004 wrote: »

Everything crossed for you Jo.:D;) x

Second that, good luck:beer::cool:

dudleydolittle

cappo wrote: »

Hi dud your on safe ground here, i'll let smitchy answer your query here,not too worry your on very safe ground:T:):):). and of course welcome to the forum.

ok cappo, thanks for that..will get on to barclays tomorrow