PPI Reclaiming Discussion part 4

Blakey1982

they didnt say it was the final letter just that i'd signed the agreement etc and they didnt think it was mis-sold.

I will write to the FOS....is there a template to use?

sider

Hi,

New here - but intend to use as much as possible - rather than just for some free advice today!

Basically, took out a loan for a few thousand in July 2006, bit of a desperate one - and in doing so, consolidated some old debts. Typical APR was quite low. Used a loan comparison site, legit one i believe, and ended up with Northern Rock. However, when the paperwork landed, desperately signed up knowing full well over the period of the loan, 7 or 9 yrs - can't quite remember, i'd end up paying nearly double back with all what i believed to be interest. As i said, despite these initial alarm bells desperate times so signed the form and got the cash.

Got the NRAM PPI letter a few weeks back and i legitimately believe the following apply:

1. I was not aware that i was being sold a PPI policy with the loan.
2. I was not asked sufficient details about my personal circumstances to allow the adviser to provide appropriate advice. (At the time, i had what i believed to be a mega secure job and recruiters chasing me left right and centre and would've cockily said that i didn't need any cover on these grounds alone!)

Because of point 1, i also believe:
3. I was not aware that the total cost of the PPI policy was added to the loan and interest was charged on it throughout the term.
4. I was not made aware that i would receive a proportionate refund of the cost of the ppi policy if i cancelled before end of the term.
5. I was not made aware of all the significant exclusions, affecting my personal circumstances that could have led to a claim being declined.

Do i have a case, key point i believe is point 1 which is the honest truth.

beamerguy

sider wrote: »

Hi,

New here - but intend to use as much as possible - rather than just for some free advice today!

Basically, took out a loan for a few thousand in July 2006, bit of a desperate one - and in doing so, consolidated some old debts. Typical APR was quite low. Used a loan comparison site, legit one i believe, and ended up with Northern Rock. However, when the paperwork landed, desperately signed up knowing full well over the period of the loan, 7 or 9 yrs - can't quite remember, i'd end up paying nearly double back with all what i believed to be interest. As i said, despite these initial alarm bells desperate times so signed the form and got the cash.

Got the NRAM PPI letter a few weeks back and i legitimately believe the following apply:

1. I was not aware that i was being sold a PPI policy with the loan.
2. I was not asked sufficient details about my personal circumstances to allow the adviser to provide appropriate advice. (At the time, i had what i believed to be a mega secure job and recruiters chasing me left right and centre and would've cockily said that i didn't need any cover on these grounds alone!)

Because of point 1, i also believe:
3. I was not aware that the total cost of the PPI policy was added to the loan and interest was charged on it throughout the term.
4. I was not made aware that i would receive a proportionate refund of the cost of the ppi policy if i cancelled before end of the term.
5. I was not made aware of all the significant exclusions, affecting my personal circumstances that could have led to a claim being declined.

Do i have a case, key point i believe is point 1 which is the honest truth.

Hi, go ahead and make your claim, let us see how Northern Rock handle it considering it will shortly be Richard Branson who owns it

anaylorefc

Hey All,

Advice required please. Captial One have got back to me and no PPI is marked as requested on the agreement. However, I've heard/read of Captial One adding PPI despite what the agreement says. Would it be worth writing to them asking them to investigate to be on the safe side?

Also, with my MBNA Virgin CC, the 'YES' to PPI box has not been marked but the work 'Yes' has been typed into the box. Again, would it be worth asking them to investigate this as well?

Thanks in advance.

viccaleva

Bit confused just spoke to Tax office re gross interest. Guy seemed a bit confused, was asking me if it was going to be a regular income???? Then asked me the figure and said ok that's all the info I need to adjust your tax code and take care of it!
What does this mean????? I know I should have asked but was on break at work and was holding for 20 mins so ran out of time.

Any help appreciated

The_Marksman

viccaleva wrote: »

Bit confused just spoke to Tax office re gross interest. Guy seemed a bit confused, was asking me if it was going to be a regular income???? Then asked me the figure and said ok that's all the info I need to adjust your tax code and take care of it!
What does this mean????? I know I should have asked but was on break at work and was holding for 20 mins so ran out of time.

Any help appreciated

they will adjust your tax code, for a 12mths period to allow for the redress payment (the 20% tax owed on the 8% interest part). In short you will pay more tax for 12 mths, which is normal or you can ask to pay it as a one off payment and not affect your earnings/ wages etc

Kathytre_2

I have just discovered that I have been paying about £120 month on PPI!!! I had no idea I had it and, as I'm self-employed, it is of no use to me at all. I am about to write the letters, hunt down the documentation etc.

I want to cancel it immediately - don't think this will affect my claim will it?

So glad I found this site!

amersall

Blakey1982 wrote: »

they didnt say it was the final letter just that i'd signed the agreement etc and they didnt think it was mis-sold.

I will write to the FOS....is there a template to use?

You would be better off writing back to the bank,as i said previous,look for reasons for mis sell and just pen a letter saying,"i believe i was mis sold insurance and i disagree with the reasons you gave for not upholding" and then put why.You dont need the questionnaire,as they are already dealing with your complaint,
ask them to reconsider or you will take this to FOS,if that does not work,then take it to FOS.
Here is the link to the questionnaire,if you go to FOS.
http://www.financial-ombudsman.org.uk/consumer/complaints.htm
Item 3.



I would not go to FOS yet as you could be waiting for up to 2 years for a conclusion,as the bank have not said this is final,you need to get back to them.

amersall

Kathytre wrote: »

I have just discovered that I have been paying about £120 month on PPI!!! I had no idea I had it and, as I'm self-employed, it is of no use to me at all. I am about to write the letters, hunt down the documentation etc.

I want to cancel it immediately - don't think this will affect my claim will it?

So glad I found this site!

Is this a loan or credit card?.

amersall

anaylorefc wrote: »

Hey All,

Advice required please. Captial One have got back to me and no PPI is marked as requested on the agreement. However, I've heard/read of Captial One adding PPI despite what the agreement says. Would it be worth writing to them asking them to investigate to be on the safe side?

Also, with my MBNA Virgin CC, the 'YES' to PPI box has not been marked but the work 'Yes' has been typed into the box. Again, would it be worth asking them to investigate this as well?

Thanks in advance.

Sometimes they "sell" you ppi when you activate the cards,put your complaints in for all,those that do not have the ppi box ticked,on your complaint,put that if you were sold this insurance at a later date,you would like to see evidence of this.