PPI Reclaiming Discussion part 4

amersall

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.

Get your claim in,if you win NR dont mess about they are very good,and pay out prompt.

Kathytre_2

amersall wrote: »

Is this a loan or credit card?.

Hi amersall,
It's actually three different Credit Cards. I know, what a mess.

sider

amersall wrote: »

Get your claim in,if you win NR dont mess about they are very good,and pay out prompt.

Will do.

However, based on the info above, would ticking the

"i was not aware that the insurance policy was optional and i did not have to include it to obtain the loan"

make my claim a bit stronger.

Or does this contradict the 'i was not aware i was being sold PPI with the loan'??

amersall

sider wrote: »

Will do.

However, based on the info above, would ticking the

"i was not aware that the insurance policy was optional and i did not have to include it to obtain the loan"

make my claim a bit stronger.

Or does this contradict the 'i was not aware i was being sold PPI with the loan'??

You did not know this was optional,so you took it as you thought you had to,so this was not explained to you.It is the same,you did not know what this ppi was.Replace 1 with that.

amersall

Kathytre wrote: »

Hi amersall,
It's actually three different Credit Cards. I know, what a mess.

Hi there,sorry i did not reply sooner,been busy!,phone and cancel the ppi,loans are different so dont cancel a loan ppi.

Look here for reasons for mis sell

http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance#step2
If any/all apply to you then put a claim in,all you need is the cc number and reasons for mis sell,when you phone up to cancel the ppi tell them you want to put a claim in for the ppi mis sell,they should do this over the phone,have the reasons for mis sell ready.
Good luck.

smitchy73

amersall wrote: »

smitchy,just had a thought,dont know if this is relevent,when you repaid each loan previous,you would have had a rebate of ppi to reduce the settlement figure,they take this off any win you get,do you know if they have done this?,if not they could have added these to the loan balance,dont know if they can,but as i said "just a thought",you really need the whole breakdown of these loans and arrears and redress,or you are working blind.

Hi Amersall,
Finally got a reply from my ppi person, she actually phoned me today after I sent another email as she hadn't got back to me. She explained a bit better on the phone, they have refunded me the ppi plus interest, and there was more refunded than what the ppi and interest came to as there was obviously some carried forward from the previous loans, she says they didn't need to take the ppi off the loan as they had refunded to me the full amount, however, they have used that money except the interest to repay to the loan, she did say there seemed to be some discrepancies on what was outstanding on the loan but I need to speak to that department, I know how much has been paid off it by me, and how much refunded from the ppi and there's a difference of about £2000 so will be debating that with them next week.
Cheers again Amersall,
Bob,xx

vod

cappo wrote: »

Hi vod HSBC are well known for fobbing people off, sar them see link below they will have to comply with that under the dpa 1998 act they have 40 days to respond, good luck. costs £10.00


https://forums.moneysavingexpert.com/discussion/1475553

Thank you! I had a feeling this would be the case. I'll start round 2 now!

tunnelhelp

Some advice please.

Have 3 Lloyds loans ppi refunds, 1 received 2 'pending'!!

I am now wondering whether I should/could go back to them re earlier loans.

I had the numbers of the 3 they are refunding,the earliest started 2003. No info before that but definitely had loans going back a lot further.

Am I being stupid thinking I could open another complaint? Is it too late, too long ago? Any advice gratefully received.:)

Asmodeus74

Hi folks.

I've had an MBNA credit card with PPI since 1997, and have recently started the process of claiming. So far I have done step 1 of the guide, and requested (and received) a copy of my original application form and the T&Cs. Next I want to fill in and send the claim questionnaire, but I'm not sure what the best reason to give for the mis-selling would be.

I originally applied for the card by filling in a form I got through the post (the usual junk mail they always send). I did knowingly tick the box to include PPI, so I can't claim I didn't know I had it or anything. The only reason I can think of to claim I was mis-sold it was that there was very little information about it. This is all the application form said about PPI:

"Why worry about the future? You can protect your payments against the effects of life's unpredictable events. Premiums are calculated each month at just 65p per £100 of your average daily balance. You should be eligible for cover if you are aged 18-64 years, in good health, in employment and not aware of any impending redundancy. If you'd like to take advantage of this valuable, low-cost peace of mind, just tick the relevant box."

So while it does mention the cost, it doesn't give much more in the way of details. I still don't know to this day what is or isn't covered, how much, for how long, etc. Is this lack of information my best argument for reclaiming, or is there something else I could bring up instead/as well?

I'm hoping that 14 years worth of PPI might make for a decent sum if I can reclaim it successfully!

amersall

smitchy73 wrote: »

Hi Amersall,
Finally got a reply from my ppi person, she actually phoned me today after I sent another email as she hadn't got back to me. She explained a bit better on the phone, they have refunded me the ppi plus interest, and there was more refunded than what the ppi and interest came to as there was obviously some carried forward from the previous loans, she says they didn't need to take the ppi off the loan as they had refunded to me the full amount, however, they have used that money except the interest to repay to the loan, she did say there seemed to be some discrepancies on what was outstanding on the loan but I need to speak to that department, I know how much has been paid off it by me, and how much refunded from the ppi and there's a difference of about £2000 so will be debating that with them next week.
Cheers again Amersall,
Bob,xx

Glad you know what you are on with now,fingers crossed xxLorraine.