PPI Reclaiming Discussion part 4

cappo

laneycakes wrote: »

Hi all

Can you offer advice - i'm a newbie to PPI reclaiming and could do with a few pointers!

i've had three loans for relatively small amounts (£500 - £2000) over the years - all with PPI attached. One that was paid off in aug 2001, one paid off in dec 2004 and another paid off in 2007...I have paperwork (policy certificates)for the first two - but not the third (most recent).

Is it worth me bothering with the first 2? or is it too late?

And the third one - i tried asking for the info from the bank (as per the instructions on here) but they refused (no requirement to comply says the letter) The details i have are the length of loan, the amount of it and what i paid per month the start and end dates, and the last 4 digits of the ref (from a credit report)...Is it worth my while trying for an SAR - or is there another way to deal with this one?

with all of these i was told to take it out by the bank and wasnt asked if i had any protection in terms of sickness/death in service at work - and i was working part time.

I also have a claim in for payment protection on an overdraft - they told me it was compulsory - and have recieved a letter saying they are looking into it - that was on nov 17th - how long should i give before chasing?

Any advice or help much appreciated!

Thanks
Laney x

Hi laney ,well the loans would have been frontloaded which the fos frowns upon, they also should have asked you about what cover you already had so all in all it seems like you might have a claim there, the bank can refuse to give you a cca as the loans are paid off but they cannot refuse to accept a sar request and if all the borrowing is from the same bank i'd sar them, i'd put a complaint in for all the loans




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

amersall

lisaann72red wrote: »

Hi All, Had a Final Response from Anglian Windows Re PPI Claim

I refer to your Consumer Questionnaire completed on 18th November and confirm that I have concluded my investigation in to your complaint. To summarise your complaint.

-You believe you were missold payment protection insurance, as you were not aware the policy was optional.

At the time of the sale Anglian offered a discount to customers taking finance with payment protection Insurance (PPI) however, this was optional and you could have taken a higher loan without the PPI or paid cash. The discount available to you was £1100.00.

In order to establish suitability and eligibility for the cover a factfind was completed and based on teh information you provided, a recommendation was made that you take out the insurance. You did not have to accept the recommendation but subsequently signed the declaration confirming that you had received the policy summary and wanted to take out the optional insurance.

Copies of the documents signed by you in your home were left with you at the time of the sale and you would have been advised that you had a short time in which to review the information and cancel if you wished to do so.

Blah Blah Blah cooling off period Blah Blah

After reviewing the documentation I cannot agree that the PPI was mis-sold as we provided you sufficient information to make an informed to make an informed choice whether or not to take the policy and gave you more than suffiicient time to cancel of you had decided to do so.

I have an obligation to inform you that if you ar unhappy with my response you may be entitled to refer your somplaint to the FOS (within six months), however, I would advise you that we have received consistant rulings from the Ombudsman over this matter and 'Where there has been no financial detriment for having the insurance policy, the complaint can be rejected purely on these grounds' these cases have been upheld in our favour.

I hope that this has clarified the matter for you.

Yours


What now ?

We did receive a discount on the windows for taking out the policy.
We were told we would only get the loan if we took out the PPI.
They have provided a copy of the personal illustration signed saying I want to take out the protected policy plan, and have received the policy summary.

Should we still approach the FOS or do you think we dont have a case. ??

Give the FOS a ring and ask their opinion.
http://www.financial-ombudsman.org.uk/contact/index.html
This looks like you have had ppi cover for "free" so you could not have been mis sold a free product,but on the other hand, you were told it was a discount when in fact it was a ruse to get you to take the discount,you wont know how to go until you contact FOS.

By the way,how much was the ppi and did they put interest on this?.

amersall

plutoniumpilot wrote: »

Hi,

Post copied from another thread I posted. It was suggested I post this here (I hope this is the correct place:o):

My Mum just checked her bank account today and was surprised to find that Lloyds have paid about £4700 into her account after sending her PPI complaint letters around 10th October. She hasn't received any letters to say they would do so but we would like to make sure that this is the correct amount due back. I'm not really sure how to calculate what she should get back as she had 3 loans that were either refinanced or settled early. Can anyone give me a hand (btw i've rounded the numbers a little)?

1st Loan (Dec 2003):
£6000 cash loan (£120 p/month)
£1200 PPI Premium (cash price) (£25 p/month)
£7200 Total Loan (£145 p/month)
APR 7.9% (0.64% per month fixed rate)
60 Months
11 Instalments Paid (Refinanced into 2nd loan)
£760 Insurance rebate (used to reduced total outstanding loan amount)
£5400 Settlement (From 2nd Loan)

2nd Loan (Nov 2004):
£4600 cash loan (£92 p/month)
£2360 PPI Premium (cash price) (£47 p/month)
£5400 Loan 1 Settlement (£108 p/month)
£12360 Total Loan (£248 p/month)
APR 7.9% (0.64% p/month fixed rate)
60 Months
50 Instalments Paid (Payment in cash)
£10 Insurance Rebate (used to reduced total outstanding loan amount)
£2500 Cash Settlement

3rd Loan (Jan 2007):
£8500 cash loan (£204 p/month) [Total Amount Payable £12250]
£2700 PPI Premium (cash price) (£65 p/month) [Total Amount Payable £3890]
£11200 Total Loan (£268 p/month) [Total Amount Payable £16130]
APR 16.5% (Annual Interest Rate 15.41%)
60 Months
25 Instalments Paid (Payment in cash)
£800 Insurance Rebate (used to reduced total outstanding loan amount)
£6950 Cash Settlement

Sorry for all the numbers but their terminology has bamboozled me a little. I'm not sure yet what the breakdown of the refund are, hopefully there will be a letter in the post to explain. I'm not sure if they are refunding the loan from 2003/4 as that is over 6 years old - does that matter (we have all the original paperwork)?

Thanks

Best to wait for the breakdown from the bank to be honest,if you get this and then post the figures someone may be able to help you.

Our maths wizards dont seem to be here at the moment

If you get the figures and they are wrong you can go back to Lloyds and ask them to pay the correct redress,if you get a letter to sign to accept the redress,dont sign until you have the breakdown of the figures.

This refund may not be the entire redress for all loans,so it is best to wait for the calcs from the bank.

cappo

Merry christmas to all forumites past and present and of course a happy new 2012

dilus

cappo wrote: »

Merry christmas to all forumites past and present and of course a happy new 2012

And the same to you cappo :xmassign::xmastree::rudolf::xmassmile:snow_laug:snow_grin only get to use them once a year

dilus

Well after having success with Sainsbury's/BOS and better still being paid I have unearthed a 20 year old credit card that is still in use (was used quite a bit 3 years ago when moving house) and it has PPI included, so I am putting in a complaint tomorrow and will let you know how it progresses.
Started off as Alliance and Leicester and is now MBNA, nothing to lose and will FOS it if not happy with response;)

Jason_Bourne_2

Hi, Newbie here starting my claims.

Just started my first claim today on BOS for a loan which is paid off.
Got a copy of the credit agreement which I have signed for PPI (£1000ish).

I never requested PPI, was never given an option of a loan without it, wasn't asked if I had cover already, wasn't asked about my sick pay at work and was led to believe it was pretty much an essential part of the agreement in order to get finance.

If I had know it was optional I would not have taken it out as my job at the time paid full sick pay when I was off. (was off for 4 & 1/2 weeks with full pay). I also stayed with my parents at the time and they would have bailed me out if needed.

The agreement only had the account number for the loan, not for the PPI so I called the PPI number to get this prior to my complaint.

Woman was very helpful and filed the complaint over the phone (not sure if this is the best way from my point of view?)

Do I have a pretty good case?

This site has opened my eyes to the fact that we've been taken for a ride by these banks.

I've had a few credit cards over the years and juggled the balances around. Have never requested or ticked boxes for PPI with credit cards so have sent SAR letter to each lender to find out if I ever had it(worth a tenner in my opinion).

Thanks in advance for any replys or advice and I'll let you know hit it goes.

dilus

Jason_Bourne wrote: »

Hi, Newbie here starting my claims.

Just started my first claim today on BOS for a loan which is paid off.
Got a copy of the credit agreement which I have signed for PPI (£1000ish).

I never requested PPI, was never given an option of a loan without it, wasn't asked if I had cover already, wasn't asked about my sick pay at work and was led to believe it was pretty much an essential part of the agreement in order to get finance.

If I had know it was optional I would not have taken it out as my job at the time paid full sick pay when I was off. (was off for 4 & 1/2 weeks with full pay). I also stayed with my parents at the time and they would have bailed me out if needed.

The agreement only had the account number for the loan, not for the PPI so I called the PPI number to get this prior to my complaint.

Woman was very helpful and filed the complaint over the phone (not sure if this is the best way from my point of view?)

Do I have a pretty good case?

This site has opened my eyes to the fact that we've been taken for a ride by these banks.

I've had a few credit cards over the years and juggled the balances around. Have never requested or ticked boxes for PPI with credit cards so have sent SAR letter to each lender to find out if I ever had it(worth a tenner in my opinion).

Thanks in advance for any replys or advice and I'll let you know hit it goes.

Hi Jason,
If it was upfront single premium (lumped on at the start of the loan) then they will find it difficult to turn it down, go for it yourself with the questionnaire off this site and of course all the help you need from the great people on here, good luck and keep us posted on progress

Sorry just realised you say you have got the ball rolling by phone, good

Jason_Bourne_2

dilus wrote: »

Hi Jason,
If it was upfront single premium (lumped on at the start of the loan) then they will find it difficult to turn it down, go for it yourself with the questionnaire off this site and of course all the help you need from the great people on here, good luck and keep us posted on progress

Sorry just realised you say you have got the ball rolling by phone, good

Thanks dius,

It was lumped on at the start of the policy. Don't have exact details but it was just shy of £900 and then it stated the interest amount of insurance to be added which was about £100.

Is it ok to complain by phone or do I need to follow it up with questionnaire?

The bank said phone was fine but I struggle to trust them when they are trying to get out of paying the punter their money back....

dilus

Jason_Bourne wrote: »

Thanks dius,

It was lumped on at the start of the policy. Don't have exact details but it was just shy of £900 and then it stated the interest amount of insurance to be added which was about £100.

Is it ok to complain by phone or do I need to follow it up with questionnaire?

The bank said phone was fine but I struggle to trust them when they are trying to get out of paying the punter their money back....

Phone is fine, as long as you get a confirmation by post that it has been logged. You may have to wait until after Christmas now before you get that reply or even after New Year but if you don't, phone them back and ask if it has been logged
It wouldn't hurt to fill in a questionnaire with exactly the same details you gave over the phone just in case you have to go to the FOS at a later date, not that I think you will have to,upfront PPI is a big NO,NO