PPI Reclaiming Discussion part 4

silversami

Thank you di3004 & beamerguy, I'll give it a go....besides there's nothing to lose except the cost of a few stamps and my credit report
This debt has been hanging over my head for 8 years and finally want something done about it, the CCCS have been brilliant over the last 2 years but its just taking too long to pay off and have come up with a 3 year plan to get the debt paid but hopefully if this works out i can pay it off a lot sooner and finally be rid of this debt cloud
I have baby due in a week so may be some time before I can provide an update on what happens but will use the next week ploughing through the guide on here to keep my mind off the impending birth.

Many Thanks again


.....will be debt free in 3 years or less.....

Crunchy_Nutter

highadmiral wrote: »

If you still have bank statements from 2009 they will show the account numbers hopefully.
You could try a complaint through the dedicated ppi complaints area of the companies concerned and take it from there.Many will find the accounts based on the info you have now.

If these were single premuim front loaded policies then make that the primary basis of your claim.These policies were bad news and the FOS rightly take a strong view on them.They were a loan within a loan,protecting you from debt by putting you in more debt!.There were other issues with them including a very low payout to claim ratio and often they did not run for the full term of the loan despite the interest being charged full term.The cancellation/rebate terms were bad too if you settled early as they made sure the ppi was paid for first early in the loan.The whole thing was loaded very heavily in favour of the lender and they made huge profits on them.
I would back that up with the fact that you received good sickness benefits from work/union as that is factual information along with the above.

You can include what the salesperson did or did not say,but that is essentially non provable,your other reasons are concrete and make for a strong case.

Thanks, High Admiral

I'll be writing to the banks concerned then, hopefully that'll save me £20 in SAR payments - I guess I can always go back with an SAR later if necessary to get the relevant info if I don't get any joy.

I'd never really thought about the PPI adding to my debt in the first place - the more I think about it now the angrier I'm getting. Thankfully I'll be debt free by the summer if all goes to plan, with PPI it'll either be far sooner, or I'll have a nice holiday paid for, depending on how quick (if!) they pay!

Thanks again.

beamerguy

silversami wrote: »

Thank you di3004 & beamerguy, I'll give it a go....besides there's nothing to lose except the cost of a few stamps and my credit report
This debt has been hanging over my head for 8 years and finally want something done about it, the CCCS have been brilliant over the last 2 years but its just taking too long to pay off and have come up with a 3 year plan to get the debt paid but hopefully if this works out i can pay it off a lot sooner and finally be rid of this debt cloud
I have baby due in a week so may be some time before I can provide an update on what happens but will use the next week ploughing through the guide on here to keep my mind off the impending birth.

Many Thanks again


.....will be debt free in 3 years or less.....

Futhermore, if your bank sold you a duff fraudulent PPI, and you tried to claim on it and were declinded, then you could not afford payments, then they damaged your credit file and started to harass you, you could claim damages and compensation against the bank

cappo

di3004 wrote: »

Hi and welcome

Yes you still pursue your bank, as they were the ones responsible.;)

waaahaaayyyy guys, Di is back , how's it going Di.:):):):):):):):):):):):):):)

highadmiral

Crunchy_Nutter wrote: »

Thanks, High Admiral

I'll be writing to the banks concerned then, hopefully that'll save me £20 in SAR payments - I guess I can always go back with an SAR later if necessary to get the relevant info if I don't get any joy.

I'd never really thought about the PPI adding to my debt in the first place - the more I think about it now the angrier I'm getting. Thankfully I'll be debt free by the summer if all goes to plan, with PPI it'll either be far sooner, or I'll have a nice holiday paid for, depending on how quick (if!) they pay!

Thanks again.

Your'e very welcome !
Front loaded ppi was a bad product,no question about it.The banks can't justify it,simple as that.The premiums were expensive,it often added 25-30% to the loan principal and then interest was applied on top.All this for a product that had a less than 20% successful claim rate when called upon.
There was no way out of them either,you couldn't cancel without taking another loan out and paying the previous one off.Those that went that route found they only got a small rebate.If you settled a five year loan with one year to run you would usually only get about 3% of the ppi back and often the new loan was at a higher apr !
The banks had the consumer every which way with these things,they made more profit on the ppi than the loan.

They are banned now of course,initially most lenders stopped "voluntarily" after pressure from the FOS before an official ban came into place.

Good luck !

AlexandraH

cappo wrote: »

Hi alexandra i would'nt give up first thing to do is to get a copy of your original agreement and it's a little more complicated being done online. Some banks used the pre-ticked boxes again you would have to get a copy of your agreement, firstly i'd try the old fashioned approach, call them it sounds daunting but some staff members will just give you the info some won't, as you have an active account they should upon request give you a copy other than that send a consumer credit agreement request which will cost you £1.00 and i believe the bank has 12 days to comply i'd try these routes first i'd normally recommend going into the bank bit it'll be no good for you unless you live near chester.

Thank you for the advice, I just rang them to cancel the PPI I am currently paying and also to ask them how I ended up with this product. I asked for a copy of my original credit agreement but was told that 'for some reason I haven't got it here'. I asked them to please locate a copy as I had received no information about the product and after answering a couple of questions he suggested passing this up to his manager who would investigate why I was never given any information of the product and how and when I was sold it. I don't for one minute think they are going to provide me with the answers but at least it has started the process and they should be sending me the information I requested. I'll give it 12 days and then go back and start again. It's also given me the confidence to begin the process with HSBC. I opened an account with them in 2000 which came with a credit card and lo and behold when I looked at the statements I see I've been paying 'Payment Insurance' which I guess is the same as PPI? Their sales technique was always to begin any conversation about insurance of any kind with "well what if you got cancer, then what will you do?" Their selling was extremely agressive and having been to one of their money management type meetings to which they are always inviting customers I swore I'd never go back as they were putting so much pressure on. I wasn't aware I'd signed up for the PPI with the card which came with the bank account but I'll be asking for a copy of the credit agreement and taking it from there. Thanks again, I'll keep you posted if I get anywhere.

cappo

AlexandraH wrote: »

Thank you for the advice, I just rang them to cancel the PPI I am currently paying and also to ask them how I ended up with this product. I asked for a copy of my original credit agreement but was told that 'for some reason I haven't got it here'. I asked them to please locate a copy as I had received no information about the product and after answering a couple of questions he suggested passing this up to his manager who would investigate why I was never given any information of the product and how and when I was sold it. I don't for one minute think they are going to provide me with the answers but at least it has started the process and they should be sending me the information I requested. I'll give it 12 days and then go back and start again. It's also given me the confidence to begin the process with HSBC. I opened an account with them in 2000 which came with a credit card and lo and behold when I looked at the statements I see I've been paying 'Payment Insurance' which I guess is the same as PPI? Their sales technique was always to begin any conversation about insurance of any kind with "well what if you got cancer, then what will you do?" Their selling was extremely agressive and having been to one of their money management type meetings to which they are always inviting customers I swore I'd never go back as they were putting so much pressure on. I wasn't aware I'd signed up for the PPI with the card which came with the bank account but I'll be asking for a copy of the credit agreement and taking it from there. Thanks again, I'll keep you posted if I get anywhere.

Hi alexandra must be a sales pitch they use they did exactly the same with me.:mad::eek::eek:

GreatGable

Hi all,

Such a long thread - I've had a look but I couldn't find a solution to my specific issue.

I took out a loan with Lombard back in 2005, which closed in 2010. I no longer have the paperwork but have the account number.

So I've sent the template letter requesting a copy of the credit agreement under sections 77-79 of the consumer credit act but they're sent a letter saying that as the account is closed they're not complying with my request.

I can make a Subject Access request under the DPA for £10. Is this standard practice? Are they trying to fob me off?!

Any help much appreciated.

P.S. for all those people that are still sitting on the fence with PPI, DO IT. My girlfriend received almost £3k from her bank after complaining.

ndiosha

amersall wrote: »

Let me know how you get on,you could accept the redress for the loan they have given you,when you get the paperwork for the second loan,if it has ppi,you can put the claim in again for this one.
The same goes for the secured loan and the card.

OK. Found out the person who logged the call only filed a complaint on the 2 accounts they processed. So I proceeded to regsiter a complaint on the secured Loan and credit card. I have left out the mortgage as I haven't got a clue whether and how a PPi can and may have been added to the mortgage. As soon as I can work out grounds for complaint about the mortgage account, i will do so, but for, I simply don't know my rights on that one.

beamerguy

AlexandraH wrote: »

Thank you for the advice, I just rang them to cancel the PPI I am currently paying and also to ask them how I ended up with this product. I asked for a copy of my original credit agreement but was told that 'for some reason I haven't got it here'. I asked them to please locate a copy as I had received no information about the product and after answering a couple of questions he suggested passing this up to his manager who would investigate why I was never given any information of the product and how and when I was sold it. I don't for one minute think they are going to provide me with the answers but at least it has started the process and they should be sending me the information I requested. I'll give it 12 days and then go back and start again. It's also given me the confidence to begin the process with HSBC. I opened an account with them in 2000 which came with a credit card and lo and behold when I looked at the statements I see I've been paying 'Payment Insurance' which I guess is the same as PPI? Their sales technique was always to begin any conversation about insurance of any kind with "well what if you got cancer, then what will you do?" Their selling was extremely agressive and having been to one of their money management type meetings to which they are always inviting customers I swore I'd never go back as they were putting so much pressure on. I wasn't aware I'd signed up for the PPI with the card which came with the bank account but I'll be asking for a copy of the credit agreement and taking it from there. Thanks again, I'll keep you posted if I get anywhere.

Hi, do not let them fob you off, aggressive selling on financial products is frowned upon by the FSA anyway.

THIS IS A "GAME SET AND MATCH WAY"
If you can answer NO to more than one of the following, demand your money back in full plus 8% interest.


*Did YOUR BANK explain the full cost of the PPI when you took out the loan?
*Did you specifically ask YOUR BANK for PPI?
*Did YOUR BANK make clear that PPI was optional?
*Did YOUR BANK ask you about your medical history?
*Did YOUR BANK ask you about any existing payment cover?
*Did you know that YOUR BANK added a PPI policy to your loan?
*Do you think YOUR BANK treated you fairly?
*Did YOUR BANK ask if you have any existing medical conditions?
*Did YOUR BANK ask if you were entitled to sick pay from your employer?
*Did YOUR BANK add the PPI without your permission

If you answered no to any one of the above you could be owed thousands of pounds

Shake 'em up into reality, you will win