PPI Reclaiming Discussion part 4

paintpotter

Very interesting...

cappo wrote: »

Food for thought guys




http://www.dailymail.co.uk/money/news/article-2086691/Mis-selling-payouts-boost-economy-5bn.html?ITO=bookmark-chromeext

annettesattic2010

I have a current claim with lloyds tsb which has gone through to the offer stage £3753 interest to 20th jan still waiting etc etc, which got me to thinking about to loans i had had via the citifinancial group in 2007 and 2008 I checked my credit file and the first was on the term of 114 per month over 24 months total repayable £2736 the 2nd was for £180 over 36 months total repayable £6480 im pretty sure the 1st was for less than £2000 and the 2nd was for £4000. im sure they had ppi on them but cant find my account numbers etc how do i find that information they both finished in 2007 when i got my lloyds loan to pay off these to but i cant find my paperwork anywhere. any help appreciated thanks

beamerguy

dukeboxer wrote: »

Hey beamerguy, thanks for your response.

The PPI was in no way optional, as I was told it was a stipulation of them providing a mortgage that was more than 90% of the property value.

I have gone through all my paperwork to find if this was recorded anywhere but I could not. That was until I found a booklet that they gave me titled 'Mortgages general information' which stated 'If you borrow more than 90% of the value or purchase price of the property (whichever is lower) you will need to take out mortgage payment protection insurance to cover your monthly payments if you can not pay due to accident, sickness, or involuntary unemployment'

Due to the fact that the information is in one of their general booklets, I was thinking that maybe that is acceptable?

Hi, morning, OK this sounds like a front loaded PPI which the FSA frown upon. What you need to do now is carefully read the PPI to see that if you had to claim, would the policy suit your needs. So many of this policies are so designed never to pay out.
This then goes back to:

Was you bank fair with you how it sold the policy, being forced is not fair
Did your bank fully explain the policy to you including the small print.

Have a read of this, whilst this is a PPI on a credit card, not a mortgage, there are some points that are similar
http://www.dailymail.co.uk/news/article-1217173/Judge-quashes-womans-8-000-credit-card-debt-landmark-ruling-mis-selling-payment-protection-insurance.html

"In a nine-hour hearing at Newcastle-upon-Tyne County Court, Deputy District Judge Jacqueline Smart ruled that the PPI policy had been unfairly imposed.

She also threw out MBNA's case against Mrs Thorius because they earned commission on the PPI they 'sold' her.

It is the first time a judge has ruled such an arrangement to be in breech of the Unfair Relationships and Unfair Consumer Credit Act Section 78"

Therefore go through your PPI with a fine tooth comb to see if in your circumstances, they would have paid out, the chances are they would not and hence your PPI was mis-sold

amersall

dukeboxer wrote: »

Hey beamerguy, thanks for your response.

The PPI was in no way optional, as I was told it was a stipulation of them providing a mortgage that was more than 90% of the property value.

I have gone through all my paperwork to find if this was recorded anywhere but I could not. That was until I found a booklet that they gave me titled 'Mortgages general information' which stated 'If you borrow more than 90% of the value or purchase price of the property (whichever is lower) you will need to take out mortgage payment protection insurance to cover your monthly payments if you can not pay due to accident, sickness, or involuntary unemployment'

Due to the fact that the information is in one of their general booklets, I was thinking that maybe that is acceptable?

Hi there MPPI is sometimes a non starter for mis sell,you need to post here,
http://forums.moneysavingexpert.com/forumdisplay.php?f=187

the guys and gals on here know about MPPI,you will get all the info you need from them.
Good luck.

bexlee1

Hi all, we took out a secured loan with nemo in 2007, the loan was brokered by loanmakers. I believe the ppi was mis-sold to us for a number of reasons. It was not explained to us that we would only be covered for the first 5 years of the loan, but we would have to continue paying for the duration of the loan. Also both my husband and I were covered by sick pay from work, and also life insurance. Loanmakers went into default in 2009, any advice on what to do next would be greatly apreciated

amersall

bexlee1 wrote: »

Hi all, we took out a secured loan with nemo in 2007, the loan was brokered by loanmakers. I believe the ppi was mis-sold to us for a number of reasons. It was not explained to us that we would only be covered for the first 5 years of the loan, but we would have to continue paying for the duration of the loan. Also both my husband and I were covered by sick pay from work, and also life insurance. Loanmakers went into default in 2009, any advice on what to do next would be greatly apreciated

Hi there, send this to NEMO,they should pass this to loanmakers..



We/I believe we were mis sold the ppi on the above account number,and would like recordings,if any to the contrary of my/our reasons for mis sell set out below.

1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/I were told that the ppi was a 5 year policy, but not told the ppi would still be on the loan to term end with interest.

3) We/I were told that if we did not make a claim,or go into arrears on the ppi ,after 5 years we would recive the cashback of ppi but this would not include the interest made on these payments that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy.

In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Firstplus pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included on the above loan.



Were you offered cashback after 5 years or a bonus at set periods? you need to use the section in the letter of this to reflect what you had.

bexlee1

amersall wrote: »

Hi there, send this to NEMO,they should pass this to loanmakers..



We/I believe we were mis sold the ppi on the above account number,and would like recordings,if any to the contrary of my/our reasons for mis sell set out below.

1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/I were told that the ppi was a 5 year policy, but not told the ppi would still be on the loan to term end with interest.

3) We/I were told that if we did not make a claim,or go into arrears on the ppi ,after 5 years we would recive the cashback of ppi but this would not include the interest made on these payments that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy.

In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Firstplus pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included on the above loan.



Were you offered cashback after 5 years or a bonus at set periods? you need to use the section in the letter of this to reflect what you had.

Thanks for your speedy reply, I have a certificate that states that after 10 years we would get 25% of the interest paid over the first 10 years of the loan subject to terms and conditions. I wasn't sure if we could go to nemo as the loan was brokered by loanmakers which no longer exists

amersall

bexlee1 wrote: »

Thanks for your speedy reply, I have a certificate that states that after 10 years we would get 25% of the interest paid over the first 10 years of the loan subject to terms and conditions. I wasn't sure if we could go to nemo as the loan was brokered by loanmakers which no longer exists

Hi,tomorrow,give FSCS a they are giving compensation for these and as the loan was 2007 there should be no problem.

Still use the reasons i gave above,just change the 5 year to 10 year.


http://www.fscs.org.uk/contact-us/

Look at this.

http://www.fscs.org.uk/uploaded_files/Publications/declarations/2009/5_insurance_intermediaries_in_default_071209.pdf

amersall

Just to let you know,when you have had your compensation,you need to fight to get the ppi whole amount taken off the loan,this will still be on the loan to term end with interest,ask FSCS if there is anything you can do about this.
Maybe NEMO should give you this?.

Crunchy_Nutter

Hi,

I've sent off my FOS forms for both TSB Personal Loans and Citi Financial. I'm now looking at my credit cards, and I've noticed that Capital One are charging me for PPI. I'm 90% certain I didn't ask for it on the form, and I know I wouldn't have asked / agreed to it since. I understand I can request a copy of my original agreement (account dates back to 2002 but still active) - is there a template letter anywhere I can use?

Capital One will be glad to see the back of me - got £950 off them a few years ago in unfair penalty charges