PPI Reclaiming Discussion part 4

Beatlefan

Thanks guys, that’s really helpful. I think I’ll definitely drop them a line. As you say it’s only the cost of two stamps.

I did know I was taking out the PPI at the time, but the guy who sold me the loan didn’t explore any other cover I might have had and explain that PPI wasn't necessary. Nor did the bank when I had a previous loan with them. Martin’s article seems to suggest that if they didn’t do that, it’s a case of mis-selling. So worth a go, thanks.

You’re right it’s probably best to keep the PPI going for a little bit longer until I’m fully better in case I need it. If I do claim on it (to cover some of my payments during my recent illness while my pay’s been reduced) will this affect any future claims for any other type of health/life insurance in the future? And would if affect my credit rating?

Thanks again. I’ll let you know how I get on.

di3004

Beatlefan wrote: »

Thanks guys, that’s really helpful. I think I’ll definitely drop them a line. As you say it’s only the cost of two stamps.

I did know I was taking out the PPI at the time, but the guy who sold me the loan didn’t explore any other cover I might have had and explain that PPI wasn't necessary. Nor did the bank when I had a previous loan with them. Martin’s article seems to suggest that if they didn’t do that, it’s a case of mis-selling. So worth a go, thanks.

You’re right it’s probably best to keep the PPI going for a little bit longer until I’m fully better in case I need it. If I do claim on it (to cover some of my payments during my recent illness while my pay’s been reduced) will this affect any future claims for any other type of health/life insurance in the future? And would if affect my credit rating?

Thanks again. I’ll let you know how I get on.

Good luck to you.:T

If you need any further help, just post up, hope all goes well for you.;)X

maxdp

Beatlefan wrote: »

Thanks guys, that’s really helpful. I think I’ll definitely drop them a line. As you say it’s only the cost of two stamps.

I did know I was taking out the PPI at the time, but the guy who sold me the loan didn’t explore any other cover I might have had and explain that PPI wasn't necessary. Nor did the bank when I had a previous loan with them. Martin’s article seems to suggest that if they didn’t do that, it’s a case of mis-selling. So worth a go, thanks.

You’re right it’s probably best to keep the PPI going for a little bit longer until I’m fully better in case I need it. If I do claim on it (to cover some of my payments during my recent illness while my pay’s been reduced) will this affect any future claims for any other type of health/life insurance in the future? And would if affect my credit rating?

Thanks again. I’ll let you know how I get on.

Hi not your credit rating. with future health/life insurance whether you declare it or not would be up to you but if you had to make a claim they would I believe am right in saying go through your doctor anyway to make sure it is a new problem or one that they are aware about.

If you claimed on the PPI then you could not say it had been miss sold because you have had use of it.

Good Luck

Beatlefan

Thanks Max. I won't think about claiming on the insurance, until the mis-selling claim has been decided. By then though, my health will probably have improved further anyway and I'll be working more hours, so I probably won't need it.

Also thanks to work and our parents, we've managed to cover the loan and mortgage payments while I've been ill, so claiming on the PPI hasn't really come up. Just proves I didn't need it!

Thanks again. :T

barloo69

Not sure if this is the right place or not as a newbie to the site, so please be gentle.;)

I was clearing out some paperwork the other week and discovered an old Credit Agreement for a loan with the First National Bank (now GE Money) that I had taken out back in 1998 !! This loan had the inclusion of PPI incorporated into it by way of a single premium added to the start of the policy. The loan was to run for a total of 15 years !!!! (Although I did infact rejig my finances and settle this a few years after.)

Back then, being young and naive and not knowing any better, I now believe I had been missold this policy, and cooerced into the purchase of the PPI on the pretext that it would greatly assist my loan application if I were to have the PPI.

I therefore sent a letter off to the now GE money stating so and requesting my money back. Today I have received a letter back from them stating and I quote

" As you'll be aware, the circumstances of your compliant occurred 11years ago. For such cases, the FSA who regulates our business has issued a ruling that states that complaints older than 6 years DO NOT automatically qualify for investigation.

To investigate your complaint fully and fairly would now, I feel, be extremely difficult due to the length of time that has elapsed and the inaccessibility of certain records and documents we would require to validate all the facts.

For these reasons, I have decided I am unable to deal with your complaint. "

My question is therefore firstly this. 1. Do I have a valid claim ? I understand that English law is limited to 6 years, however this loan was due to run for a total of 15 years, regardless of me settling the balance before this, am I right to believe that the PPI is therefore technically still in force ?
2. If what they say is true, who do I take the next step with ? The governing body who regulated before the FSA ? or the FSA still ?
3. By their own admission they are stating that they DO NOT have an adequate filing system. Isnt this a breach ?

Any advice / help anyone ?

Hinch

I have had a letter from RBS regarding mis selling PPI to me. They have said that the policy started 8/1/96 and ended 5/5/06 and due to the significant passage of time since the policy was sold and the fact I hadd'nt raised any concerns before now the bank believes I am now out of time in which to make a complaint and therefore are unable to complete any investigation into my concerns.
Is this right or are they just trying to stop me making a claim for mis-sale of the PPI?
Can anyone answer this please?

amersall

barloo69 wrote: »

Not sure if this is the right place or not as a newbie to the site, so please be gentle.;)

I was clearing out some paperwork the other week and discovered an old Credit Agreement for a loan with the First National Bank (now GE Money) that I had taken out back in 1998 !! This loan had the inclusion of PPI incorporated into it by way of a single premium added to the start of the policy. The loan was to run for a total of 15 years !!!! (Although I did infact rejig my finances and settle this a few years after.)

Back then, being young and naive and not knowing any better, I now believe I had been missold this policy, and cooerced into the purchase of the PPI on the pretext that it would greatly assist my loan application if I were to have the PPI.

I therefore sent a letter off to the now GE money stating so and requesting my money back. Today I have received a letter back from them stating and I quote

" As you'll be aware, the circumstances of your compliant occurred 11years ago. For such cases, the FSA who regulates our business has issued a ruling that states that complaints older than 6 years DO NOT automatically qualify for investigation.

To investigate your complaint fully and fairly would now, I feel, be extremely difficult due to the length of time that has elapsed and the inaccessibility of certain records and documents we would require to validate all the facts.

For these reasons, I have decided I am unable to deal with your complaint. "

My question is therefore firstly this. 1. Do I have a valid claim ? I understand that English law is limited to 6 years, however this loan was due to run for a total of 15 years, regardless of me settling the balance before this, am I right to believe that the PPI is therefore technically still in force ?
2. If what they say is true, who do I take the next step with ? The governing body who regulated before the FSA ? or the FSA still ?
3. By their own admission they are stating that they DO NOT have an adequate filing system. Isnt this a breach ?

Any advice / help anyone ?

hi there, technically the ppi was over 15 years, but then you paid the loan back so i dont know where you stand with that, i am sure with all the brain boxes on here you will find the answer you are looking for, hope its good news for you

gumbi

I know that there are a few regulars to this forum who have more than a passing interest in Picture Finacial and the FSCS.

I've been fortunate to have found an excellent contact at the FSCS that has been giving me regular updates as to the status of the case so I thought it only fair to share that information with those that need it most!

Latest update is that there hasn't been any real progress over the last few weeks however his email does clear the mists of procedure that until this point have proved impenetrable:

"At present we are currently waiting on guidance from our Legal Department regarding claims against Picture Financial Services Plc.

Primarily, this is to ensure that the eligibility criteria used to assess Payment Protection Insurance (PPI) claims is consistent for each claimant.


Although I am unable to give an exact timescale for these guidelines to be finalised, please be assured that we are trying to resolve this issue as soon as possible.


Once the guidelines have been agreed, we will then be in a position to determine whether we have received at least one eligible claim against the firm.

Hopefully this won't be too much longer."

It looks as if the finish line may be in sight for those of us that have been part of the Picture Finanace Marathon......Stay strong for the home stretch!

di3004

Hinch wrote: »

I have had a letter from RBS regarding mis selling PPI to me. They have said that the policy started 8/1/96 and ended 5/5/06 and due to the significant passage of time since the policy was sold and the fact I hadd'nt raised any concerns before now the bank believes I am now out of time in which to make a complaint and therefore are unable to complete any investigation into my concerns.
Is this right or are they just trying to stop me making a claim for mis-sale of the PPI?
Can anyone answer this please?

I'm sure there are ways around this, but if any claims companies try contacting you and asking to pay upfront, or anything at all, please do not go to them, always get advice first and if going with any company, make sure they offer a totally free service.

You may also be able to get legal aid depending on your circumstances, check with the CAB to see if there is anyway forward with your case, good luck.;)

di3004

gumbi wrote: »

I know that there are a few regulars to this forum who have more than a passing interest in Picture Finacial and the FSCS.

I've been fortunate to have found an excellent contact at the FSCS that has been giving me regular updates as to the status of the case so I thought it only fair to share that information with those that need it most!

Latest update is that there hasn't been any real progress over the last few weeks however his email does clear the mists of procedure that until this point have proved impenetrable:

"At present we are currently waiting on guidance from our Legal Department regarding claims against Picture Financial Services Plc.

Primarily, this is to ensure that the eligibility criteria used to assess Payment Protection Insurance (PPI) claims is consistent for each claimant.


Although I am unable to give an exact timescale for these guidelines to be finalised, please be assured that we are trying to resolve this issue as soon as possible.


Once the guidelines have been agreed, we will then be in a position to determine whether we have received at least one eligible claim against the firm.

Hopefully this won't be too much longer."

It looks as if the finish line may be in sight for those of us that have been part of the Picture Finanace Marathon......Stay strong for the home stretch!

Thank you for posting this Gumbi, your a star and I'm sure all Picture claimants will be happy to read this, so thank you so much.:T;)X