PPI Reclaiming Discussion part 4

di3004

scoodies wrote: »

Hello all!!

Well I have today received the 'Final Response' letter from Capital One stating that although they still maintain that PPI was sold correctly, blah blah blah, they are willing to refund all premiums paid plus interest to the tune of £1065.24..........BUT, I still don't know if this amount is right? :rolleyes:

As I mentioned in my above post, they still haven't replied to my SAR request BUT HAVE CASHED MY £10 CHEQUE :mad:

They have included a form for me to sign and send back....should I ask for an extra £10? :rotfl:

Cheers,

Scoodies xx

Hi Scoodies

Ask them for a full written breakdown of calculations, your entitled to these, well done anyway.:beer::T

They have 40 days to comply to the SAR, how long has it been?

If you no longer require the SAR, you could try cancelling this, and just ask them for a breakdown as I mentioned above, and refund the £10, but if you were not happy with the amount of the offer, where it may be too low compared to the real amount sort of thing, if they did not higher this, the SAR info "may" come in handy.

Good luck.;)

scoodies

Yeah, thanks Di!

I think from what I can remember the SAR date is up on Monday (27th). So I will wait to see if anything comes through then and if not will reply for a breakdown from them.

Will keep you posted

Scoodies xx

rockydoggy

the sales guy was young and pushy we had been there hours with a small baby so signed want every just to get home but thay are standing ground now won,t even return my call

di3004

rockydoggy wrote: »

the sales guy was young and pushy we had been there hours with a small baby so signed want every just to get home but thay are standing ground now won,t even return my call

Hi there

So how far have you gone with this?

To save me looking back on posts.

Did you send the first reclaim letter?

rockydoggy

next step one more phone call on monday if not fos yes i sent them the first reclaim letter and got a final response letter back i,ll keep fighting them i have no reason to believe that money's going back to my account we have no statements or anything from them i sent them my copies of the ppi and other agreements as i have 2 copies i hope this helps good luck

di3004

rockydoggy wrote: »

next step one more phone call on monday if not fos yes i sent them the first reclaim letter and got a final response letter back i,ll keep fighting them i have no reason to believe that money's going back to my account we have no statements or anything from them i sent them my copies of the ppi and other agreements as i have 2 copies i hope this helps good luck

Good for you, keep on at them.:T:D

If you do require more paperwork on your account you can always request for a SAR (Subject Access Request) if you have not done so already, they have 40 days to comply and send everything you have requested on the SAR, template on this thread here:
http://forums.moneysavingexpert.com/showthread.html?t=1475553

However, there is a cost of £10 cheque or postal order payment for this request, post by recorded delivery.

If going to the FOS, there maybe useful info disclosed within the SAR to help your case, fingers crossed.;)

Beatlefan

muddlemess wrote: »

Hi Beatlefan

Hope you don't mind me asking but did you get your PPI on a CC or loan from TPF? And how long ago did you take it out? I have a CC with them that I initially opened in about 1999 I have been paying PPI on the balance every month and have one at least one occasion called and asked them to cancel it, which they never have. Just wondering whether I should go ahead and try and claim.

If any one had any success with this please let me know! I'm reading back but there is so much to read and take in!!

xx

Hi Middlemess, sorry it's taken a while to get back. I was running round all over the place yesterday and ended up with a mild case of heat stroke! Not pleasant! :rolleyes:

My TPF PPI was on a loan, started within the past six years. If you think you've been mis-sold, definitely give it a go. It's only the price of a few stamps, and if they did mis-sell it to you, it's only right that you claim it back.

Not sure where you stand if you took the loan out in 1999, as that's more than six years ago. Is the loan still current or was it settled within the past six years? If so, they should still have at least some paperwork on file. Definitely worth a go if you think they mis-sold it to you. Di can probably advise you better.

Good luck.

kelly78

Hi My hubby took out a £10k loan with A&L and ppi was added as we were told it had to go on. We have now received a letter about the misselling. Could anyone tell me if there is a template letter as I am not very good at letter writing.

di3004

kelly78 wrote: »

Hi My hubby took out a £10k loan with A&L and ppi was added as we were told it had to go on. We have now received a letter about the misselling. Could anyone tell me if there is a template letter as I am not very good at letter writing.

Hi there

Yes here is a link templates and useful information, follow the procedures of the complaint, they have 8 weeks to respond in full, on the template letter give your own reasons if any of them occur to you.
Good luck, keep on at them:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Do you still have the finance agreement for this loan?

If not write to them in a separate letter, enclose a £1 postal order of cheque payment, they should supply this by 12 days of requesting this.

However, they may send the copy back with the first response free of charge, but you may be waiting 8 weeks for this.

Give us a shout if you require further help, and post all letters by recorded delivery.;)

di3004

This is posted regular on here, but as pages go by very quickly, here is some information for any newbies which you should find useful in regards of Payment Protection Insurance (PPI).

http://www.moneymadeclear.fsa.gov.uk/news/product/ppi/payment_protection_insurance.html


Payment protection insurance

What is it?


Payment protection insurance, or PPI, is insurance that will pay out a sum of money to help you cover your monthly repayments on mortgages, loans, credit/store cards or catalogue payments if you are unable to work. This could be because you have an accident or sickness, or become unemployed through no fault of your own.


This means that the insurance company will pay the monthly repayments (or a percentage of them) on your behalf for a fixed period of time if you become unable to work. It is sometimes known as ASU (accident, sickness and unemployment) insurance, Account Cover or Payment Cover.


PPI can provide worthwhile cover against unexpected changes in your personal circumstances, but bear in mind its limitations and exclusions in your policy.



Where might you get it from?


You're likely to be offered PPI by the company when you take out a mortgage or other loan or credit agreement, but you don't have to buy it from them. You can buy it yourself separately from insurance brokers, including over the internet. Shop around to get the best deal for you. You can compare the features and costs of PPI products using our impartial comparison tables at Compare PPI.

PPI is useful, but you may not always want it or be able to claim on it when you need to.



What are the main features?

• PPI is almost always optional – you should not normally be refused a loan if you decide not to buy it.
• PPI only pays out for a set period of time, generally either 12 or 24 months.
• To claim on the unemployment part of the policy typically you must have been employed continuously by the same company for the last 12 months on a permanent contract.
• Check carefully if you are self employed and require cover – the policy may not cover you.
• Before you take out cover, the firm should give you a Policy Summary. This will set out the key features and benefits, as well as any significant or unusual exclusions or limitations. If you have any queries about these, you should ask the salesperson to explain the cover in more detail. This will help you make an informed decision on whether to take out cover.
• You may not be able to make a claim for an illness you already have or have had before. Make sure you check this before you take out the policy. This will be called a pre-existing medical condition and can include any medical conditions you have, even if they haven't troubled you for a while.
• Stress or back complaints, and possibly other conditions, may not be covered, even if you can't work because of them. Again, it's worth checking before you take out the policy.
• You have a legal right to cancel the policy and get a refund within 30 days of taking it out.

What should you do?

• Think carefully about the risks you could face while paying back a loan, mortgage or credit/store card and whether taking out PPI would be to your advantage. If you had an accident that stopped you from working, would you have enough savings to be able to continue paying off the loan?
• Consider whether you have other insurance which already covers you (for example through your employer), or whether other types of protection insurance may be more appropriate.
• Don't be pressurised into buying it - you don't usually have to take out PPI to get a loan and you don't have to buy it from the same place you get your loan from.
• Check online forms when applying for loan or credit online. Sometimes PPI is selected by default and you will need to change this option if you don't want to buy it. You should also print out or keep copies of completed forms in case you need to complain or make a claim in the future.
• Find out whether the firm is giving you advice; if not, consider whether you need advice. Getting advice means that the firm should recommend a PPI or other policy that meets your needs.
• Find out whether the policy is a single or regular premium. If you buy a single premium policy you pay a lump sum of 3-5 years' worth of premiums in advance. This amount is added to the sum you borrow and attracts interest, so you'll be paying more over the long run.
• Think about what you would do when the claims payments stop and you are still unable to work. How would you pay the rest of your loan?
• Check to see what you will be covered for and what won't be covered – for example any exclusions or limitations relating to the nature of your employment or your medical history.
• Check whether payments from a PPI policy would affect the benefits that could be paid from other protection insurance that you already have.
• Check what you will get back if you cancel the policy or repay the loan early.
• Shop around and compare the features and costs of PPI products using our impartial comparison tables at Compare PPI.

Ask the salesperson to explain the terms and conditions of the policy and make sure you read the key policy information – especially the exclusions.