PPI Reclaiming Discussion part 4

di3004

jimspurs wrote: »

Hi

I am new to this site and have a question, I got a loan from Citifinancial a couple of years ago, 10k over 5 years, and was sold a single premium PPI insurance. the guy said that they would have to reconsider the loan application, unless I took out one of the insurances (i think they had a about 4 different ones, PPI, critical illness etc). I also told the guy that I had slipped a disc a couple of years earlier, and would this cause a problem if I ever had to claim on PPI, he said no it wouldnt.

Do I just cancel the policy?, or do I claim it was mis-sold? and basically what is the difference between the two?

Thanks in advance for any replies

Hi there

Check out the terms and conds of the policy in regards of cancellation.

If you decide to cancel, if successful in reclaiming, they should refund all you have paid in ppi, if the account is settled then they shoulod repay you all you paid in ppi plus interest etc, as if ppi were not taken out to start with.


For more info on reclaiming and templates here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Just post up for help when required, its seems you have a case here.;)

amersall

di3004 wrote: »

Hi there

Check out the terms and conds of the policy in regards of cancellation.

If you decide to cancel, if successful in reclaiming, they should refund all you have paid in ppi, if the account is settled then they shoulod repay you all you paid in ppi plus interest etc, as if ppi were not taken out to start with.


For more info on reclaiming and templates here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Just post up for help when required, its seems you have a case here.;)

great minds think alike :A

nissan25

jimspurs wrote: »

Hi

I am new to this site and have a question, I got a loan from Citifinancial a couple of years ago, 10k over 5 years, and was sold a single premium PPI insurance. the guy said that they would have to reconsider the loan application, unless I took out one of the insurances (i think they had a about 4 different ones, PPI, critical illness etc). I also told the guy that I had slipped a disc a couple of years earlier, and would this cause a problem if I ever had to claim on PPI, he said no it wouldnt.

Do I just cancel the policy?, or do I claim it was mis-sold? and basically what is the difference between the two?

Thanks in advance for any replies

jimspurs - I had several loans with Citifinancial all with PPI and I successfully claimed back PPI on all the loans - around £700.00 just last month. I was also pushed into buying this by saying it would assist my loan application/s. Was in dire need at the time so just accepted. Dont delay - get your MSE letter downloaded and sen off.

soontobesensible

amersall wrote: »

hi there,please dont take this as a criticism, but i dont understand why you would use this county court service, you had a success with first plus previously for the cost of two stamps, why would you want to now pay someone to do what you can and have done yourself for free?

Hi Amersall,
So Sorry! I quite agree! My mistake! I posted on PPI discussion instead of Bank Charges. Got a lot of things going on at present! Initially had great success with some bank charges through Money Caims Online this has been an excellant route for me in the past. Not only did I get my bank charges refunded but also the money back that I had to pay to put it through the courts! xxxxxxxxxxxx

soontobesensible

di3004 wrote: »

Hi there

How are you?:A

You can try.

Is this in regards of the FOS or not?

Who is "money claims online" if you don't mind me asking, cheers. X

Hi Di,
Its a fast track route through the courts! Mentioned by Martin in his bank charges reclaiming section! Been very useful to me in getting my bank charges refunded also got the money back I had to put up to get it through! By the way I posted in the wrong place! Got a lot going through at the moment! xxxxx:o:o:o:o:o

petermb_2

jimspurs wrote: »

Hi

I am new to this site and have a question, I got a loan from Citifinancial a couple of years ago, 10k over 5 years, and was sold a single premium PPI insurance. the guy said that they would have to reconsider the loan application, unless I took out one of the insurances (i think they had a about 4 different ones, PPI, critical illness etc). I also told the guy that I had slipped a disc a couple of years earlier, and would this cause a problem if I ever had to claim on PPI, he said no it wouldnt.

Do I just cancel the policy?, or do I claim it was mis-sold? and basically what is the difference between the two?

Thanks in advance for any replies

Again, please do not simply try to recover money via mis-sell. There are other issues that are far more robust surrounding this issue and you will only be receiving around half the compensation you are due.

The PPi may create a number of problems depending on how the premium is written within the loan agreement. There will also be commissions paid that will be due back to you plus large amounts of interest.

petermb_2

Just so that you are clear what I am harping on about.

Lets say you have £3000 of single premium ppi added to your loan. It does not take a genius to work out that such an amount is going to be costly if you are on a loan that has an interest rate of say 30% pa.

So if you challenge the ppi you are due back your premiums plus the interest you will have paid. This could be a sizeable amount in itself. But then you will be entitled to 8% statutory interest on the full amount.

Then you need to look at the commission that your broker received when he placed your business with lender. If this was not disclosed then you are due this amount back plus statutory interest of 8%.

Dont forget that his commission will have been enhanced because he got you to tick the box that says "yes i want PPI".

This could also affect the way that the loan was written and could call the loan, itself into question.

So there is a straight question. Would you prefer to receive just your premium back plus some interest or would you prefer everything that you are rightly due under the law when
the other issues I mention here could double or even treble what you receive?

JOSOM

I have a loan with Abbey (December 2007) and single premium was added (£5,192.68). Currently have a claim lodged with them. If successful, can you advise what you think I might get back?

JOSOM

petermb wrote: »

I have a loan with Abbey (December 2007) and single premium was added (£5,192.68). Currently have a claim lodged with them. If successful, can you advise what you think I might get back?

effect56

Hi Guys

I need your help, I have a ppi claim in just now with northern rock and they have advised that it is 8 weeks from the date they recieve the questionare form back from me is this correct.