PPI Reclaiming Discussion part 4

Incipience

nee-naw.

Ok, so I am assuming that the PPI is a monthly payment, therefore if you can not benefit from it then there is no reason to continue it.

In the first instance, write a polite letter to M&S summarising your concerns, and ask if you are covered for the pre-existing condition. If they say no, then you are armed with evidence for a claim of mis-selling.

Do not mention mis-selling in the first instance, just say that you were reading over the policy documentation as you have been ill lately and recalled that you had a policy in place.

This letter is only for information gathering.

If they say that you are not covered, then you write back to them and cancel the protection as you feel that it is unfit for purpose.

Then simply send a letter back requesting that, based on the suitability of the Payment Protection you feel that, giving the fact that you informed the sales person of your pre-existing condition, the policy was unsuitable and therefore mis-sold, then simply request a refund of premiums paid to date.

If they respond negativley then issue a formal complaint, and outline that unless the matter is resolved you will take further action, whether that be via the Financial Ombudsmen, or via the courts.

Its sometimes better to go into this politely to see how the other party respond, as this will prepare you for how you will move forward.

If you have any other questions then dont hesitate to ask.

Incipience

amersall wrote: »

hi there, i cancelled my ppi with first plus and you dont get a great reduction, my ppi was 190 a month, after cancellation i saved just 74 am still paying116 its alot of money to keep paying for a product you no longer have and that is to the end of the loan term!

Anyone fighting FIRSTPLUS, and are in it for the long haul, should just cancel the PPI if they have more than 3 years to run before the rebate (which I may add is near impossible to get back as firstplus will use any excuse not to pay)

The fact that you will be paying for something that you have cancelled will go along way to fight your case. As it is wholly unfair, it also gives you another reason as to why the policy is not in the best interests.

Instead of one complaint going forward you have several.

nee-naw

Thanks Incip!! Just went onto M&S site and they now have the following in relation to ppi's for their credit cards:-
Payment Protection Insurance

When borrowing on your M&S Credit Card you should consider your ability to maintain the monthly repayments. M&S Money does not currently sell Payment Protection Insurance to cover your repayments in the event of unemployment, accident or sickness. However, there are products in the market that will do this and insurers who sell this cover.

unsurewhattodo

hi

I've had a lloyds tsb platinum visa since 2002,yesterday i got a letter in the post saying that my ppi had changed.I always saw this on my statement but i thought it was insurance for the purchases you make,like when you buy something on the internet you hear its better to pay with your visa as you have insurance with it.It was'nt untill i read the leaflet that i realised what it was and that it could be cancelled.I always have quite a balance on it as i use it quite often and have calculated over the past 6 years i have prob paid about 5 grand.I don't recall being asked if i wanted this because when i got the visa i was a stay at home mum and wouldn't have benefited from it,i think it was automatically added.Would i be able to claim this back?

I'm really annoyed i didn't query this before but i thought it was compulsory,could have saved me a fortune...any advice would be greatly appreciated..:rotfl:

Natalie6999

I have just had my final answer from Marks & Spencer which is no.

They have sent me a copy of the application form which states "We strongly recomend you take cover by ticking this box"

On the letter they have said that Marks & Spencer Financial services acted as an unauthorised intermediary for the sale of PPI as they were not a bank or a member of the GISC at the time of the sale.

I have rung FOS who are unable to help me as Marks & Spencer were not regulated by the FSA at the time of sale.

Who can I turn to now?

nee-naw

Natalie if they strongly advise that you take out the cover, with no exemptions, is that not mis-selling? In my case with M&S, it was the sales asistant who filled out the forms. I just signed them. Wonder how they will interpret this?

showergirl

Natalie6999 wrote: »

I have just had my final answer from Marks & Spencer which is no.

They have sent me a copy of the application form which states "We strongly recomend you take cover by ticking this box"

On the letter they have said that Marks & Spencer Financial services acted as an unauthorised intermediary for the sale of PPI as they were not a bank or a member of the GISC at the time of the sale.

I have rung FOS who are unable to help me as Marks & Spencer were not regulated by the FSA at the time of sale.

Who can I turn to now?

I am sorry to hear your news:mad: .
I am sure someone will be along soon to help you.

nee-naw

Hey unsure, I think you are in the same position as me, look at incipience's advice to me, that should help. Not very knowledgeable about this, but check your new cover.

unsurewhattodo

hi

I have had a lloyds tsb platinum visa for 6 years now,yesterday i recieved a letter saying my ppi had changed.I always saw this on my statement but thought it was insurance on purchases made with my card it wasn't till i read the leaflet that i realised what it was.over the past 6 years i reckon i have paid around 5 grand towards this.I don't recall being asked by the bank if i wanted this as i would have said no because i was a stay at homemum at the time this would have been no benefit to me at all,i think it has been automatically added.Had i know i could cancel it i would have done i phoned yesterday and cancelled it straight away.Could i claim this back?

any advice would be greatly appreciated.. thanks....

unsurewhattodo

sorry didnt think my post had went on