PPI Reclaiming Discussion part 4

steggers_2

Hi there, this is my first post here, so please be gentle with me! We took out a 10 year loan for some new windows with GE money just over six years ago, PPI was sold to us over the phone, really felt we could n't say no. The PPI only lasted for 5 years which was not explained to us. GE have just replied to out 'letter one', basically they say that because we took out the policy over six years ago they do not have to investigate the claim, they would find it too difficult to find the relevant documentation and we can complain to the Finance and Leasing Association but they would be unlikely to assist us. So where do we go from here? Should we give up? Any help would be greatly appreciated.

gemsln

Hi Can anyone help me please, I took out a loan with The Funding Corporation in April 2005. The loan has since been paid off but I was told that I had to take out PPI in order to receive the loan. This was set at the highest level of Platinum. I used the template letter on this site to write to them and yesterday, seven and a half weeks later, I received a reply satting that they would not be refunding me the money on the grounds that there staff are fully trained and therefore would not mis sell insurance products and that that I had signed the form for PPI. They have also sent through a copy of an insurance needs analysis tick sheet which I have never seen before! Where do I go from here - Help please!

pinknico

Hello gumbi, do you have an opinion about stereomike saying any money owed goes to the liquidated company?

laalaa41

This is the scaariest thing -they dont have to say much or spell it out on paper - anyone who isnt stinking rich might have a blemish on their credit report. So when it comes time to sign up for a loan that you really really need and the guy says as soon as you sign he'll "check if its been approved" you just think that without insurance to cover the bank's position, you'd never get that thing approved at all.

And about that. With all this PPI flying about - WHY are we in this credit crunch in the first place. I thought the whole deal with PPI was that if something goes wrong in your life the bank still gets paid!

busbyh

gumbi wrote: »

Oh what a tangled web they weave....I guess we're all in the dark really and we'll just have to do the one that I suppose we've all become very good at......Wait and hope!:rolleyes:

You are so right Gumbi, but it doesn't get any easier does it:eek::mad: lets hope the full light will be shining on us all very soon
xxx

busbyh

pinknico wrote: »

Hello gumbi, do you have an opinion about stereomike saying any money owed goes to the liquidated compa

Hi pinkmico, I have never heard that one before. It doesn't say anything about that in fscs info packs or any other info I have read.
Hope he is wrong

amersall

Blondie4 wrote: »

Hi - apologies if this question has been asked many times before. I've had a quick look through and can't find it, but as there is so much information, it probably has! I am about to instigate a claim on mis-selling of a P.P.I. against a bank loan. The loan is still in place and I as yet, I haven't requested the insurance be cancelled. Should I request it be cancelled before I begin action? Your advice is much appreciated.

hi there, do as auntie di says:A:A i agree, its best not to cancel the insurance first, you go for mis sell you will be loads better off

pinknico

Me to busbyh, as gumbi says we just have to wait and hope. only 18 days left of this month to see if anyone we know is in the first payments!
That is if the FSCS have got that bit right in their statement!

amersall

laalaa41 wrote: »

Bit of a grey area there. If (say) an account was in arrears - then for them to claw back your refund is, I guess, remotely understandable. But here's my thing. To a bank/financial institution - moving "virtual" money around is creative accounting, to a PERSON it is the difference between having your house taken away, food on the table for your kids, bus fare to get to work/the difference between starvation and success. So the FOS awarding you a refund is a fat lot of use if it just stays with the guys who missold it to you in the first place.

You are far from being in the same position you would be without having to pay PPI. This is what the poverty trap feels like - sometimes it doesnt matter what you do, it really does look like the world is set up mess you up - unless you're born into money. Then you dont understand what the fuss is all about because even if the leccy bill doubles because granny got sick - its no biggy.

If it was my money in the first place, I will decide where it goes, not the FOS. Are we saying that we need the bank/loan institution's goodwill at all? Where they might agree to move it to your account (where they keep it anyway) and the FOS agrees to that! - then do the FOS get a cut for acting for the institution who mis-sold and not the poor Joe who's just had the bailiffs at the door?

L

whole heartedly agree with all the above, i would investigate more on this, i would not be happy at all, the company went into default not the consumer, is everyone still making monthly payments on the loans, and if they are who are you paying it to? or if the company is in default do your loans get wiped off, i dont think so, this is disgusting, you were mis sold and that money is yours

busbyh

pinknico wrote: »

Me to busbyh, as gumbi says we just have to wait and hope. only 18 days left of this month to see if anyone we know is in the first payments!
That is if the FSCS have got that bit right in their statement!

I count the dayss pinknico
lol
xxx