PPI Reclaiming Discussion part 4

di3004

dunstonh wrote: »

The further advance you mention; is that a personal loan, secured loan or a further advance on the mortgage? It sounds like a personal loan as mortgages from the mainstream lenders take PPI and insurances on monthly direct debit from your current account. They are not part of the mortgage. This is one of the reasons you dont see so many complaints on the mortgage PPI side. It could be a secured loan but thats unlikely as £9000 is lower than most minimum secured loan amount.


You need to find out what it is to begin with. Then at least you know what the cover offered is. You also need to check what type of loan you have as I dont think its a mortgage. I suspect you havent done a further advance under mortgage rules but a personal loan instead or maybe a secured loan.

http://www.rbs.co.uk/content/personal/loans/other_options/downloads/LoanGuard.pdf

Also, you shouldnt assume that the bank knows what insurances or personal/employer provision you have. There is no reason for a bank to record that information in depth and as cirucmstances change, they couldnt rely on old info if they did. Banks operate on a transactional basis. Not a servicing basis. e.g. if you went to a servicing IFA they would have all your details and would periodically update them and keep a log of events. A bank (or transactional individual) deals with the transaction in hand and then moves on. The record keeping is enough for that transaction only. Also, that pdf shows that they do not retail loanguard under advice. So, the seller does not have to keep a record of your personal details.

If it is a personal loan and this is loan PPI as I suspect it is, then you can complain on the basis as all the other personal loan people are doing.

Cheers Dunstonh :beer:

sunnygirls

hi wondering if anyone can advise me ,i wrote to rbs on 11 august saying i had not recieved any ppi back when i finished my loan early . I have recieved a letter back saying i did not have ppi on my loan ,but i have my agreement with ppi clearly shown as added to loan , if there right (which i dont think they are) i thought i was covered and i wasnt . How would you take this forward ,any help on how to tackle this would be very gratefully recieved thanks Sunny

di3004

sunnygirls wrote: »

hi wondering if anyone can advise me ,i wrote to rbs on 11 august saying i had not recieved any ppi back when i finished my loan early . I have recieved a letter back saying i did not have ppi on my loan ,but i have my agreement with ppi clearly shown as added to loan , if there right (which i dont think they are) i thought i was covered and i wasnt . How would you take this forward ,any help on how to tackle this would be very gratefully recieved thanks Sunny

Hi there

Does the agreement actually state Payment Protection Insurance (PPI)?

I would take a photocopy of your agreement, and send another letter, do not send your original though.
This should help.
Good luck and please keep us posted.;)

amersall

dunstonh wrote: »

The further advance you mention; is that a personal loan, secured loan or a further advance on the mortgage? It sounds like a personal loan as mortgages from the mainstream lenders take PPI and insurances on monthly direct debit from your current account. They are not part of the mortgage. This is one of the reasons you dont see so many complaints on the mortgage PPI side. It could be a secured loan but thats unlikely as £9000 is lower than most minimum secured loan amount.


You need to find out what it is to begin with. Then at least you know what the cover offered is. You also need to check what type of loan you have as I dont think its a mortgage. I suspect you havent done a further advance under mortgage rules but a personal loan instead or maybe a secured loan.

http://www.rbs.co.uk/content/personal/loans/other_options/downloads/LoanGuard.pdf

Also, you shouldnt assume that the bank knows what insurances or personal/employer provision you have. There is no reason for a bank to record that information in depth and as cirucmstances change, they couldnt rely on old info if they did. Banks operate on a transactional basis. Not a servicing basis. e.g. if you went to a servicing IFA they would have all your details and would periodically update them and keep a log of events. A bank (or transactional individual) deals with the transaction in hand and then moves on. The record keeping is enough for that transaction only. Also, that pdf shows that they do not retail loanguard under advice. So, the seller does not have to keep a record of your personal details.

If it is a personal loan and this is loan PPI as I suspect it is, then you can complain on the basis as all the other personal loan people are doing.

:T:T wow you certainly know your stuff as well:A glad there is someone who knows about this from an expert point of view:cool::cool:

sunnygirls

Thanks yes it does its says £10,000 loan £1529.36 insurance loan ,ive checked all details they are the same account no, date , everything (i thought perhaps they had mixed it up with some other person) ive copyed agreement and im going to send them off straightaway thanks Sunny

Frith

Well, I've been waiting MONTHS for HSBC! Wrote to the FOS a couple of weeks ago and had a reply yesterday.

It says "We are currently receiving very high volumes of enquiries and we will provide you with a full response as soon as we can".

Has anyone else had one of these? I'm hoping everything is progressing as it should...

L

gil8967

dunstonh wrote: »

The further advance you mention; is that a personal loan, secured loan or a further advance on the mortgage? It sounds like a personal loan as mortgages from the mainstream lenders take PPI and insurances on monthly direct debit from your current account. They are not part of the mortgage. This is one of the reasons you dont see so many complaints on the mortgage PPI side. It could be a secured loan but thats unlikely as £9000 is lower than most minimum secured loan amount.


You need to find out what it is to begin with. Then at least you know what the cover offered is. You also need to check what type of loan you have as I dont think its a mortgage. I suspect you havent done a further advance under mortgage rules but a personal loan instead or maybe a secured loan.

http://www.rbs.co.uk/content/personal/loans/other_options/downloads/LoanGuard.pdf

Also, you shouldnt assume that the bank knows what insurances or personal/employer provision you have. There is no reason for a bank to record that information in depth and as cirucmstances change, they couldnt rely on old info if they did. Banks operate on a transactional basis. Not a servicing basis. e.g. if you went to a servicing IFA they would have all your details and would periodically update them and keep a log of events. A bank (or transactional individual) deals with the transaction in hand and then moves on. The record keeping is enough for that transaction only. Also, that pdf shows that they do not retail loanguard under advice. So, the seller does not have to keep a record of your personal details.

If it is a personal loan and this is loan PPI as I suspect it is, then you can complain on the basis as all the other personal loan people are doing.

Hi Dunstonh,

Thanks for your help. I have checked everything now. Yes the £9,000 was a further advance on our morgage. The cover for our excisting Life Assurance changed when we received the further advance, so panic over. Thanks again for your help. Gill

di3004

sunnygirls wrote: »

Thanks yes it does its says £10,000 loan £1529.36 insurance loan ,ive checked all details they are the same account no, date , everything (i thought perhaps they had mixed it up with some other person) ive copyed agreement and im going to send them off straightaway thanks Sunny

Cool.
It may have been a genuine mistake with them, but at least now you can rectify this with them, good luck and any further help, please ask.;)

Di

di3004

ACEY wrote: »

Well, I've been waiting MONTHS for HSBC! Wrote to the FOS a couple of weeks ago and had a reply yesterday.

It says "We are currently receiving very high volumes of enquiries and we will provide you with a full response as soon as we can".

Has anyone else had one of these? I'm hoping everything is progressing as it should...

L

Hi there

Yes there have been many.
Due to so many of these complaints, they probably have a backlog.
Contact them maybe every 2 weeks if you want to for an update.
Good luck.

Di

cot1198

mlucyminx wrote: »

Hi everyone,

I phoned Financial ombudsman yesterday re my claim against ocean finance.

The adjudicator had ruled in my favour with my claim against ocean but when I phoned up to chase it about a month ago I was told all claims against Ocean had been put on hold as the FOS were in talks with ocean. Anyway yesterday i decided to give my adjudicator a quick ring for an update. He told me they had had a response from ocean but wasnt sure what it was as he didnt have it to hand. I'm assuming its not good news as I figure I would have had payment by now. I asked him about three times if cases were still on hold or not and he just evaded my question by saying "like I said in your case we have had a response and I will get back to you with what they have said" So my question is - Has anyone else got any info on what might be happening with Ocean Finance?

Thanks everyone xx

Hi mlucyminx

I have a case with FOS regarding Ocean Finance and Mortgages that has been with them 11 months.
I phoned the other day to see what was happening and was told it was still waiting to go to an adjudicator, but they had taken on extra staff so would not be too long. No mention of a hold on cases with Ocean. The thing I've found with the FOS is they play their cards very close to their chest and only tell you anything when they need to. If all claims with Ocean are on hold then the people claiming should be told and given the reason why.