PPI Reclaiming Discussion part 4

beginner52

Good afternoon,

I am seeking advice on PPI misselling. My wife took out a loan for £15k over 84 months with LTSB in 2004, she was 62 at the time. She was informed that in order for the loan to progress she would have to take out PPI at a total cost of £4,476 or £77.45 per month. Having no other option as, at the time, I was credit blacklisted, she agreed and signed. In 2007 the bank called us in and offered a further loan of £16k with a PPI monthly payment of £73.15 resulting in a total PPI repayment of £150.06. Shortly after this was agreed she received a letter from LTSB infoming her that, as she was 65, the unemployment cover in the policy was no longer available although payments were not received or reduced. She queried this and the reply was the the loan would be paid off sooner, no choice was given to reduce monthly payments and nothing received in writing. I am new to this and therefore my questions are:-

1) Does she have a case?
2) If so will she have to make two claims?
3) Can she demand that the money is placed in our account and not used to reduce the loan?
4) Should the loan repayments be restructured?

Thank you for your time in reading this.

di3004

misscutiepie1984 wrote: »

The account is still running (since 2004) although im making redcued payments.... I didnt receive anything about phone calls etc im not so fussed about that, but the main reason I applied for my SAR was so that I know what charges have been applied to my account as i believe them to be unfair.

Looking at my original agreement I have more than paid back the amount i borrowed plus apr and ppi which I believe i may have HAD to take out... this should have I believe this should have been paid of in may/june but i was told i still owed about £2,800 this is all in additional interest linked to making reduced payments at the rate of 20.74% which i think is unfair especially as im in a DMP and i am being responsible for my debts.

Hi there hun.;)

Thanks for posting on this matter.

It's up to you if you want to send on the follow up letter for the SAR, and sometimes when requesting for copies of phone calls they do sometimes provide free of charge, the phone calls side of it helped my case with the FOS, but its entirely up to you.;)

Its a joke isn't it, very costly indeed.

di3004

beginner52 wrote: »

Good afternoon,
Good afternoon and welcome.

I am seeking advice on PPI misselling. My wife took out a loan for £15k over 84 months with LTSB in 2004, she was 62 at the time. She was informed that in order for the loan to progress she would have to take out PPI at a total cost of £4,476 or £77.45 per month. Having no other option as, at the time, I was credit blacklisted, she agreed and signed. In 2007 the bank called us in and offered a further loan of £16k with a PPI monthly payment of £73.15 resulting in a total PPI repayment of £150.06. Shortly after this was agreed she received a letter from LTSB infoming her that, as she was 65, the unemployment cover in the policy was no longer available although payments were not received or reduced. She queried this and the reply was the the loan would be paid off sooner, no choice was given to reduce monthly payments and nothing received in writing. I am new to this and therefore my questions are:-


1) Does she have a case?
I think your wife has a case going by what you have stated.

2) If so will she have to make two claims?
Yes, remember to write both account numbers on the same letter, they may split them but if the same reasons there is no harm in keeping this to one letter.
3) Can she demand that the money is placed in our account and not used to reduce the loan?
If no arrears, I would definately request they do this, besides as they mis sold this to your wife, she has been out of pocket due to this, and I believe the money should be refunded directly back to her.
4) Should the loan repayments be restructured?
Lately I have been reading that on cancelling PPI, they tend to now offer a new loan without PPI, I would definately check on this one, as they differ from one bank to another.
Then what happens is when you reclaim, and if successful they will refund the whole lot of PPI back, with my experience of Lloyds TSB, I have not got as far as the loans yet but the credit card ppi, which was finally successful, but not with Lloyds, but the FOS.
I'm sure if Lloyds do not resolve this the FOS will.;)

Thank you for your time in reading this.

Your welcome.

When writing to them, you do not need to write the amounts, but give the reasons.

They have 8 weeks to respond in full.

Keep at them until they resolve and/or issue you with the final decision, which should also enclose details of the financial ombudsman service (FOS), you can take your complaint to them if your not happy with the outcome.

As stated above, if 2 loan ppi mis sales from LLoyds, write in the same letter, and write the 2 account numbers.

Post by recorded delivery, this is your proof of posting.

For more information, check out Martin's useful guidelines of reclaiming here below, there are also templates, if you want to use them, or as a guide, good luck and please keep us posted, cheers.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Di
X

misscutiepie1984

di3004 wrote: »

Hi there hun.;)

Thanks for posting on this matter.

It's up to you if you want to send on the follow up letter for the SAR, and sometimes when requesting for copies of phone calls they do sometimes provide free of charge, the phone calls side of it helped my case with the FOS, but its entirely up to you.;)

Its a joke isn't it, very costly indeed.

They are really playing hard bal, i also have 2 credit cards with same creditor within my DMP and they have no increased my apr from 1.5 and 2 % to 12.9% funny it only happened after i have been kicking up a fuss.

di3004

misscutiepie1984 wrote: »

They are really playing hard bal, i also have 2 credit cards with same creditor within my DMP and they have no increased my apr from 1.5 and 2 % to 12.9% funny it only happened after i have been kicking up a fuss.

How annoying.......:mad:, there is just no understanding at difficult times is there hun?
We have some issues with Lloyds TSB at the moment, we have opened a new account elsewhere as advised on the DFW thread.

misscutiepie1984

i had my troubles with them too but went to FO and won

stereo_mike

Just thought I would let you know what the FOS are currently up to.

When a case is referred to an Ombudsman, it is now not actually being referred to an Ombudsman they are instead passing cases onto another adjudicator, who writes out to the client and the firm stating the case in favour of the client. The only problem is that the Adjudicators are sending standard letters on every case, which have virtually no relevance to what actually happened.

To highlight the above I received a letter from the FOS yesterday stating that due to the case being an advised sale certain things should have happened, the only problem being the case was non-advised. The FOS are basically wasting everybody's time even more.

If the company or the client doesn't agree with the Adjudicators response then the case can finally be referred to a real Ombudsman.

The FOS are also still unable to look at cases that were pre-reg and the company did not subscribe to GISC. Although they are trying to pursue the Insurer route for complainants, the broker or lender would have to be tied to the insurer for this to have any weight. In a lot of cases this does not apply.

marshallka

stereo_mike wrote: »

Just thought I would let you know what the FOS are currently up to.



The FOS are also still unable to look at cases that were pre-reg and the company did not subscribe to GISC. Although they are trying to pursue the Insurer route for complainants, the broker or lender would have to be tied to the insurer for this to have any weight. In a lot of cases this does not apply.

I have been in touch with them myself this afternoon and have had the same update regards the insurer. Mine is unfair rebate and they still have no news on this and say that there is lots of legal stuff about getting insurers to take complaints and it could be a long time. I am now thinking I should give up with mine. They have obviously tried but I was told in July 3 months maximum and then today "he does not know just how long" etc etc etc. He said it was all new about insurers and its about they go about proving the rebate was unfair etc.... this really means that I should give up I suppose. ALso for getting insurers to take complaints for misselling issues its again a case of proving them responsible and they are of course kicking up a fuss. I just wish there were set rules in place (and there are supposed to be) and that someone KNEW something. At the moment it seems all the legal people are fighting their own corners and nothing is happening. I asked if it would be looked at this side of Christmas and he still said he did not know.:mad:

And how can there be no lender/insurer relationship TIE with Firstplus and their insurers who at the time were Lloyds. They actually call it a Firstplus policy and the brokers ONLY offer FP policies on FP loans. Relationship full stop in my book.

pinknico

I now have an HFC one being looked at where they are seeing if the insurers are responsible. Mine is a case where the PPI was added without me asking for it before HFC were regulated.

I do think this is more a case of fraud rather than mis selling and should be a general complaint not a PPI complaint and HFC should have to explain how the PPI got there! My credit agreement even says pay £41 and they were taking £48!

kelly1410

Hi, I'm new to this, took out a loan with HFC in 2003 and have been regretting it ever since. Was told by the guy in the shop that i had to have PPI to proceed with the loan, and at the time didn't know any better. I don't even remember being told any information on wot the PPI would cover and how much it would cost. After a year or so, my partner fell out of work and we missed a few a payments. We were blacklisted and issued a default notice which has caused us massive problems over the years with other finance applications. Hence my PPI reclaim! for a loan of £3000 we have repaid nearly £18K!!! we have less than one year left on it now, but hope that we can get some money back!

I asked for a copy of my original agreement with them, as i don't have one (can't remember having one either) and was only sent a statement of all the payments made in the last year, but it did state that i have PPI insurance but doesn't show how much it is costing me or whether it was taken as a lump sum?

I have sent off the first stage letter to reclaim PPI from HFC bank (already fined by FSA) and received a response to my complaint within a week, which says that a thorough investigation will be conducted into the issues i have raised and they will get back to me. i also received a leaflet about their complaints procedure, but its pretty evasive and doesn't give any timescales to responses i should get.

I'm not sure what stage i'm at now, possibly step 1? how long should i wait for them to come back to me? should i write to them again? Is there anyone on this forum that has reclaimed from HFC successfully or know what i should do next?

Any advice would be greatly received