PPI Reclaiming Discussion part 4

di3004

MissHennyPenny wrote: »

Hi,
Hi there and welcome.

I've been reading all the messages on here over the last few nights and I am now ready to start my PPI claims. There is so much good advice on here and loads of experts to hopefully someone can help me.
We have been through this ourselves and know what its like to be ripped off, so with our experience we will help you all we can.;)

My first one is with M&S Credit Card. I've had this card since at least 2002 and now I look back on my statements I have been Paying PPI since then. My current balance is around £8,000 and I am currently paying £60 a month - can't believe I have been so stupid and let this carry on so long. At the very least I will cancel and be paying this amount off each month rather than giving it to them!It's a lot of money, and adds up over the years!

I can't remember how I applied for the account but I am absolutely certain that if it had been explained to me properly I would definitely have declined it. I have a very secure job and would receive full pay for 12 months in the event of illness, so why would I need PPI?
In this case then there is no need for you to have this ppi as well then, I assume they must have just automatically added this, or if you were aware, you would not have taken this out and of course if given the option.

Sorry if I am asking the same questions as have been answered loads of times on here but do I start with Stage 1 template or SAR?
An SAR would be a good start, you can still continue to reclaim though, if you have your account number details, which I assume you would have if your still paying for this, you will find the account number on your statements.

Hoping someone can help me, I am just starting out on this journey

We will do what we can to help you, as Finatra also said, with the help from this site and templates etc, you will not go far wrong here, so give it a go.

First of all here is the link to the SAR template with details here:
http://forums.moneysavingexpert.com/showthread.html?t=1475553
Post by recorded delivery, this is your proof of posting, and the same for the reclaim letters.

For more info on reclaiming the PPI, link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Check through the link, you will find useful info, checklist of mis selling reasons and templates, you do not have to use the templates though, but as a guide with your own words if you want to and add your reasons.
Do not worry about writing the amounts down though.

Good luck with this and let us know how you get on, and also post up for help when required.;)

Dellboy_3

stereo_mike wrote: »

I'd do the cases for them!! Then you're friend could donate the 25% to charity; the stereo_mike christamas drinking fund is quite low at the moment, or Cancer Research, the charity I do all my running and fund raising for.

If these company's were honest they would not charge a percenatge fee on anything they get, they would charge a flat rate fee. Why should someone be charged more because they paid a bigger premium, or they took the PPI insurance out longer ago than someone else?? It is no more difficult to reclaim £500 in PPI insurance than it is £20,000.

The sooner proper regulation is applied to these company's the better!!

I only used 25% as a figure a local company actually chages £200 to get the ppi back and i think 5% of the interest recieved for premiums paid .
But he is just a lazy git

stereo_mike

Dellboy wrote: »

I only used 25% as a figure a local company actually chages £200 to get the ppi back and i think 5% of the interest recieved for premiums paid .
But he is just a lazy git

Just check that the £200, isn't per application/loan. A lot of company's do this tactic, and you actually end up owing thousands.

bgarnish

Im thinking about claiming back on the missold PPI on a loan i took out last year.

Im only one year into my 5 year loan but didn't realise that i have insurance on the policy. Which i do not need.

The thing is im needing to take out an extra £2,000 to clear some overdraft debt that i have inquired over the past year, being out of work temporarily.

Will this effect me getting a top up on my loan, claiming on the ppi. Or should i not claim?

any advice is more than welcome and thanks.

B

thec1aw

Hi,
I have just phoned egg to get an update, the adjudicator and the ombudsman, had ruled in my favour. Good news the ysay the checques are in teh post. Bad news it isn't for as much as I thought.... Basically it isn't for as muc has the Adjudicator said it should be for...? Has anyone else experienced this?

Many thanks

di3004

bgarnish wrote: »

Im thinking about claiming back on the missold PPI on a loan i took out last year.

Im only one year into my 5 year loan but didn't realise that i have insurance on the policy. Which i do not need.

The thing is im needing to take out an extra £2,000 to clear some overdraft debt that i have inquired over the past year, being out of work temporarily.

Will this effect me getting a top up on my loan, claiming on the ppi. Or should i not claim?

any advice is more than welcome and thanks.

B

Hello there

If this was mis sold to you (this does seem to be the case as you were not aware of this), then you have a right to reclaim.
However as you require a top up, you could cancel the PPI first with them, and suggest they take out a new loan without the PPI, on the same rate equal to the existing loan, then reclaim afterwards.
With this you will be paying off the existing loan, tell them you do not require the PPI, and when this is sorted then reclaim on the mis sold one afterwards.

For more on reclaiming check this link here first and take it from there, if you require further help please ask, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

di3004

thec1aw wrote: »

Hi,
I have just phoned egg to get an update, the adjudicator and the ombudsman, had ruled in my favour. Good news the ysay the checques are in teh post. Bad news it isn't for as much as I thought.... Basically it isn't for as muc has the Adjudicator said it should be for...? Has anyone else experienced this?

Many thanks

Hi there, was this an offer, or do they aim to put you back in the position as if you did not have PPI?

thec1aw

di3004 wrote: »

Hi there, was this an offer, or do they aim to put you back in the position as if you did not have PPI?

It should be that they are putting back in the position as if I did not have PPI. However the amounts they are sending are well below the amounts the adjudicator originally worked out I am owed.

pinknico

did you get a rebate when you settled the loan thec1aw?

amersall

phone your adjudicator, the company must do what the fos has told them. did you have any arrears on this product? as they take that back out of your compensation that may be why the refund is smaller.