PPI Reclaiming Discussion part 4

tiggrae

mlucyminx wrote: »

OCEAN FINANCE UPDATE

FOS ruled in my favour regarding mis selling of ppi of about £2.500. Ocean have written back to FOS offering me jus under £700. apparently trying to change the original front loaded loan to a monthly premium???????

Obviously I rejected their pathetic offer and have been informed it will now move from adjudicator to an actual ombudsman.

I have a horrible feeling I am going to end up losing out big time on this case.

the total loan for ppi with interest added was over £4,000 so with interest and everything I was looking at about £5k.

How can that horrible rip off company get away with so much?

did you end this loan early or did it run full term ?

tiggrae

di3004 wrote: »

Hello there

Hopefully Dunstonh will be able to answer to this one and will be along soon, good luck with this.;)

Cardiff Pinnacle are the underwriters of the PPI Insurance - as you paid off your Northern Rock loan early what it looks like is the PPI element wasn't cancelled and they've continued to charge you. You need to CANCEL it straight away - put in a claim for mis selling to Northern Rock for 2005 - 2008 - then to Cardiff Pinnacle for unfair contract term which allowed them to continue charging for a now useless Insurance Policy, for the remainder of the time period!!

SLN14

Hi,

I have been claiming mis-sold PPI on four Lloyds TSB loans for both my partner and me. Our first letters were sent back in July, I have now received three out of the four responses, which are as follows;

Loan 1; £7,500.00 PPI amount £1,758.68
Loan 2 - £22,500.00 PPI amount £5,201.75
Loan 3 - £25,000.00 PPI amount £5,201.75

Lloyds TSB are not prepared to uphold any of our complaints, apparently Lloyds TSB staffs are trained to provide both oral and written documentation at the time the loan was offered to us and that we would have been given a policy document, which they would have explained to us. Strangely enough we never saw this document! Oh and the best of it, is that this was then recorded in a personal summary documentation which again we have never seen before!!! However a copy was attached to their letter that shows it should have been signed by the advisor, which it has not! and it doesn’t really say anything other than what they should have informed/given us!!!!

Anyway, two out of the three loans Lloyds TSB have offered some sort of rebate, one being a £1000 as we paid one of the loans early and the insurance rebate at the time was quite low in comparison to our monthly payments made. The other loan is still running, so when I sent our first letter back in July I asked to cancel the PPI on the loan, and so they have offered to back date the PPI payments we have made to date at £1200.00, which I find strange as I only made the figure amount to approx £600.

I have already contacted the Ombudsman a couple of weeks ago regarding these complaints prior to the recent letters, could anyone offer some advice? Do I go back to Lloyds or do I forward these letters onto the Ombudsman and has anyone had this kind of response before?

amersall

SLN14 wrote: »

Hi,

I have been claiming mis-sold PPI on four Lloyds TSB loans for both my partner and me. Our first letters were sent back in July, I have now received three out of the four responses, which are as follows;

Loan 1; £7,500.00 PPI amount £1,758.68
Loan 2 - £22,500.00 PPI amount £5,201.75
Loan 3 - £25,000.00 PPI amount £5,201.75

Lloyds TSB are not prepared to uphold any of our complaints, apparently Lloyds TSB staffs are trained to provide both oral and written documentation at the time the loan was offered to us and that we would have been given a policy document, which they would have explained to us. Strangely enough we never saw this document! Oh and the best of it, is that this was then recorded in a personal summary documentation which again we have never seen before!!! However a copy was attached to their letter that shows it should have been signed by the advisor, which it has not! and it doesn’t really say anything other than what they should have informed/given us!!!!

Anyway, two out of the three loans Lloyds TSB have offered some sort of rebate, one being a £1000 as we paid one of the loans early and the insurance rebate at the time was quite low in comparison to our monthly payments made. The other loan is still running, so when I sent our first letter back in July I asked to cancel the PPI on the loan, and so they have offered to back date the PPI payments we have made to date at £1200.00, which I find strange as I only made the figure amount to approx £600.

I have already contacted the Ombudsman a couple of weeks ago regarding these complaints prior to the recent letters, could anyone offer some advice? Do I go back to Lloyds or do I forward these letters onto the Ombudsman and has anyone had this kind of response before?

if i were you i would send them to fos maybe phone lloyds first and tell them you are not happy and if they will not improve the offers you will go to fos, they owe you, this is just a stalling tactic, although why they do this is beyond me as they lose in the end. as for the salesperson reading of a script to you, that does not mean you were fully aware of what you were taking on, good luck with this and keep us posted x

kittykins

Hi, this is my sisters problem so I will tell you as much as I know - Sorry it's a long one!
She took out a loan with Barclays some time ago for £45k, she was told she needed to pay an additional £100 per month on some kind of insurance. (Both her and her husband are self employed.)
She was told that if they continued the loan for the full 5 years they would get £11k at the end of the term - cash back. They had some trouble with payments a couple of months back so they contacted Barclays and instead of their insurance kicking in - they were told they could have a 3 month break - not be taken again for another year, and the 3 months payments would be added to the end of the loan. I thought Insurance was to pay the loan in the event you couldn't - am I wrong?
Also they are looking to sell their home and pay off this loan, so whilst she was looking through the paper work - she discovered her original loan was for £56k - the £45 with the £11k cash back added onto it!!!! So she has been paying interest on £56k not £45k and she hasnt even had the £11k, if that makes sense. She called them and said she really didnt think this was something she had agreed to in the beginning and they said as a 'good will gesture' they would refund £1100 but not to her - they would take it off the loan.
When they sell their house they want to pay off the loan - but Barclays have said - if you termintae the agreement early you will not get the £11k cash back!!
Both my husband and I feel she has been ripped off and she should go to the CAB. Any one have any ideas - we feel angry for her!!

di3004

kittykins wrote: »

Hi, this is my sisters problem so I will tell you as much as I know - Sorry it's a long one!
She took out a loan with Barclays some time ago for £45k, she was told she needed to pay an additional £100 per month on some kind of insurance. (Both her and her husband are self employed.)
She was told that if they continued the loan for the full 5 years they would get £11k at the end of the term - cash back. They had some trouble with payments a couple of months back so they contacted Barclays and instead of their insurance kicking in - they were told they could have a 3 month break - not be taken again for another year, and the 3 months payments would be added to the end of the loan. I thought Insurance was to pay the loan in the event you couldn't - am I wrong?
Also they are looking to sell their home and pay off this loan, so whilst she was looking through the paper work - she discovered her original loan was for £56k - the £45 with the £11k cash back added onto it!!!! So she has been paying interest on £56k not £45k and she hasnt even had the £11k, if that makes sense. She called them and said she really didnt think this was something she had agreed to in the beginning and they said as a 'good will gesture' they would refund £1100 but not to her - they would take it off the loan.
When they sell their house they want to pay off the loan - but Barclays have said - if you termintae the agreement early you will not get the £11k cash back!!
Both my husband and I feel she has been ripped off and she should go to the CAB. Any one have any ideas - we feel angry for her!!

Hello there and welcome.;)

I think your sister should write to complain and request they refund the PPI due to the reasons they have, also as you have posted above.

Every policy can vary, so I would also ask your sister to check what they were protected for on the policy, if your sister does not have this then she could contact them to ask if they could send her the policy which should also have the terms and conds of the policy.

Normally a claim can be made if eligible for both sickness and unemployment at least, so if they tried to claim and were turned away they should of course complain on this policy and request they refund every penny they have paid in ppi, plus the interest.

Check on the link below for more info, this is the guidelines to reclaiming of the PPI, template letters and a checklist of mis selling reasons, if you require any help from here give us a yell, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Di

amersall

hi kittykins, tell your sis to go mis sell. this is a front loaded policy and even if you got the cash back after 5 years the original ppi amount will still be on your loan for the remaining term!! if you win mis sell the ppi amount is taken off your loan and put back to the position it was in without the ppi, and you will get all the ppi monthly payments back with8% interest, this will only cost a couple of stamps, tell your sis not to let them get away with this, the ppi alone will reduce the debt a lot and if they want to sell that is extra money for them. do as di says and good luck by the way if the agreement was settled they will not get much of a rebate and they will still pay this ppi in the end settlement figure!!!! please dont let them get away with this

Meeely3

I am popping my MSE Forum cherry here, so be gentle with me.

In December 2005 I/We took out a 40K secured First Plus loan, and I stupidly took out their PPI too. I did not get the "you must have this or you won't be accepted line" but I do remember saying "oh right, so it's like a savings pot? I pay in x every month and if I don't claim in 5 years I get nearly 10k back" "well, madam, we are not allowed to call it that, but in effect yes" she says. At no point was I told that I would be effectively borrowing nearly £50k and paying interest on all of it. I stupidly assumed that out of my £460 odd a month, £300 ish was paying the £40k off and £160 was going into my little 'pot'. 4 years on and I am a year away from getting my 'pot' back, but by that time I will not have paid any of the initial £40k that I borrowed off, so I will just had to give them my pot back to even make a dent in the loan.

My question is, was I missold, or was I just an idiot who didn't read the small print.

It just annoys me because after 4 years I was totally unaware that I wasn't paying my loan off and I still owe £5k more than I borrowed. We are in a pretty pickle right now and I'm not sure which way to turn - claiming the PPI back would be a start - but what happens about the £10k that I have effectively borrowed to pay for 5 years of PPI up front? If I stopped the policy I would owe them an early repayment fee too - surely this can't be right?

Any help or advice regarding first plus would be gratefully received....

Thanks

Emily

di3004

Meeely3 wrote: »

I am popping my MSE Forum cherry here, so be gentle with me.

In December 2005 I/We took out a 40K secured First Plus loan, and I stupidly took out their PPI too. I did not get the "you must have this or you won't be accepted line" but I do remember saying "oh right, so it's like a savings pot? I pay in x every month and if I don't claim in 5 years I get nearly 10k back" "well, madam, we are not allowed to call it that, but in effect yes" she says. At no point was I told that I would be effectively borrowing nearly £50k and paying interest on all of it. I stupidly assumed that out of my £460 odd a month, £300 ish was paying the £40k off and £160 was going into my little 'pot'. 4 years on and I am a year away from getting my 'pot' back, but by that time I will not have paid any of the initial £40k that I borrowed off, so I will just had to give them my pot back to even make a dent in the loan.

My question is, was I missold, or was I just an idiot who didn't read the small print.

It just annoys me because after 4 years I was totally unaware that I wasn't paying my loan off and I still owe £5k more than I borrowed. We are in a pretty pickle right now and I'm not sure which way to turn - claiming the PPI back would be a start - but what happens about the £10k that I have effectively borrowed to pay for 5 years of PPI up front? If I stopped the policy I would owe them an early repayment fee too - surely this can't be right?

Any help or advice regarding first plus would be gratefully received....

Thanks

Emily

Hello Emily and welcome.;)

In my opinion yes you have a case and I would personally go for the mis selling, these policies are a right rip off and the main of us here have been through the same of being mis sold these policies that last only 5 years of the loan, where you would still be paying for the ppi for the life of the loan, say for example a loan of 25 years would only be protected for 5 of those years!
What you must remember as well, if you made a claim for sickness/unemployment etc, then you would not be eligible for any cashback after 5 years, these Single policies are frowned upon dimly.
And now they must stop selling them.

I would check the link below for more info, and you write to the ones who sold you the loan, and with your reasons they have 8 weeks in full to respond.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
You will find useful info on the link, guidelines to reclaiming, with letter templates, and a check list of mis selling reasons, if any of those other reasons occur to you then write them as well.

Post by recorded delivery for your proof of posting, good luck and please keep us dated on this and ask for help when required.;)

Di

Meeely3

Thank you Di - I have actually contacted Brunel Franklin (as recommended on the PPI pages), as I'm not sure I have the confidence and staying power to go it alone. Have you all managed a successful claim of this nature simply using the templates provided? I have no legal back ground whatsoever, so not sure I could decipher the legal jargon thats bound to get spouted at me when they reject my initial claim.

If anyone is willing to hand hold while I go through this process I would be more than grateful - not sure I want to give up 25% of my compensation amount in fees!