PPI Reclaiming Discussion part 4

magpiecottage

The FSA held a consultation on PPI complaints during October. It turns out that 60% of complaints have been turned down by firms but over 75% of those then going to the Ombudsman are overturned.

It looks likely that ALL firms will be required to revisit all complaints made on or after 14 January 2005 that were turned down unless they were either timebarred (i.e. made too late - which seems unlikely) or have gone to the Ombudsman anyway.

The reason the date is to be 14 January 2005 is that the FSA started regulating general insurance on that day. However, they will have to look at it if they subcribed to the General Insurance Standard Council's Code prior to that date. In reality, almost all did because it was a closed shop - no insurer that did subscribed to the code could accept business from an intermediary that did not and vice versa.

There were one or two that didn't - mainly mortgage brokers - but they subscribed to the Mortgage Code which also had rules about PPI.

This doesn't mean you will automatically get a refund but they should look at rejected complaints again. This will probably happen during the course of 2010.

However, it will not be a proactive review of all sales, only rejected complaints - so if you have not complained you won't hear from your lender.

kpwll

That's a glimmer of hope to all those who think that they have lost out on reclaiming. Thank you.

pinknico

My company was Central Capital and I dont think they were covered before 2005.

amersall

raxsis wrote: »

Wow thanks for such a quick and helful reply di3004. Its very much appreciated. I will get all thefact together anf send of the first template letter. I'll keep the thread updated with my progress positive or not.

thanks again

:mad::mad::mad::mad::mad::mad: first crap again,:mad::mad: you go for it , these policys are not fit for purpose, di is right:Ago get em, the fos are not happy with barclays at the moment i am sure if you put your letter to fp you may just get a positive reply!!! tell fp your reasons for mis sell and that you want the ppi taking off the loan and ppi payments made to date back to you with the 8% interest and the loan putting back to the position it would have been without the ppi- trust me on this one. and take a look at this website firstpluscomplaints.co.uk then you will know you were mis sold. good luck with this and keep us posted xx

amersall

raxis,did they tell you when the five years are up the ppi amount is still on your loan and you will pay this back for the remainder of the loan term,WITH INTEREST?

di3004

amersall wrote: »

raxis,did they tell you when the five years are up the ppi amount is still on your loan and you will pay this back for the remainder of the loan term,WITH INTEREST?

Cheers amersall, I forgot to mention about the Interest bit.:T;)XXX

di3004

magpiecottage wrote: »

The FSA held a consultation on PPI complaints during October. It turns out that 60% of complaints have been turned down by firms but over 75% of those then going to the Ombudsman are overturned.

It looks likely that ALL firms will be required to revisit all complaints made on or after 14 January 2005 that were turned down unless they were either timebarred (i.e. made too late - which seems unlikely) or have gone to the Ombudsman anyway.

The reason the date is to be 14 January 2005 is that the FSA started regulating general insurance on that day. However, they will have to look at it if they subcribed to the General Insurance Standard Council's Code prior to that date. In reality, almost all did because it was a closed shop - no insurer that did subscribed to the code could accept business from an intermediary that did not and vice versa.

There were one or two that didn't - mainly mortgage brokers - but they subscribed to the Mortgage Code which also had rules about PPI.

This doesn't mean you will automatically get a refund but they should look at rejected complaints again. This will probably happen during the course of 2010.

However, it will not be a proactive review of all sales, only rejected complaints - so if you have not complained you won't hear from your lender.

Thank you so much for this MagpieCottage.:T
Very helpful and useful, cheers.:beer:

Meeely3

marshallka wrote: »

But what it does not say above is that it is actually a loan to pay for the ppi premium one off payment that is payable with interest for the full term of your loan but only actually covers you for the first 5 years of it.

FOS upholds 99% of complaints against Firstplus and that has to say something here.

Was it Firstplus that actually sold you the loan and PPI or did you use a broker. As you took this in December 2005 this complaint can go to FOS if needed.

Just another thing, FP are known for offering to cancel the PPI and then for you to have an enhanced rebate against it of 78%. This sounds good but its only 78% of the premium and not the premium and interest so do not accept if you are going for misselling. ALso you would be entitled to 8% statutory interest on top of the premium and interest paid. You usually get back all the PPI you have paid to date and interest and 8% statutory interest on top as a cheque and then the rest of the due PPI and interest if taken off the loan and a new loan drawn up without it. Good luck

Thanks for this - just one more thing - having a real issue getting my head round what I will get back if I do have a case (and seems 99% certain that I do). I 'borrowed' 9.5k to pay for the PPI up front, which was then subject to interest. I have paid that back over 4 years (and barely made a dent in it), BUT should they hold their hands up and say, yup missold, here you go, surely the 'refund' just goes to pay off my 9.5k loan? Or do they refund 4 years worth of PPI payments and just right off the rest owing?

I'm properly confused!

tink223

Hello All

I have a loan with Natwest. To be honest I am no good with paperwork and only realised I had PPI when I looked at the paperwork after reading about PPI on this site. The PPI is costing me £50 a month. I don't think I have a case for mis-selling as I really can't remember the dialogue when taking out the loan. Would I be best just cancelling the PPI? I am suffering from anxiety problems as I am desperatly unhappy with my job. I would love to take a step down from my current position but don't feel I could afford it due to my loan.
Any suggestions appreciated.

di3004

tink223 wrote: »

Hello All

I have a loan with Natwest. To be honest I am no good with paperwork and only realised I had PPI when I looked at the paperwork after reading about PPI on this site. The PPI is costing me £50 a month. I don't think I have a case for mis-selling as I really can't remember the dialogue when taking out the loan. Would I be best just cancelling the PPI? I am suffering from anxiety problems as I am desperatly unhappy with my job. I would love to take a step down from my current position but don't feel I could afford it due to my loan.
Any suggestions appreciated.

Hello and welcome Tink223,;)

If you did not require the PPI and it does not meet your requirements, then its not worth paying out for it, you should be able to cancel the PPI at any time, and of course try to reclaim on the PPI as well if you think you were mis sold the product.

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

I would cancel in writing and if you decide to reclaim on the PPI as well, you can do this at the same time, remember though if you can its best to post by recorded delivery, this is your proof of posting, and of course with the postal strikes as well, its worthwhile using this type of posting, good luck and please keep us posted.;)

Di