PPI Reclaiming Discussion part 4

di3004

igiveup wrote: »

Hi di3004,

It was yourself who talked me through what to do to start the claim.
Can't thank you enough, amazing ! He's saying thanks to me but it's yourself and others here that really are making huge differences to folk's finances.
More power to your elbow !

Hi hun

lol arh right, but you still did all the work:D.;):T:T, well done, so happy to hear the outcome is a good one.:j:j, and your very welcome. XXX

mobbonkhouse

Hello there everyone, happy new year and all that.

I was just hoping someone might be able to give me a bit of advice about a PPI claim I am hoping to make against Lloyds TSB. The claim relates to several loans, here are the pertinent facts (as far as I can remember them: the details are home and I am currently slacking off at work writing this)

Loan 1a
2003

I took this loan out when I was young and ignorant. I took the PPI as I didn't really know any better.

Looking back over the paperwork, I have found that on the 'Loan Protection Agreement' form, there are two boxes above my signature which have not been ticked, relating to a couple of bits of paperwork I am supposed to have agreed that I had received.

Loan 1b
2004

This loan paid off 1a, plus a bit more. Again, I didn't really understand PPI, or what I was getting into, or that there were alternatives to buying it through the bank.

Interestingly (or, not that interestingly), I looked at a recent statement for this loan and it said the % on this loan was 7.57. On my original loan agreement it said 7.8

I finished paying off this loan last year. More on this in a bit.

Loan 2a
May 2005

Ok, so this loan was for a significant amount of money and I believe that I was told that I had to take out the PPI in order to have the loan. No mention was made of alternatives to this insurance and I felt pressured into taking the policy. I didn't really have a clue how much the PPI was going to cost me.

Loan 2b
Nov 2007

This loan paid off Loan 2a plus a bit more. When I took this loan out, I had finally woken up to the costs of PPI and the fact that you could take alternative insurance out elsewhere (thanks to this website!). I asked for the PPI to be taken off Loan 1b at this point, but was told that if I did that, they would have to renegotiate the loan interest (it was a graduate loan, so only 7.8%).

I said I did not want PPI on loan 2b, the chap in the bank said that he had to put the PPI on the loan to authorise it, and that I would have to bring in evidence of equitable cover within 30 days if I wanted to remove the PPI from it, which I did.


Anyway, there you have it!

For Loans 1a and 1b I think I was naive and didn't have the full consequences of PPI explained to me.

For Loan 2a I think I was pressured into it.

So, I have a few questions:

1) Do people think I have a case to reclaim here? I think I should certainly be entitled to a refund of PPI paid beyond Nov 2007 on Loan 2a as I asked for the PPI to be removed and was told I had to renegotiate the %, which, as I understand it, is not allowed?

2) I see that some people are claiming on separate loans with separate letters, but am I right in thinking that due to my circumstances I am better off reclaiming all in one go?

3) Does that fact that I said no to PPI on Loan 2b work as evidence that up until that point I didn't really have a clue how much PPI would cost me?

Right, I had better get on with some work before I get sacked and have to claim on my PPI!

Any help much appreciated!

di3004

Hello there Mobbonkhouse.

With any reasons you may have for being mis sold then give it a go.

If you were mis sold for the same reasons on all loan ppi, then keep it all in one letter but to remember to write every account number at the top pf the letter you send.

You do not have to write any figures/amounts on the letter, so not to worry about that at this stage.
They should actually send you a full detailed written breakdown on request of each loan.

The link below is very useful of Martin's, check this out, there are also templates, you can use these or just as a guide with your own words, and also check the checklist of reasons that may also occur to you.
They have 8 weeks in full to respond and post by recorded delivery for your proof of posting.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good luck, please keep us posted and ask for help anytime.;)

tiggrae

mobbonkhouse wrote: »

Hello there everyone, happy new year and all that.

I was just hoping someone might be able to give me a bit of advice about a PPI claim I am hoping to make against Lloyds TSB. The claim relates to several loans, here are the pertinent facts (as far as I can remember them: the details are home and I am currently slacking off at work writing this)

Loan 1a
2003

I took this loan out when I was young and ignorant. I took the PPI as I didn't really know any better.

Looking back over the paperwork, I have found that on the 'Loan Protection Agreement' form, there are two boxes above my signature which have not been ticked, relating to a couple of bits of paperwork I am supposed to have agreed that I had received.

Loan 1b
2004

This loan paid off 1a, plus a bit more. Again, I didn't really understand PPI, or what I was getting into, or that there were alternatives to buying it through the bank.

Interestingly (or, not that interestingly), I looked at a recent statement for this loan and it said the % on this loan was 7.57. On my original loan agreement it said 7.8

I finished paying off this loan last year. More on this in a bit.

Loan 2a
May 2005

Ok, so this loan was for a significant amount of money and I believe that I was told that I had to take out the PPI in order to have the loan. No mention was made of alternatives to this insurance and I felt pressured into taking the policy. I didn't really have a clue how much the PPI was going to cost me.

Loan 2b
Nov 2007

This loan paid off Loan 2a plus a bit more. When I took this loan out, I had finally woken up to the costs of PPI and the fact that you could take alternative insurance out elsewhere (thanks to this website!). I asked for the PPI to be taken off Loan 1b at this point, but was told that if I did that, they would have to renegotiate the loan interest (it was a graduate loan, so only 7.8%).

I said I did not want PPI on loan 2b, the chap in the bank said that he had to put the PPI on the loan to authorise it, and that I would have to bring in evidence of equitable cover within 30 days if I wanted to remove the PPI from it, which I did.


Anyway, there you have it!

For Loans 1a and 1b I think I was naive and didn't have the full consequences of PPI explained to me.

For Loan 2a I think I was pressured into it.

So, I have a few questions:

1) Do people think I have a case to reclaim here? I think I should certainly be entitled to a refund of PPI paid beyond Nov 2007 on Loan 2a as I asked for the PPI to be removed and was told I had to renegotiate the %, which, as I understand it, is not allowed?

2) I see that some people are claiming on separate loans with separate letters, but am I right in thinking that due to my circumstances I am better off reclaiming all in one go?

3) Does that fact that I said no to PPI on Loan 2b work as evidence that up until that point I didn't really have a clue how much PPI would cost me?

Right, I had better get on with some work before I get sacked and have to claim on my PPI!

Any help much appreciated!

you definately have a reasons for mis selling - I would put in two claims one for the 1st 2 loans and one for the 2nd 2. I would put down everything that you've told us - don't use the standard template put down what actually happened, especially about being required to bring in proof of alternative insurance - this type of insurance was never compulsory so you shouldn't have been asked for this - can you remember the name of the person in the bank who requested this by any chance?

mobbonkhouse

Thanks di3004 and tiggrae, your help is much appreciated.

Tiggrae, you recommend sending two separate claims, but the thing that worries me is that if I do them separately, I will have to make reference in my claim for Loan1a/b to the refusal to cancel the PPI when I went to take out Loan 2b. Also, isn't my claim a bit woolly on 1a/b? Naive, didn't fully understand etc?

I'm a little confused about their request to see evidence of other insurance as in Martin's article it says:

"although it can request that you have PPI from somewhere, it does not have to be from them."

So was he not within his rights to see evidence of alternative insurance? Or do you mean that he wasn't allowed to suggest that the PPI would have to stay on until I had shown that I had alternative insurance? He did give the antinsurance paperwork I brought in a thorough going-over, I must say!

I can't remember the name of the guy in the bank, but I suppose I could find this out fairly easily from the branch.

Edit:

Just to come back to this:

"1) Do people think I have a case to reclaim here? I think I should certainly be entitled to a refund of PPI paid beyond Nov 2007 on Loan 2a as I asked for the PPI to be removed and was told I had to renegotiate the %, which, as I understand it, is not allowed?"

Martin's guide states that:

"Prior to Mar 07 some contracts had terms that said you could not cancel the policy even if you had paid off your loan or had a change of circumstances. Since the FSA looked into these refund terms, cancelling is now possible for all current and future contracts. So if you tried to cancel your policy and were told you weren’t allowed or that you needed to take out a new agreement with different terms, go to the how to reclaim section."

But I have found reference in the forums to the fact that banks can recalculate terms if PPI is cancelled.

bronwin

Hi everyone and a Happy New Year
I took out a loan in 1998 with First National Bank which was taken over by GE Money. the loan was for £10,000 over 300 months at £130.90 a month
which equals approx £39,000 plus the usual con. PPI (which I later found out it only lasted 5 years) 299 payments of £16.45 = £4,918.55 a total of £43918.55 seems a lot of money for a loan of £10.000
I first wrote to them using Martins template letter in January 2007 compaining of misselling after using the second template letter here is there response
Your complaint complaining about something that happened in March 1998.As you are no doubt aware, under the FSA's Dispute Resusolution Rules we
are entitled to reject a complaint witout considerating its merits fot one of the following reasons, either:
the event occurred more than six years ago, or
More than 3 years have passed since you ought to have realised you had cause to complain- which ever is longer
I would also like to point out that in any event the amount of time that has passed would make it exeptionally difficult to realistically investigate the complaint
You cannot raise this complaint with the FOS due to the sale of the policy taking place in 1998.
Any suggestions ? they say it would be difficult to investigate. if I stopped paying it wouldn't take long to investigate.
any advise is most welcome
Thanks

di3004

bronwin wrote: »

Hi everyone and a Happy New Year
I took out a loan in 1998 with First National Bank which was taken over by GE Money. the loan was for £10,000 over 300 months at £130.90 a month
which equals approx £39,000 plus the usual con. PPI (which I later found out it only lasted 5 years) 299 payments of £16.45 = £4,918.55 a total of £43918.55 seems a lot of money for a loan of £10.000
I first wrote to them using Martins template letter in January 2007 compaining of misselling after using the second template letter here is there response
Your complaint complaining about something that happened in March 1998.As you are no doubt aware, under the FSA's Dispute Resusolution Rules we
are entitled to reject a complaint witout considerating its merits fot one of the following reasons, either:
the event occurred more than six years ago, or
More than 3 years have passed since you ought to have realised you had cause to complain- which ever is longer
I would also like to point out that in any event the amount of time that has passed would make it exeptionally difficult to realistically investigate the complaint
You cannot raise this complaint with the FOS due to the sale of the policy taking place in 1998.
Any suggestions ? they say it would be difficult to investigate. if I stopped paying it wouldn't take long to investigate.
any advise is most welcome
Thanks

Hello and welcome.;)

First of all that is basically a standard response, because it may have only been recently that you have learnt of the mis selling of the PPI.

I would try to find out who the insurer was for this and pursue with them instead, as they were possibly protected whereas you can take to the FOS.

This have been the case for many of us here, so we have gone through the insurer where the FOS consider investigating through them instead as they are also classed as responsible, not that we were all aware of this before though, but the FOS have actually accepted mine through the insurer due to more or less the same reason as yours, and now waiting to be passed on to a adjudicator.

If you have any paperwork there of the insurer write to them as you have done to the other, treat it the same as you did with the other and they have 8 weeks in full to respond.
If you cannot find the insurer/also known as underwriter the details on any of your paperwork then contact the loan business who should let you know the details.
Tell the insurer you have already been through the process with the lender/broker and understand that these also have a responsibility in regards of the PPI.

It is possible they may try to fob you off, but at least you can or should be able to take to the FOS this way.;)

Hope this helps, please keep us posted.

bronwin

Thank you very much for your quick reply I have found the old aggrement it looks like "Cassidy Davis Insurance Services" is one of them as they are "Subscribing Insurers" and the Schedule has been signed by Bennet Gould & Partners. it states if I need to claim contact Cassidy which I will try
thanks

di3004

bronwin wrote: »

Thank you very much for your quick reply I have found the old aggrement it looks like "Cassidy Davis Insurance Services" is one of them as they are "Subscribing Insurers" and the Schedule has been signed by Bennet Gould & Partners. it states if I need to claim contact Cassidy which I will try
thanks

Your welcome.
Its well worth a shot and if I remember correctly I am sure others on here have reclaimed through these, they will post up I expect to give you some advice on these and/or of their experience, good luck.;)

marshallka

bronwin wrote: »

Thank you very much for your quick reply I have found the old aggrement it looks like "Cassidy Davis Insurance Services" is one of them as they are "Subscribing Insurers" and the Schedule has been signed by Bennet Gould & Partners. it states if I need to claim contact Cassidy which I will try
thanks

Hi, if you make the complaint against Cassidy Davis (Jubilee insurance now I think;)) then I would think that FOS will accept it against them. I would call FOS first to explain your circumstances and see what they suggest. I had a complaint against Cassidy for an unfair rebate when we settled early so have no idea about the misselling side but i do know that FOS are accepting complaints for misselling against insurers.

Good luck