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PPI Reclaiming Discussion part 4

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Comments

  • antzd
    antzd Posts: 9 Forumite
    Hi guys,

    Having read the main area on PPI's I wonder if anyone could advise me if i 'should' put in a claim.

    I'll try to make it short !

    Had a loan with PPI in 1998 ( £2000) , then another loan with the same company in 2000 (£5000) , this second loan paid off what was left on the first loan.

    I was a self employed at the time and this is stated on the loan agreement for both, which i have.

    I was at the time the loan was taken, and still am, a gardener/landscape gardener.

    I still have the T & C's of the PPI policy and having looked again at them i think i may have been mis-sold the policy.

    The points that concern me in the text are ;

    UNEMPLOYED OR UNEMPLOYMENT :

    TEMPORARY CESSATION OF TRADING OR PERIODS OF UNEMPLOYMENT DUE TO SHORTAGE OF WORK ARE NOT COVERED.

    EVIDENCE OF CESSATATION MUST BE PROVIDED.

    Being in my line of work this can and does happen at time's, so was the policy worthless?

    EXCEPTIONS :

    UNEMPLOYMENT WHICH REGULARLY OR NORMALLY OCCURS IN YOUR OCUPATION, OR WHICH ARISES AS A RESULT OF THE TERMINATION OF A FIXED-TERM, TEMPORARY OR SEASONAL CONTRACT,

    Again, this has happened before with seasonal contracts and you can lose a contract at any time due to the client changing contractor or terminating your conract for other reasons.

    This was some time ago, but could i make a claim ? i still have the paperwork and PPI document.

    The loan was from Marks and Spencer, underwritten by Cornhill insurance, which one should i write to ?

    Any advice would be great. :D

    Ant.
  • di3004
    di3004 Posts: 42,579 Forumite
    antzd wrote: »
    Hi guys,

    Having read the main area on PPI's I wonder if anyone could advise me if i 'should' put in a claim.

    I'll try to make it short !

    Had a loan with PPI in 1998 ( £2000) , then another loan with the same company in 2000 (£5000) , this second loan paid off what was left on the first loan.

    I was a self employed at the time and this is stated on the loan agreement for both, which i have.

    I was at the time the loan was taken, and still am, a gardener/landscape gardener.

    I still have the T & C's of the PPI policy and having looked again at them i think i may have been mis-sold the policy.

    The points that concern me in the text are ;

    UNEMPLOYED OR UNEMPLOYMENT :

    TEMPORARY CESSATION OF TRADING OR PERIODS OF UNEMPLOYMENT DUE TO SHORTAGE OF WORK ARE NOT COVERED.

    EVIDENCE OF CESSATATION MUST BE PROVIDED.

    Being in my line of work this can and does happen at time's, so was the policy worthless?

    EXCEPTIONS :

    UNEMPLOYMENT WHICH REGULARLY OR NORMALLY OCCURS IN YOUR OCUPATION, OR WHICH ARISES AS A RESULT OF THE TERMINATION OF A FIXED-TERM, TEMPORARY OR SEASONAL CONTRACT,

    Again, this has happened before with seasonal contracts and you can lose a contract at any time due to the client changing contractor or terminating your conract for other reasons.

    This was some time ago, but could i make a claim ? i still have the paperwork and PPI document.

    The loan was from Marks and Spencer, underwritten by Cornhill insurance, which one should i write to ?

    Any advice would be great. :D

    Ant.


    Hi there Ant, well meanings you have the paperwork I would go for it as you would require the account numbers to make a reclaim, so give it a go and take if from there, if you keep us posted we can try to help you step by step, such as if they do not uphold in your favour, or other reasons we can try looking at different directions with this, such as the insurer if there is a problem with dates etc.

    More info on reclaiming on the link below:
    http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
    Templates, a checklist of mis selling reasons and so on, you write to the ones who actually arranged and sold you the loans.
    And check the checklist as well for any other reasons that may apply to you.
    Post by recorded delivery as this would be your proof of posting.

    Ask for help anytime as well, good luck, keep us posted on your progess of your reclaiming.;)
    The one and only "Dizzy Di" :D
  • di3004 wrote: »
    Hi hun
    Sorry to hear this.

    We have been waiting for a few weeks over 8 weeks with Lloyds as well in regards of a few loans ppi, we keep chasing them and today received an email to confirm we should hear something by 10-14 days, I'm not holding my breath though, suppose the ways its going it will be with the FOS soon so more waiting.

    I do understand how you feel.

    Wonder in regards of your case if there is a higher dept to contact?

    Am not sure Di he emailed back and said he would know more by Friday this is just being dragged out more and more and I am not even paying the correct amount am paying £80 over the amount I should be could really be doing with the extra cash. Everything going wrong toaster goosed, microwave ancient, making toast in the grill on the oven its notthe same! LOL:rotfl:and think WMach about to go too and then there is the car ooooh never ending the sensor has gone on the ABS so up the proverbial without a paddle and really need my car for work. Oh the joys!
    :jLiving Life to the Full :)
  • Hi All

    Just wanted to explain my situation and see if anyone can help with a couple of questions I have, I took out a personal loan with Natwest in November 2006 and the payments were £271 a month over 60 months. Having looked at the agreement it states that £216 a month is the 'main loan repayment' and £54 is going on insurance - so obviously a fair chunk of money has been paid on insurance so far.

    I really want to try and make a claim but my concerns were:

    As I am still paying off my loan (the last payment I think is November 2011) am I eligible to make a claim? - in other words are you only able to claim on a policy that has already been paid off? And, if I do have a case to make a claim then what will happen to the insurance cover for the remainder of the policy? I mean I assume the bank would want to cancel the insurance wouldn't they as the whole basis for the claim is that it was either mis-sold or unnecessary? so would I be able to get the loan insured by another company just in case the worst happens and I find myself out of work (not planning on this happening - but in today's climate who knows?!)

    Sorry if these types of questions have already been asked before but this is a long topic thread so I wasn't able to check through it all to find out, so does anyone know or have any experience on these areas who can give me a bit of guidance? - to be honest I have no one else to ask about this so I would appreciate any help I can get!

    Thanks in advance.
  • di3004
    di3004 Posts: 42,579 Forumite
    Am not sure Di he emailed back and said he would know more by Friday this is just being dragged out more and more and I am not even paying the correct amount am paying £80 over the amount I should be could really be doing with the extra cash. Everything going wrong toaster goosed, microwave ancient, making toast in the grill on the oven its notthe same! LOL:rotfl:and think WMach about to go too and then there is the car ooooh never ending the sensor has gone on the ABS so up the proverbial without a paddle and really need my car for work. Oh the joys!

    Hi hun

    Oh dear...........you find that happens, if its nothing then everything goes wrong.....:mad:.
    Well let fingers crossed for Friday (tomorrow) then hun, hope you received some good news.;)X
    The one and only "Dizzy Di" :D
  • di3004
    di3004 Posts: 42,579 Forumite
    cor_blimey wrote: »
    Hi All

    Just wanted to explain my situation and see if anyone can help with a couple of questions I have, I took out a personal loan with Natwest in November 2006 and the payments were £271 a month over 60 months. Having looked at the agreement it states that £216 a month is the 'main loan repayment' and £54 is going on insurance - so obviously a fair chunk of money has been paid on insurance so far.

    I really want to try and make a claim but my concerns were:

    As I am still paying off my loan (the last payment I think is November 2011) am I eligible to make a claim? - in other words are you only able to claim on a policy that has already been paid off? And, if I do have a case to make a claim then what will happen to the insurance cover for the remainder of the policy? I mean I assume the bank would want to cancel the insurance wouldn't they as the whole basis for the claim is that it was either mis-sold or unnecessary? so would I be able to get the loan insured by another company just in case the worst happens and I find myself out of work (not planning on this happening - but in today's climate who knows?!)

    Sorry if these types of questions have already been asked before but this is a long topic thread so I wasn't able to check through it all to find out, so does anyone know or have any experience on these areas who can give me a bit of guidance? - to be honest I have no one else to ask about this so I would appreciate any help I can get!

    Thanks in advance.


    Hi and welcome

    Yes you can make a reclaim, it does not matter if the account is still running or settled.

    I would though try to protect yourself with another option as you have stated, and make sure you would be eligible to make a claim.
    On top of the page you will find "insurance", mainly about stand alone insurance which generally is much cheaper, if you have loans and credit cards you can protect them all in one and it would still work out cheaper, it depends what you want out of the policy, the main of the stand alone ones are to protect Sickness & Unemployment, if you want life cover check for them as well.

    Yes normally you would have to cancel as far as I know but please do not quote me on this part, as they cannot see the point if you have gone for the mis selling and carry on paying for it.

    So do check out other options on how to cover your finance, your doing the right thing in this matter.

    And in regards of reclaiming, the link below is the useful guidelines of reclaiming, with template letters and a checklist of mis selling reasons, they have 8 weeks in full to respond, and if you can post by recorded delivery for your proof of posting.
    http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
    You write to the ones who arranged and sold you the finance.

    Good luck, ask for help anytime as well and please let us know how you get on, cheers.;)
    The one and only "Dizzy Di" :D
  • Hi cor_blimey,
    yes you can claim for the PPI and if you use one of the templates for the same you should be able to go for the mis selling of the insurance just by saying you did'nt realise you were signing for it or that you did'nt need it, take it to the FOS but write to the bank 1st and ask for the PPI to be refunded again using the template letters on this site. At the same time write to the FOS who will contact you to say they will look at the complaint after the Bank has had time to respond (usually with a your avin a laugh arent you reply), but they will then be aware and a little bit in front should you have to then contact them.
    The bank will then have to go all the way back to the start of the loan and recalculate the loan without the PPI, refund the PPI and all the payments you have made plus interst @8% and this also works similar to the bank charges calculator where the interest is paid from the payments made ie 1st one in nov 2006 up until the last one etc

    hope this is OK

    regards
    chopper
  • tiggrae
    tiggrae Posts: 1,771 Forumite
    edited 28 January 2010 at 1:14PM
    cor_blimey wrote: »
    Hi All

    Just wanted to explain my situation and see if anyone can help with a couple of questions I have, I took out a personal loan with Natwest in November 2006 and the payments were £271 a month over 60 months. Having looked at the agreement it states that £216 a month is the 'main loan repayment' and £54 is going on insurance - so obviously a fair chunk of money has been paid on insurance so far.

    I really want to try and make a claim but my concerns were:

    As I am still paying off my loan (the last payment I think is November 2011) am I eligible to make a claim? - in other words are you only able to claim on a policy that has already been paid off? And, if I do have a case to make a claim then what will happen to the insurance cover for the remainder of the policy? I mean I assume the bank would want to cancel the insurance wouldn't they as the whole basis for the claim is that it was either mis-sold or unnecessary? so would I be able to get the loan insured by another company just in case the worst happens and I find myself out of work (not planning on this happening - but in today's climate who knows?!)

    Sorry if these types of questions have already been asked before but this is a long topic thread so I wasn't able to check through it all to find out, so does anyone know or have any experience on these areas who can give me a bit of guidance? - to be honest I have no one else to ask about this so I would appreciate any help I can get!

    Thanks in advance.
    you can claim on a loan which is still running or one that's finished.

    As for the insurance itself - yes they will cancel the insurance, but you can always look around for a cheaper option to replace it as it's also likely the one you have won't pay you the same amount as you've paid for the policy

    for example they will only pay you for 12 months - you pay £54 for 5 years = £3240 - your repayments are £210 per month - 210 x 12 = £2520 so you pay £700 more than you could possibly claim back - not what I would call in your best financial interests !!!
  • Thank you all for your very helpful and prompt replies!

    It's good to know that there is somewhere like here to get reliable advice as there seems to be far too much that people don't know about their rights in these types of matters.

    I will be sending off my first letter to the bank ASAP and I will definitely see what independent insurance policies are available to me to pick up the cover once the bank have (hopefully!) processed the claim.

    I will certainly let you know how it all goes and hopefully the news will be good!
  • di3004
    di3004 Posts: 42,579 Forumite
    cor_blimey wrote: »
    Thank you all for your very helpful and prompt replies!

    It's good to know that there is somewhere like here to get reliable advice as there seems to be far too much that people don't know about their rights in these types of matters.

    I will be sending off my first letter to the bank ASAP and I will definitely see what independent insurance policies are available to me to pick up the cover once the bank have (hopefully!) processed the claim.

    I will certainly let you know how it all goes and hopefully the news will be good!


    Good luck, fingers crossed for a good outcome.;)
    The one and only "Dizzy Di" :D
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