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PPI Reclaiming Discussion part 4
Comments
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Hi wondered if anyone could help, i have noticed on here some members have put into reclaim PPI on a number of loans. I have just sent off letter 1 to AWD Loans regarding PPI on a loan i took out last year. When members reclaim PPI on old loans what grounds are claimed on as i thought it had to be a valid case or is it worth just putting in a claim im very confused and un sure how this works
Any help or advice would be welcome.
Lindah
Hi there and welcome to the PPI reclaiming threads.;)
If you still have the paperwork, I would give it a go, no matter how old your loan is, and it does not matter if the loan is still active or settled.
With the reasons you have for being mis sold, you write to the ones who sold you the finance and they have 8 weeks in full.
I see you have already made a start.
There are many reasons for a reclaim, so if you've not checked on here yet, you will find the info on the link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
There is a checklist of mis selling reasons on the link.
If they do not uphold in your favour on the first response, sometimes they give you the opportunity to write back to them again with further information.
So you need to keep at them until they issue you with the final response and let you know if your eligible to take to the financial ombudsman service (FOS) or not.
The FOS are able to look at complaints if they were protected/governed by GISC, the FSA taken over these in Jan 2005.
However, if this becomes a problem, we can look at other avenues to take this, you could then if the above fails, pursue the insurer/underwriter as they would have been governed, and the FOS will consider investigating your complaint.
Good luck, please keep us posted.;)The one and only "Dizzy Di"0 -
hi, may not be using the forum correctly,however i will try. my PPI agreement with firstplus states that i may be intitled to a full refund after 5 years if i do not make a claim, would i be better to wait to the end of the 5 year period ( which is next year) or try a claim against being mis sold the insurance, hope you can help0
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hi, may not be using the forum correctly,however i will try. my PPI agreement with firstplus states that i may be intitled to a full refund after 5 years if i do not make a claim, would i be better to wait to the end of the 5 year period ( which is next year) or try a claim against being mis sold the insurance, hope you can help
Hi and welcome.
There are many here who have had reclaims against these and I'm sure they will post up.
These policies are a rip off and very costly indeed, if your loan was for over 5 years, you would still be paying for the PPI for the life of the loan.
However personally its up to you.
If you decided to go for the mis selling with the reasons you have, you write to the ones who sold you the policy, so if there was a broker you write to them, they have 8 weeks in full.
Personally, I would post by recorded delivery for your proof of posting.
Link here with the guidelines of reclaiming with templates and useful information, please ask for help anytime and please keep us posted, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insuranceThe one and only "Dizzy Di"0 -
the1goalie wrote: »Hi Folks, in a dilemma, i sent off my complaint letter to Halifax Credit Card and then recieved a letter yesterday bang on the 8wks deadline. They have said the below;
Im sorry for the delay in responding to your complaint.
Details of your complaint have been referred to Customer Relations for a review in accordance with our Internal Complaints Procedure. We're currently investigating the issues you have raised and will write to you again, Once we're in a position to provide you with a full response.
The delay in providing you with a response to your complaint is due to the fact I am currently awaiting retrieval of the original application/agreement form. Once I am in receipt of this paperwork I will be able to provide you with my decision regarding your complaint. Do i hold off and wait for them to come back to me? If they come back to me with a signed paperwork for the insurance will i then lose my complaint (dont believe i did sign).
Your help and wisdom is greatly appreciated more so as I received a refund from Egg Card a week before Xmas for £2600. :T:money:
Well I got another letter back from Halifax customer relations, and it dont look good, they have rejected my complaint on the grounds that it was a 'Non-Advised Sale' ie as i had applied via the internet I basically should have realised this insurance was included and they attached a copy of the signed agreement so im guessing thats me goosed:think:
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Hi looking for abit of advice i know ive had a loan from northern rock and i know it had ppi on it as i remember been told it was part and parcel of loan ,i have shredded all old agreements but checked back on my online banking and i had a direct debit coming out in 2004 from loansdirect is this likely to be northern rock and if it is does anyone have an address for them please Thanks Sunny0
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Hi all,
I took a loan out with northern Rock in Jan 2007 for £25,000. PPI on that was £11,941 (didn't realize it was so much). Anyway I was paying £99 a month for the PPI. So recently I was looking through my finances and I thought I really have no use for the PPI on the loan. I get sick pay in work and my mortgage is covered so there is no need for it. I phoned Northern Rock to cancel my PPI as I could do with the extra £99 a month, after speaking to the guy on the phone he said that I would only be saving about £30 a month. When I asked him why that was he replied to say that the PPI is 'front loaded'.I couldn't believe it , I looked back through the paperwork and there is no mention whatsoever of front loading. I am at a loss how they can do this. I have asked for a breakdown of payments and I have paid around £4000 of PPI without the interest from Jan 07 to Oct 09 when i cancelled. So I have paid all that money for nothing at all.
Is this front loading issue common? and is this a case of miselling do you think?
thanks in advance for any replies
Hi I am in a similar position ie I took out a loan for £20,000 in 2005 from Northern Rock and when I've looked back through the paperwork I am currently paying £106 for payment protection insurance and the interest on this insurance (which amounted to £9,702 at the beginning of the agreement excluding interest). When I contacted Northern Rock to cancel the agreement they have said that I will have to take out another loan on the settlement balance meaning I will only save about £59 per month. The reason they gave was the same suggesting the PPI and interest is front loaded. I have two questions really 1. Should I take out the new agreement with the new repayments? and 2. Do I have a case for miselling do you think?
I could really do with cutting down my outgoings every month as I am due to have a baby any time so if there is anyone who can help?
Thanks0 -
the1goalie wrote: »
Well I got another letter back from Halifax customer relations, and it dont look good, they have rejected my complaint on the grounds that it was a 'Non-Advised Sale' ie as i had applied via the internet I basically should have realised this insurance was included and they attached a copy of the signed agreement so im guessing thats me goosed:think:
Hi
Was this the final decision?
If not write back until you receive the final response which should if eligible give details of the Financial ombudsman service (FOS).
Good luck and keep at them.;)The one and only "Dizzy Di"0 -
sunnygirls wrote: »Hi looking for abit of advice i know ive had a loan from northern rock and i know it had ppi on it as i remember been told it was part and parcel of loan ,i have shredded all old agreements but checked back on my online banking and i had a direct debit coming out in 2004 from loansdirect is this likely to be northern rock and if it is does anyone have an address for them please Thanks Sunny
Hi Sunny
I checked on Companies house search here:
http://wck2.companieshouse.gov.uk/28eb88019591a29f7270328b440634c8/wcframe?name=accessCompanyInfo
When writing loans direct some came up as D for Dissolved, so no longer active.
But because there are so many it can be confusing.
If you did have any paperwork with the company number then all you would have to do is write in the number in the box for the right one to come up.
Another way is to ring Companies house, there are contact details on the link.
If your unable to make a reclaim from them in case its these who have dissolved then pursue with the insurer/underwriter instead.
Hopefully someone will have more info on these for you and post up shortly. Fingers crossed.;)The one and only "Dizzy Di"0 -
Hi I am in a similar position ie I took out a loan for £20,000 in 2005 from Northern Rock and when I've looked back through the paperwork I am currently paying £106 for payment protection insurance and the interest on this insurance (which amounted to £9,702 at the beginning of the agreement excluding interest). When I contacted Northern Rock to cancel the agreement they have said that I will have to take out another loan on the settlement balance meaning I will only save about £59 per month. The reason they gave was the same suggesting the PPI and interest is front loaded. I have two questions really 1. Should I take out the new agreement with the new repayments? and 2. Do I have a case for miselling do you think?
I could really do with cutting down my outgoings every month as I am due to have a baby any time so if there is anyone who can help?
Thanks
Hi and welcome.;)
Some do work like this, if cancelling then a new loan without the PPI to clear the existing loan etc, if you do this then I'm sure the rate should be equal to the existing loan or better, hopefully someone will clarify on this for you.
If you did do this you can still try to continue to make a reclaim on the ppi with the reasons you have.
Check the link below with more info and the guidelines of reclaiming.
Check the checklist as well of mis selling reasons, this should also give you some idea on what your chances would be.
They have 8 weeks in full to respond, post if you can by recorded delivery, this is your proof of posting.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
You write to the ones who sold and arrange the finance.
Do not worry about writing the amounts down though, if successful they should provide you with a detailed written breakdown.
Hope this helps, keep at them and good luck.
Give us a yell if you need any help.;)The one and only "Dizzy Di"0 -
Thanks for that I think I will go ahead with the new loan and then attempt to reclaim the PPI on the basis that it was missold. The only grounds I have for this I think is that they recommended the insurance in writing at the time I took out the loan after assessing my personal situation. I only agreed at the time because I did not have any PPI insurance elsewhere and I was never given a quote excluding PPI.
This loan was mainly taken out to refinance some existing debt with Natwest and so I am also going to write to these requesting details of all accounts I have held with them in the past as I'm certain that I will have been missold PPI on these loans also on the basis that it was complulsory when taking out the loans.
I will keep you posted on how I get on.
Many thanks0
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