Alliance & Leicester

Sprite15

I received a letter from the A&L this week regarding PPI that i have on a current loan that I took out 3 yrs ago.

The letter states that the Financial Services Authority has identifed problems with their PPI sales and that I need to review my policy and my situation if i think i'm affected by the issues covered in the letter. Depending on my circumstance I may be entitled to a refund.

Has anyone else received one of these? I will give them a call but dont really understand all the jargon that well and dont want to end up 'shooting myself in the foot'.

My loan was for:

£5,000 at 8.9% over 60 months = total amount payable £6,168.60
PPI @ 8.9% £1,115.65 over 60 months = total amount payable £1,376.40

Total amount of credit £7,545.00

Can anyone advise me on what to do??

pinknico

Did you want the PPI?

Sprite15

No I got talked into it, I can remember the conversation quite clearly, I was determined not to have it but the sales guy pressured me into having it. Don't suppose that counts for much though does it?

maxdp

Sprite15 wrote: »

No I got talked into it, I can remember the conversation quite clearly, I was determined not to have it but the sales guy pressured me into having it. Don't suppose that counts for much though does it?

Hi sprite am sure Pinknico will be back on but if you did not willingly take it out you may be in line for a refund. Does the letter instruct you how to claim,.

Sprite15

Hi, yes it says to contact them if i have concerns and they will then be able to ask me further questions if necessary to find out when I am entitled to a refund, my problem is that i think i'll just get ambushed by the bank somehow.

di3004

Sprite15 wrote: »

No I got talked into it, I can remember the conversation quite clearly, I was determined not to have it but the sales guy pressured me into having it. Don't suppose that counts for much though does it?

Hi there

So basically you were pressurised into taking the PPI then ?

I agree with Maxdp that you have a case here.

Regarding this PPI issue it maybe worth also checking this link out here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Maybe write to them to reclaim as well, even if you have been one of those in regards to the letter, some may say wait until they contact you, but maybe its still worth writing to them anyway to reclaim on your reasons.

There is also a letter template on the link which you can use to help your letter, try to write in your own words and obviously your own reasons.

They have 8 weeks to respond in full, post by recorded delivery.

It maybe worth your while for just a cost of a stamp. (as said though best to post by recorded delivery).;)

Keep us posted hun in case any help is needed later on, good luck.;)

di3004

If you want help on the calculations, you can post your above post on the reclaiming thread above where I am sure someone will look at the figures for you, Turbo should be back and forth on the site and will check on these for you I expect.;)

Sprite15

Thanks for the advice guys, you've all been so helpful, think i will give them a call and then send a letter.

pinknico

Stick to your guns, A and L were fined for training their staff to pressurise customers to take PPI, so it does count for a lot that you were made to have it. Good Luck

Sprite15

20.02.09 - I've just rang the A&L, they have said that i may be entitled to a refund, their investigation on my case will start today, this could take upto 8 weeks, so now i sit and wait.

I was just thinking if i am successful do you get a full refund ? or do the bank make you a silly offer? am so thick wen it comes to things like this!

di3004

Sprite15 wrote: »

20.02.09 - I've just rang the A&L, they have said that i may be entitled to a refund, their investigation on my case will start today, this could take upto 8 weeks, so now i sit and wait.

I was just thinking if i am successful do you get a full refund ? or do the bank make you a silly offer? am so thick wen it comes to things like this!

Hi hun
And wow looks good then......:T fingers crossed.

They should aim to put you back in the position as if you did not have PPI to start, plus interest and charged accurred.

If this is settled then you get the full lot of smackers back as above, if still active you should be repaid all that have been paid in this cover plus the interest and so on.

Good luck and please keep us posted.:D