PPI Reclaim

28j

Hi there I thinking about reclaiming PPI & MPPI
I took out my secured loan neary four years ago for 47000 the PPI for 11000 I was told that after five years I would get back the 11000 what I didnt realise was that I would not be covered for the remainder of the loan a further 13 years I could end up paying over 20000.

The MPPI I took out three years ago, I tried to cancel recently but I was told I would not get back any money.

di3004

28j wrote: »

Hi there I thinking about reclaiming PPI & MPPI
I took out my secured loan neary four years ago for 47000 the PPI for 11000 I was told that after five years I would get back the 11000 what I didnt realise was that I would not be covered for the remainder of the loan a further 13 years I could end up paying over 20000.

The MPPI I took out three years ago, I tried to cancel recently but I was told I would not get back any money.

Hi and welcome.

In regards of reclaiming back PPI, you have been sold these rip off single protection policies that frowned upon, if you have other reasons as well then give it a go.

In regards of the mortgage MPPI, hopefully Dunstonh an adviser will be able to advise you on this actual matter.

Anyway, to reclaim you write to them with your reasons you believe you were mis sold, do not worry about writing down the amounts, but they have 8 weeks in full to respond, keep at them until they resolve in your favour, or until they issue you with the final decision which should also enclose details of the Financial ombudsman service (FOS), you can take your complaint to these if your not satisfied with the outcome.

Best to post by recorded delivery as well for your proof of posting.

Here below is Martin's useful guide of reclaiming, you will come across a checklist of mis selling reasons, and template letters, you can use them if you want or write in your own words with the reasons that occur to you.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good luck with this and please keep us posted, and ask for help anytime.

Di

oweido

hi di 3004
thanks for your advice to me yesterday about my santander reclaim (£930).
the claim was PPI insurance, so i stil don,t know if it is a get out clause,they used. they said as i took the policy out in 1996 in does not count, the account only got cancelled last year.
mand

di3004

oweido wrote: »

hi di 3004
thanks for your advice to me yesterday about my santander reclaim (£930).
the claim was PPI insurance, so i stil don,t know if it is a get out clause,they used. they said as i took the policy out in 1996 in does not count, the account only got cancelled last year.
mand

Hi hun.;)

With it being an older claim (1996), it may be more difficult, yet some have still been successful, and with it only being closed last year, may help.
Even if they are unable to go back all that way, maybe as a goodwill, you can ask if they are willing to go back as far as 6 years at least.

You could contact the FOS to make sure on this and see what they have to say first if you want to.
http://www.financial-ombudsman.org.uk/contact/index.html

Tell the FOS its an older case but only closed last year, but you have been out of pocket due to the mis selling, and then mention that you understand they may not refund back all those years, but will consider the last 6 years, see what they say, it maybe that just as long as you have most of the paperwork they may suggest go as from 1996.

Good luck with this and please keep us posted.;)

Di

dunstonh

The MPPI I took out three years ago, I tried to cancel recently but I was told I would not get back any money.

MPPI if paid monthly and you are eligible at the commencement would not need to be refunded. MPPI only tends to be an issue if its single premium or you were not eligible at the start.