PPI - already claimed on insurance

kerryc60

Hi I had a PPI with a Barclays secured loan which I claimed on for 10 months during redundancy unemployment. I've looked at how much I was charged for the insurance when I took it out but it works out a lot more than they would have ever paid out - Can I still claim for refund as mis-sold for the difference please?

PPI was roughly £4500 (+ interest of course!) They paid me roughly £3000 over 10 months

Thanks Marshallka for replies - really helpful - I've read a lot more threads about FirstPlus loans (which is what I have with Barclays) and I also was promised ppi refund if no claim in 5 years - going for it anyway - they can only say no even if they refund and reset loan with amount paid out I'd still win.

marshallka

kerryc60 wrote: »

Hi I had a PPI with a Barclays secured loan which I claimed on for 10 months during redundancy unemployment. I've looked at how much I was charged for the insurance when I took it out but it works out a lot more than they would have ever paid out - Can I still claim for refund as mis-sold for the difference please?

Most PPI single premiums are far more than they pay out for and that is why they are classed as so expensive to alternative stand alones.

As regards being able to claim the difference then i would think it would be difficult to prove that it was missold to you but you could try saying that you wanted insurance but had no choice other than their expensive policy.

There are new proposals coming out from the FSA in that if you have actually wanted insurance but had no other option offered (although it does not say about if you actually claimed but if you wanted insurance anyway that is what it would be there for) to you then they can redress and take into account the price of a cheaper alternative in the redress. I will try and find you the information on this and post back.


Edit... found it here

If you click the link here and in section 3.1 you will see their new guidance on how to treat complaints. This all comes into force in Jan 2010 so they should already know about these proposals and should adapt themselves for the future now.


http://www.fsa.gov.uk/pubs/cp/cp09_23.pdf

Hope it helps.

marshallka

sharon666 wrote: »

can anyone help me?repaid a lloyds loan, in march 2002, which the loan was for 9,000, and a single payment of around 5,000 for ppi, was added to make it 14,000, well the payments were around 391.00 amonth, i settled this loan, has i have said in march 2002, with 8,300 owning on it, i then took out a new loan with the lloyds, for the 8,300 owning, and new ppi of 6,000 so i needed 14,300 before i got any new money, anyway, i paid this at 398.00, where in october of 2005, i once again took out a loan with the lloyds to settle this loan with about 8,100 still owning, took out once again new ppi, making this loan 448.00 per month, this covers the 8,100 plus the new cover so we are up to 15,000 then the new loan, about six, anyway, in 2006, i lost my job so i claimed on the ppi, at 448.00 per month, i did this for 3 months, so they paid me out over 13 hundred, however, since 2006 i have not worked in very good jobs, and i am with collections at the bank, i have been paying over 3 hundred pounds per month, all of 2006, all of 2007, all of 2008, and 2009, but i still owe over, 15,000 pounds, like you i claimed on the last one, i tried to get the ppi back, from the lloys, but because of the claim, i had a letter saying they paid out to me so the ppi was useful to me, but reading your post, i would like to find out if i had a choice i would of liked to pay cheap ppi, as anyone claimed back, their ppi after putting in a claim, and can anyone help me claim past ppi, and can i go back, to 2002, all this ppi is why i am still in debt of 15,000 i have paid in 8 years over 21,000 with interest, just for ppi, and all i have had paid out to me is 13 hundred pounds, i have asked the fos to look into this but althou the lloyds bank have not given me their final reply, and it has been months and months, the fos says they have sent them a letter, and given them an other 14 days to reply and give their final reply, any one out there in a mess like me because of a bank, charging all this ppi, for loan after loan. i am a new member do not know how to post? so left it has a quote, all help, appreciated.

Hi and welcome,,

Just wanted to say that as FOS have written to LLoyds for you now they will have to reply and if they do not after the 14 days then FOS will no doubt look into this on your behalf. Please post back and let us know how you go on with this.

Also just bumping for anyone that can assist.;)

Good luck

sharon666

Hi there

thank you for replying, i will post all, thanks for welcoming me, and thanks for your good luckxxxxxxxx
sharon666

sharon666

The 14 days are up now! Still no reply from the lloyds with their final response, anyone have this happen to them, if so can anyone post what happened, did the fos sort it out, any help, i would appreciate
thanks
sharon666

di3004

sharon666 wrote: »

The 14 days are up now! Still no reply from the lloyds with their final response, anyone have this happen to them, if so can anyone post what happened, did the fos sort it out, any help, i would appreciate
thanks
sharon666

Hi Sharon

Sorry to hear that.

Maybe its best then to get cracking with the FOS, they have had ample time really havn't they?
You can download a complaint form from the FOS site or ring to arrange they post this out to you.
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

And where they ask if you received the final decision, just write the 8 weeks have passed, you gave the extra amount of time and still not heard.

Hope this helps Sharon, good luck.;)

di3004

sharon666 wrote: »

hi there

thanks for your reply, no what i mean was the fos give them 14 days to reply, but they still have not replyed even to them, it should of been replyed for by today 19/11/09, so i rang the fos today, to let them know i still have not had a reply from the lloyds bank to a letter the fos sent the lloyds back asking for the final response, but still the lloyds have not responed to the fos, so rang the fos today, and they said to me, i could give them one or two days more or did i want them now to deal with it, i said i did not want to give the lloyds bank any more time, i hope i have done right, i don;t know what happens now, with the next step, but it is now with fos, please if this has happened to anyone else out there, please post, or if anyone knows what is happening now that the fos has given them the 14 days and still no reply, i don't know why, this is happening to me, also today, i got a reply from the lloyds saying they have put my bank charges on hold, untill next week, i am really down and feel i can;t get anything back from them, or get anywhere with them, i have been with lloyds collections since 2006 because of these overdrafts and the loans and the 3 ppi, but they just wont help me, i am today going on a dmp got the forms today, going to fill them in, in 2006 when me and my husband loos our jobs, had 26,000 pounds of debt, been paying out over 500.00 a month, now owes still 23.000 because of all the interest still going on, i hope the dmp can get the interest frozon for us, just about ready to give up, any replys welcome
sharon666

Hi Sharon

Thanks for posting back up on this, that was me rushing through a few posts last night lol.

I have a few issues with lloyds TSB that are currently with the FOS, as we are also clients of CCCS, but not actually on DMP, as there is not enough outgoings for this but just token payments, so that we can pay more towards our mortgage arrears, so I do understand how you feel also in regards of the interest, this is with the adjudicator now as well.

Wishing you luck with this.

I have already had one dealt with by the FOS in regards of a credit card ppi, this was eventually resolved earlier in the year, now awaiting decision from lloyds in regards of the loans ppi.

With my hubby, lloyds ignored the adjudicators decision this was for the 2001 settled credit card ppi, yet they did uphold on the 2007 one and paid out, there is a few grand on the 2001 case, but because lloyds ignored the adjudicators decision of upholding, this was moved on to the ombudsman himself, my hubby heard a few weeks ago that they are on to it and should hear anytime soon.

Now in your case, you also need to let the FOS know of your hardship, so they can consider this on fast track for you.
Give them a call Sharon, if you have not done so already.;)

di3004

sharon666 wrote: »

hi there

big kiss for getting back to mexxx, so what you are saying the lloyds do this to the fos has a norm, yes i will give them a call about being in hardship, i feel this is all my fault did not want to show we were in debt, but the debt is all because of the lloyds ppi, one loan with 7,000 ppi plus interest, then paid that for 4 years then get a new loan more ppi, and a loan to pay the loan off thats got the ppi in then paid that loan for 4 years then same thing again, 8,000 pounds for ppi, so in all in ppi we have had a loan to pay 22,000 of ppi without the interest, i do hope to get back 8,000 that would be great, what i know now, well i have a safe bank with the halifax with a debt card, i can get my wages in it, and have d/ds from it, and no charges, its called a step account if anyone needs one, best thing i have done, no o/draft with it, so well happy, i want to get out of my debt been paying now to one credit card the co-operative 150.00 per month, only 23.00 pounds goes off it, the rest is for interest, so going on a dmp, sorted it with debtline , worst can happen is the interest, but i am really worried about lossing my home, i am not behind with my mortgage, gone onto an interest only, so can offer the money to get on a dmp, the money we are not paying the mortgage is now going towards the debt, so i hope it can once and for all be sorted, i have let this lloyds bank give me a dance, but now i am asking for help from a dmp, so will be happy with this, i have shown to the fos how the lloyds bank put us in mess with all this ppi added to loans, if this helps someone else out there, and i don't get any refund, i will be happy, the fos, knows this is not right the banks are laughing all the way to the bank, you get a loan, then you need aloan for the ppi, then you have to pay interest on it all! then, they are quite happy to end a loan, after 3or4 years, you take out a new loan pay that one new ppi, and more interest, loan sharks, that what these banks are, if i knew i could of canceled and got cheap insurance else where or put the money in an account and if i needed it , i really would of, anyway thats me thanks for reading, and sharing, the more people can share the better, i think, its no shame in debt, the shame is when cummstances change, and for trying you get knocked down.any replys welcomed, and thanks for sharing,xxxxxx
sharon666

Your very welcome Sharon.:A
Hope it all sorts out for you, fingers crossed, and not to worry, not everyone likes to disclose their debt, and I'm sure the FOS will take this on board for you - to get things moving quicker.;)

I no longer bank with Lloyds TSB and found another bank, was with them as joint about 18 years and before that as a single account, was very soft and vulnerable - not anymore though......:D.

I'm sure you will come out the winner in the end here Sharon.
Please keep us posted and wishing you all the luck in the world.:A

Di
xxx

sharon666

thanks DI GLAD TO KNOW YOU, XXX
SHARON666

di3004

sharon666 wrote: »

thanks DI GLAD TO KNOW YOU, XXX
SHARON666

With pleasure and you too.:A:beer:Xxx

sharon666

phoned the fos today, 24/11/09 because they give the lloyds 14 days to respond, but over that now, the fos says do i want them to look at our details, any one know what this means, and will it take long, please post if anyone out there knows what happens now, replys welcome, so waiting now, update if and when
sharon666:question::embarasse