any advice welcome

robbedofmymoney

hi

i have recently looked into my insurance provisions due to health, (luckily all is now well), i was absolutely gobsmacked as to exactly how much insurance i have been told i needed to have over the years and did not realise how much this added up to and covered me for.

for example i have

income protection
mortgage payment protection
critical illness
life cover x 2 policies
loan protection payment
ppi on 2 x credit cards
overdraught protection icusrance

as well as other household type insurances. i am currently paying in the region of £500 per month for insurance, much of it i don't need and would never be able to claim on.

I have recently put 2 claims in for mis-sold ppi as i was told i had to have this insurance for the loan and credit card to be accepted. i used the template letters on this site and inserted a couple of other points.

the first was about my exisitng cover. for example, when i was told i needed the insurance i queried this at the time and mentioned about my income protection insurance which kicked in after a pre determined period to coincide with my companies contractual obligations on pay and redundancy etc. i was still told i needed this ppi insurance inspit of this.

the second point is that i have been completly and utterly wrongly adivsed as because my income would not be effected if i was out of work due to me company contrqctula obligations and income protection their policy would not pay out.

on the loan there is a third point to do with the single premium payment, the loan is for 6 years, the insurance for 5 and i am still paying for the insurance during the final year which was not expalined to me.

the only problem i can foresee is that there could be a time issue here as the barclaycard account was opened in april 2000. (and is still in use) does anyone have any advice here, can i claim all the way back until then or is it just the last 6 years.

the loand was taken out with LLoyds in feb 2005 so there is not time issue here.

i also have another LLoyds credit card account which was opened in august 1998, this was the first credit card i ever had, (still got it and use it) and at the time was again told i needed the ppi insurance, (i didn't know ant better), this was sold to me along with the card when i had a meeting at the local branch to discuss my exisitng bank accounts. At the time i had not other form of insurance cover. but took this ppi as i was told i needed to have it to have a credit card.

advice on wether i should try and claim the ppi back on this one would be greatfull, and again as the previous card, is there a time limit on how far back my claim can go.

becasue i use the cards a lot and then pay them off at the end of each year with my yearly bonus the amount i have paid in PPI on the cards must be quite mind boggling, i don't have the exact figure but it ,must be at least 10k on each card in PPI payments over the years, the loan PPI was 5.5k plus interest etc.

looking at some of the other postings i am expecting to be rejected and then go to the FOS, not worried about how long it takes, i just want back whats rightfully mine.

my next step is to look into the life insurance aspect as i can't get a straight answer from anyone as to wether 2 policies will actually pay out. i may be the cast that only one will.

thanks fo rthe postings, they have helped to make my mind up to claim this money back.

cheers

robbedofmymoney

di3004

robbedofmymoney wrote: »

hi
Hello and welcome.
i have recently looked into my insurance provisions due to health, (luckily all is now well), i was absolutely gobsmacked as to exactly how much insurance i have been told i needed to have over the years and did not realise how much this added up to and covered me for.
So sorry to hear of your ill health and happy to hear all is well now., yes they all add up don't they, maybe it would be far cheaper to take one out to cover them all, above at the top of the page there is a RED BOX with some info on insurance, always check the eligibility though.

for example i have

income protection
mortgage payment protection
critical illness
life cover x 2 policies
loan protection payment
ppi on 2 x credit cards
overdraught protection icusrance

Yes a lot here, even though it is important to have insurance, if any of them will not pay out then they will be worthless to you, so always worth checking out the terms and conditions of each one.
as well as other household type insurances. i am currently paying in the region of £500 per month for insurance, much of it i don't need and would never be able to claim on.
A big chunk of money here just on insurance!

I have recently put 2 claims in for mis-sold ppi as i was told i had to have this insurance for the loan and credit card to be accepted. i used the template letters on this site and inserted a couple of other points.
Although it is important to be protected, it should still be your choice, and of course you may have wanted a stand alone cover that would protect you for your requirements.

the first was about my exisitng cover. for example, when i was told i needed the insurance i queried this at the time and mentioned about my income protection insurance which kicked in after a pre determined period to coincide with my companies contractual obligations on pay and redundancy etc. i was still told i needed this ppi insurance inspit of this.
You should have been given an option, although not all were on an advised basis - but still.

the second point is that i have been completly and utterly wrongly adivsed as because my income would not be effected if i was out of work due to me company contrqctula obligations and income protection their policy would not pay out.
This policy is worthless to you then.

on the loan there is a third point to do with the single premium payment, the loan is for 6 years, the insurance for 5 and i am still paying for the insurance during the final year which was not expalined to me.
Thats the thing with some of these policies, you still pay out for the policy for the length of the loan, but in your case the first 5 years would be protected and you would still be paying out on the 6th year and yet the policy is only for 5 - again worthless!

the only problem i can foresee is that there could be a time issue here as the barclaycard account was opened in april 2000. (and is still in use) does anyone have any advice here, can i claim all the way back until then or is it just the last 6 years.
Do not worry about this, many have still been successful in reclaiming as far back as from the 90's, although they may try fobbing you off with this excuse, keep at them, if they don't resolve in your favour by the final decision if it goes as far as this then you always have the financial ombudsman service (FOS) who will still take a look at this, with them being a bank it will be okay.

the loand was taken out with LLoyds in feb 2005 so there is not time issue here.
Good, and it should be okay for the above as well.

i also have another LLoyds credit card account which was opened in august 1998, this was the first credit card i ever had, (still got it and use it) and at the time was again told i needed the ppi insurance, (i didn't know ant better), this was sold to me along with the card when i had a meeting at the local branch to discuss my exisitng bank accounts. At the time i had not other form of insurance cover. but took this ppi as i was told i needed to have it to have a credit card.
This will be okay as well, I was successful although through the FOS with reclaiming back on this, this was taken out in 2001, but many on here have successfully reclaimed from earlier years.

advice on wether i should try and claim the ppi back on this one would be greatfull, and again as the previous card, is there a time limit on how far back my claim can go.
I would go for them all, you have nothing to lose.

becasue i use the cards a lot and then pay them off at the end of each year with my yearly bonus the amount i have paid in PPI on the cards must be quite mind boggling, i don't have the exact figure but it ,must be at least 10k on each card in PPI payments over the years, the loan PPI was 5.5k plus interest etc.
I would not worry about the figures, they do or should hold any info on calculations, where A subject Access Request (SAR) maybe useful to request, will leave some details of the link of the SAR template below for you.

looking at some of the other postings i am expecting to be rejected and then go to the FOS, not worried about how long it takes, i just want back whats rightfully mine.
Some are more lenient than others, my experience with Lloyds were not easy, but keep at them, keep at them all, you will get there one way or another.;)

my next step is to look into the life insurance aspect as i can't get a straight answer from anyone as to wether 2 policies will actually pay out. i may be the cast that only one will.
In my opinion I did not think 2 separate policies would pay out, but maybe someone else can confirm on this one, dunstonh a financial adviser who posts on here may know more on this matter.

thanks fo rthe postings, they have helped to make my mind up to claim this money back.

cheers

robbedofmymoney

Go for it all Rob, you have nothing to lose, the most you will have to pay out is for posting your letters, which is recommended by recorded delivery, and if you decide to request a SAR which is that of £10 postal order or cheque payment, they have 40 days to comply and send all the info they still hold on you.
Details with SAR template link here:

http://forums.moneysavingexpert.com/showthread.html?t=1475553

For more on reclaiming PPI with guidelines here:

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good luck with all your reclaims and ask for help anytime, please keep us posted, cheers.

Di

robbedofmymoney

thank you for your advice and help
very much appreciated.

di3004

robbedofmymoney wrote: »

thank you for your advice and help
very much appreciated.

With pleasure, please keep us posted, cheers.;)

robbedofmymoney

will keep info coming on how i am getting on,
just draughting a letter for the other Lloyds credit card.
could not believe they would rip us off like this, or have been allowed to.

di3004

robbedofmymoney wrote: »

will keep info coming on how i am getting on,
just draughting a letter for the other Lloyds credit card.
could not believe they would rip us off like this, or have been allowed to.

I don't blame you.
Keep at them.

Lots of money there, good luck.;)

robbedofmymoney

draught letter to Lloyds fo rcomment please.

I took out the above PPI policy with you in September 1998 in connection with the credit card referenced above.

I believe that I was mis-sold this policy for the reasons given below, and wish you to investigate my complaint according to your normal complaint procedures.

• I wasn't told that insurance was optional at the time of opening my credit card account with yourselves, your adviser told me I needed your insurance policy to cover any payments in the event I was un-able to work or off sick.

• I was led to believe that my application for credit would be rejected if I did not take out the insurance for payment protection by your adviser.

• The policy exclusions weren't explained to me in detail before or at the time I took out the insurance. I was therefore unable to make an informed decision as to whether this insurance was appropriate for me by your adviser. For example, I was not advised I could take out a cheaper alternative policy, I wasn’t given the option. I was told I needed your policy.

I would not have been entitled to any type of claim as my employment had not been confirmed as permanent at the time of being sold the policy, I was on a 6 month probationary contract at the time.

If your advisor would have given me the correct advice at the time of asking her, I would never have taken out this insurance policy with you as it would have been of no use to me what so ever.

I am still with the same company and due to contractual obligations my income would be un-affected if I was sick for a period of 6 months, and a lucrative package if I was to be made redundant, so even now your policy would not pay out. Again the terms and conditions of your policy were not fully explained to me when I was told I needed your ppi policy for my credit card.

It is clear to me I have been sold a product I would not have been able to make a claim against from the onset, I only took out the policy because I was told I had to have it.

I then finish of with the MSE final paragraph.

di3004

robbedofmymoney wrote: »

draught letter to Lloyds fo rcomment please.

I took out the above PPI policy with you in September 1998 in connection with the credit card referenced above.

I believe that I was mis-sold this policy for the reasons given below, and wish you to investigate my complaint according to your normal complaint procedures.

• I wasn't told that insurance was optional at the time of opening my credit card account with yourselves, your adviser told me I needed your insurance policy to cover any payments in the event I was un-able to work or off sick.

• I was led to believe that my application for credit would be rejected if I did not take out the insurance for payment protection by your adviser.

• The policy exclusions weren't explained to me in detail before or at the time I took out the insurance. I was therefore unable to make an informed decision as to whether this insurance was appropriate for me by your adviser. For example, I was not advised I could take out a cheaper alternative policy, I wasn’t given the option. I was told I needed your policy.

I would not have been entitled to any type of claim as my employment had not been confirmed as permanent at the time of being sold the policy, I was on a 6 month probationary contract at the time.

If your advisor would have given me the correct advice at the time of asking her, I would never have taken out this insurance policy with you as it would have been of no use to me what so ever.

I am still with the same company and due to contractual obligations my income would be un-affected if I was sick for a period of 6 months, and a lucrative package if I was to be made redundant, so even now your policy would not pay out. Again the terms and conditions of your policy were not fully explained to me when I was told I needed your ppi policy for my credit card.

It is clear to me I have been sold a product I would not have been able to make a claim against from the onset, I only took out the policy because I was told I had to have it.

I then finish of with the MSE final paragraph.

Well done.........:T
Remember as well they have 8 weeks as from the date of your letter although they may take it from the date they receive it), which of course as you stated will write in the final paragraph.

Good luck and keep at them, and please keep us posted, cheers.;)

robbedofmymoney

Yesterday I checked on the delivery of my first 2 claims 1 x barcalycard ppi and one Lloyds loan ppi, sent recorded delivery and checked ststus online.

Both letters recieved by banks on Monday 4th January (happy new year i say to them!!!)

Today i have recieved a questionaire from Barclaycard, i am a bit puzzled as reading a lot of the posts on this site i am amazed how quickly this has been sent out. with the form is a letter asking me to fill in the questionaire to assist them in their investigations.

as per my request in the complaint letter they have cancelled my PPI policy.

Their letter is dated 5th January,

I will fill in tomorrow as need to dig out the details of my exisitng insurance policy i already had in place.

As there is limited information you can actually put on the form i will be sending a covering letter, as the form tends to ask specific questions.

I will attempt to scan and then paste in one of the threads if a can as a sample for others.

I think Lloyds may be a different story though.

I'll keep you all posted.

di3004

robbedofmymoney wrote: »

Yesterday I checked on the delivery of my first 2 claims 1 x barcalycard ppi and one Lloyds loan ppi, sent recorded delivery and checked ststus online.

Both letters recieved by banks on Monday 4th January (happy new year i say to them!!!)

Today i have recieved a questionaire from Barclaycard, i am a bit puzzled as reading a lot of the posts on this site i am amazed how quickly this has been sent out. with the form is a letter asking me to fill in the questionaire to assist them in their investigations.

as per my request in the complaint letter they have cancelled my PPI policy.

Their letter is dated 5th January,

I will fill in tomorrow as need to dig out the details of my exisitng insurance policy i already had in place.

As there is limited information you can actually put on the form i will be sending a covering letter, as the form tends to ask specific questions.

I will attempt to scan and then paste in one of the threads if a can as a sample for others.

I think Lloyds may be a different story though.

I'll keep you all posted.

Arh yes one of those......

You can always ask them to refer to your letter as all related questions are enclosed, or even ask them to refer to your account as well, as they should still hold the details on microfiche.
Good luck.;)

robbedofmymoney

i need a bit of help.

i have spoken to a couple of my original insurers today to try and get some old policy numbers which i will probably need to confirm for my case in terms of having alternative insurance for my income.

neither were able to help me over the phone.

both policies were from jan 2000 and were cancelled after a year as i could got a better deal elsewhere.

will a SAR give me the information i need or will it only go back 6 years.
i have the policy number for one of them, but they were un-able to acknowledge this number as it was so old and could not let me know exactly how much the cover or policy was for.

will barclaycard be able to get this information if i just give them the details as this may be an easier option for me, putting the ball in their court so to speak.

any advice welcome.