Starting the PPI reclaim journey

madelinex

I have a dear friend who is having financial trouble and she appears to have had loads of finance over the years with PPI added on. I'm wading through the paperwork but have managed to get Martin style letters off to Liverpool Victoria, GE Bank (2 off), Tesco Credit card and Ikea Credit Card. There appears to be some old Black Horse correspondence and I see from the forum that this would be a good bet. (Horse - bet, get it?)
She is in credit card debt to the tune of about £20,000 and is struggling with her mortgage so any repayments would be so great.

Any advice would be great and would keep me going.:rotfl:

di3004

madelinex wrote: »

I have a dear friend who is having financial trouble and she appears to have had loads of finance over the years with PPI added on. I'm wading through the paperwork but have managed to get Martin style letters off to Liverpool Victoria, GE Bank (2 off), Tesco Credit card and Ikea Credit Card. There appears to be some old Black Horse correspondence and I see from the forum that this would be a good bet. (Horse - bet, get it?)
She is in credit card debt to the tune of about £20,000 and is struggling with her mortgage so any repayments would be so great.

Any advice would be great and would keep me going.:rotfl:

Lol yeah i do lmao :rotfl::rotfl::D;)

Well good luck with all these and that is very good of you to help your friend, well done there.:T

Keep at them if you have to until they issue with the final response, because sometimes you have the chance to write back with further information, if your not happy with the outcome, then if eligible in the the final letter they will give details of the financial ombudsman service (FOS).

In regards of the mortgage, maybe it would be best to get help from the mortgage thread, one of them here:
http://forums.moneysavingexpert.com/forumdisplay.html?f=98
And debtfreewannabe thread here:
http://forums.moneysavingexpert.com/forumdisplay.html?f=76

Hope this helps, please keep us posted, good luck.;)

madelinex

Had one response already from Ikea saying they'll look at claim. Friend's statements show charge of about £3 per month over about 5 years. I know its small fry but we're trying everything. I have not spotted any mention of Ikea storecards on other threads. Maybe people who shop in Ikea are a bit more astute! Hoping for response from GE - that's around £4000. Keeping fingers crossed.
What does Imao mean??

di3004

madelinex wrote: »

Had one response already from Ikea saying they'll look at claim. Friend's statements show charge of about £3 per month over about 5 years. I know its small fry but we're trying everything. I have not spotted any mention of Ikea storecards on other threads. Maybe people who shop in Ikea are a bit more astute! Hoping for response from GE - that's around £4000. Keeping fingers crossed.
What does Imao mean??

Every penny adds up and of course interest on top of that also.;)

Have you checked on the above success threads to see if others have had success with these?
Good luck anyway.

Oh just send you a private message (PM) in the above meaning.......:o:D

Basically "laughing my **** off.......:o:D;), good luck.

neverletitgetyoudown

you should get a response from the company and they should deal with your complaint within 8 weeks if you don't you can take the to the FOS (financial ombudsman)

and it will cost them £500

madelinex

GE Money letter received. This company loaned my friend about £45,000 to "consolidate" her debts then added approx £4800 in PPI with interest to be added on. After paying monthly instalments for a few years she still owes more than the original loan. Worse still, the insurance policy which cost £4800 only lasted for 5 years whilst the loan lasts for 15years! so that was £4,800 for nothing - her husband was self employed and she's in a public sector, secure job with little or no liklihood of being made redundant.

GE say that as the claim relates to October 2003, more than 6 years ago (by a few months) it will not be possible for them to 'validate her claims'. They also state that the Financial Ombudsman work to the same rules as them so they indicate that there is no point in going to them and say we could take it to the FSA.

Can anyone give me chapter and verse on the 6 year thing?

I've already sent a letter off saying that we're unhappy with their response and feel that they could still investigate.

Also received a letter from Tesco advising they're looking into it. A little more hopeful:)

Thanks to everyone on the site.

di3004

madelinex wrote: »

GE Money letter received. This company loaned my friend about £45,000 to "consolidate" her debts then added approx £4800 in PPI with interest to be added on. After paying monthly instalments for a few years she still owes more than the original loan. Worse still, the insurance policy which cost £4800 only lasted for 5 years whilst the loan lasts for 15years! so that was £4,800 for nothing - her husband was self employed and she's in a public sector, secure job with little or no liklihood of being made redundant.

GE say that as the claim relates to October 2003, more than 6 years ago (by a few months) it will not be possible for them to 'validate her claims'. They also state that the Financial Ombudsman work to the same rules as them so they indicate that there is no point in going to them and say we could take it to the FSA.

Can anyone give me chapter and verse on the 6 year thing?

I've already sent a letter off saying that we're unhappy with their response and feel that they could still investigate.

Also received a letter from Tesco advising they're looking into it. A little more hopeful:)

Thanks to everyone on the site.

Hi there

If this is the case, like many of us due to dates loans taken out when the businesses were not governed, we have gone the insurer/underwriter direction, they will possibly say no, but they would have been protected/governed, where the FOS will be able to investigate.

Some of us on here have gone this direction, the FOS are also trying to make these responsible as well, so its another direction to take if all else fails.
You should find the insurer/underwriter details on the PPI policy if not then request for them, they should still send them on request in the post.

This 6 year issue is mainly on charges, but its still worth shot, as many have been successful in reclaiming as from the late 1990's, one of mine was 2001.
Keep at them is best.
You will find more info on the insurance reclaiming guideline link about this matter:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good luck with Tesco too, hope for a good outcome.;)

madelinex

I've now had a reply from Ikano or the Ikea Store Card. They have forwarded us a copy of the agreement which shows the option for insurance ticked. However, my friend also ticked the box above showing she was self employed. Is it not the case that she should have been advised that the insurance may not have been suitable? It was a long time ago since she took out the card but she also thinks she was told just to tick the box.