PPI Reclaim in joint name

gems3286

Hi All,

I took a 2x loans out with different company to get some windows and doors with a well know company.

Thing is when i took the loans out i had to do them as joint with my dad as i was not a on the deeds of the house (don't no why we had to do this)
Thing is we signed for the PPI but we didn't get told what it was for it was just totaled in with the amount on the loan.

I was employed at the time and my dad was retired so don't know if this makes any difference to the claim.

Any help you can give would be great.

Gem

di3004

gems3286 wrote: »

Hi All,

I took a 2x loans out with different company to get some windows and doors with a well know company.

Thing is when i took the loans out i had to do them as joint with my dad as i was not a on the deeds of the house (don't no why we had to do this)
Thing is we signed for the PPI but we didn't get told what it was for it was just totaled in with the amount on the loan.

I was employed at the time and my dad was retired so don't know if this makes any difference to the claim.

Any help you can give would be great.

Gem

Hi there

In regards of the PPI, even if joint loans, who is the first holder of the account?
I take it - your dad perhaps?

di3004

Hi again Gem

If your dad was signed up for the policy as the first holder then he would not be protected due to him being retired, so he would not be eligible to make a claim, and if this was a single ppi policy sold to you then it is totally worthless as well, because if this is the case then you would not be protected as a 2nd account holder either.

If this is the case then you do have good grounds to reclaim, I would also check out further information on this on the guidelines of reclaiming here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

So basically whoever sold you the product and set this up for you are responsible, so you write to them with your reasons, they have 8 weeks in full to respond.
Do not worry about writing down the amounts though, if successful they should supply you with the breakdown of how this was calculated, or you can request they post these to you.

Post your reclaim letter within the post office to receive your proof of posting.

And keep at them until they issue you with a response in your favour or an offer you are happy with, or until they supply you with the final response which should include if eligible the detaills with the leaflet of how to complain to the Financial ombudsman service (FOS).

Ask for further help if required and please keep us posted, good luck.;)

Di

gems3286

di3004 wrote: »

Hi again Gem

If your dad was signed up for the policy as the first holder then he would not be protected due to him being retired, so he would not be eligible to make a claim, and if this was a single ppi policy sold to you then it is totally worthless as well, because if this is the case then you would not be protected as a 2nd account holder either.

If this is the case then you do have good grounds to reclaim, I would also check out further information on this on the guidelines of reclaiming here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

So basically whoever sold you the product and set this up for you are responsible, so you write to them with your reasons, they have 8 weeks in full to respond.
Do not worry about writing down the amounts though, if successful they should supply you with the breakdown of how this was calculated, or you can request they post these to you.

Post your reclaim letter within the post office to receive your proof of posting.

And keep at them until they issue you with a response in your favour or an offer you are happy with, or until they supply you with the final response which should include if eligible the detaills with the leaflet of how to complain to the Financial ombudsman service (FOS).

Ask for further help if required and please keep us posted, good luck.;)

Di

Hi Di,

Thank you for your response, I'm the lead holder on the account and my dad is the second so wondering if i still have been mis-sold this ppi.

Would do i write to about reclaiming the ppi? you said that whoever sold me the policy is resposible? So do i send the letter to the window compnay who i signed up with for the windows and doors or do i get in touch with the 2x loan comapnys? i know when i sent for a cca from the loan companys not long ago that both of these loans had the ppi information on them. Sorry for asking so many questions i just want to make sure that i'm doing it all right.

Cheers Gem

di3004

gems3286 wrote: »

Hi Di,

Thank you for your response, I'm the lead holder on the account and my dad is the second so wondering if i still have been mis-sold this ppi.

Would do i write to about reclaiming the ppi? you said that whoever sold me the policy is resposible? So do i send the letter to the window compnay who i signed up with for the windows and doors or do i get in touch with the 2x loan comapnys? i know when i sent for a cca from the loan companys not long ago that both of these loans had the ppi information on them. Sorry for asking so many questions i just want to make sure that i'm doing it all right.

Cheers Gem

Hi Gem

Did you check on the link above I posted with the checklist of mis selling reasons?

However, if they did not discuss this ppi with you and added this automatically you do have a case, but do also check if anything else applies to you too.
Yes you do write to the ones who set this up, so write to them via finance dept.

It seems they have protected you as the first account holder, but they should have also made sure you required this, in case you were already protected for instance by your employer or maybe you have cover elsewhere which would have covered the loan repayments as well, but if you then had a pre med condition when taking out the loan, the chances are then reduced of making a claim, for examle for sickness.

But for them just adding this without discussing this with you is still grounds to make a reclaim.

Hope this helps.;)

magpiecottage

A single premium added to the loan is likely to be an uphold.

If it was secured on your home and you were eligible to claim then it is probable that redress would be based on the cost of the policy less the cost of a monthly premium policy (which the FSA seems likely to allow them to assume is £9 per month per £100 cover)

Common_Sense_2

A single sum premium PPI policy isn't neccessarily grounds for a Mis-sell - it really depends on the amounts involved. When did you take out the loan (could be important for regulation) and also did you have to sign a piece of paper titled " demands and needs " (or words to that effect)?

gems3286

I took the loans out in 2005 and i don't think i signed anything other than the loan agreement that we got of safestyle.

Still a bit confused do i send the PPI Letter to safestyle. or do i send them to the 2x loan companys?

Gem

di3004

gems3286 wrote: »

I took the loans out in 2005 and i don't think i signed anything other than the loan agreement that we got of safestyle.

Still a bit confused do i send the PPI Letter to safestyle. or do i send them to the 2x loan companys?

Gem

Hi Gem

There is no harm in sending to 2 just to cover yourself.;)