We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
PPI Reclaim Cover Letter- any comments please
Options
Bei
Posts: 34 Forumite
Hi all. Can i ask help in proofreading this letter? Any comments or advice will be very much appreciated. Many many thanks everyone!!!
Dear Sir or Madam,
Re: Payment Protection Insurance for Current Loan Account Number xxx
I am writing in relation to the above Payment Protection (PPI) Policy which was added to my loan account number referenced above.
I now maintain that I was mis-sold of this policy for the reasons given below and wish you to investigate my complaint according to your normal complaint procedures.
1. The DNR contains statements contradictory to what was actually discussed.
Alternative Insurance Cover: Your sales advisor is made fully aware of my employment as a nurse with the NHS and my employer has a generous illness package which would cover a period of sickness as follows: 6 months full pay followed by 6 months half pay. I would also be entitled to a generous redundancy package and a substantial payment would be made in the event of my death in service.
Alternative means for repayment: It was never discussed if I have any other means of repayment such as savings, properties or if I can rely on a friend, a relative or spouse for help in making the repayments.
Failure to Supply Important Information with Regard to Significant Policy Exclusions: I was most definitely not informed that the PPI policies could contain certain exclusions in relation to employment which could invalidate a claim. I was employed on a fixed-term contract at the time but your staff did not inform me that any change to this could invalidate sections of the policy during its life. I was not asked about any intended charges or informed or warned of their effects on the policy.
Your staff failed to explain the exclusions that relates to medical conditions such as conditions that can be caused by smoking, back pains because of nature of work and Chronic and critical illnesses in relation to family history which could affect me and my ability to claim on the policy if I should need to.
Responsibilities When Underwriting a Policy of Insurance: It was on no occasion that the policy was told to be OPTIONAL. The sales advisor only stated that I SHOULD continue the PPI as with my previous loan with your bank.
Misleading information, pressure selling and scary tactics: I was led to believe that the whole amount of debt will be passed on to my dependants in the event of unexpected death, therefore requiring additional coverage to protect my repayments.
2. Cancellation
I was not made aware of the terms of cancellation RELATING to the PPI.
The loan information highlighted my cancellation rights: YOU HAVE NO RIGHT TO CANCEL THIS AGREEMENT, thus misled me to believe that the policy cannot be cancelled in any ways whatsoever. I have made several enquiries if I can cancel the policy, by phone when I was asking to take a repayment holiday, and in person, but was told, in short and simple word, that it is NOT possible. This is now considered to be unfair by the FSA. I believe that these enquiries can be traced by call transcripts.
3. Affordability
I was not informed that I could purchase an alternative cheaper PPI provider elsewhere nor I was given any details of any comparative insurance. Furthermore I believe in light of the preliminary finding by the Competition Commission that the PPI was unfairly attached as there was no opportunity for me to seek competitive Insurance.
It was not explained to me that the policy premium would be paid upfront as a single premium and would be added to my debt and attract interest. There was also no explanation that the cost of the PPI premium would be added to the total cost of credit and interest added for the full term of the agreement. I believe this practice is unlawful.
I paid upfront for the PPI but it was not explained that there were some PPI policies where I could pay monthly.
4. True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor on any occasion on the full extent of single premium PPI policies or the fact that they would offer little or no refund if the loan was settled early or if the insurance was cancelled. The statements you have forwarded on account mentioned above show no element of any refund of Single Premium PPI or Single Premium PPI interest when the accounts were refinanced or settled.
In light of these complaints, I believe that the firm is in breach of their duty of care, which obliged them to give honest and fair advice for their clients’ best interest.
I now contend that I was mis-sold this policy. I claim back all the premiums and interest I have paid in connection with this payment protection insurance policy plus statutory interest at 8% (or whatever other rate the courts might order) from the first payment that I made until the date of your settlement of this claim.
I would like a reply as soon as possible but, at any case, within the eight weeks allowed for responses to complaints by the Financial Services Authority.
Yours faithfully,
signature
Name
Dear Sir or Madam,
Re: Payment Protection Insurance for Current Loan Account Number xxx
I am writing in relation to the above Payment Protection (PPI) Policy which was added to my loan account number referenced above.
I now maintain that I was mis-sold of this policy for the reasons given below and wish you to investigate my complaint according to your normal complaint procedures.
1. The DNR contains statements contradictory to what was actually discussed.
Alternative Insurance Cover: Your sales advisor is made fully aware of my employment as a nurse with the NHS and my employer has a generous illness package which would cover a period of sickness as follows: 6 months full pay followed by 6 months half pay. I would also be entitled to a generous redundancy package and a substantial payment would be made in the event of my death in service.
Alternative means for repayment: It was never discussed if I have any other means of repayment such as savings, properties or if I can rely on a friend, a relative or spouse for help in making the repayments.
Failure to Supply Important Information with Regard to Significant Policy Exclusions: I was most definitely not informed that the PPI policies could contain certain exclusions in relation to employment which could invalidate a claim. I was employed on a fixed-term contract at the time but your staff did not inform me that any change to this could invalidate sections of the policy during its life. I was not asked about any intended charges or informed or warned of their effects on the policy.
Your staff failed to explain the exclusions that relates to medical conditions such as conditions that can be caused by smoking, back pains because of nature of work and Chronic and critical illnesses in relation to family history which could affect me and my ability to claim on the policy if I should need to.
Responsibilities When Underwriting a Policy of Insurance: It was on no occasion that the policy was told to be OPTIONAL. The sales advisor only stated that I SHOULD continue the PPI as with my previous loan with your bank.
Misleading information, pressure selling and scary tactics: I was led to believe that the whole amount of debt will be passed on to my dependants in the event of unexpected death, therefore requiring additional coverage to protect my repayments.
2. Cancellation
I was not made aware of the terms of cancellation RELATING to the PPI.
The loan information highlighted my cancellation rights: YOU HAVE NO RIGHT TO CANCEL THIS AGREEMENT, thus misled me to believe that the policy cannot be cancelled in any ways whatsoever. I have made several enquiries if I can cancel the policy, by phone when I was asking to take a repayment holiday, and in person, but was told, in short and simple word, that it is NOT possible. This is now considered to be unfair by the FSA. I believe that these enquiries can be traced by call transcripts.
3. Affordability
I was not informed that I could purchase an alternative cheaper PPI provider elsewhere nor I was given any details of any comparative insurance. Furthermore I believe in light of the preliminary finding by the Competition Commission that the PPI was unfairly attached as there was no opportunity for me to seek competitive Insurance.
It was not explained to me that the policy premium would be paid upfront as a single premium and would be added to my debt and attract interest. There was also no explanation that the cost of the PPI premium would be added to the total cost of credit and interest added for the full term of the agreement. I believe this practice is unlawful.
I paid upfront for the PPI but it was not explained that there were some PPI policies where I could pay monthly.
4. True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor on any occasion on the full extent of single premium PPI policies or the fact that they would offer little or no refund if the loan was settled early or if the insurance was cancelled. The statements you have forwarded on account mentioned above show no element of any refund of Single Premium PPI or Single Premium PPI interest when the accounts were refinanced or settled.
In light of these complaints, I believe that the firm is in breach of their duty of care, which obliged them to give honest and fair advice for their clients’ best interest.
I now contend that I was mis-sold this policy. I claim back all the premiums and interest I have paid in connection with this payment protection insurance policy plus statutory interest at 8% (or whatever other rate the courts might order) from the first payment that I made until the date of your settlement of this claim.
I would like a reply as soon as possible but, at any case, within the eight weeks allowed for responses to complaints by the Financial Services Authority.
Yours faithfully,
signature
Name
0
Comments
-
Wow this is fab.:T:beer:The one and only "Dizzy Di"
0 -
Hello all. I have already started my PPI claim. Hope all works well. Will keep you posted. Thanks for all the advice. Good Luck to everyone.0
-
Excellent letter, well structured and inspiring to others in a similar positionWould like to: Retire at 54. 19yrs .Clear mortgage by 50. 16yrs. Clear Secured debts by 43. 8yrs.Clear Unsecured debt by 39. 4yrs. Gain full control of my finances by 36. 1yr.Keep my head above water. Today.Dribble Diet: Starting weight(26/8): 18st 7lb:eek: current weight(08/11): 15st 11lb Ideal weight: 12st 7lb0
-
when was it sold, by whom and what type of loan?0
-
looks like a very good letter, very concise i dont think the bank will be able to wriggle out of this one. Let us know how you get on0
-
Hello everyone. I have'nt heard anything from them yet. will keep everyone posted. Fingers crossed.
BTW... it may also be worth mentioning how much weight the PPI puts on the entire loan. Mine was 20% of the entire loan, can you imagine that?!!!:mad: Just a thought.0 -
Its shocking Bei, hope u get a good outcome! And a well written letter x0
-
Received their response today, quoting they will investigate, if possible within 4 weeks. But may extend to 8 weeks blah blah. Wait till i send them the other 4 remaining loan complaints. Loan started as 5000 in 2004. By 2007, its already 22,000 because of PPI. Geez.
"what comes around, goes around..."0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards