Help to get started.

carolannjo

I have read through the advice on here and am still a little confused what I should do first.
I have found a few loan agreements and store cards on which I had PPI, all are paid off within the last 6 years. Two of which I claimed on then took out a new loan (ie had loan for 2 years or so made claim, then took out new loan to pay off original and a bit more on top at better interest rates, never claimed again.) The store card changed its rules a number of years after I made the claim, and I was claim free for around 5/6 years after that. That particular PPI cost me a fortune.
So my question is can I claim on these two and what letter do I send (I already have the agreement paperwork) also do I try and work out how much to ask for or leave it to them to work out? A couple of the companies have already been fined for their practices but have never contacted me.
Am just confused as to what to send to them first. If anyone could clarify this for me would be great, thanks.

di3004

carolannjo wrote: »

I have read through the advice on here and am still a little confused what I should do first.
I have found a few loan agreements and store cards on which I had PPI, all are paid off within the last 6 years. Two of which I claimed on then took out a new loan (ie had loan for 2 years or so made claim, then took out new loan to pay off original and a bit more on top at better interest rates, never claimed again.) The store card changed its rules a number of years after I made the claim, and I was claim free for around 5/6 years after that. That particular PPI cost me a fortune.
So my question is can I claim on these two and what letter do I send (I already have the agreement paperwork) also do I try and work out how much to ask for or leave it to them to work out? A couple of the companies have already been fined for their practices but have never contacted me.
Am just confused as to what to send to them first. If anyone could clarify this for me would be great, thanks.

Hi Carol

If mis sold the PPI policies for any reasons you have then give it a go, it makes no difference on how old they are and some have also been successful in reclaiming ppi from ones they have already made a successful claim on, although the chances are reduced, the reasons being for example, maybe it covered for one thing but not the other, so if it paid out for sickness then it may not have paid out for unemployment, so on the ones already made a successful claim, the amounts will therefore be reduced.

However, for any of them you believe you have been mis sold on, there is a FOS questionnaire to complete, these were issued by the financial ombudsman service (FOS) and replaced the first template letter on this site.

Complete and send to whoever sold and set up the policies, remember to keep copies as well.

They then have 8 weeks to give a decision, or they will write back to ask for more time, which is okay, just as long as you know where you are.

You will find the FOS questionnaire on the link below, to the guidelines of reclaiming - further down the page as Stage one.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Hope this helps, and remember to get proof of posting at your post office.

Good luck.:)

You can of course write a letter instead if you want to, but its now suggested if you do this, is to write in your own words, remember to give the reasons for your ppi reclaim, and ask that they comply by 8 weeks - which is the given timescale.

marshallka

Just to add here that although a couple of companies have been fined they are usually fined for certain periods of misselling only and certain methods of misselling so unless you are in the above two criteria's then the firm would not have to contact you for misselling and you make the complaints as Di has said above. If you go to the FSA website and look up the firms that have been fined you will be able to tell over what periods this covered (and methods of sale) or even googling them.