Loan & PPI Claim advise.

amersall

BuilderBob wrote: »

Ok ill do that first, thanks. I DO NOT like the idea of a new apr or term. Its hard enough to pay this each month (for the next 5 years!)
Strange that the terms and conditions dont mention anything about a new loan coming into play. Just says you can cancel at anytime giving 30 days notice and must be in writing.

That is why you have the 30 days, they can take the ppi off, but to be honest they dont say if your loan stays the same or has to be redone, so you are still non the wiser :rotfl::rotfl:Get your claim in and keep us posted.x

BuilderBob_2

OK. So I'm putting together this letter to Santander.
In it I'm going to say I feel I have been mis sold my loan on the basis that I wasnt told over the phone that I would have to be involuntary made out of work. As well as if I claimed on the PPI I wouldn't be able to claim again for the rest of the term.
I am aware that it is in the terms and conditions of the contract but was never pointed out to me over the phone when I was filling in the details on the phone to the women.

Is this ok? Good enough reason? HELP!
My case seems weak.

EDIT: Isn't the fact that they never told me that I would have a new term and APR if I canceled the PPI another mis selling? I'm not even sure if they will do that, as I cant even find something about that in the contract, I'm just going on what others have said here.

amersall

BuilderBob wrote: »

OK. So I'm putting together this letter to Santander.
In it I'm going to say I feel I have been mis sold my loan on the basis that I wasnt told over the phone that I would have to be involuntary made out of work. As well as if I claimed on the PPI I wouldn't be able to claim again for the rest of the term.
I am aware that it is in the terms and conditions of the contract but was never pointed out to me over the phone when I was filling in the details on the phone to the women.

Is this ok? Good enough reason? HELP!
My case seems weak.

EDIT: Isn't the fact that they never told me that I would have a new term and APR if I canceled the PPI another mis selling? I'm not even sure if they will do that, as I cant even find something about that in the contract, I'm just going on what others have said here.

Hi, say that when you telephoned, you were not aware that to claim on the ppi for unemployment (as you were self employed) that you would have had to make yourself involuntary unemployed to claim this.
When you first became aware of the mis sell of ppi, you looked at the terms and conditions ( you did not read them at the time as you thought during the telephone call that this ppi was fully explained to you)and did not know that if you claimed this, it was only once during the term.
You were told that you had 30 days to cancel this insurance, but you were not told that the term and apr would change because of this, and now having read the terms and conditions there is nothing there that make you aware of this fact.you were not also told that you could get insurance elsewhere and feel this ppi was not fully explained to you.
Do you have other life cover?. Hope this helps you.

zppp

amersall wrote: »

Hi, say that when you telephoned, you were not aware that to claim on the ppi for unemployment (as you were self employed) that you would have had to make yourself involuntary unemployed to claim this.

This is not a valid arguement to my eyes.

Employed - made redundant = involuntary unemployment
Self Employed - involuntary insolvency = involuntary unemployment

You can't make yourself involuntarily unemployed, only voluntarily. This is where the creditors of the person who is self employed start an insolvency petition.

BuilderBob_2

But surely I would have to be so in debt and have to go to court and end up officially bankrupt to get any insurance payout?

I was led to believe that if I hadn't had any work for a minimum of 3 months then I could just inform DWP or Inland Revenue (whichever it is) that I had no work, put me down as unemployed and I would get a payout. those would all be voluntary, as I could just carry on and wait for work to come in. Involuntary means I have been made to give up work against my judgment, surely?

BuilderBob_2

Just got off the phone to Santander. Decided to ask about whether cancelling PPI comes with a change in loan terms or APR, and the guy said that there would be no change to the loan term or APR.
He then went on to say you are just cancelling a service and that then they would work out any monies due for refund.
Now the word Refund rang into my ears like an alarm, so I asked him what would I be due for refund, such as the PPI I have paid for the past 4 months. He stumbled unbelievably and had to stutter his way through the conversation to then go ask someone else for advise.
(PPI seems a very touchy subject with them).

He said I pay £31.81 a month for PPI, and that if I canceled, I wouldnt necesarily pay £31.81 less, a month.
I have no idea why?

He said that if I write to head office (who don't have a phone line:rotfl:)
they will write back and it with entail what I will pay each month etc.
So I asked if I would get the oportunity to decide whether I want to accept this new price.
My main worry was it get canceled, then they write to me to say I was going to pay £5 a month less or something stupid. (basically if Im not going to be at leats £25 a month better off for canceling the PPI, I'd rather leave it as it is)

I am so confused by this phone conversation to say the least. I feel like I just found a secret government file or something, the way they don't answer you. Never had that from a bank in my life.

Any thoughts and advise on this, very welcome.

BuilderBob_2

Any other thoughts on this recent phone call? I've started my letter and Ill post it here to see what people think.

BuilderBob_2

Please please please, let me know what you think and if this all sounds right before I send it.

Hello. I would like to show my concern for the PPI I have on my current Loan with Santander.
When I took out the loan on the phone, I was not told and not aware that to claim on the PPI for unemployment (as I’m self employed) that I would have had to make myself involuntary unemployed to claim this.
It was my understanding and I was told on the phone that all I had to do was register as out of work, this to me is mis-information and mis sold.
When I first became aware of the mis selling of PPI, I looked even closer at the terms and conditions, I thought that the phone call would of explained everything I needed to know but it didn’t. I thought that at the end of the conversation on the phone, I was fully aware of the details about the PPI but I wasn’t.
I also wasn’t told that once I have made a claim for 12 months in the 5 year loan, I could never claim on it again, (for example, 3 years later), Again not explained to me on the phone, at time of application. Again mis sold.
and now after again reading the terms and conditions, there was nothing told to me on the phone that made me aware of these facts about the PPI I was sold..
I also made a call to Santanders loan department recently to enquire about the PPI details and was told very little other than I pay £31 a month approx for PPI and that if I cancelled this PPI, I wouldn’t necessarily pay £31 less a month for my loan. Which I was never told about on the phone or in my terms. I feel that I have been really left in the dark about the information regarding PPI. And had I known I would never of purchased the loan or PPI.
I also wasn’t told that I could get insurance elsewhere and feel this PPI was not fully explained to me.
I therefore request a reply from you regarding where we go from here. I also would like to know about what happens to my loan should I cancel the PPI.

amersall

BuilderBob wrote: »

Just got off the phone to Santander. Decided to ask about whether cancelling PPI comes with a change in loan terms or APR, and the guy said that there would be no change to the loan term or APR.
He then went on to say you are just cancelling a service and that then they would work out any monies due for refund.
Now the word Refund rang into my ears like an alarm, so I asked him what would I be due for refund, such as the PPI I have paid for the past 4 months. He stumbled unbelievably and had to stutter his way through the conversation to then go ask someone else for advise.
(PPI seems a very touchy subject with them).

He said I pay £31.81 a month for PPI, and that if I canceled, I wouldnt necesarily pay £31.81 less, a month.
I have no idea why?

He said that if I write to head office (who don't have a phone line:rotfl:)
they will write back and it with entail what I will pay each month etc.
So I asked if I would get the oportunity to decide whether I want to accept this new price.
My main worry was it get canceled, then they write to me to say I was going to pay £5 a month less or something stupid. (basically if Im not going to be at leats £25 a month better off for canceling the PPI, I'd rather leave it as it is)

I am so confused by this phone conversation to say the least. I feel like I just found a secret government file or something, the way they don't answer you. Never had that from a bank in my life.

Any thoughts and advise on this, very welcome.

Hi there, dont cancel this, keep with the mis sell. Your payment wont reduce by much, if at all.If you win mis sell the ppi is taken off and you get ppi paid to date back to you. Have pmsd you.