can i claim?

1984jacko

hi i took a £16500 loan in may 2005 + £2916.70 loan protection and my monthly payments were £385 i payed the loan off in 2007 as i sold my car. the banker told me i would need insurance so if i was off work the insurance would cover me etc.
i have read the reclaim pages but i am on a mac computer so i am not sure what to download so i can send letter to the bank?
thanks for any help
matt

1984jacko

can any one advise me?

di3004

1984jacko wrote: »

hi i took a £16500 loan in may 2005 + £2916.70 loan protection and my monthly payments were £385 i payed the loan off in 2007 as i sold my car. the banker told me i would need insurance so if i was off work the insurance would cover me etc.
i have read the reclaim pages but i am on a mac computer so i am not sure what to download so i can send letter to the bank?
thanks for any help
matt

Hi there

sorry for the delay in responding, but were you mis sold the ppi?

If so what you do is complete the reclaiming questionnaire, this replaced the template letter, or you can write a letter in your own words.

If you want to write a letter to reclaim, you just request they refund you your PPI plus interest paid into the account, then give your reasons on why you believe you were mis sold, ask they give a decison by 8 weeks, and state if you hear nothing or not given a favourable decision by 8 weeks you will consider further action via Financial Ombudsman Service (FOS).

The questionnaire is here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

You send to the head office of whom is responsible for setting up the account from the start.

Remember to keep copies of all you send and receive in case you need to refer to this at some point.

Any problems downloading please post back to let us know, good luck.

roonaldo

1984jacko wrote: »

hi i took a £16500 loan in may 2005 + £2916.70 loan protection and my monthly payments were £385 i payed the loan off in 2007 as i sold my car. the banker told me i would need insurance so if i was off work the insurance would cover me etc.
i have read the reclaim pages but i am on a mac computer so i am not sure what to download so i can send letter to the bank?
thanks for any help
matt

being told you need insurance in case you are off work could be considered good advice, after all thats what the PPI is designed for.

saraanddarren

roonaldo wrote: »

being told you need insurance in case you are off work could be considered good advice, after all thats what the PPI is designed for.

I agree - but if that amount was added onto the cost of the loan with interest....?

I`m learning loads on this site and make regular boobs - hence my posts cos i`m learning - but don`t you think that seems rather an excessive amount for `off work` insurance for a two year loan?

If you break down that amount over 24 months...i think that`s a huge amount - considering the OP may not have needed to claim - and then only if he`d been out of work for four weeks - which is why our PPI wouldn`t pay out......

Not wanting to cause a fuss or anything - just interested..... :cool:

tiggrae

saraanddarren wrote: »

I agree - but if that amount was added onto the cost of the loan with interest....?

I`m learning loads on this site and make regular boobs - hence my posts cos i`m learning - but don`t you think that seems rather an excessive amount for `off work` insurance for a two year loan?

If you break down that amount over 24 months...i think that`s a huge amount - considering the OP may not have needed to claim - and then only if he`d been out of work for four weeks - which is why our PPI wouldn`t pay out......

Not wanting to cause a fuss or anything - just interested..... :cool:

no you're absolutely correct, in the majority of PPI the cost of the insurance is actually more then you could ever claim back as they normally will only pay for a total of 12 months - so you'de have been better off putting the money into a savings account 'just in case'. How is it possible for an insurance to have been sold in 'your best financial interests' or classed as 'treating a customer fairly' if you're paying more for it than could ever be claimed back

saraanddarren

tiggrae wrote: »

no you're absolutely correct, in the majority of PPI the cost of the insurance is actually more then you could ever claim back as they normally will only pay for a total of 12 months - so you'de have been better off putting the money into a savings account 'just in case'. How is it possible for an insurance to have been sold in 'your best financial interests' or classed as 'treating a customer fairly' if you're paying more for it than could ever be claimed back

I thank you!!! :T

Some folk on this site try to make out like the average Joe Bloggs are stupid or something - and i`ve questioned loads of stuff myself - but it doesn`t take an einstein to realise that the majority of these PPI`s take the blooming !!!!!

This site states at the top of the page: `Consumer Revenge` - about bloody time i think

tiggrae

saraanddarren wrote: »

I thank you!!! :T

Some folk on this site try to make out like the average Joe Bloggs are stupid or something - and i`ve questioned loads of stuff myself - but it doesn`t take an einstein to realise that the majority of these PPI`s take the blooming !!!!!

This site states at the top of the page: `Consumer Revenge` - about bloody time i think

you've every right to ask questions or question whatever you feel isn't correct - don't let anyone bully you on here and for what's it worth you're far from stupid !!

saraanddarren

tiggrae wrote: »

you've every right to ask questions or question whatever you feel isn't correct - don't let anyone bully you on here and for what's it worth you're far from stupid !!

Cheers for that

Just gets to me sometimes when some on this forum are perhaps putting folk off claiming by making snide comments that are irrelevent to the question they asked.

I know not all claims are the same - but i stand by what i said earlier:

`Consumer Revenge` whichever road they go!

That`s the only reason i`m here - and those that don`t like it can::money: