Question about reclaiming PPI - Do I have a case?

muffinmoo82

Hello all

I've just joined MSE after being a long time lurker

I'm thinking about reclaiming the PPI I was sold at the time I took out my personal loan in 2009 (from a major high street bank).

I feel I was pretty much press-ganged into taking it out. After an initial loan arrangement meeting which took place on the 1/7/09 I was informed I had to attend a meeting on the 2/7/09 with a 'Finacial Planning Advisor' who would explain PPI to me. When I say informed, it was made clear to me that if I didn't attend my loan, which had been agreed in principle, would be voided. Not wanting my loan to be turned down (obviously), I attended.

The meeting lasted approximately an hour, and although the lady was very friendly and personable it was made pretty clear to me, as stated, that if I didn't take out the policy then I couldn't have the loan. It wasn't so much a case of optinal but conditional. I can't remember the exact details but I do recall being talked through the various policies and the lady phoning her colleague (in what I presume was the policy office) to run through my medical and employment history.

I was advised, due to pre-existing medical conditions, to take out the health cover along with the 'Life' cover (incidentally I received a letter a week later informing me that my application for the health cover had been denied).

I don't believe I had any real say during the meeting, it definitely felt as if it was decided for me that I would be taking at least one policy out

My question is: I have a document showing my consent at taking out the PPI; basically it's a tick in a box against the statement 'I can confirm I wish to take out protection insurance'. It's dated and signed by myself, however, given the above, if I'd had the choice I would certainly not have taken it out. I had no option but to tick the box.

Do I have a case for reclaiming this PPI (every month £10.75 is debited from my account), and would the signed document hinder any claim I was to make?

Apologies for the very long post and thank you in advance for your help

The_Marksman

muffinmoo82 wrote: »

Hello all

I've just joined MSE after being a long time lurker

I'm thinking about reclaiming the PPI I was sold at the time I took out my personal loan in 2009 (from a major high street bank).

I feel I was pretty much press-ganged into taking it out. After an initial loan arrangement meeting which took place on the 1/7/09 I was informed I had to attend a meeting on the 2/7/09 with a 'Finacial Planning Advisor' who would explain PPI to me. When I say informed, it was made clear to me that if I didn't attend my loan, which had been agreed in principle, would be voided. Not wanting my loan to be turned down (obviously), I attended.

The meeting lasted approximately an hour, and although the lady was very friendly and personable it was made pretty clear to me, as stated, that if I didn't take out the policy then I couldn't have the loan. It wasn't so much a case of optinal but conditional. I can't remember the exact details but I do recall being talked through the various policies and the lady phoning her colleague (in what I presume was the policy office) to run through my medical and employment history.

I was advised, due to pre-existing medical conditions, to take out the health cover along with the 'Life' cover (incidentally I received a letter a week later informing me that my application for the health cover had been denied).

I don't believe I had any real say during the meeting, it definitely felt as if it was decided for me that I would be taking at least one policy out

My question is: I have a document showing my consent at taking out the PPI; basically it's a tick in a box against the statement 'I can confirm I wish to take out protection insurance'. It's dated and signed by myself, however, given the above, if I'd had the choice I would certainly not have taken it out. I had no option but to tick the box.

Do I have a case for reclaiming this PPI (every month £10.75 is debited from my account), and would the signed document hinder any claim I was to make?

Apologies for the very long post and thank you in advance for your help

A ticked boxed doesnt mean the product was right for you so dont let this stop you making a complaint.

You can start a complaint if you have your account number. Its easy to do yourself, so i would avoid a claims company.

You can do the complaint over the phone or via letter form, its up to you

to get you started, Look here for info and reasons for being miss-sold your ppi, Most ppi's were front loaded (loans) which is a big NO NO so go for it!

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

Once you have had a read though and have your reasons. You will need to fill in a consumer complaints questionnaire. Which I would download, have a read though and familiarise yourself with the questionnaire and its layout. The questionnaire can be found here

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

If it is a complaint for a Credit Card look here also (although almost the same info as above):

http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance#step2
http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance#step3

the main info you will need to complete the questionnaire is:

• Loan account number/numbers OR CC account number/ numbers
• start date
• finish date
• and your reasons

also have a read here for even more information:

http://www.financial-ombudsman.org.u...PPI-forms.html

Info for Lloyds:

http://www.lloydstsb.com/payment_pro...complaints.asp

Info for Egg:

http://new.egg.com/visitor/0,,3_112000--View_2418,00.html

Info for Barclays:

http://www.barclays.co.uk/news/PPIinformation/P1242592293882


then complete the form and send it off. If you ring your bank or CC company they may have a ppi complaint line and can start your complaint for you over the phone but id get as much info ready before phoning them. If you start a complaint over the phone, they will ask the reasons why you felt mis-sold so have all the information ready and be prepared.

simples, hope that may help, good luck

muffinmoo82

Thank you so much The Marksman for your very helpful post.

I just didn't like how it was all done to be honest, to actually set up an hour long meeting about it was quite galling!

I've only recently become aware of the possibility of reclaiming and have been thinking long and hard about whether I should or not but I might as well give it a go. I've downloaded the questionnaire, so the ball is well and truly rolling...

:cool:

roonaldo

To be honest it doesnt sound like the worst sale from you have said. If you have any evidence of your allegations bang out a complaint letter to them.

Insurance wasnt compulsory in 2009 and your key facts and demands and needs statement will state it was "optional insurance". It was a monthly policy too. Unless you were not eligible for it or it was unsuitable I doubt you will be successful reclaiming the premiums.

muffinmoo82

roonaldo wrote: »

To be honest it doesnt sound like the worst sale from you have said. If you have any evidence of your allegations bang out a complaint letter to them.

Insurance wasnt compulsory in 2009 and your key facts and demands and needs statement will state it was "optional insurance". It was a monthly policy too. Unless you were not eligible for it or it was unsuitable I doubt you will be successful reclaiming the premiums.

Thanks for the reply Roonaldo! I understand now that it wasn't compulsory, and I think they advised at the time that it wasn't however in the same breath my loan was accepted really on the principle that I would a) attend this meeting and b) take out a policy. So it was not compulsory in name only as far as I'm concerned.

I just wish I'd made notes during the meeting

The_Marksman

muffinmoo82 wrote: »

Thanks for the reply Roonaldo! I understand now that it wasn't compulsory, and I think they advised at the time that it wasn't however in the same breath my loan was accepted really on the principle that I would a) attend this meeting and b) take out a policy. So it was not compulsory in name only as far as I'm concerned.

I just wish I'd made notes during the meeting

dont worry about it too much as at some point we all said yes to it, otherwise there wouldnt be anything to have been mis-sold. Just send off your forms with your reasons and then try to forget about it and the best of luck

muffinmoo82

Thanks again The Marksman! I'm just going to send off the questionnaire from the link you gave me. Is it necessary to have a separate letter too or just send the questionnaire off? (with copies of paperwork)

BobbyMcDougall

Good luck!!!!!

muffinmoo82

I was doing a bit more research on this last night - and discovered a page on the HSBC website regarding PPI.


It states that HSBC stopped selling PPI in their branches in 2007 and then throughout the rest of the business in 2008.

(I'm afraid I can't include a link as I'm a new user.)

I took out my loan, and signed for the HSBC Life policy in 2009.

Surely I definitely should not have been sold the policy in that case?! As it clearly was after 2008!

Very confused now....

magpiecottage

There seems to be a contradiction here. First you say you have PPI then that you were declined for health cover but you still have it.

You also say an adviser spend an hour with you, which is unusual for PPI, and that you also took out a life policy.

We are also told that HSBC had by then stopped selling PPI.

I cannot be sure but my guess is that the adviser spoke to you about life cover and permanent health insurance (PHI, not PPI). These policies may well take an hour's meeting to apply for.

The PHI was declined but the life cover was offered and accepted.

You will have no grounds for complaint about the PHI (or PPI) because it never existed.

You may have grounds for complaint about the life cover but only if you can show there was no need for it.

It may indeed have been a condition of the loan as well, particularly if there was no other security for it.

muffinmoo82

Hi Magpiecottage.

Apologies, my mistake. I didn't mean to come across as contradictory.

I think on further investigation I'd got confused because I thought I'd been sold PPI (as this is what it states on the form that I signed, and I'm pretty sure they referred to it as such), but when I had a look around on the internet earlier it seems that HSBC life is actually a separate form of insurance and not PPI.

Hence my surprise at discovering HSBC stopped selling PPI in 2008, it did then make me wonder what was going on!

Again sorry if my posts didn't make sense.

It's correct that I don't have a health policy with them; they made me apply for it, but I received a letter informing me that my application was declined due to pre-existing medical conditions which I disclosed in the meeting. I do, however, have a life policy, which comes out of my account every month.

Thanks for your post and advice