Possible big PPI claim

Hjgrjg

Dear all

We need as much as help as possible with this.

We had cumilitively approx £100k split between the following

Rbs loan -36k
MBNA loan - 10k
MBNA Beyond - 12.5k
MBNA Alliance & Leicester - 5.6k
MBNA M&S Money - 6.5k
MBNA Virgin - 2.5k
Morgan Stanley - 8k
Halifax One - 7.6k
Amex - 8.4k
Barclaycard 7.3k

Most if not all had PPI and currently owe approx 30k out of the above as we contacted Gregory Pennington and had the interest stopped, etc.

Where do we start?

misschicken

First off, how was the PPI mis-sold?

Hjgrjg

During most applications I was told that it would help the application process and make the chance of approval better.

misschicken

That will be difficult to prove but it's not a reason to not try and get the PPI refunded.

You need to send in a letter of complaint to each bank/account stating the reason you believe the PPI was mis-sold and request a refund or fill out the PPI form you'll find on each of the banks' websites for each account and send those off - it's the same form used by the Financial Ombudsman. Take copies of everything, send everything recorded. Morgan Stanley is part of Barclaycard now. All of the banks have 8 weeks to issue a Final Response after which if you're not happy with the outcome you can refer the complaints to the Financial Ombudsman. It's a slow process. There's loads of detail on the forum and elsewhere on the site about reasons for complaint, template letters and people's experience dealing with the banks you've mentioned.

dunstonh

During most applications I was told that it would help the application process and make the chance of approval better.

What evidence do you have to support that? Verbal allegations without evidence are easily rejected. It's a he said/she said scenario. You could be telling porkies as much as they may have done.

What evidenced reasons for mis-sale would you have? (ie. work sickness benefits creating significant overlap or single premium PPI added to debt). These are where most get success (of the complaint redress is under a floor limit to auto uphold)

tyrex

@DunstonH - can you explain the 'single premium PPI added to debt' mis-sale reason a little further please? I have a PPI claim running in which I was told, back in 1997, that my loan would not be approved without adding the PPI. I used this as the reason for the claim, although I am concerned that the complaint will not be upheld now due to the 'he said/I said' problem. However, the PPI premium and interest was added in a single lump sum at the time of signing, with paperwork to prove, so do I have a possible angle here?

TIA :-)

dunstonh

@DunstonH - can you explain the 'single premium PPI added to debt' mis-sale reason a little further please?

Many loans used single premium PPI rather than monthly premium PPI. They took the single premium, added it to the loan and charged you interest on it. Whereas had they used monthly premium PPI, you would not have paid interest on it. This is one of the main reasons why mortgage PPI complaints are far fewer (and the major area where there upheld reasons is single premium MPPI)

I have a PPI claim running in which I was told, back in 1997, that my loan would not be approved without adding the PPI. I used this as the reason for the claim, although I am concerned that the complaint will not be upheld now due to the 'he said/I said' problem.

For all we know, you could be making that up. Just as they could make up that they never said it. Your word will not just be accepted as gospel. Especially when you consider that around 1/3 to 1/2 of complaints being received on PPI are considered fraudulent try-it-ons by consumers. As much as people like to accuse firms, government or any institution of being the big bad, consumers (in general) are no better.

However, the PPI premium and interest was added in a single lump sum at the time of signing, with paperwork to prove, so do I have a possible angle here?

You dont need to prove it is a factual event. They either added it as a single premium or they didnt. There is no vagueness here. The only issue is that with some providers you have to point out the single premium issue to them as they wont take it upon themselves to agree it was wrong.

tyrex

Thank you DunstonH - much appreciated. Although the claim was originally rejected by the bank due to lack of sufficient paperwork (i.e. account number etc.), I have since supplied additional evidence and had the case reopened and it is currently being reconsidered. Hopefully this time they'll spot the PPI lump sum problem. If not, I'll mention this when I take the complaint to the FOS. Thanks again, and sorry to the OP for the thread hijack.