PPI Reclaiming Discussion Part 5

Octonut

Hi, I've been reading the forums and decided to sort my PPI history out and get some money back. I have been registered self-employed with the HMRC since 1990 but I've naively had PPI on a bank loan and some credit cards. I've started complaints against MBNA, Capital One and Barclays Bank but I'm stuck with a question about Barclaycard, that I hope someone can advise me about....

I have had Barclaycards of one form or another for a good few years and have had PPI on some of them in the past but they are old accounts. I have phoned Barclaycard today and they have told me to write in as anything older than 2 years is not on the system, so my question is: when I write to Barclaycard will they have on file all of my old accounts and will they tell me about them, or will I claim for just the ones that I have numbers for?

amersall

Claim for the ones you have the account numbers for, do a Sar for any info they hold on you this may throw up the others but it may not, if you feel it is worth the £10 fee then do it and see what you get back.

https://forums.moneysavingexpert.com/discussion/1475553

Octonut

Thanks, I will try the SAR.

DDave_2

amersall wrote: »

I have my uses then? :rotfl:
Yes, send it to the broker, they are liable as they sold you the loan and ppi.

As an update I contacted what I thought was the broker , turns out they were just the price comparison site and have never sold insurance or given loans and told me FP were completely misleading and told me to go back to FP to get them to correct the error. Phoned FP- just not interested said I just wanted them to address the issue as their letter contained an error in that it was they themselves that sold the insurance.After30 min + on phone told if I wanted to complain write to their legal department !!!
Is it just a straight complaint to FOS???? if so can I fast track by a phone call?

felix9494

Hi, we took out a personal loan with clydesdale bank in 2003, and paid it off early in 2006 i think. I have the original loan document which notes the ppi amount (over £4k by installments), but no information on who the actual policy was with, any terms and conditions or any information about what we were told when we took it out.

I'm at a loss what to put on a claim as we can't remember details and have no evidence, however i don't think myself in particular would have been able to make a claim on the ppi. I'm also a bit concerned that the bank may pull out a load of documents that show everything was above board even though we can't remember signing anything.

Can i ask if anyone else recovered ppi from clydesdale (or any other company) under similar circumstances, and what the claim was based on?

thanks

sugarpuss27

Have been going through some other bits and bobs and decided to have a look at reducing ppi on our joint Tesco loan. Found that we could get it much cheaper and so contacted Tesco re details of months left what would that leave as balance etc. Upshot is they were ringing me back as a gliche in system. In the meantime I have been reading through their ppi policy summary and document and found the cancellation section. It states that the insurer uses the Rule of 78 to calculate any refund. On looking up this rule on this website it states that was abolished for new loans in 2005, thing is we took the loan out in 2007, this sound to me like a mis-sell or am I missing something.
Any ideas?
Thanks
Hi All just quoting myself here. Put in a complaint which they are looking into. I received a letter to say that they were still looking into the claim after a phone call they say they are waiting for further documentation from internal depts. They want the T&C and statements.
Am not sure but is this front loaded. The details from the agreement are as follows:
1.Key Financial Information
A. Loan (2A+2B) 9964.00
B. Term 122 months
C. Total Amount Payable 13,620 (includes 2685 for Ins Loan)
D. Installment repayments 120 repayments of 113.50
comprising main loan repayment 91.12
Insurance loan repayment 22.38
2. Other Financila information
A. Purpose and amount of main loan
(a+b) (a) up to 0.00 for refinancing
(b)cash loan 8000.00
B.Insurance Loan 1964.00 the premium PPI
C. Total Charge 3656.00 (interest includes 721.60 for insurance loan)
D. Annual rate of Interest 6.33% over the term
E. Payment Allocation Any payments you make are allocated as follows: first to pay off arrears, then to pay off any costs, expenses and cahrges due and finally to reduce the amount owed on the loan account.
Sorry its such a long post just thought it might be helpful to see exact wording. What do you wonderful people think?

sugarpuss27

As a side bar to the above post. The paperwork was couriered to us to sign and return straight away and at the time we were not aware that we could have gone elsewhere for the insurance.

amersall

DDave wrote: »

As an update I contacted what I thought was the broker , turns out they were just the price comparison site and have never sold insurance or given loans and told me FP were completely misleading and told me to go back to FP to get them to correct the error. Phoned FP- just not interested said I just wanted them to address the issue as their letter contained an error in that it was they themselves that sold the insurance.After30 min + on phone told if I wanted to complain write to their legal department !!!
Is it just a straight complaint to FOS???? if so can I fast track by a phone call?

Resend the complaint to FP use the same letter again, at the beginning put this is the second complaint regarding this PPI and that they misled you over who was responsible for the mis sell and they directed you to the price comparison website, let them know that they are responsible for the mis sell and if they do not look at your claim again and reconsider that you will take this to the FOS to look into.


If they come back again with more nonsense let me know what reply they give you this time and it may be that you have to go to FOS
Give FOS a ring and just ask for their advice, clearly this was not brokered, i said i had not heard of this broker!!, It is FP you pursue, let the FOS know that FP directed you to the comparison website and told you it was the broker and FP said they are not responsible, that will go down well with FOS.

It beggars belief that they are trying this on :mad:.

amersall

sugarpuss27 wrote: »

Have been going through some other bits and bobs and decided to have a look at reducing ppi on our joint Tesco loan. Found that we could get it much cheaper and so contacted Tesco re details of months left what would that leave as balance etc. Upshot is they were ringing me back as a gliche in system. In the meantime I have been reading through their ppi policy summary and document and found the cancellation section. It states that the insurer uses the Rule of 78 to calculate any refund. On looking up this rule on this website it states that was abolished for new loans in 2005, thing is we took the loan out in 2007, this sound to me like a mis-sell or am I missing something.
Any ideas?
Thanks
Hi All just quoting myself here. Put in a complaint which they are looking into. I received a letter to say that they were still looking into the claim after a phone call they say they are waiting for further documentation from internal depts. They want the T&C and statements.
Am not sure but is this front loaded. The details from the agreement are as follows:
1.Key Financial Information
A. Loan (2A+2B) 9964.00
B. Term 122 months
C. Total Amount Payable 13,620 (includes 2685 for Ins Loan)
D. Installment repayments 120 repayments of 113.50
comprising main loan repayment 91.12
Insurance loan repayment 22.38
2. Other Financila information
A. Purpose and amount of main loan
(a+b) (a) up to 0.00 for refinancing
(b)cash loan 8000.00
B.Insurance Loan 1964.00 the premium PPI
C. Total Charge 3656.00 (interest includes 721.60 for insurance loan)
D. Annual rate of Interest 6.33% over the term
E. Payment Allocation Any payments you make are allocated as follows: first to pay off arrears, then to pay off any costs, expenses and cahrges due and finally to reduce the amount owed on the loan account.
Sorry its such a long post just thought it might be helpful to see exact wording. What do you wonderful people think?

To answer your other post first, they do not have to tell you that you can get insurance elsewhere.

Do not cancel the insurance wait for the mis sell, if you cancel the PPI it will get you a small rebate that goes to the loan, they do a new loan without PPI and the Apr and term could alter and your monthly payment go up.

They do not do the rule of 78 they work it out at one plus one (don't ask )
Did you make just the one payment a month to the loan or did you pay 2 separate payments?.

If you made one payment then this was front loaded, if you made 2 then it is not.

sugarpuss27

amersall wrote: »

To answer your other post first, they do not have to tell you that you can get insurance elsewhere.

Do not cancel the insurance wait for the mis sell, if you cancel the PPI it will get you a small rebate that goes to the loan, they do a new loan without PPI and the Apr and term could alter and your monthly payment go up.

They do not do the rule of 78 they work it out at one plus one (don't ask )
Did you make just the one payment a month to the loan or did you pay 2 separate payments?.

If you made one payment then this was front loaded, if you made 2 then it is not.

Hi Amersall thanks for the reply. We only make the one pmt of 113.00 which is the loan plus ppi. Also when I rang up initially enquiring about the ppi they said that the ppi balance was at zero which struck me as odd. Does that mean it was paid up first?