PPI Reclaiming Discussion Part 5

amersall

willbailey wrote: »

Five and a half years ago we took out a bank loan 0f £13.000 to pay for a car it worked cheaper than finance we went to the northern rock every thing fine both full time employed and £55.000 a year coming in the at the last minute we were told we had to have there PPI any ways after searching these boards i had learnt we did not have to have there PPI so i went online got a cheaper one printed the agreament and went to the bank you should have seen his face the question is would i be eligable for a claim thanks answers on a post card please...will :beer:

Did you cancel the original PPI or did you just show them you could get it cheaper elsewhere.

amersall

Errol_The_Gill wrote: »

Dear all,
Can anybody help? I was recently contacted by a company from wales who wanted to reclaim PPI on my behalf. They seemed to know a lot about my personal finances including a loan i and my partner had taken out. I explained to them that i didn't think i could qualify to claim because i never take out PPI and they claimed that the PPI would have been added even with out my knowledge?

Now i would never use any company like this, one because i don't trust these type of companies and two they wanted money up front!

I have checked the t&C's of my loan and it says i do not have PPI.

But can anyone tell me if there is any substance to what this company are claiming about hinden charges?

Many thanks
Errol

Claims cos will say anything to get you to make a claim, if you know you do not have PPI then you do not have it, it is as simple as that, PPI is never hidden there is paperwork for it.
It will show on the agreement for a loan with the interest and the monthly payment.

Ring these
http://www.justice.gov.uk/contacts/cmr
Name the company and tell MOJ that you have no PPI but this company are telling you it could be hidden and that know details about your finances.

The claims co do not have any of your info, they are fishing, did they say you had PPI, what agreements they related to and amounts you could claim back?... I could tell you that info, please report them and name and shame them here on this site.

willbailey_2

amersall wrote: »

Did you cancel the original PPI or did you just show them you could get it cheaper elsewhere.

Just showed that i could get it elsewhere they said i couldn't have the loan without it ....

amersall

willbailey wrote: »

Just showed that i could get it elsewhere they said i couldn't have the loan without it ....

If you made one monthly payment to this loan for the PPI and the loan, this was front loaded PPI, this is the most upheld of all PPI reclaims, it is a loan on a loan that you pay back to term end with interest, put a claim in and use this as a reason along with any others you may have.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2
Do not say they would not give you the loan without it, this is your word against theirs, the front loaded should get you a result.

hgoodin1

We have been offered all payments made plus 8%, but feel we have been miss-sold PPI in place of Life Insurance. What is the best thing to do?

amersall

hgoodin1 wrote: »

We have been offered all payments made plus 8%, but feel we have been miss-sold PPI in place of Life Insurance. What is the best thing to do?

They have given you the correct redress for the mis sell, it is down to you to now take life insurance out instead of the PPI.

Dazzathomp

This was the response from Next

I think i might ask them to send proof that i requested as i never requested by phone, sending in aform etec etc

Please can someone advise what i do next do i still have a valid case


Thank you for your recent email enquiry.

I am sorry you feel the Payment Protection Policy (PPP) on your account was mis-sold. I can understand why you feel so concerned about this so I've looked into it straight away for you.

I'd like to explain our procedures for arranging Payment Protection. From August 1993 we required customers to select this option by either ticking the appropriate box on a Directory Card request form, by returning a Payment Protection coupon, or by requesting it by telephone. Cover would not have been arranged without one of these options being chosen.

Our records show that your account was opened on 12th January 1998, but this insurance wasn't taken out until 15th April 1999. The charges have been detailed on all monthly account statements, and you could have written to us at any time to cancel it.

I need to let you know that we did not provide advice or recommendations on the suitability of the policy because we were not required to at the time. So I'm afraid the responsibility was yours to ensure it was suitable.

Also, the Financial Ombudsman Service only investigates cases based on incidents occurring after 6th April 2007. And Next is not a firm regulated by the Financial Services Authority for the purposes of insurance sales. So neither body’s rules and regulations apply in this instance.

I know this won't be the response you'd wanted. But I really do appreciate you bringing this to my attention and giving me the chance to explain our position.

acute18

hi amershall,

the loan ran to term, the monthly payments were £147.95, with the loan £140.81total £8448.60 60 months and ppi £7.14. total amount payable £428.40.

hope this helps, its just we thought that we may lose out if we went to the ombundsman as we were under the illusion we had to take ppi as self employes but not sure if this actuall covered us or not loan was back in april 2004.

amersall

Hi, they have given you the whole PPI back and the 8% on these payments this is full redress.

The PPI total that you paid included the interest on this and they have given you the 8% to date too.

madmabel

I've been told over the phone that my PPI claim on two loans with Lloyds TSB hasn't been upheld and a letter is on the way. Both loans had PPI front loaded and for both loans we were never given two amounts to choose from (ie. payments with PPI included and payments without). We were simply told how much the payments would be and accepted them as basically, we were strapped for cash and wanted the money asap. We've always wanted to keep our outgoings as low as possible so have always spread loans over long terms eg. 5 years. We would never have chosen to pay something, effectively increasing our outgoings unnecessarily, had we known we didn't have to. We both have had the same employer for over 20 years with full sick pay etc.
My question is do we stand a chance with the Financial Ombusman or are we wasting our time?