PPI Reclaiming Discussion Part 5

cappo

Manmade wrote: »

Hi All,

I have just realised that PPI was added to a personal secured loan I applied for about 6 years ago. My question is the loan is not from a bank but a finance company. Can I re-claim the PPI?

Thanks

yes you can:):):):):):):):):):):):):):):):)

DJRage

Hi there folks,

I learnt recently after going through my fathers bank records (he is 76 now so not all up there I'm afraid so is in no position to make a claim) that he had taken out an endowment mortgage on the council house he bought back in the days of the Thatcher right to buy scheme (remember those!!) - this was in 1987 for the princely loan of £40K - peanuts today by some peoples standards but a fortune for him back then (and even now given that he is retired).

However the fact that he had an endowment is not the concern but the fact that his statements showed he had to pay an insurance for keeping up the mortgage payments. These showed that he paid £132.00 a month in payment protection - upto 2007 when I paid off his loan for him because he could not afford to keep up the payments on the mortgage given the income he was receiving from the state and his pension. Hence over 20 years he paid £31680 in payment insurance. Now I have 2 questions :

1 . Does this sound wrong in that over 70% of his mortgage value is insurance
2. Does he have a right to claim or is PPI reclaim only on loans and credit cards?

I am sure he had no idea he was paying this as even today he is confused and thinks this was the interest payment on the mortgage. Also I know at the time he had a steady job with the post office and am sure they would have had some form of life cover or health cover should he get ill. It seems that a scrupulous IFA set this up for him but surely the company he was paying this and the mortgage to should have known it was a bit wrong. I am 100% sure he was told it was not optional and coerced into it with the all the usual pressure tactics of stating the risks when taking out a loan.

My concern is that this was a long time ago and also that the company he paid to no longer exists as it has been taken over and the IFA has long since gone.

Appreciate any thoughts/advice/guidance.

Regards

DjinnNI

Does anyone have any experience with dealing with Santander when it comes to Credit Card PPI? I have a card and I'm looking to undertake to claim back the PPI they've been charging me for years without me even realising it (i've not had the best of financial times in the past couple of years - never had to claim on it though (thankfully)).

Clani0

Hi
I have started the process of a PPI reclaim against Capital One. I have requested and received a copy of the credit agreement and all it states is

Optional Payment Protection Inusrance. If you purchase optional Capital One Payment Protection Insurance you authorise us to pay the insurance premiums to the insurers in the way they ask us to pay it. Unless we expressly state otherwise in this agreement all payments of insurance premiums are regarded as purchases. When you authorise us to arrange payment protection insurance, you agree that the insurers will settle valid claims by making payment direct to us so that we can credit your account. We will use the payment to clear all or as many as possible of your liabilities to us under this agreement.

They don't say anything else around what is covered and isn't - so the basis of my claim is that I understood that I would have a better chance of being accepted if I took the insurance as I had a poor credit rating at the time. Also I have a history of cancer and thus my medical history may have also made the cover useless

Can anyone let me know if I should just complete the questionnaire or should I request more documentation from Capital One to nderstand what the cover includes
Thanks in advance
Clani0

di3004

DJRage wrote: »

Hi there folks,

I learnt recently after going through my fathers bank records (he is 76 now so not all up there I'm afraid so is in no position to make a claim) that he had taken out an endowment mortgage on the council house he bought back in the days of the Thatcher right to buy scheme (remember those!!) - this was in 1987 for the princely loan of £40K - peanuts today by some peoples standards but a fortune for him back then (and even now given that he is retired).

However the fact that he had an endowment is not the concern but the fact that his statements showed he had to pay an insurance for keeping up the mortgage payments. These showed that he paid £132.00 a month in payment protection - upto 2007 when I paid off his loan for him because he could not afford to keep up the payments on the mortgage given the income he was receiving from the state and his pension. Hence over 20 years he paid £31680 in payment insurance. Now I have 2 questions :

1 . Does this sound wrong in that over 70% of his mortgage value is insurance
2. Does he have a right to claim or is PPI reclaim only on loans and credit cards?

I am sure he had no idea he was paying this as even today he is confused and thinks this was the interest payment on the mortgage. Also I know at the time he had a steady job with the post office and am sure they would have had some form of life cover or health cover should he get ill. It seems that a scrupulous IFA set this up for him but surely the company he was paying this and the mortgage to should have known it was a bit wrong. I am 100% sure he was told it was not optional and coerced into it with the all the usual pressure tactics of stating the risks when taking out a loan.

My concern is that this was a long time ago and also that the company he paid to no longer exists as it has been taken over and the IFA has long since gone.

Appreciate any thoughts/advice/guidance.

Regards

Hi

It does sound like the PPI was added within the mortgage, so this would be like a big monthly payment of both mortgage and the PPI.

Yes it is reclaiming if mis sold, and with the reason that they then automatically added the ppi, and it was the lender's own with no other option, in my opinion there is a reclaim to make here.

You can of course make a reclaim on mortgage ppi as well, just like, loans, credit card, store cards, catalogues, car finance and so on.

I take it you still have the account number and any such paperwork for this account?
That will be a big help, as it was some time ago when the mortgage was taken out, back in the Maggie days lol, yes remember those days well.:D

You can put in a complaint by completing a reclaim questionnaire that you will find below, send it to the ones responsible for setting this up (business), remember to keep a copy back as well.

Reclaim complaint questionnaire here.

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

Good luck and meanwhile, maybe Dunstonh or MagpieCottage will have further advice for you.;)

di3004

DjinnNI wrote: »

Does anyone have any experience with dealing with Santander when it comes to Credit Card PPI? I have a card and I'm looking to undertake to claim back the PPI they've been charging me for years without me even realising it (i've not had the best of financial times in the past couple of years - never had to claim on it though (thankfully)).

Hello

Many have had dealings with them on reclaimng ppi on loans and or credit cards.

I have not myself, but to make a reclaim on the ppi with your reasons, complete the reclaim questionnaire below link, keep a copy for yourself too.

I expect someone who have dealt with them will post up of their own experience in due course, good luck.:)

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

di3004

Clani0 wrote: »

Hi
I have started the process of a PPI reclaim against Capital One. I have requested and received a copy of the credit agreement and all it states is

Optional Payment Protection Inusrance. If you purchase optional Capital One Payment Protection Insurance you authorise us to pay the insurance premiums to the insurers in the way they ask us to pay it. Unless we expressly state otherwise in this agreement all payments of insurance premiums are regarded as purchases. When you authorise us to arrange payment protection insurance, you agree that the insurers will settle valid claims by making payment direct to us so that we can credit your account. We will use the payment to clear all or as many as possible of your liabilities to us under this agreement.

They don't say anything else around what is covered and isn't - so the basis of my claim is that I understood that I would have a better chance of being accepted if I took the insurance as I had a poor credit rating at the time. Also I have a history of cancer and thus my medical history may have also made the cover useless

Can anyone let me know if I should just complete the questionnaire or should I request more documentation from Capital One to nderstand what the cover includes
Thanks in advance
Clani0

Hi there

You should be able to request for a copy of the PPI policy booklet document for free of charge, they should send this in the post to you on request.

If you know you were paying PPI, continue to give it a shot on the reclaiming of the PPI.;)

Fingers crossed.

nursey07

hi, was wondering if i can be pointed into the right direction with ppi's.
when we took out our mortgage nearly 8 years ago we were told by our "independant" advisor (turns out he wasnt so independant and sold us the ppi from his company which was Zurich) that it was required that we must have an insurance to cover our mortgage incase of illness or accident...so 7 years and a car crash later we attempted to claim from this insurance as my partner was off work due to the car crash, basically we were told that we couldnt claim and were told we cant cancel the policy!?
is it possible to claim the ppi from this??
we didnt want it, we dont need it now as i work for NHS therefore dont need it as im payed when off ill and we cant cancel!!
to be honest i have the forms ready for a company to see if they can claim it back however this totals to alot of money and would prefere not to give them such a large amount of money if i can do this myself. how long do these claims take???

sorry to blether on......any answers would be very much appreciated!

kt21blonde

Hi all,

This is my first time posting and first time claiming back PPI. Truth is I haven't got a clue where to begin.

I have a credit card with Lloyds TSB balance approx £5k at the moment and has been pretty much the same for the last 3 years. I haven't got the paper work/terms I received when I got the card back in 2006/7.

I also had and paid off a £1000 loan from Lloyds back in 2005/6 and I haven't got any details for that either.

Please could you advise me how to get the relevant information for both? I am not sure if I paid PPI or not and I know I wouldn't have agreed to it.

Thanks :j

cappo

kt21blonde wrote: »

Hi all,

This is my first time posting and first time claiming back PPI. Truth is I haven't got a clue where to begin.

I have a credit card with Lloyds TSB balance approx £5k at the moment and has been pretty much the same for the last 3 years. I haven't got the paper work/terms I received when I got the card back in 2006/7.

I also had and paid off a £1000 loan from Lloyds back in 2005/6 and I haven't got any details for that either.

Please could you advise me how to get the relevant information for both? I am not sure if I paid PPI or not and I know I wouldn't have agreed to it.

Thanks :j

Hi the first one is easy if the credit card is active ask the lender to provide details the loan you'll probably have to sar them see link below



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