PPI Reclaiming Discussion Part 5

goosenman

amersall wrote: »

I would, go for the mis sell, if you win, the PPI is taken off the card and you save this amount each month, if you claim for redundancy, this will not pay the card until you have used your wages in lieu, and the PPI will still be charged on the card from there on in.

Having just spoken to them, it seems they would not pay out for the next 12 weeks because I am technically in my lieu of notice period. Even though I am not receiving money in that period on a weekly basis, I would get a lump sum at the end of it, which would technically mean in their eyes, that I was being paid money for the next 12 weeks - albeit, backdated.

I sense the fight is on.

[Deleted User]

goosenman wrote: »

I sense the fight is on.

The problem, of course, is that any complaint you make will take a similar amount of time to process, uphold (hopefully) and payout (again, hopefully).

I'd also expect your lender to use the fact that you've made a claim (albeit one which has yet to pay out) as reason to reject your complaint. How would you counter this?

goosenman

Moneyineptitude wrote: »

The problem, of course, is that any complaint you make will take a similar amount of time to process, uphold (hopefully) and payout (again, hopefully).

I'd also expect your lender to use the fact that you've made a claim (albeit one which has yet to pay out) as reason to reject your complaint. How would you counter this?

I'm not sure, but obviously I will no longer attempt to use the policy. I'd like to think that in 3 months time I'd have another job and wouldn't need their help. I would argue that at the time of making the claim, I had no idea that my lieu of notice period would be taken into account, especially given I will not see this money for at least 12 more weeks - backdated or not.

I'm sorry if I come off sharp, that's not my intention. It's incredibly annoying and frustrating that payment protection I put in place for periods like this can only help me when the period would have potentially come to an end. I would have gladly worked my notice period and not had to trouble them one bit but because I'm not working that time, I feel like I am being punished.

[Deleted User]

goosenman wrote: »

I would argue that at the time of making the claim, I had no idea that my lieu of notice period would be taken into account.

That argument won't hold any water with the bank since the policy's terms and conditions were given to you at point of sale and are still available at any time on demand.

goosenman wrote: »

It's incredibly annoying and frustrating that payment protection I put in place for periods like this can only help me when the period would have potentially come to an end.

As I said earlier, you can only complain of mis-sold PPI, not that the policy terms don't allow an earlier payout.
None here will disagree that payment protection insurance as a general product is expensive and largely useless to many people. However, you have to make a mis-selling complaint.
I do feel your pain, but you need to be focused on making a complaint which has some chance of success rather than continuing to bemoan one aspect which is unlikely to be upheld by your lender.

goosenman

Thank you for your reply - I knew you'd get me with a reasoned, logical answer!

[Deleted User]

goosenman wrote: »

Thank you for your reply - I knew you'd get me with a reasoned, logical answer!

Right, now go and complain!
http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance



And good luck with the job-hunting as well!:)

I_am_dreaming

I_am_dreaming wrote: »

Hi

Could one of you lovely people please confirm if I am right in thinking here or not. I have just started to sort out all the PPI reclaiming for my partner.

He took an unsecured loan out in 1999. Here are all the numbers from the agreement:

Loan £5,800
add total charge for credit for loan £1,576.04
Total amount you pay for cash loan £7,376.04
Insurance loan (cash price of insurance) £917.35
add total charge for credit for insurance loan £249.41
Total amount you pay for insurance loan £1,166.76

You have to pay the total loan and interest by 42 monthly payments of 203.40. We will divide your monthly payments between the loan and the insurance loan in the same proportions as they bear to the total loan

I guess the insurance loan (917.35) + charge for it (£249.41) is the PPI part I could be claiming for? Please correct me if I am wrong.

And than would you call this a Single Payment (front-loaded) PPI?

I would be greatful if one of you could let me know if I am correct or not.
Thank you.

Hi,
Sorry, but could someone please have a quick look at this and tell me if I'm right.

Thank you so much.

sgtrock_2

amersall wrote: »

You go back to DFS , good luck.

Hi There

I have finally got an answer from DFS, following them returning my letter and payment asking me to call them. When I did call them the person said that they could see our details on the screen but they would not be able to send out the documents as they would have shredded/destroyed them. They said I could go back to Santander and gave me the agreement number.
I thought companies had to keep these type of documents for 7 years, or have I got that wrong.
What should I do about this, complain to someone and go to Santander for assistance?
Thanks in advance

[Deleted User]

I_am_dreaming wrote: »

Hi,
Sorry, but could someone please have a quick look at this and tell me if I'm right.

Thank you so much.

Yes it was a single monthly payment. Do be aware this was a long time ago, though.

I_am_dreaming

Moneyineptitude wrote: »

Yes it was a single monthly payment. Do be aware this was a long time ago, though.

Thank you Moneyineptitude. Do you think the bank could get a bit funny about it (less likely to look into our claim) being such a long time ago? They sent us a copy of the Credit Agreement when I send them the request letter with the £1 payment. So looks like they still have all the paperwork.

Thank you.