PPI Reclaiming Discussion Part 5

[Deleted User]

I_am_dreaming wrote: »

Thank you Moneyineptitude. Do you think the bank could get a bit funny about it being such a long time ago?

No, they are just as likely to uphold as with any other complaint. The problem is that they'll often uphold, but want statements to prove you actually paid the premiums for anything longer than six years ago.

As with all PPI complaints, it depends on the Bank and your personal circumstances.

myalphabetgirls

Well, apart from a wine and chocolate break at around lunchtime I have spent all day flitting between mse and money magpie (am I allowed to mention them?, sorry) trying to help me wade through the treacly weariness of ppi. Please be gentle, I am carp with most things financial, give me a supermarket offer or a coupon and Im up there with the best, mention finances of this kind and I am a wreck!

In short, we sold our house in 2007, paying off a welcome finance secured loan with proceeds. Originally we took out a welcome secured loan in 2003 and then another in or around 2005, redeeming the first, I think. Does that make sense.

Ive read in various places that Welcome are now defunct. It only dawned on me recently when I overheard a friend mention that they'd been told they wouldnt be allowed a loan unless they took out the insurance cos they were high risk that I distinctly recall this being said to me and OH.

What I cannot get to grips with is a) whether Welcome are indeed still "with us" b) can I claim as far back as 2003/2005? c) Even though I respect Martin Lewis and all the advice given here is it truly as easy as everyone says to try and claim. I am you will all sigh at the thought of this but I don't know if Im emotionally strong enough to deal with financial stresses of chasing a claim. Im a whisper away from ringing one of those firms that will handle it for you. I know this is daft, but OH is away a lot, Im coping with the tragic bereavement of my dd1 (2 yrs ago but Im still not in a great place, not using this as an excuse, Chloe would hate me for that) but I do hope some of you can read this with compassion.

If we were duped into having ppi, which I believe we were, do we really have a chance?

Also, another thing, I have a small loan with Provident. I understand they are part of Welcome aren;t they? If a claim is successful, would they use the proceeds to pay off my prov loan?

Some help and guidance from you lovely helpful knowledgable souls on here would be greatly appreciated, thanks in advance, x

amersall

Max_b wrote: »

My husband has had credit cards and loans - too many in the last 16yrs to mention

I know we can only go back 10 years for PPI's but he doesnt know what companies they were with or have the paperwork or anything

because of this we were going to use a claims company but they want us to give them all the info - which we just don't have!

is there any way to find out what companies he has had cards/loans with? or does anyone know a claims company that does the hunting down for you?

thanks

Credit card redress is only paid back to 6 years previous if you win mis sell and have the card numbers, if you do not know the card companies then you have hit a brick wall, the only thing I can suggest is to call any bank that you may have had a card with and see if they can find you from your Name, Address and Dob, sorry I could not be more positive.

amersall

sgtrock wrote: »

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

You have the agreement number so put the mis sell claim into DFS, it is a load of old tripe that they do not have the agreement, this Loan was only 2009, put the claim in and ring them up and say if they do not deal with this you will contact the FOS as this agreement was only opened 3 years ago and they should have provided you with a copy of the agreement to help with your claim.

amersall

myalphabetgirls wrote: »

Well, apart from a wine and chocolate break at around lunchtime I have spent all day flitting between mse and money magpie (am I allowed to mention them?, sorry) trying to help me wade through the treacly weariness of ppi. Please be gentle, I am carp with most things financial, give me a supermarket offer or a coupon and Im up there with the best, mention finances of this kind and I am a wreck!

In short, we sold our house in 2007, paying off a welcome finance secured loan with proceeds. Originally we took out a welcome secured loan in 2003 and then another in or around 2005, redeeming the first, I think. Does that make sense.

Ive read in various places that Welcome are now defunct. It only dawned on me recently when I overheard a friend mention that they'd been told they wouldnt be allowed a loan unless they took out the insurance cos they were high risk that I distinctly recall this being said to me and OH.

What I cannot get to grips with is a) whether Welcome are indeed still "with us" b) can I claim as far back as 2003/2005? c) Even though I respect Martin Lewis and all the advice given here is it truly as easy as everyone says to try and claim. I am you will all sigh at the thought of this but I don't know if Im emotionally strong enough to deal with financial stresses of chasing a claim. Im a whisper away from ringing one of those firms that will handle it for you. I know this is daft, but OH is away a lot, Im coping with the tragic bereavement of my dd1 (2 yrs ago but Im still not in a great place, not using this as an excuse, Chloe would hate me for that) but I do hope some of you can read this with compassion.

If we were duped into having ppi, which I believe we were, do we really have a chance?

Also, another thing, I have a small loan with Provident. I understand they are part of Welcome aren;t they? If a claim is successful, would they use the proceeds to pay off my prov loan?

Some help and guidance from you lovely helpful knowledgable souls on here would be greatly appreciated, thanks in advance, x

Put a claim into Welcome for these Loans, put that the later Loan was taken to repay the first.
This is Single Premium PPI and this is the reason for mis sell that you use, this was a loan on the loan paid to term end with interest, if you cancelled the PPI they would have given you a pro rata rebate of the PPI and the remaining PPI is still on the loan to term end.
If you settled this loan early then, as above you, would have a pro rata rebate and you would have paid back the remaining PPI in with the settlement figure.
This PPI will have cost you a lot as the first Loan PPI after the rebate would have been put onto the second Loan, not sure if they will take any win off the provident Loan, wait and see.

amersall

How do I word this in section E ( about my complaint), mainly the reasons why I am unhappy with the insurance.

Because it has come to your attention due to recent media coverage that you were mis sold PPI on the above Loans due to the fact that these were Single Premium PPI, this was in effect a Loan on the Loan that you paid back to term end with interest, if you had cancelled the PPI you would have been given a pro rata rebate of the PPI and the remaining PPI would still have been on the loan to term end with interest.

If you settled this loan early then, as above you, would have a pro rata rebate and you would have paid back the remaining PPI in with the settlement figure.

I_am_dreaming

Moneyineptitude wrote: »

No, they are just as likely to uphold as with any other complaint. The problem is that they'll often uphold, but want statements to prove you actually paid the premiums for anything longer than six years ago.

As with all PPI complaints, it depends on the Bank and your personal circumstances.

Ahh, okay. That's good to know. So looks like a SAR letter then before I send the completed questionnaire to the bank, as I only have a letter from the bank saying that the last payment was made and that's it (no statements to back this up or any other documents from this time).

Thank you for the heads up.

groovyleapyear

Sorry if a similar post has already been posted but getting v v confused and overwhelmed by it all!!!

Basically I am in the process of trying to reclaim what I think is mis-sold PPI for my partner who was sold the policy when taking out at loan and a credit card with Natwest (so 2 seperate policies). He was told that as he was self employed it would help his application for the loan and credit card if he agreed to take the PPI.

Looking back through his paperwork - we never seemed to get given a copy of the terms and conditions or any documents in relation to the PPI.

With regards to his loan - this is shown as one single payment of x amount which is consequently built into the monthly repaments - would this be classed as an one off single premium or monthly premium?

My second question is whether we make 2 seperate claims, 1for his credit card PPI and the other for his loan PPI or whether we claim for them together?

Also, are we able to go straight in with just sending off the consumer questionnaire (using the template from this site) without requesting the t's and c's first?

I appreciate any advice given and I just hope that we can be as successful as many others have been

gramochroi

gramochroi wrote: »

Thanks Moneyineptitude for your response. I must have made a claim because I have a letter dated February 2004 giving me a partial refund of the loan, but nothing since. That time is so vague, I'm totally mystified what happened.

Sorry, don't want to become a pain, just wondered if there was any possible reason that, having made a claim when made redundant, the bank could still be taking the loan amount and ppi from my account two years later? Want to chase up my claim with the bank and the FOS in the next few days, but would like to have my facts straight beforehand. Many thanks.

amersall

gramochroi wrote: »

Sorry, don't want to become a pain, just wondered if there was any possible reason that, having made a claim when made redundant, the bank could still be taking the loan amount and ppi from my account two years later? Want to chase up my claim with the bank and the FOS in the next few days, but would like to have my facts straight beforehand. Many thanks.

Sorry to "interfere" moneyineptitude x

The PPI is still in place until the Loan is paid up, you could make a claim again if you needed to, obviously as you do not work the life insurance would be the only thing that you could claim on.