PPI Reclaiming Discussion Part 5

amersall

Curly_top wrote: »

Having taken out a mortgage that would complete after my normal retirement age I was told that PPI was a condition of the loan despite the fact that I asked that the mortgage was based on my retirement income which I was already in receipt of from a previous employer. I was asked at the time the mortgage was taken out to sign a form stating that I understood that payment continued beyond retirement age.

I explained at the time that I did not want the PPI and have subsequently made a claim for mis-selling but have been turned down on the basis that the policy would have paid out even though I was in receipt of a pension.

Surely the insurers would have been aware of the fact that my income would reduce at normal pension age as this was stated at outset so I cannot believe that I could have made a claim.

Payments have always been made on time and the mortgage now settled - has anyone else had this problem?

You need to post your question here

http://forums.moneysavingexpert.com/forumdisplay.php?f=187
They have more knowledge regarding this.

amersall

Jaylisa wrote: »

Hi, I have written to my lender regarding reclaiming mis sold ppi using the online form, how long should I leave it before chasing an answer to my letter?

Thansk

You should get an acknowledgement within 2 weeks, sometimes it can be longer, they have 8 weeks to issue you with a final response.

amersall

Lyndsay1308 wrote: »

Hi,

I have started the process of re-claiming my PPI but was wondering if I will get anything.

I have had several loans and fell into arrears with them all in 2006, I entered into a debt management scheme and paid the agreed amounts off each loan until June 2011, I then cancelled the debt management scheme and contacted all of my lenders, surprisingly they agreed for me to make partial settlement offers and close all of the accounts.

I have checked my credit report and all accounts are showing as satisfied and I have confirmation from my lenders that the accounts have been closed, in total I had approx £15k wiped off my debts.

My question is, if the lenders look into my claim will they refund me the PPI or use it to pay off the outstanding balances even tho the accounts have been partially settled and closed?

You need to post your question here

http://forums.moneysavingexpert.com/forumdisplay.php?f=159

They know what happens with PPI on debts like these and can help you more.

jo_loves_money

Hi all! I am a new to posting on this forum, but love the site , I was hoping for some help. I have made a claim for ppi from Citi financial for 2 accounts that i held, but are now paid off. I sent a complaint 7 weeks ago, i phoned them today for an update and they told me an offer of £921 has been sent in the post. I assume this was for my first account which was £6,272.25.
The second account was £52,716.42. When i asked about the second account offer they said this hasn't been looked into as it was missed, but i put both account numbers on the questionnaire. The guy on the phone told me he would have to reopen this complaint and could take up to 40 days longer. What should i do ? and what amount could i expect ? Thanks to anyone who can help

xyellowx

can anybody help me out on this one please im at a dead end (i think)
brought a car brand new car in 1999 off off peugeot over 4 years with ppi on, when i started the claim i phoned black horse who said i had to claim against the garage, i called them but they have been taken over by evans hawshall but put me onto a company called pendragon who deals with ther finance.
i made a ppi complaint to them with which declined so as advised i went to the ombudsman to see if i could claim to the insurer.
the ombudsman told me yesterday blackhorse were the underwriter so thats who the claim should be against and told me to phone blackhorse for agreement no.
i did this but b/h refuse to give it me saying its in the archive system but no.
ive tried my bank as i paid by d/d but they say as its over 6years ago they cant help either. any ideas PLEASE

amersall

jo_loves_money wrote: »

Hi all! I am a new to posting on this forum, but love the site , I was hoping for some help. I have made a claim for ppi from Citi financial for 2 accounts that i held, but are now paid off. I sent a complaint 7 weeks ago, i phoned them today for an update and they told me an offer of £921 has been sent in the post. I assume this was for my first account which was £6,272.25.
The second account was £52,716.42. When i asked about the second account offer they said this hasn't been looked into as it was missed, but i put both account numbers on the questionnaire. The guy on the phone told me he would have to reopen this complaint and could take up to 40 days longer. What should i do ? and what amount could i expect ? Thanks to anyone who can help

I assume these are loans?, what was the PPI amount, term of the first loan and did you settle early?

With the second loan you will have to give them the 40 days, they will not be hurried and FOS can take over a year.

amersall

xyellowx wrote: »

can anybody help me out on this one please im at a dead end (i think)
brought a car brand new car in 1999 off off peugeot over 4 years with ppi on, when i started the claim i phoned black horse who said i had to claim against the garage, i called them but they have been taken over by evans hawshall but put me onto a company called pendragon who deals with ther finance.
i made a ppi complaint to them with which declined so as advised i went to the ombudsman to see if i could claim to the insurer.
the ombudsman told me yesterday blackhorse were the underwriter so thats who the claim should be against and told me to phone blackhorse for agreement no.
i did this but b/h refuse to give it me saying its in the archive system but no.
ive tried my bank as i paid by d/d but they say as its over 6years ago they cant help either. any ideas PLEASE

With this being over 13 years ago the data could have been destroyed, what year did you settle this loan? a Sar may not throw anything up either but may depend on the year it was settled as some keep data longer than the 6 years, if you want to do the Sar to see if there is any info, enclose £10, ask for all info they hold on you and give them 40 days to respond.

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

cragdoo

amersall wrote: »

Because Welcome were not regulated in 03 so they cannot be held liable for the mis sell with any of the financial regulators, this is why you have to put the complaint into the insurer and if they come back and say they are not paying, then the FOS may help you chase the insurer, it is their policy that you paid upfront for, they have had their money back.

Does the fact that the loan was settled (in 2004) after new regulation was introduced help in anyway. I can't see the insurance company admitting to mis-selling if they weren't involved in the selling in the 1st place.

amersall

cragdoo wrote: »

Does the fact that the loan was settled (in 2004) after new regulation was introduced help in anyway. I can't see the insurance company admitting to mis-selling if they weren't involved in the selling in the 1st place.

The insurer may have been subscribed to the GISC code, they could come back and say no, but FOS have a test case in at the moment with regards holding the insurer responsible, it is not to say the FOS can make them pay up but you never know.
The year is against you for going for to Welcome as they had no regulatory body and cannot be held responsible for any product the sold until 14th Jan 05.

amersall

Originally Posted by trio72
Can anyone help me?

I have had a letter from Blackhorse Finance(April 2011) to say they are going to pay me redress on my PPI. They would not tell me how much and said "you need to send back an signed acceptance before we can let you know how much we are paying you". I called the FOS and they advised to call them again which I did and got told the same thing. I called the FOS back and they said to sign the acceptance as I could always decline the amount. 2 weeks late a cheque arrived with an amount I did not understand(I will explain in a minute). Again I called the FOS who advised to send the cheque back explaining why, I did this and to this day I have still had no reply. I rang Blackhorse only to be told "that is the final offer". I sent all the paperwork I had to the FOS in August 2011 disputing the amount and asking for help. They did not get to my case until last month. I have asked them if they think the redress is correct and the person dealing with my case is not sure, he is trying to explain to me what Blackhorse have told him but I really do not understand it. This is my case:-

Loan amount £16,000.00 08/04/04 - £249.39 monthly
PPI amount £5955.40 08/04/04 - £92.83 monthly

My statement shows an opening balance of £21,995.00, the loan was paid off on 14/02/05 10 moths after taking out the loan. The amount paid to settle the loan was £19,081.35 which includes a minus figure of £3,002.76 for settlement interest. So I had the loan for 10 months and made 10 monthly payments of £342.22 and paid back £19,081.35 to settle a loan of £16,000.00.

The letter I got from Blackhorse showing how my redress was worked out is as follows:-
Total sums paid towards cost of policy via monthly instalments £742.64
Sum paid towards the cost of the policy within early settlement figure** £1756.22
SUB TOTAL £2498.86
8% statutory interest £1267.45
TOTAL REDRESS DUE ££3766.31

Now this is what I don't understand the figure with the ** has a footnote on the letter "Even though your agreement has been paid in full, you have not paid the full cost of the policy as shown on your agreement as we gave you a rebate of £4564.99 when you early settled the agreement".

If someone can tell me if this is correct or not I would be that would be great as this has been going on for nearly 2 years and has been with the FOS for 10 months who still cannot explain to me what the figure should be.

Thanks in advance from a very confused person

Bumping this post for anyone who cares to take a look and see why the redress is correct, PPI paid plus the PPI amount paid back to loan at early settlement, but the total PPI less the rebate does not add up.
Thanks xx.
It is most likely staring me in the face but I cannot see it