PPI Reclaiming Discussion Part 5

tiffinqua

tiffinqua wrote: »

Hi all,
I'm just a bit confused as i rang lloyds tsb directly yesterday.
I took out a mortgage in 2005 with their advisor in branch,& i do remember her telling me that i had to have protection insurance.
She added the insurance on to the mortgage & i pay a seperate anount of £54.23 per month for this.
I also clearly remember that she did not tell me i could buy the cover elsewhere.
When i rang yesterday,after been on hold with lloyds for quite a few minutes while they checked the mortgage details,i was then asked the reason why i wanted to complain.
I replied that i hadn't been told by the branch advisor that i could purchase the insurance elewhere.
Her reply was simply that they would contact me within 10 working days...that was it.
After i put the phone down i have now started worrying because it was just such a short conversation,no other questions at all...what do you think..?,do i have a valid claim.?
Thanks.

A couple of months ago i posted on here for advice after i made a very short & sweet phone call to lloyds tsb complaints department(less than 30 seconds)
I was confused because the lady on the other end of the phone didn't seem to take much information at all on my claim of miss sell of my mortgage ppi.
I was given advice on this forum to sit tight & wait,because mortgage ppi is very different to loan ppi..& just to see what the outcome would be.
(I can't find the post to add to it ,sorry)
I have recieved a letter today for confirmation that i have been awarded £5595.58.
Great news !!!

[Deleted User]

tiffinqua wrote: »

I have recieved a letter today for confirmation that i have been awarded £5595.58.

Congratulations!:T

Grand_Benders

Moneyineptitude wrote: »

I'm afraid you have misunderstood the Op's problem. His dilemma is not that his lender have no records, but that as they are not regulated by the FSA they don't have to comply with regulated guidelines. They are refusing to deal with any complaints older than six years. In this case, the OP has no recourse to the Ombudsman as his complaint is pre-2005 when regulation began.

Thanks for your input, though.
(and I don't know what "s32 LA1980" is either)

I realise the problem is that the lender is saying no, but I'm just suggesting that perhaps they're just using the '6 year' rule because they think that will put people off, as it's sort of known as a cut off. I was trying to say (not very clearly as it happens) that they could be using this as an excuse to put the OP off, and that perhaps they should try another tack, which would be to submit the DSAR, get ALL the info of the loan/PPI, and then confront them with that.

I just think they shouldn't necessarily give up, just because the lender is trying to fob them off.



If it were me, I would keep pushing.

From the guide on here (edited to correct the word statute from statue ):

If your policy ended over six years ago: If this is the case, the ‘statute of limitations’ means banks don’t need to keep records. Yet the Ombudsman doesn't officially have a cut-off time. So if you’ve still got the paperwork, while your chances of success are a little lower with older loans, many still do successfully reclaim.

This just says they don't need to keep records. It doesn't say you can't claim. And if you submit a DSAR and they DO have records, that puts you in the 'if you've still got the paperwork' category.

And here's the info about what to do when your lender isn't regulated by the FSA:

The Ombudsman can only help with complaints about FSA regulated companies. All PPI sales from Jan 2005 are regulated by the Ombudsman, but some earlier policies aren't. Any provider that was FSA regulated before this will be covered by the Ombudsman. So all banks and building society loans should be fine.

Sadly, if you got PPI in 2004 or earlier and the provider wasn't FSA regulated (eg, car dealerships or some hire purchase arrangements), the Ombudsman has no jurisdiction. This makes reclaiming trickier, though it's still worth trying.

Call the Ombudsman and check, as it can help where lenders signed up to its voluntary scheme or were regulated by the General Insurance Standards Council (GISC).

Call the Ombudsman to check - it'll put you in touch with others that may be able to help, eg, the Finance & Leasing Association, Association of British Insurers or the Financial Services Compensation Scheme if your lender's gone bust.

Please share your experiences in the PPI Non-Ombudsman Reclaiming and Companies in default forum discussions.

Sorry I wasn't so clear earlier. It's difficult to post from work. Hope this helps move the claim further on. And good luck!


Editing to add this, about the 6 year limit. It's from the loan being ACTIVE, which this one still is, so it's worthwhile pursuing. The lender is trying to fob the OP off.

Can I reclaim' queries
My PPI was on an old account, how far back can I reclaim?
There are no hard and fast rules here, but as a rough guide, it's a lot easier if your insurance was active in the last six years.

Insurance started in the last six years: There's no issue here at all. Even if the loan's now paid off, you can start a reclaim.

Older insurance that's still active, or ended within the last six years: You can start a reclaim. The six year rule applies to active insurance, so a policy taken out 12 years ago but paid off five years ago was still active within the key six year period.

Grand_Benders

An update on my own reclaim...

I took the advice of people here and phoned the number on the First Plus PPI Announcement page. They were very helpful and gave me the info I needed, and are progressing my claim from the phone call alone. Expecting a letter from them confirming and they said I should have a decision 8 weeks from today.

My PPI was £1,993 on a £10k loan, so not a huge sum, but still better in my pocket than theirs. Fingers crossed, Barclaycard don't swipe it for my outstanding balance, otherwise I'll be left with my £154 interest (with tax to pay on it).

I seldom take these insurance plans and I remember at the time being annoyed that they were telling me I needed to take the insurance to get the loan. :mad:

I've still got my DSAR lodged with them, so it'll be interesting to see what they send me from that request.

amersall

will they have details of the riginal loan I was using the £8000 one to pay it off with and will I have to put in a new claim?

They should find the first loan when they look at the one you put the complaint in for as this was a consolidated loan for the first one, see what they come back with and if they have not addressed the first loan then put a claim in for that one.

RuthnJasper

Forgive me - just having to let off a bit of steam...!

Have 2 PPI claims in at the moment - one for an M&S Money credit card which has been dragging on since June 2011 (been with the FOS since January) and one for a couple of HSBC loans (for front-loaded PPI) that's just over 12 weeks old... it's getting SO tiresome that these are taking such a long time - and yet other applicants (to judge from the Reclaiming Success & Failures thread) receive a decision in a matter of weeks or even mere days...

I can't even chase-up the HSBC one - as my account with them was closed over 5 years ago I can't remember my "telephone security number", so even though I correctly answer all my other security questions they won't allow me to discuss the matter with them! AAAAAAAARRRRRRRRRRRRGGGGGGGGGHHHHH!!!!

Phew. Glad to get that out. Sorry about that...

Grand_Benders

RuthnJasper wrote: »

Forgive me - just having to let off a bit of steam...!

I can't even chase-up the HSBC one - as my account with them was closed over 5 years ago I can't remember my "telephone security number", so even though I correctly answer all my other security questions they won't allow me to discuss the matter with them! AAAAAAAARRRRRRRRRRRRGGGGGGGGGHHHHH!!!!

Can you ask them to RESET your security? If they still hold the security info, they must have some kind of 'account' for you, so I imagine it should be possible to reset it, even if that means they send you a letter with a new number on it.

If they won't reset it, you could always submit a DSAR and specifically mention the telephone security number as being part of the information you require. Depends how badly you want to speak to them whether you want to part with £10 of your cash though

Hope your steam-letting-off helped a bit.

Kiz2011

Hi guys,

Received a letter off the bank saying they will repay me £175 with 8% intrest. But they did not take into account, the charges that were occured because the PPI made me go over my credit limit. Therefore do you think i should reject the offer? This has also affected my credit limit. Any ideas of how i can reslove this?


Cheers in advance for advice guys

Kiran
:beer:

Quiz

cappo wrote: »

Hi Mark if it doesn't show on your statements you've not got ppi.

I have a mortgage with Abbey National plc since 1991 & 3 credit cards with HSBC, Lloyds TSB & Barclaycard since 1980. I have been approached / advised by a claims management company that I can reclaim PPI from these organisations, but on reading this excellent web site would prefer to administer the complaint myself.

However on these respective organisations' latest statements ( I have destroyed the older ones) I cannot see any evidence of PPI, which would have been applied without my knowledge / approval. Is it possible PPI was applied to my interest only mortgage (endowment policy with Standard Life) & Credit Cards in the past without my knowledge? Or is it more likely the Claims management Companies advice is pure speculation? What course of action would you recommend?

[Deleted User]

RuthnJasper wrote: »

a couple of HSBC loans (for front-loaded PPI) that's just over 12 weeks old...
I can't even chase-up the HSBC one - as my account with them was closed over 5 years ago I can't remember my "telephone security number", so even though I correctly answer all my other security questions they won't allow me to discuss the matter with them!

It's actually damn near impossible to speak to HSBC's Regulated Sales Complaint Team even if you are still a customer. Even if you did pass security, they'd only tell you that your concerns were being investigated.
If you know for sure they have received your complaint (had an acknowledgement letter etc) then better to just allow them the time it takes.
You have the right to go to the Ombudsman now that eight weeks have passed, but I'd give HSBC a bit more time before exploring this option.

Grand_Benders wrote: »

Can you ask them to RESET your security?
If they won't reset it, you could always submit a DSAR.

You're advising he sends a SAR letter (which takes 40 days) in order to chase up a decision letter?
I think that's a frankly bizarre suggestion, especially as it would cost £10!