PPI Reclaiming Discussion Part 5

di3004

Drako69 wrote: »

Hi all
I have recieved a without prejudice offer from blue sky finance (welcome finance loan) of £2500 with no admittance of liability and a form to resend. The question i have is the policy started in march 2008 and the original PPi amount was £2381.00 so i have been paying the intrest on this for the last 4 yrs. Am i right in this assumption ? the policy is still running. My reason for missold is that the policy only covers me for 60mnths of a 120mnth loan and it was front loaded. Does this ammount seem correct or should i reject and wait for a proper breakdown of the monies paid.

The loan is £272.89 per month over 120 months at 24.6% apr.

A big thanks in advance for any replies.

Well done on your success.:beer:

Are you able to request for a calculation written breakdown?
I would do this and see how they calculated it and they should provide the breakdown on request.

Maybe someone else here will have other ideas on this for you, but meanwhile, the best of luck.

di3004

iloveponies wrote: »

Hi everyone, I was discharged from a protected trust deed in 2006. Can anyone tell me if I can claim ppi from creditors that were included in the trust deed? Thank you

Hi

Yes I believe you can, if you were mis sold PPI from any business you have the right to make a reclaim.;)

amersall

di3004 wrote: »

Hi there

So sorry to hear the sad news of a passing of a family member, my thoughts are with you.

And again sorry for what you have been through in this reclaiming issues.

Now in regards of underwriters, what I done was write to either the actual lender or broker and asked them to provide me with a copy of the loan policy details. (they should send these free on request) and this is something that you do not always received with copies of the loan documentation from when after you taken out the loan, it's something you ask for for example, if you need to make a claim, via unemployment/sickness etc.

So your first step here would be to write to the lender in this case, ask them to send you a copy of the loan documentation/policy.
Ask if they would be kind to post this to you within 7 to 14 days.

When this arrives, details of the underwriter/insurer are directly on this paperwork.

You can then try by writing to them and making a complaint on the mis selling and state they are also liable alongside with the broker who sold you the product, because it should have been checked by both parties to make sure it was a suitable product (or for whatever other reason you have as well), if this fails, the FOS will consider taking this on and checking what responsibility they also had when the product was sold to you.
And it's quite possible the underwriter/insurer were also regulated where the broker if an old loan may not have been,

My opinion is, do not give up, this is another direction the FOS will consider.
You could ask the FOS to write to them on your behalf with your reasons if you want to.

I do hope this helps, let me know if you require any further information, or please keep us posted.

Good luck.;)

Use this letter for mis sell to send too.
We/I believe we were mis sold the ppi on the above account number,and would like recordings,if any to the contrary of my/our reasons for mis sell set out below.

1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/I were told that the ppi was a 5 year policy, but not told the ppi would still be on the loan to term end with interest.

3) We/I were told that if we did not make a claim,or go into arrears on the ppi ,after 5 years we would receive the cashback of ppi but were not told this would not include the interest made on these payments that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy.

In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Barclays pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included on the above loan

di3004

tiggytigs27 wrote: »

Hi all,

Im new to this but have been an MSE reader for a while.

In February 2012 I received a letter from Santander that said that I had PPI on a loan and as it was between January 14th 2005 and June 30th 2007 that I may have been mis sold the policy and maybe entitled to claim a refund as I have not complained before. They enclosed a questionnaire and I completed it and sent it off which I have been advised by them that they received it on the 22nd February but I have still not received an acknowledgement and its been almost 3 weeks, despite contacting them and being told that they have sent it out 3 times.

I took out a loan with Abbey in 2005 (which was cleared in 2010 - had it over 60 months) for debt consolidation over the telephone and it had to go to the underwriters as I wanted to borrow £10,000 but I think that my credit score must have been borderline for them to refer it to the underwriters (or unless there was another reason for this as i dont know). At the time i do remember the man from Abbey telling me a price with and without ppi and i think the reason i agreed to take the ppi was that i felt he was saying if I did not take this out then i would not get the loan and as I desperately needed the money i thought I better had take it. What I did not realise until recently was that PPI covered you for sickness, accidents and redundancy but when I took out the loan I worked for a public service and still do, and we get 6 months full pay and 6 months half pay for sickness and accidents and also we have a redundancy package, which i put on the questionnaire. I feel that the ppi was not properly sold to me as the man from Abbey did not ask me any questions to establish if I was covered elsewhere and even though he gave me a price of the loan with and without ppi this was per month, so I have no idea how much the PPI worked out over the 5 years that I paid for it and the loan. As I say, my loan was £10,000 and I paid £310 for 60 months which worked out £18,600!! I was never offered to look elsewhere for a cheaper alternative either. Do you think I may have a good chance to get my money back? Or do you think they would reject me because I agreed to the PPI on the phone? I have heard they listen to the telephone call is this correct?

Many thanks,

Hello there

You could always chase up on the first one and ask where they are at with your complaint, tell them you've not received any confirmation from them about it being received.
Maybe they will clarify this on the phone.

In regards of the other, if this was a telephone sale, and even if you taken PPI, the guy also said without the ppi you may not get the loan, so you felt you had to say yes anyway.

I think you stand a good chance, but keep us posted and we can take it from there.
I would also ask for a copy of the recordings and have a listen for yourself, some will provide these free of charge.

Good luck.:)

amersall

Kuffs1978 wrote: »

Thanks. You probably did explain it before but with all the negative crap we've had to deal with to do with the PPI, as well as preparing ourselves to fight for my sister's DLA to be renewed, I probably forgot about what you'd said. It has to be said thought that through GE's admission that it is down to them whether the loan is authorised, surely that means that they are have some responsibility in saying whether the PPI should have been sold? I'm going need to keep digging I think.

Fingers crossed and let me know how this goes x.

amersall

mlsmith wrote: »

can anyone help me and tell me if a m.m.s insurance premium is the same as ppi?

I bought a car on finance in 2005 and was contacted by a company a few weeks ago to say there was a good chance i was mis sold ppi. I decided to chase it up myself and wrote to G E Capital who had financed my car. I recieved a letter today from santander saying they found no ppi sold for the agreement no i gave them but i have checked my bank statements for the 5 years my loan was taken over and every month there was a m.m.s insurance premium taken seperately from my bank.

any help on this would be much appreciated

Ask Ge and Santander for a copy of the insurance terms and conditions, i think this is a form of insurance similar to ppi but as it is a separate premium and not attached to the loan you need to contact the insurance company, when you get this it will tell you what it is, then post back here and if we can help you we will.

Could it be these? looks like income protection insurance, give them a ring and ask.
http://www.mms-uk.com/

amersall

welshlady62 wrote: »

If I win my ppi claim, does anybody know how I am likely to recieve the money? My loan is still active, the ppi ran out last year. The claim is against Picture via FSCS.

Fscs usually take the redress off the loan if it is live, they do with Welcome, give them a ring and ask.

di3004

The_Logans wrote: »

:mad:

I have just sent this email off to the CEO. This is getting ridiculous!

1. Wrote to Clydesdale on 11th November 2011 requested copy of agreement related to loan. Received response dated 16th November that stated CB records confirmed that loan is now repaid and therefore under no obligation to provide agreement.
2. Phoned Clydesdale loan administration team for assistance. They were unable to find any trace of me, despite the letter dated 16th November sent by Clydesdale which refers to my loan record.
3. Wrote to Clydesdale on 23rd November enclosing full address history and PPI complaint questionnaire. Received response dated 24th November stating that CB have been unable to trace any accounts in my name at any of the addresses quoted.
4. Received response to my complaint on 12th January 2012 stating that they have been unable to determine whether PPI was sold in connection with the loan in question. Complaint closed.
5. I wrote to Clydesdale 23rd February in the form of a data subject access request. Received response dated 27th February, containing all my current account transactions from Jun 2001 to account closure in October 2008.
- This refutes point 3 above which stated that CB were unable to trace any accounts in my name.
- It also refutes the claim in point 4 above that CB were unable to determine whether PPI was sold in connection with the loan in question. The statements clearly show that the loan was settled in June 2005, i.e. within the last 7 years and therefore CB are obliged to still hold these records (as I was informed by one of your PPI team members on the phone today, 9th March 2012).
6. I wrote to Clydesdale 29th February requesting that the complaint be reopened due to further evidence and enclosed copies of the current account statements showing transactions relating to my loan (see attached pdf file) which show the following:
- Loan received Jul 03
- Repayments of £69.64 monthly until loan settled early. The settlement transaction clearly shows a PI insurance rebate on the same day.
Interestingly, when I called today to enquire of the progress of the complaint, CB claim never to have received this letter and evidence.
I will now resend this documentary evidence by special delivery to ensure that receipt will be recorded and that my complaint will be processed.
Please be informed that I have retained copies of all the correspondence in question and will be forwarding it all to the Information Commissioners Office as evidence of obstruction of my right to access personal information.

Hi there

Have you thought about contacting your local MP?

Sometimes it helps to use one, they may write to them on your request.

Wishing you luck and hope all will be resolved soon.

Fingers crossed.;)

amersall

ekoforshow wrote: »

amersall wrote: »

This may have been opt out of ppi, you do not need the agreement as this may not show ppi as it could have been added at later date, you need to do a Sar letter, enclose £10 and give them 40 days to respond, this will have the agreement if you want to see the tick box.


Thanks for your response amersall, I sent a Sar letter (with accompanying £10 cheque) and this was how I received copies of my statements showing PPI from the onset of the credit card statement. I must admit the Sar letter I sent (template from another link on this website) was not as comprehensive as the link you have provided, as such Egg only sent the statements and nothing else. They have sent me a response to my complaint (enclosing statements showing PPI) stating that they aim to resolve my issue within 8 weeks and enclosed the standard questionnaire for me to fill and return.


My question now is, is there a way to get further information (such as the original application showing tick-box or not) or will this prejudice their "investigation". I am minded to fill out the form with the information that I have to hand and decide that I did not know that I could refuse PPI as at the time, it was normally pushed so hard that I would have felt pressurized into taking it so that I would not be rejected the card. If it was a pre-ticked box, I know that I would have left it ticked for this reason (as I had done with the fliers that you got in the papers at that time)

Fill the questionnaire in and send it back, see what reply you get and we will take it from there.
Do not want you wasting another £10 if they only give the same paperwork.

amersall

malamutesamoyed wrote: »

To armersel and dilus,
Thanks for your input it's been great.

Just one more question for you; when the payouts get done will this then mean that my loan payments will now be less as there will be ppi on the loan?

You are very welcome :D the payments will reduce by the ppi monthly amount and your balance will reduce by the whole ppi amount :j:j.