PPI Reclaiming Discussion Part 5

dunstonh

If you were sold it during a telephone call, it was an advised sale.

No it wasnt. Advised sales are made by advisers. The FOS stats for 2011/12 show just 0.2% of PPI complaints were advised. That said, when a sales rep (seller - not adviser) is involved, there are more compliance requirements involved than an internet or postal application. In effect you have three levels. Direct to provider. Sales Rep or advised.

I wonder if it's worth going to the FOS. They sound like they've covered themselves by calling it non advised, so whether they were pushy is irrelevant.

FOS only overturn 11% of Cap One complaints. Your allegation that they were pushy cannot be backed up with evidence. So, that wont get any where. However, your medical condition at the time is something that may have scope. I suspect that if you went to the FOS you may be one of the luckier ones in this but do expect them to check with your GP for dates and severity.

I'm shocked that financial institutions don't have higher standards.

They would have no way of knowing your mental health condition unless they are told. So, you cannot expect them to act a certain way unless they are aware of the situation.

dunstonh

Buzzby wrote: »

I have had (I believe) 4 loans since 1997 ish onwards. May be more, as there were at least two for cars, and at least two that were for debt consolidation.
However, I don't have any of the original loan agreements.
I do however know that I had PPI on all but one of them. That was the last one, by which time I had realised that it was optional, previously I was under the impression it was compulsory.
I am still with the same bank, still have the same account number etc. Is it possible for me to claim, and if so, how do I go about it without the loan agreement details? Will the bank still likely have details given that it is still the same account, and will they share them with me?
I do believe it was mis-sold, as I was not made aware it was optional, and feel it was forced upon me. Being younger back then, I never questioned it, or the fact that I probably didn't need it as I was entitled to sick pay in my job, and also had privately purchased health insurance.

Where do I start? And can I even claim?

There is and never has been any requirement to get agreements. They dont help the complaint in anyway. So, go straight to complaint.

You mention health insurance. If you mean permanent health insurance (PHI) then you have good strong reason potentially as many PPI plans will not pay out if there is a PHI in place that covers you to the maximum (if it is not maximum then it will pay out the difference). However, some PPI will pay out if you have a PHI.

If you dont mean PHI but mean Private medical insurance then there is no overlap and that is not a valid complaint reason.

Buzzby_2

dunstonh wrote: »

There is and never has been any requirement to get agreements. They dont help the complaint in anyway. So, go straight to complaint.

You mention health insurance. If you mean permanent health insurance (PHI) then you have good strong reason potentially as many PPI plans will not pay out if there is a PHI in place that covers you to the maximum (if it is not maximum then it will pay out the difference). However, some PPI will pay out if you have a PHI.

If you dont mean PHI but mean Private medical insurance then there is no overlap and that is not a valid complaint reason.

It was medical insurance, actually, I had, and still have two separate policies, one healthcare and one accident insurance, basically covering me financially for any accident's/injuries/illness. This, on top of my company sick pay (full wage, not s.s.p) means I shouldn't have needed the ppi in my opinion. Unless that is, I'm missing the point?

I still have the same bank account number, is this different to a loan account number? I do not recall the specific dates of the loans? I do know I started working for my current company in 1997, and took the first loan out some time the following year to buy a new car once I was settled in my job. Following that, there was one, maybe two, loan consolidations to cover the initial loan and credit card debts etc, standard early twenties living beyond my means. I just have no idea of dates, and loan values etc.

myalphabetgirls

I have posted this on success thread too and so hope that you Amersall will see this so I am posting here also.

Happy post alert! Happy post alert! Happy post alert!

Some while ago I tentatively approached these threads with the intention of asking for any recommendations as to a Claims Handler. I had a secured loan with Welcome Finance, paid off in 2005. I had no paperwork.

Within half hour of posting I was given much appreciated support and encouragement so much so I stopped panicking, calmed myself down and put it all together with the help of Amersall (in particular, many others too) - I truly felt I could take on the world - and today I have happily logged in here to tell you all that I have indeed achieved this (well its as good a feeling as), lol.

This morning I have received a letter from Welcome upholding my claim and offering me £3,398.89 in settlement.

Woohoo!

So from what once felt hopeless (negative press towards Welcome), no paperwork, a dubious start date of loan (2003 was it/was it not covered by FOS) - just a few phone calls, a few sheets of paper and the cost of special delivery - I am going to have a lovely Christmas and a worry free new year.

Now I can put right things that are important to me, in particular finalise my precious late daughter's memorial stone, and replace some knackered winter boots but best of all I have successfully kicked the !!! of Welcome Finance!

Just to summarise - you can DO IT!

pool-hustler

How did you obtain the loan numbers?

-taff

dunstonh wrote: »

No it wasnt. Advised sales are made by advisers. The FOS stats for 2011/12 show just 0.2% of PPI complaints were advised. That said, when a sales rep (seller - not adviser) is involved, there are more compliance requirements involved than an internet or postal application. In effect you have three levels. Direct to provider. Sales Rep or advised..

Cheers ears for the explanation....
I'll be an IFA before long [no, I won't, I was kidding, it's far too complex for me to remember, I can just about thread my sewing machine on my own ]

nee666

Buzzby wrote: »

It was medical insurance, actually, I had, and still have two separate policies, one healthcare and one accident insurance, basically covering me financially for any accident's/injuries/illness. This, on top of my company sick pay (full wage, not s.s.p) means I shouldn't have needed the ppi in my opinion. Unless that is, I'm missing the point?

I still have the same bank account number, is this different to a loan account number? I do not recall the specific dates of the loans? I do know I started working for my current company in 1997, and took the first loan out some time the following year to buy a new car once I was settled in my job. Following that, there was one, maybe two, loan consolidations to cover the initial loan and credit card debts etc, standard early twenties living beyond my means. I just have no idea of dates, and loan values etc.

Go in or ring up the bank, they should provide you the loan acc numbers, do you still bank with them? Which bank is it?

Buzzby_2

nee666 wrote: »

Go in or ring up the bank, they should provide you the loan acc numbers, do you still bank with them? Which bank is it?

Yes, still with them, same account for all these years. Yorkshire Bank.
It's the time frame that concerns me, 1998 was likely the first loan, then probably again every three years ish... Loans were likely £3-5k a time.

Having been through these pages a bit, and following prompting from a friend who claimed successfully, I am now looking into my mortgage too. I keep reading about front loaded PPI, but how do I tell if this is the case with mine?
On my yearly statements, I see
Opening Balance as at 01 Jan....etc
Plus
Total Interest £x
Insurance £x

Less
Payments Received £x

Also, on the payment schedule for the following year, I get
Date..............Payment £x....Insurance£x.........Total Due£x

nee666

Buzzby wrote: »

Yes, still with them, same account for all these years. Yorkshire Bank.
It's the time frame that concerns me, 1998 was likely the first loan, then probably again every three years ish... Loans were likely £3-5k a time.

Having been through these pages a bit, and following prompting from a friend who claimed successfully, I am now looking into my mortgage too. I keep reading about front loaded PPI, but how do I tell if this is the case with mine?
On my yearly statements, I see
Opening Balance as at 01 Jan....etc
Plus
Total Interest £x
Insurance £x

Less
Payments Received £x

Also, on the payment schedule for the following year, I get
Date..............Payment £x....Insurance£x.........Total Due£x

First contact your branch to get the account numbers, fill the fos form in & send it off with copies of any statements ect, send it by recorded mail,I notice from some of your previous posts you get full pay from your job, so you had no need for ppi, also check your policies if you have permanent health insurance ( it covers you if you can't work due to Illness/accident) then you shouldn't have been sold ppi, if you get stuck just ask on here.
N
Can I ask when the last loan finished

monstermuncher

dunstonh wrote: »

I suspect that if you went to the FOS you may be one of the luckier ones in this but do expect them to check with your GP for dates and severity.

They would have no way of knowing your mental health condition unless they are told. So, you cannot expect them to act a certain way unless they are aware of the situation.

I'm not sure what I'd be able to get from the GP. The nature of very severe depression means when you most need help, you're least capable of getting it. Some doctors are rubbish, and you don't have the will to be able to fight for what you need.

As far as higher standards, I didn't mean regarding me personal circumstances. I mean actively promoting products to people, making them think it's the best thing for them, and then putting 'non advised' in the small print to avoid responsibility.

Until I worked for a bank, I didn't think a highly regulated industry could behave like that. I expect my Internet provider to try to persuade me to upgrade to a full tv package and HD subscription, I expect a car salesman to try to persuade me to buy a more expensive car than I need. I didn't expect a financial institution to sell me an expensive and useless product. When they made out I needed it and it would hardly cost me anything at all, I believed them.

To me, it's like my vet prescribing my dog medication he doesn't need because they get commission. When an industry deals with complex products, they have a moral responsibility to not push things on people who trust they know what they're talking about.

When I worked at Barclays, I was trained how to sell credit cards to people, but not trained about credit cards. I once spoke to someone about moving their overdraft to a 0% card, and then in conversation told them how they could subsequently reduce their overdraft. I was told off in my appraisal for encouraging them to reduce the overdraft. The plan seemed to be get them to transfer one debt, then build a new one back up.

I'm not as naive as I once was, but I'm still angry about it.