PPI Reclaiming Discussion Part 5

-taff

The claims company will make you contact or SAR the companies involved anyway, so you might as well do it yourself.

Check your old bank staements, check your paperwork, phone up the companies involved, make you compalints yourself.

Jonesy1977

Hi All,

I have had a barclaycard since 1997 and it has PPI on it - I had a letter from them recently which drew my attention to the fact that "optional" PPI was on the account which I took out when I was 20 - It was my first card and I genuinelly believe that I was told I needed PPI because of my age and therefore it was mandatory. I forgot I had got the PPI and to my shame I have not seen it on my statements (although it was there) for 15 years! it seems to be a variable amount between £12 and £33 per month since 1997! I have put a claim in today on the basis of mis selling and not being told it was optional...............anyone any thoughts on whether I have a claim?:eek:

dunstonh

Jonesy1977 wrote: »

Hi All,

I have had a barclaycard since 1997 and it has PPI on it - I had a letter from them recently which drew my attention to the fact that "optional" PPI was on the account which I took out when I was 20 - It was my first card and I genuinelly believe that I was told I needed PPI because of my age and therefore it was mandatory. I forgot I had got the PPI and to my shame I have not seen it on my statements (although it was there) for 15 years! it seems to be a variable amount between £12 and £33 per month since 1997! I have put a claim in today on the basis of mis selling and not being told it was optional...............anyone any thoughts on whether I have a claim?:eek:

Your complaint is weak. You are asking them to believe something that cannot be proven. It is unlikely anything will exist that will support your allegation. So, on that basis you are relying on another failing being identified or getting lucky with an auto payout or the unlikely case of evidence supporting what you are saying.

Do you have anything better that you can use as a complaint reason?

Virgin_Rocker

Hello,

Might be a bit of a cheeky one, but I will give it a go!

I worked for one of the big mortgage lenders, flogging these policies to people regularly. The training we received taught us that the vast majority of people needed this insurance. We were also taught to sell it on the basis that because the lender had a long relationship with the PPI provider (in this case Cardiff Pinnacle), claims were more likely to be paid out (than if the customer went off and got a PPI policy elsewhere) because it was in the lenders (ie.e my employers') interest to ensure its borrowers got paid out.

When you're selling stuff like this on a regular basis (and receiving training to help you be even better at selling it), you start to believe all of the sales spiel yourself, so when I took a mortgage out with my employer back in 2004, I also took PPI. However, when I split up with my partner in 2011 (who had never been party to the mortgage), I decided that I had better things to spend the money on and cancelled the policy.

Now that my mortgage lender has been split up, I no longer work for that organisation. My current contract (carried over from my previous employer) entitles me to a generous six months sick pay, and redundancy although rare in the organisation, was always dealt with generously in terms of severance packages.

My PPI policy wasnt sold to me by a sales person - it was sold to me by the training I received over several years of selling PPI to other people.

Do I have a basis for a claim? Having given the matter much thought, I genuinely belive that I didn't really have a need for it, but was convinced by the sales culture in the organiation and the training I received that I did need it.

Any thoughts?

[Deleted User]

Virgin_Rocker wrote: »

My PPI policy wasnt sold to me by a sales person - it was sold to me by the training I received over several years of selling PPI to other people.

This basically means that your purchase of PPI was non-advised. In other words, you mis-bought rather than were mis-sold.

I doubt your ex-employer will give your "complaint" the time of day.

Sorry.

stormcloudfairy

OK , SO IM USELESS UNDERSTANDING MONEY MATTERS !!
THAT OUT THE WAY, I'D LIKE TO SAY HOW NICE IT IS TO SEE PEOPLE HELPING OTHERS WHO ARE STRUGGLING TO UNDERSTAND THESE MATTERS WITH THE BANKS ! IM ALL FOR THE UNDERDOG !
FIRSTLY, I HAVE RECIEVED A GOOD WILL OFFER FROM NATWEST ( PPI ) FOR £2,447.74..TOTAL OFFER.WHICH TO ME IS FANTASTIC ! I REALLY NEED THE MONEY AND IM NOT AT ALL UNGRATEFUL, BUT NOT UNDERSTANDING THE SYSTEM LIKE SOME PEOPLE DO , I WANTED TO ASK SOMEONE IF NATWEST'S BREAKDOWN IS CORRECT AND IF SO, THEN I KNOW I'VE DONE MY BEST....ITS BEEN A LONG ROAD FOR ME !
ANY ADVICE WOULD BE GRATEFULLY APPRECIATED !
HERE'S THEIR BREAKDOWN.
Date opened/11/06/2003..closed/24/06/2008
Loan Amount/ £15000.....ppi/yes
Customer offer:
Total refund/ppi & interest td/ £1,457.92
Statutory& Stay Interest Values/ £1,237.27
Less tax(20%)..........................£247.45
Net interest..............................£989.82
Total offer................................£2,447.74

They also state that this offer will remain available until the option to complain to the ( fos ) has expired
That is six months from date of letter dated 10/08/2012.
Sorry to take up so much space !
I wish you all the best in your fight for your rights !
Kind regards....

boot13t

Hello,

We're claiming PPI using Stake Your Claim (via Payplan) and have been offered a settlement. Reading some of the responses conflicts with what Payplan & SYC have told us regarding paying the fees.

We were told the fees owed would be put back into the DMP arrangement. Does this seem correct? Given the settlement will reduce the debt and we will not see anything so finding a lump of money to pay the fees is not a pleasant thought.

Any advice would be appreciated. :T

Debt_donut

Totally new to this so pls bear with me! (despite reading the emails weekly for years)
Was advised by my bank as part of a totally separate complaint that I was entitled to compensation on ppi's. ( offered it as a sweetener as my complaint is totally valid & will be going further following advice from FSA. )
I hadn't submitted a claim as I owe them approx 8.5 k therefore stupidly thought I wouldn't be entitled to it. There were actually 3 ppi's in total, 2 of which they had stopped (?) and at the point of contact in oct 12 they cancelled the third.
They hadn't yet received my form when they offered compensation for 2 policies totalling £6,300. :j Whilst this is fantastic news, they are saying they won't pay out on the third one as I had a 30 day cooling off period, the monthly protection amount (approx £8.60) was displayed etc on my statement etc.
my qu's would be, if the other ppi's were at that time deemed necessary & correct, why would I need the cooling off period, why would seeing the £8.60 each month on a statement make me think I no longer need this product? The product to me was fit for purpose the same as the others surely? :mad:
To be honest I am desperate to get out of this bank & this is my only tie. If I take it to the ombudsman could I lose some of the compensation offered? I've been with this bank 30 years, been treated appallingly and will be pursuing the complaint separately to the PPI's for however long that takes but could really do with some expertise & advice re this. Also I have yet to ask for a breakdown on these offers, would that help or just confuse matters....I know I have been useless with money up until this but the worm has turned and I'm turning into a money saving terrier.....any advice pls. Thx

amersall

stormcloudfairy wrote: »

OK , SO IM USELESS UNDERSTANDING MONEY MATTERS !!
THAT OUT THE WAY, I'D LIKE TO SAY HOW NICE IT IS TO SEE PEOPLE HELPING OTHERS WHO ARE STRUGGLING TO UNDERSTAND THESE MATTERS WITH THE BANKS ! IM ALL FOR THE UNDERDOG !
FIRSTLY, I HAVE RECIEVED A GOOD WILL OFFER FROM NATWEST ( PPI ) FOR £2,447.74..TOTAL OFFER.WHICH TO ME IS FANTASTIC ! I REALLY NEED THE MONEY AND IM NOT AT ALL UNGRATEFUL, BUT NOT UNDERSTANDING THE SYSTEM LIKE SOME PEOPLE DO , I WANTED TO ASK SOMEONE IF NATWEST'S BREAKDOWN IS CORRECT AND IF SO, THEN I KNOW I'VE DONE MY BEST....ITS BEEN A LONG ROAD FOR ME !
ANY ADVICE WOULD BE GRATEFULLY APPRECIATED !
HERE'S THEIR BREAKDOWN.
Date opened/11/06/2003..closed/24/06/2008
Loan Amount/ £15000.....ppi/yes
Customer offer:
Total refund/ppi & interest td/ £1,457.92
Statutory& Stay Interest Values/ £1,237.27
Less tax(20%)..........................£247.45
Net interest..............................£989.82
Total offer................................£2,447.74

They also state that this offer will remain available until the option to complain to the ( fos ) has expired
That is six months from date of letter dated 10/08/2012.
Sorry to take up so much space !
I wish you all the best in your fight for your rights !
Kind regards....

The offer is right, they have given you the PPI and interest and the 8%, they have taken tax at source so you do not even have to inform HMRC, if you are a non taxpayer or pay the higher rate of tax then you need to contact HMRC, you need the tax back if you are a non taxpayer and will need to pay the extra if you are a higher crate taxpayer.

amersall

Debt_donut wrote: »

Totally new to this so pls bear with me! (despite reading the emails weekly for years)
Was advised by my bank as part of a totally separate complaint that I was entitled to compensation on ppi's. ( offered it as a sweetener as my complaint is totally valid & will be going further following advice from FSA. )
I hadn't submitted a claim as I owe them approx 8.5 k therefore stupidly thought I wouldn't be entitled to it. There were actually 3 ppi's in total, 2 of which they had stopped (?) and at the point of contact in oct 12 they cancelled the third.
They hadn't yet received my form when they offered compensation for 2 policies totalling £6,300. :j Whilst this is fantastic news, they are saying they won't pay out on the third one as I had a 30 day cooling off period, the monthly protection amount (approx £8.60) was displayed etc on my statement etc.
my qu's would be, if the other ppi's were at that time deemed necessary & correct, why would I need the cooling off period, why would seeing the £8.60 each month on a statement make me think I no longer need this product? The product to me was fit for purpose the same as the others surely? :mad:
To be honest I am desperate to get out of this bank & this is my only tie. If I take it to the ombudsman could I lose some of the compensation offered? I've been with this bank 30 years, been treated appallingly and will be pursuing the complaint separately to the PPI's for however long that takes but could really do with some expertise & advice re this. Also I have yet to ask for a breakdown on these offers, would that help or just confuse matters....I know I have been useless with money up until this but the worm has turned and I'm turning into a money saving terrier.....any advice pls. Thx

The third one seems to be a Credit card as they say it showed each month on the statement, they are correct in that you had time to raise the mis sell issue, unlike a loan, especially if it was front loaded PPI.

If you have a good case for the third one, send in a rejection for this and tell them why you were mis sold.

If you have the actual PPI amounts and terms then you should get all PPI back for these if the loans were cleared , if you owe them then they could take the redress to clear these, if they have not mentioned this then take the offers.