PPI Reclaiming Discussion Part 5

amersall

I found out it actually only covered me for 5 years as opposed to the full term of the loan. Yet surely the interest from the added PPI would of carried on being repaid througout the remainder of the loan term after the PPI had lapsed after 5 years?

The whole PPI and the interest is still on the term to loan end with no cover, this is one of the most rip off PPI that exists.

Send this to make the complaint.

We/I were mis sold the PPI on the above loan account number and
We/I would like proof to the contrary of my/our reasons for mis sell of the above PPI .


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 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 and would no longer have cover.

3) We/I were told that if we did not make a claim,or go into arrears on the ppi ,after 5 years we/I would receive the cash back of ppi but were not told this would not include the interest made on these payments that we paid over the 5 years or that the PPI would still be on the loan to term end with interest

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 they are paid 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


Take out number 3 if you had no offer of any or all the PPI as a cash back or other incentive, obviously, if you had a offer then put what it was.

amersall

Prudent76 wrote: »

Hi everyone

I'm in a strange position. I made a couple of phone calls a few weeks ago to see if I could claim back PPI I was missold years ago ( I mean around 15 years ago) for which I do not have the original documentation. I contacted Lloyds TSB in regards to a credit card PPI set up in the 90's, and BOS regarding a number of loans taken out around 1996-2003. Both phone calls yielded results - ie they could find me on their system and begin the formal complaint procedure.

Now, I definitely paid for PPI on the BOS loans (except the last of those taken out) and on the Lloyds TSB credit card (but around 2003-2004 I cancelled the PPI on the credit card after a memorably heated conversation with the bank on the phone). But what I don't have in my hand is proof. I have received notice from both companies that my complaint is proceeding, and indications that they have uncovered other loan accounts / credit card numbers to investigate besides those which I have provided them with.

After a more thorough reading and understanding of the articles on this website I have now sent SARs in to both companies requesting all of the information they hold on me.

BOS have just now sent me a questionnaire to fill out and return to help them understand the precise nature of my complaint. (This is in effect a template very similar to the FSA questionnaire referred to on this site). The questionnaire asks for information which I cannot recall or be certain of: Like, did you repay the borrowings early and if so, how? I cannot be sure - I repaid at least one of the loans early (the final loan with BOS which had no PPI on it) but cannot be certain of the others. There are other questions I cannot answer too, like employee benefits - other than SSP I can't be certain what my contract of employment stated back then.

My question is this: Should I return the BOS questionnaire (or more likely the FSA version recommended on this site) now with my limited responses in order to expedite the process, or should I wait until I receive the SAR response and hope that that fills in some of the blanks? My original phone call to BOS was 5 February but the letter from them enclosing the questionnaire was sent 5 March 2013.

I wouldn't want to be impatient and harm my chances of obtaining a refund for PPI that was most certainly missold.

Thanks

You can wait for the Sar as this may give more details that you could need.

The BOS loans could have been consolidated and would have been Single Premium PPI, you could use this as a reason for mis sell, this PPI was in fact a loan on the loan that you repaid to term with interest, each loan that you did after this one that repaid the original loan would have got you a rebate of the PPI, the remaining PPI would have been paid back by you in the settlement from the next loan, in effect, you are paying interest and PPI from the previous loan....and so on.....

andylad_3

cappo wrote: »

Hi andy you need to put 6 questionaires into hsbc remember to keep copies and send by recorded delivery and yes you can claim the 8% from the start of the loan to now.:D:D:D:D:D:D:D:D:D:D:D:D:):)

I remember this advice so thanks, as we got 3K back from HSBC on the back of this claim.

johnnyb64

Hi All,
I have had a halifax account since 2000 inc a credit card, started off religiously paying the balance in full every month but havent been able to for the past few years and now the balance has crept upto about 5k sometimes over my agreed limit and then charged heavily until I get it back in order the reason for my post is that in Aug 2012 I got a letter from the halifax saying that "We note that your account is in arrears and it has been necessary to cancel your credit card repayments policy". Stinks doesn't it? Has anyone else had this and would it stop me from making a claim for PPI

ridingwood

HI
Any experts got a short answer? We have been offered £3202 settlement of PPI from Lloyds TSB on a 5 year loan, including the interest on monies owed by them. We have asked them if they can increase that payment and they have said no. The original loan was about £ 22k over 5 years. The bank statement shows one payment a month which included the PPI £ 477.92/month. They rang yesterday to ask if we wanted to settle and spoke to my partner, they told him he could go to the Ombudsman if he thought he was entitled to more. We don't know.
Any ideas/views thanks.

amersall

ridingwood wrote: »

HI
Any experts got a short answer? We have been offered £3202 settlement of PPI from Lloyds TSB on a 5 year loan, including the interest on monies owed by them. We have asked them if they can increase that payment and they have said no. The original loan was about £ 22k over 5 years. The bank statement shows one payment a month which included the PPI £ 477.92/month. They rang yesterday to ask if we wanted to settle and spoke to my partner, they told him he could go to the Ombudsman if he thought he was entitled to more. We don't know.
Any ideas/views thanks.

What was the initial PPI amount? you should get this back and 8%, if you paid more in PPI then ask them for the rest.

If the loan was repaid early the redress will not be the full PPI.

amersall

johnnyb64 wrote: »

Hi All,
I have had a halifax account since 2000 inc a credit card, started off religiously paying the balance in full every month but havent been able to for the past few years and now the balance has crept upto about 5k sometimes over my agreed limit and then charged heavily until I get it back in order the reason for my post is that in Aug 2012 I got a letter from the halifax saying that "We note that your account is in arrears and it has been necessary to cancel your credit card repayments policy". Stinks doesn't it? Has anyone else had this and would it stop me from making a claim for PPI

If you have reasons for mis sell then put the claim in.

ridingwood

Amersall, that's the problem, we don't know, the payment was not split on the bank statement. Their letter to us states that we paid £ 1480.08 in premiums but we cannot check this as we cannot find the original paperwork from 10 years ago.

Morgblue4

Hi, I keep getting phone calls from a scottish company called Payment Protection Recliams asking me to register on a site called NOODLE! They state if i then pass my reference number onto them they will look at my credit history and apply for any missold PPI. They reckon even though i've had no credit card debts there is money to be claimed off my mortgage lender. I'm a bit concerned about doing all this but they are calling me 4/5 times per day I would be grateful for any advice on this company please. Many thanks.

-taff

Ig nore them and register your phone number with the TPS. If they phone again after that, report them.