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PPI Reclaiming Discussion Part 5
Comments
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I've made a claim on four loans, the first dating back to when I finished uni' in 2002. The bank have offered me a settlement but on the first two loans (pre ombudsman) when I was living with my olds, they've offered me part of what I paid. Their argument is that I would have needed some sort of loan protection so they'll pay me the difference between what I could have paid and what I actually paid. This is on the basis of the evidence provided at the time. At the time, the loans were for a small amount and my parents could (unofficially) have bailed me out should I have become redundant etc. Also, great sick package (I'm a Nurse.)
Also, on my latter loans, they say they've "defended" the decision which I interpret to mean they don't think they were at fault... but they're still paying me!
Should I contact the bank and push for a refund on everything, or be grateful for what I'm getting?
what do you mrean pre-ombudsman? who did you have the loans with?
They've offered you the difference between a single premium and a monthly premium insurance.
If these were consolidated loans, the single premium would have run over onto each one.
It doesn't matter that your parents could have paid it for oyu, it would only matter if they were guarantors for the loans. You sick would have been six full and six half months pay? A good reason.
More info needed. Who were the loans with, have they upheld or are they offering you a goodwill payment, were they consolidation loans, were you working when you took the first one out?Non me fac calcitrare tuum culi0 -
I've been thinking about doing this for a while as I know that a loan I took out in 1999 I definitely was told that I had to have PPI. I know this is a long time ago and I no longer have the paperwork for this loan. Do I contact the local branch where I took out the loan to ask if they still have any details?
I had another loan after that that also had PPI (same branch).
Is it still worthwhile pursuing this?0 -
you need the account numbers, to know that you paid PPI and a missell reason. If they know nothing on the phone, you'll have to send a SAR and £10, but there may not be any info left.
Dont bother asking for the agreement, your accounts are closed, which is why you'll probably need to send a SAR
http://www.moneysavingexpert.com/reclaim/ppi-loan-insuranceNon me fac calcitrare tuum culi0 -
From reading this site, I understand that the Ombudsman's jurisdiction over such matters only came into effect in 2005 so anything before that they generally can't help with. The first loan was in 2002 and each successive loan has paid the previous and added a bit more.what do you mrean pre-ombudsman?
Lloydswho did you have the loans with?
I think those are the terms used. My understanding is that in my most recent loan, I paid the loan and then separately I paid for PPI. They came out of my account as different amounts. I think that previously it was one amount that included PPI. Given that each product (paid inclusive or exclusive) cost different amounts they've paid me the difference. My argument is that I hadn't even heard of PPI until the last year or so, probably because of MSE!They've offered you the difference between a single premium and a monthly premium insurance.
I did know that I had this insurance payment thing (PPI) on my most recent loan but didn't know that there were other options until the bank called in for a chat and offered life insurance as an alternative. On loan number three, I turned down PPI as I didn't see the need given the cost. It seems I ticked a box somewhere and therefore consented to it.
That's very informal. They weren't guarantors. I got PPI on the most recent loan as I wasn't living with them and it was too much for them to bail me out of if necessary.It doesn't matter that your parents could have paid it for oyu, it would only matter if they were guarantors for the loans.
2002 - 2007 --> three months full pay, three months half pay.You sick would have been six full and six half months pay? A good reason.
Six months each since.
Loans 1 & 2 - "upheld in part"have they upheld or are they offering you a goodwill payment
Loans 3 & 4 - "defended"
Getting something from all of them. Lowest is just over £300, highest is just under £3,000
I guess they were., were they consolidation loans
Yes. My first job, very soon after graduating was full time and I've been full time since.were you working when you took the first one out?
Many thanks for your time.0 -
That's only for car dealers and catalogue providers etc-all the big banks were GISC regulated long before 2005From reading this site, I understand that the Ombudsman's jurisdiction over such matters only came into effect in 2005 so anything before that they generally can't help with.0 -
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From reading this site, I understand that the Ombudsman's jurisdiction over such matters only came into effect in 2005 so anything before that they generally can't help with.
I think those are the terms used. My understanding is that in my most recent loan, I paid the loan and then separately I paid for PPI.
First para above - not for banks. They are liable as Moneyineptitude says.
Second para - Thats the right way to do it.
What you could do if you don't intend accepting their findings is to ask for the refund of all premiums paid on each loan [except the last ] as a consolidated chain of loans with single premium. You didn't need it because of your employment perks. You weren't informed of the unfair nature of the product or the fact that no matter if part was refunded, the interest would then roll over onto each subsequent loan.
If you do this, it means they will re-investiage and take their time doing it.
Or you could refer it to the ombudsman, and wait up to 18 months. Or you could accept their findings for some of the loans, and refer the ones you don't to the ombudsman and tell them you intend to do this. Or accept the ones you want to acept, refer the others, and don't tell them.
Choices...choices....
Non me fac calcitrare tuum culi0 -
That's interesting to know. A company called Help Your Claim contacted me last week, as they had details of a bank loan that I took out with Lloyds, and they said that I would get it all back. Has anyone in a DMP, who owes money to a bank ever had their refund offset?
They're lying.
And you posted exactly the same post, less the dmp question on the 14th.....Non me fac calcitrare tuum culi0 -
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Moneyineptitude wrote: »Obviously doesn't trust your responses!:p
hashtag -Taffisgettingshirty!
I only asked, gee whizz!0
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