PPI Reclaiming Discussion Part 5

[Deleted User]

cefurr wrote: »

I contacted the company who have said that because the PPI was sold in 2004 I can't claim. I'm not sure if this is right.

Regulation of all insurance providers only came into force in January 2005 (apart from Banks which had a regulatory body much earlier).
It sounds as if the company you had PPI with was not regulated at the time you purchased the insurance and, as such, they are not obliged to consider your complaint and you have no access to FOS.

Remember, any mis-selling complaint must focus on the actual manner in which it was sold to you. The fact that you have been paying for it post-regulation is irrelevant.

GailB_2

I posted yesterday asking advise as I'd not heard back about my claim within the promised 8 weeks ... after -taff's comment I decided to wait a few days before doing anything ...

Well today's post brought my long awaited decision and I'm please to say my claims have been upheld! :-)

Now just to wait for the actual payment!

treesinwind

Well done Gail! Was the amount what you expected?

GailB_2

It was actually a bit more than I'd expected as they took into account another loan that I'd overlooked when I initially looked into things ... full PPI refund plus associated interest and 8%! :rotfl:

Just so relieved as it took a real leap for me to make the claim ... I hate complaining and discussing financial stuff in general ... but I am so pleased I did ... I've got Martin Lewis and his TV programme to thank for giving me the final push! :j

carlydoherty1980

Hi All,

I recently received a letter from Barclays telling me that I might have a claim for mis-selling of PPI for a Graduate Loan I had back in 2006 and the claim might be worth £1700. When I originally received the letter I couldn't even remember having taken this loan out so I popped along to Barclays who confirmed that I had and I kind of remember it now.

I originally took the loan out to pay off two student overdrafts. The loan totalled approx £3500 and was to be repair over 5 years. I actually paid it off in full just under a year later.

At the time I was in permenant employment and would have been entitled to 3 months sick pay and some redundancy money if I was made redundant.

I cannot remember the details of how I was sold the PPI so am not sure if I was missold in this way ie. they told me it was a condition of the loan etc. I don't think I would have taken it had they asked me but can't be sure.

I worte yo Barclays to ask them for a copy of the loan agreement and T&C's of the PPI as I no longer have these. They have since written to me and provied a standard letter and the claim questionnaire. They have not provided copies of the info requested (Id oubt they still have these since I took it out in 2006). As I am no longer a customer of Barclays I have to go into branch with ID so they will speak to me which is a right pain in the a**e!

The questions I have are do I actually have grounds for a claim?

and should I return the questionnaire without having received copies of the paperwork reqiested?

I am tempted just to go for it and say I didn't realise I had taken the PPI out at all.

Any guidance would be greatly appreciated?

-taff

Tell the truth, that you didn't need it due to work benefits.
You don't need a copy of the agreement, you need the loan aco!!!! number and a complaint reason.
As you paid it off in under the time speicified, the PPI would have been rebated in your total amount to pay back, therefore you'll only get a years worth of PPI payments and the associated interest over that year.

[Deleted User]

carlydoherty1980 wrote: »

should I return the questionnaire without having received copies of the paperwork reqiested?

You can't request copies of agreements where the accounts are closed, so that route was always closed to you.
You can certainly return the questionnaire though, but do be aware that saying you didn't know about the PPI would be particularly weak and you would therefore be reliant on an auto-payment or for the Bank to find other reasons to uphold during the course of their investigation.

carlydoherty1980

-taff wrote: »

Tell the truth, that you didn't need it due to work benefits.
You don't need a copy of the agreement, you need the loan aco!!!! number and a complaint reason.
As you paid it off in under the time speicified, the PPI would have been rebated in your total amount to pay back, therefore you'll only get a years worth of PPI payments and the associated interest over that year.

I had thought the work benefits route would be the strongest argument so will stress this and get my questionnaire off.

Thanks for your comments people!

nocharge

Hi all, I'm in the process of claiming back the PPI payments made on a LLoyds TSB credit card, and could do with some help/advice.

I sent the standard template letters and completed PPI Questionnaire back in March. I got a reply early May confirming they had decided to uphold my complaint (I was self employed when sold the cover) but due to the timescale involved they no longer had any paperwork so had decided to make me a 'average compensatory payment' of £1500. Luckily I had all my statements back to 95' which I copied and sent back via recorded delivery, with a letter rejecting the payment as I had paid over £2500 in PPI charges alone, without any interest that would also be applied.

I've now started to chase progress via their overseas claims handling call centre! They have now adopted an approach stating that the statements show the monthly payments taken from my card as 'Cardholder Protection Plan' which they say is not PPI. I have since got a copy of a letter sent from Lloyds TSB PPI Customer Relations (on their letter heading!) stating 'I would like to explain, Cardholder Protection Plan is Payment Protection Insurance. The wording on your credit card statements for this product has changed over the years'

Also the monthly payments taken were directly linked to the outstanding balance on my card at that time - small balance = small CPP charge, large balance = large CPP charge, i.e. PPI. In addition I also recently had a PPI claim upheld by the Co-op on a Visa card I had with them which was also detailed on the statements as Cardholder Protection Plan, which they confirmed as PPI.

My question is has anybody else had a similar response from Lloyds regarding CPP payments? If so what was the result?

And secondly when the Co-op settled the PPI credit card claim they included
- A full refund of the PPI premiums applied each month
- The credit card interest accrued by these premiums
- An 8% interest on any notional credit balances

Should Lloyds TSB therefore also include the monthly credit card interest (20% APR) they applied to the PPI part of my outstanding balance, as the PPI payment was added to the overall outstanding balance?

Any help and advice would be gratefully received.
Thanks

-taff

Redress is a defined amount, you won't get any more.
http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html