PPI Reclaiming Discussion Part 5

amersall

Smiffy1962 wrote: »

We have been paying mortgage protection insurance with a company called Paymentshield for nearly ten years for unemployment cover. We were told by our independent financial advisor that we should take out this insurance, have we been missold PPI for this service,any advice would be appreciated, thanks.

You need to post this here

http://forums.moneysavingexpert.com/forumdisplay.php?f=187
You will get more help regarding this, the people on there know there stuff when it comes to Mortgage ppi.

amersall

busyissy wrote: »

Hi
New to this, but at the beginning of Jaunuary put a claim in with HFC for mis sold PPI on a a flexiloan ( finshed paying it 2011). Within a week we had a letter saying they were investigating it. On the 27th of Feb recieved a letter saying they needed futher time however, on the 28th Feb a futher letter to say that the claim had been upheld and a offer had been made. We duly signed and accepted the offer and returned it on the 29th Feb by recorded delivery ( recieved by them on the 2/3/2012 ) and also stated that we would recieve refund in 28 days into bank account. We were of course estatic to get the claim and the money will come in very useful!
However, today we are confused. com as recieved a unsigned letter saying that they couldnt investigate the the claim any further as didnt have a needed specific deatils as in ppi account number!
Have departments got their wires crossed and that the signed offer still stands.
Any help would be much appreciated thank you
Issy

Give them a ring and ask, they will tell you what has happened.

Did you have the loan number? if you did they should know you have used this, it is possible they have their wires crossed, ring them and ask.

amersall

jenny45 wrote: »

Hi as well as my ongoing mbna claim, I have raised a claim with jd williams (simply be) as there has been ppi on my account since 2006. I rang their customer services and the girl said it was done on phone and I was given three months free cover and plenty of time to consider it. I said I was never asked about a pre exisiting condition and would never have taken the cover out.

I have had another look and eventually found policy and a letter with pre ticked boxes regarding phone call and one has a warning regarding being told about pre exisiting conditions and how it might effect my ppi. Now the ticks are a darker computer printed tick just looks like a printed out document .

So will they not admit liability as this document is there even though I know if I was told about it I would never agree to taking the cover

The thing with this is, the ppi was on your account for 6 years, they could argue that as this was a separate amount on your statement each month you have had time to notice it was on there and query this at any point during those 6 years.

Having said that, if the document looks like it was ticked without your knowledge then write back to them and ask for the recording of you accepting the ppi and what the salesperson said to you regarding this ppi, as you will need this to pass to the FOS.

amersall

wazza128 wrote: »

Hi all
A few weeks ago I decided to put a claim in and was just wondering if it any superb wonderful person can help me...

I purchased a loan in 2002 from Natwest and have topped it up a few times so to speak. I know I was missold ppl from what they said via telephone but don't know if I have a case/proof. I also found some letter when scowering through my old paperwork.

The last loan details were this.
monthly repayment £350 including £75 for plp
total payable £20000 including £4500 Plp
interest total £ 3900 including £850 interest on plp

I found a couple of letters that stated

This was the letter from the telephone adviser service who sold me the loan and told me I had to have it to guarantee approval.

So, sorry to be a burden but

A. Do I have a case ?
B. I only sent them, all the paperwork I had, should I have got a Sar thingy
C. Can I cancel my insurance with the loan ? it has 1 year left (I didnt think you could as can't find any cancellation paperwork).
D.If I am allowed to cancel Will this jeapordise a claim?

Any help would be greatly appreciated
regards confused

A. Yes you do, this ppi is front loaded, in effect another loan on the loan you pay back over term with interest, this type of ppi is a
mis sell, did you use this reason?.

B. Did you have the account numbers of the loans, if you did then that is all you need and the reasons for mis sell.

C. Do not cancel the ppi on the loan, this will reset it and it could be over a longer term and APR, if you win mis sell the whole ppi is taken off the loan balance ( this may clear the loan) you get the ppi monthly amounts that you have paid to date with an additional 8% interest.
D. The same answer i gave above.

If you win mis sell the other loans will be redressd that were consolidate into this loan, when you settled these loans they will have given you a rebate of the ppi, the remaining ppi will have been carried forward to the next loan..and so on..
Any redress you get will have the rebate amounts taken off and you will get the remaining ppi from the other loans too.

jenny45

amersall wrote: »

The thing with this is, the ppi was on your account for 6 years, they could argue that as this was a separate amount on your statement each month you have had time to notice it was on there and query this at any point during those 6 years.

Having said that, if the document looks like it was ticked without your knowledge then write back to them and ask for the recording of you accepting the ppi and what the salesperson said to you regarding this ppi, as you will need this to pass to the FOS.

Thanks I have sent off an email requesting transaction. I have also asked for the exact date it was taken out as when I received the original policy there was a letter of apology saying due to a computer error my policy was not issued at the same time and it was sent out later.

There really isn't much owed on this as most of the time I paid in full and ppc was only applied on an outstanding balance so it is a principle thing really and if there was no redress I wouldn't give myself any hassle

now my mbna is another thing and any money from it would help me financially and help towards a debt free and clear headed bunny

wazza128

Hi again thank you for the response

amersall wrote: »

A. Yes you do, this ppi is front loaded, in effect another loan on the loan you pay back over term with interest, this type of ppi is a
mis sell, did you use this reason?.

B. Did you have the account numbers of the loans, if you did then that is all you need and the reasons for mis sell.

No unfortunately I didn't know this was called front loaded so didnt use that reason Can I rectify this by sending another form or phoning them up?

My case was based on they told me I had to take it out to guarantee approval, and using the letters 'reminding me to make sure to sign the ppi' . I also stated I have full sick pay from work so didn't need it.


I had one account number and sort code for the latest loan the rest all had reference numbers would these be acceptable ?

On a side note Amersall I think your a fantastic person for spending your time helping other people out where needed :T your a inspiration to all :beer: Thank you

sazgeering

Hi - we took out a loan in 2007, which had PPI on it - we never claimed on it.
We then got a settlement figure and we took out another loan (which paid off the original loan balance plus a bit extra), and PPI was added to this too.
That was in 2008, and PPI mis-selling came to our attention, so we cancelled our PPI on that loan - however, we only got £1650 back (after 2months of taking out the new loan, and no claims being made on that insurance) - the insurance cost that was added onto our loan totalled £2989 - so we only got half of the PPI back.
As we cancelled the policy, are we entitled to claim to get the full amount back? (as we would have paid £1339 towards a PPI policy that we only had for 2 months and never claimed on)

We also forgot about the PPI that was added to our original loan (which totalled £1789).
Our personal circumstances remained the same, from the original to the second loan and we weren't really provided much information about the PPI as far as I remember - But I do not really know if it was mis-sold...
Do you think its worth us claiming for this loan?
How will I know if the bank provided us enough information? Couldn't they just say they did and not pay out?

Oh, should say that our bank added interest on top of the PPI value...not sure if this affects our claim form?!

amersall

wazza128 wrote: »

Hi again thank you for the response



No unfortunately I didn't know this was called front loaded so didnt use that reason Can I rectify this by sending another form or phoning them up?

My case was based on they told me I had to take it out to guarantee approval, and using the letters 'reminding me to make sure to sign the ppi' . I also stated I have full sick pay from work so didn't need it.


I had one account number and sort code for the latest loan the rest all had reference numbers would these be acceptable ?

On a side note Amersall I think your a fantastic person for spending your time helping other people out where needed :T your a inspiration to all :beer: Thank you

:o you are too kind :A

Ring them up and ask them to add this front loaded to the complaint, tell them someone mentioned this to you

They should find all the loans from the loan number of the first, the reference numbers should be fine.

amersall

jenny45 wrote: »

Thanks I have sent off an email requesting transaction. I have also asked for the exact date it was taken out as when I received the original policy there was a letter of apology saying due to a computer error my policy was not issued at the same time and it was sent out later.

There really isn't much owed on this as most of the time I paid in full and ppc was only applied on an outstanding balance so it is a principle thing really and if there was no redress I wouldn't give myself any hassle

now my mbna is another thing and any money from it would help me financially and help towards a debt free and clear headed bunny

Fingers crossed and let us know how you get on.

amersall

sazgeering wrote: »

Hi - we took out a loan in 2007, which had PPI on it - we never claimed on it.
We then got a settlement figure and we took out another loan (which paid off the original loan balance plus a bit extra), and PPI was added to this too. The 2007 loan would have given you a rebate of ppi and the remaining ppi would have gone onto the second loan


That was in 2008, and PPI mis-selling came to our attention, so we cancelled our PPI on that loan - however, we only got £1650 backThis is the rebate for the ppi on this loan, you have had this back so they redress the total ppi then take this back off as the loan balance reduced by this amount.


(after 2months of taking out the new loan, and no claims being made on that insurance) - the insurance cost that was added onto our loan totalled £2989 - so we only got half of the PPI back.
As we cancelled the policy, are we entitled to claim to get the full amount back? (as we would have paid £1339 towards a PPI policy that we only had for 2 months and never claimed on)As i said above.

We also forgot about the PPI that was added to our original loan (which totalled £1789).As i said above the ppi will be given back less any rebate.
Our personal circumstances remained the same, from the original to the second loan and we weren't really provided much information about the PPI as far as I remember - But I do not really know if it was mis-sold...
Do you think its worth us claiming for this loan?Yes it is, put that it was front loaded, this was a loan on a loan paid to term end with interest


How will I know if the bank provided us enough information? Couldn't they just say they did and not pay out?
This is front loaded they cannot get out of this

Oh, should say that our bank added interest on top of the PPI value...not sure if this affects our claim form?!

"Look at the red bits above".

When you win redress you get the ppi monthly payments back that you actually made, these monthly ppi payments included the interest as you paid this over the term, you get these back.
Does this help?.