PPI Reclaiming Discussion Part 5

Insider101

-taff wrote: »

It doens't matter what you had from Lloyds, they were regulated then, Leeds CU weren't.

The only option left to you is to complain to the underwriters of the insurance. They also can dismiss your complaint because they didn't sell it. There is a slim to non-existent chance that there is a direct link between the seller and the insurer.

This is basically the correct answer.

If Leeds Credit Union were not regulated then they are under no obligation to consider your complaint. Likewise you can't take it to FOS. Afraid you're snookered.

Insider101

FreyaWillow wrote: »

Hello

I am now about to start going through the process of reclaiming my PPI. I had a loan with HSBC which I want to claim on. I currently have another loan with them. I'm not in arrears or anything with my loan payments. In this situation would they use my PPI refund to reduce my loan if my claim is accepted? If so could I ask them not to?

They wouldn't do this unless your loan is in arrears or otherwise in breach of the agreement.

Besides unfairly penalising you for making a complaint and being legally dubious, it would make no commercial sense. They are warning more interest on the money you have borrowed than they are paying on what's in your bank account.

Your main concern should be having valid complaint reasons.

Maybe a silly question but are you sure your current loan has PPI? Bearing in mind that single premium sale at the point of taking the loan was banned nearly 5 years ago, active loans with PPI are a dying breed.

Insider101

TottyB wrote: »

Hi there

In August this year, I wrote to Lloyd TSB asking a list of all the loans that had PPI attached to it. They said they could only go as far as 6 years (but I know that claims companies can get information as far as 10 years) and they responded by letter and informed me that I had three loans that had PPI attached to it. I filled out their form and today (25 October 2013) I received a letter saying that they will pay only for one of the PPI's £648.74 and for the other two PPI's they have
.

Please, get this idea out of your head. CMCs only use the same £10 SAR process you can. What they will get out of a bank depends on what that particular bank actually has. For some the records may go back only six years, for others it may be ten, 15 or more. They do not have some kind of silver bullet and don't have any kind of clout with banks, most of whom view them with nothing but contempt.

[Deleted User]

Insider101 wrote: »

Maybe a silly question but are you sure your current loan has PPI? Bearing in mind that single premium sale at the point of taking the loan was banned nearly 5 years ago, active loans with PPI are a dying breed.

Read the post, the OP is complaining about an earlier loan than the current one he has still running.

FreyaWillow wrote: »

I had a loan with HSBC which I want to claim on. I currently have another loan with them.

[Deleted User]

TottyB wrote: »

Actually, I know of a claims company that takes 14%.

Big deal, that's still 14% more than doing it yourself for free!:eek:

No one is "berating" you, but you'll get no support for ANY Claims Management Company here as they do absolutely nothing you cannot do yourself.
Indeed, they largely work on information their customers provide them with and have no channel to financial institutions not available also to individuals.

dunstonh

TottyB wrote: »

Hi there

In August this year, I wrote to Lloyd TSB asking a list of all the loans that had PPI attached to it. They said they could only go as far as 6 years (but I know that claims companies can get information as far as 10 years) and they responded by letter and informed me that I had three loans that had PPI attached to it. I filled out their form and today (25 October 2013) I received a letter saying that they will pay only for one of the PPI's £648.74 and for the other two PPI's they have refused.

The second PPI they claim that no PPI was paid for, yet in their first letter they gave me the account number saying that there was a PPI attached to this loan. One minute they are saying I had a PPI with a loan and next minute they are saying this was not the case.

The third PPI they claim, I cancelled the PPI within 30 days - but I admit that I do not remember doing that.

I am also sure that I had paid for other PPI's in the past but as it was so long ago, I threw away the paperwork when the loans had been paid for, hence the reason by I wrote to the bank asking for the loan account numbers.

Before asking them whether I want to accept or reject their offer, should I take it further by either going to the Financial Ombudsman or via a claims company?

Many thanks for any helpful advice received.

Claims companies have less access to data than you or the bank. They do nothing you have not already done yourself.

Is the £648.74 a goodwill gesture? (read the letter). It is the sort of figure that is consistent with an auto-payout without investigation. Goodwill gestures can be withdrawn if you go to the FOS. The bank pays them to avoid the FOS fee. If they are going to pay the FOS fee, they may then investigate the complaint, find no wrong doing and withdraw the offer.

If you dont believe the bank has no records then do a DSAR. If it comes back confirming they dont then you know they are telling the truth. If it gives more then you can go back to argue your case.

dunstonh

I've had PPI in the past and now I'm checking the policy, one of the things it says is that if you're made redundant, you won't be covered if you're paid in lieu of your notice. In my industry, both redundancy and being paid in lieu of your notice are pretty common. Had someone pointed out that item in the small print, I'd have known that the policy wasn't suitable for me. But surely it's my responsibility to check out the small print, isn't it?

PILON is not grounds for complaint. Nor are redundancy payments. Neither makes a PPI policy unsuitable as neither are guaranteed.

PILON is only the employer saying they are making you redundant on a date in the future but you dont have to work that interim period. You become redundant at that. You dont sign on until after that date and you are not classed as unemployed until after that date.

cappo

TottyB wrote: »

Hi there

In August this year, I wrote to Lloyd TSB asking a list of all the loans that had PPI attached to it. They said they could only go as far as 6 years (but I know that claims companies can get information as far as 10 years) and they responded by letter and informed me that I had three loans that had PPI attached to it. I filled out their form and today (25 October 2013) I received a letter saying that they will pay only for one of the PPI's £648.74 and for the other two PPI's they have refused.

The second PPI they claim that no PPI was paid for, yet in their first letter they gave me the account number saying that there was a PPI attached to this loan. One minute they are saying I had a PPI with a loan and next minute they are saying this was not the case.

The third PPI they claim, I cancelled the PPI within 30 days - but I admit that I do not remember doing that.

I am also sure that I had paid for other PPI's in the past but as it was so long ago, I threw away the paperwork when the loans had been paid for, hence the reason by I wrote to the bank asking for the loan account numbers.

Before asking them whether I want to accept or reject their offer, should I take it further by either going to the Financial Ombudsman or via a claims company?

Many thanks for any helpful advice received.

Hi totty i agree with taff don't go with a claims company most of them are a total waste of time, it is so easy to do it yourself through the f.o, although i have had a few knockbacks as i did'nt have paperwork but hey it's worth a try, as for LTSB i have been trying to get my cc accounts resolved for three years and it's finally getting to the compensation after about 3 years but stick with it.:)

getting_my_life_straight

I also agree not to use a claims company, 2 weeks after a speculative phone call to a store card that finished in 2009, I received a cheque this morning for £3K. All for a phone call and a follow up letter. Happy days.

Insider101

Moneyineptitude wrote: »

Read the post, the OP is complaining about an earlier loan than the current one he has still running.

Ah I misread it lol.