PPI Reclaiming Discussion Part 5

hollowsone

Can I claim PPI payments made to National and Provincial Building Society from 1987? This company became Abbey National, then Abbey, then Santander UK. The payments continued until 2002 and are shown on the end of year statements. Thanks, Malc.

societys_child

hollowsone wrote: »

Can I claim PPI payments made to National and Provincial Building Society from 1987? This company became Abbey National, then Abbey, then Santander UK. The payments continued until 2002 and are shown on the end of year statements. Thanks, Malc.

No, you don't claim PPI payments. IF the policy was in some way mis-sold,then you can make a complaint. What is the reason for you're mis-selling complaint?

TottyB

dunstonh wrote: »

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 Goodwill gestures can be withdrawn if you go to the FOS.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.

Many thanks to all respondents for your helpful information. Much obliged.

I reread the covering letter with the offer and no mention of the word 'Goodwill' was included.

Just one more thing: I had also forgotten to mention that for the second loan with Lloyds TSB, said from their "investigation" that I had cancelled the PPI within 30 days, hence no payment was due to me. What had actually happened was that I had borrowed £1000. I was told that the PPI was compulsory with the loan, so I got it, as I felt I had no choice.
However, soon after I was made redundant. At the time, it made sense to repay back the whole loan with the redundancy money, before the first loan payment was due, so I did. I don't remember telling the bank that I wanted to cancel the PPI, all I said was that I wanted to pay back the whole loan immediately. My question is: Should I still go back and ask them to reconsider their decision, as I was told that I needed a PPI at that time with that loan?

Thanks

S117

Hi there,

i'm new to the forum and i am hoping someone can help.
I submitted a claim for mis-sold ppi on a loan with Household Bank 7 weeks ago. The loan was for £9500 with PPI on top and was paid off within 12 months rather than running the term of 10 years.
They have confirmed that they have sent out a letter detailing settlement for £327.00. This seems very low considering i received nearly £800 back for a loan with Egg that only ran for 12 Months that was for a lesser amount.

Are they trying to pull a fast one?

dunstonh

However, soon after I was made redundant. At the time, it made sense to repay back the whole loan with the redundancy money, before the first loan payment was due, so I did. I don't remember telling the bank that I wanted to cancel the PPI, all I said was that I wanted to pay back the whole loan immediately. My question is: Should I still go back and ask them to reconsider their decision, as I was told that I needed a PPI at that time with that loan?

If you cancelled it before any payment was made then you never paid it.

dunstonh

S117 wrote: »

Hi there,

i'm new to the forum and i am hoping someone can help.
I submitted a claim for mis-sold ppi on a loan with Household Bank 7 weeks ago. The loan was for £9500 with PPI on top and was paid off within 12 months rather than running the term of 10 years.
They have confirmed that they have sent out a letter detailing settlement for £327.00. This seems very low considering i received nearly £800 back for a loan with Egg that only ran for 12 Months that was for a lesser amount.

Are they trying to pull a fast one?

If you only paid the loan for 12 months then you would not expect much of a redress payment. When you close a loan early, you get a part rebate on the PPI payment. First 12 months would see the bulk of the PPI premium rebated as part of the settlement figure.

[Deleted User]

TottyB wrote: »

Lloyds TSB, said from their "investigation" that I had cancelled the PPI within 30 days, hence no payment was due to me. What had actually happened was that I had borrowed £1000. I was told that the PPI was compulsory with the loan, so I got it, as I felt I had no choice.
However, soon after I was made redundant. At the time, it made sense to repay back the whole loan with the redundancy money, before the first loan payment was due, so I did. I don't remember telling the bank that I wanted to cancel the PPI,

Since the PPI was to protect you in the event of being unable to make your loan repayments , you effectively cancelled the PPI before the policy was activated when you paid the loan off.
No point complaining about being mis-sold anything which you never paid as there is nothing to refund!

You seem very confused as to what constitutes mis-selling, and under the illusion that you are entitled to redress on something you never actually bought!

TottyB

You seem very confused as to what constitutes mis-selling, and under the illusion that you are entitled to redress on something you never actually bought![/QUOTE]

@Moneyinepitude
And that's why I ask questions on this forum, because there are things I am not sure about that someone may know the answer to!! There is no illusion there. Just a straightforward question. Therefore why do you think I ask the question to the forum before getting back to the bank? You know I appreciate the advice, I really, do. But I do not expect condescending remarks.

TottyB

dunstonh wrote: »

If you cancelled it before any payment was made then you never paid it.

@dunstonh - Many thanks for your advice. That has clarified a few things for me.

Leleyp

Hi everyone, I'm completely new to these forums, so apologies for any daft questions etc that may appear. I've read the great advice that has been given to others and hope you can help me too!

I've already begun my PPI claim with CT Capital (was Central Capital) for a Paragon loan I took out back in 2007. It was settled in 2011. Initially they rejected my own complaints about how I was missold the PPI policy however stated in the letter that my complaint was being partially upheld due to them reviewing the entire sale and finding 1 failing "our lack of questioning in relation to any intention you may have had to settle the loan early, in particular during the PPI policy term". They needed a permission form to contact Paragon for information about any rebates which may have been paid, and we signed and sent it back. Last week we received their redress letter.

The redress offer is only for illustration, as when they contacted Paragon, it turns out that the policy is still running! I wasn't aware of this (luckily nothing has happened to my husband in the couple of years since paying the loan off!) However, they have said that if I write to Paragon to cancel the loan and then forward them evidence of this along with confirmation of the rebate Paragon send, they'll recalculate and send us the shortfall.

However, I also have a CD recording of the sales call which was made and where they have taken their evidence to reject my own claims. I'm awaiting CT Capital sending me the password so I can listen to it. If it's just the initial sales call which is on it (as I suspect), where would I stand with refusing their offer and taking it further? I am 100% certain that the man I spoke to on the phone - possibly about 5 or 6 phone calls into arranging the loan - when we were finalising details - he spoke about PPI. I stated that I wasn't keen on having theirs and that I'd rather arrange my own through the bank as it was much cheaper. He replied with something along the lines of Paragon being more likely to look at our application favourably if we took their PPI.

Now I know in the paperwork they sent and we signed, and what they've sent me copies of (and highlighted) it clearly states that we are not under any obligation to take their PPI, but after he had said that on the phone, there wasn't any way I was going to refuse it.

Do I have a leg to stand on with the Ombudsman or should I take their offer and run?