PPI Reclaiming Discussion Part 5

-taff

How many years ago and who actually sold it to her?

She can ask them to look at her complaint again, but she should have sent everything she had to start with which would have avoided a lot of what you've described above.

If they do look at it again they are not bound to respond within 8 weeks, they can take as long as they like, so be aware of the 6 months time limit from their rejection to go to the FOS.

jaynemacdonald1979

Just like to share my further fab news. My complaint with first direct for a loan and CC PPI claim has been upheld. CC £150 my loan £5g all shall be in my bank this week. On top of my success with picture loans for £3g and then lloyds for £1600. Totally stunned today. And even though im still sitting with £13 in my bank to do us till tuesday im still over the moon. And now i cant wait for xmas. ����������

jaynemacdonald1979

Oops wrong place i posted sorry x

Malmol09

Hi all,

I received a letter from TPF saying that the ppi I have on my credit card might have been mis sold as I applied for my card in 2007 etc etc. Well this was news to me as I didnt think I had ppi. I was aware of ppi at that time cause I took a loan out with a different lender and specifically asked not to have it as I had other means of making payments if I became sick etc . Anyway I phoned TPF and answered their questions....I can't even recall how I applied but guessed it was online.

Only thing that is confusing me is that I would have got the card to take advantage of a 0% balance transfer, so how could ppi have been charged? Can anyone shed any light, or explain? Totally confused. Ive never thought about ppi reclaiming as with loans ive always opted out, so to get that letter was totally out of the blue.

Thanks

dunstonh

I received a letter from TPF saying that the ppi I have on my credit card might have been mis sold as I applied for my card in 2007 etc etc.

This is a CCL. It allows the firm to start the time bar clock.

Only thing that is confusing me is that I would have got the card to take advantage of a 0% balance transfer, so how could ppi have been charged?

Having it activated on the card is not the same as paying any premiums. If you never borrowed money on the card outside of the zero rate transfer then you probably never paid any PPI premiums. Lots of people are in that position.

Malmol09

dunstonh wrote: »

This is a CCL. It allows the firm to start the time bar clock.


Having it activated on the card is not the same as paying any premiums. If you never borrowed money on the card outside of the zero rate transfer then you probably never paid any PPI premiums. Lots of people are in that position.

Thanks for your response that answers a couple of my questions but begs a few more!! I would almost certainly suggest that I would not have knowingly agreed to an insurance policy being activated which would be of no use in helping me repay monthly amounts on a 0% BT. Now I appreciate in theory I may never have paid the premium, so therefore accept I may be owed nothing, however is it not a little questionable being signed up to something 'just in case' I spent on the card, without explaining that it is in effect useless for the BT? Perhaps I am just missing the point! Most likely!:rotfl:

artycash

Hi

I have been reading round the forum which is very helpful but I still feel a bit unsure if I really have a case to put in a ppi claim so would v much appreciate any advice.

I have had a number of loans from Nat West over the past 10 years on which I took out loan protector insurance which I now understand is the controversial PPI.

This is only because Nat West recently sent me a form to complete and letter explaining that PPI had been missold to some people and that I should complete the form if I though this applied in my case.

I was surprised to get the form I did know that I was taking out the insurance at the time and somehow I didn't relate it to all the PPI stories and info around.

I have looked at the paperwork which I still have, and have read up as much as I could to understand the PPI missale issues.

I feel sure that it was not explained clearly to me at the time that the insurance was a cash loan charged in full at the beginning of the loan that I would also pay interest on, it was just suggested as a wise thing to do in case I ever had problems paying for the loan. So I thought I should take the insurance since the bank must be giving me sound advice.

Looking now at the amount that I paid I see that it really made my debt much greater plus the monthly payments were for insurance were high.

I am employed in the public sector (for a charity) with generous sickness cover in my contract which would have covered me for first 3 months . So now I am wondering if I would have been able to claim on the insurance if I was sick. when the loan was sold to me my work benefits were not explored or discussed.

looking now at how much I spent on these insurances it really adds up (to about 8k , the loans ranged fro 5k to 12k and were to consolidate debt that I had with the bank). I would like that money back of course, especially if it didn't really protect me but would be grateful for others advice , do I have a valid case ?

Many thanks for any help

Artycash

-taff

Yes, you complain about single premium on a consolidated chain of loans

artycash

Hi Taff

Thanks v much for the very prompt response , really appreciate it

just to make sure I understand what you suggest as I was sold multiple premiums each time I consolidated I ended paying a great deal more in insurance where the bank could have let the original ppi run to term and then I could renew if I wanted to if the loan was still ongoing ?

Thanks again

-taff

Single premium is an upfront sum of money, which interest is added to.
Even if you cancel the premium within the 30 or 14 days, you still pay the interest on the rest over the life of the loan.
When you consolidate, a portion of the PPI will be rebated [included in the sum needed to pay off the loan] but a portion of the PPI interest will roll over onto the next loan, etc etc.


The banks do like you to consolidate your debt because you end up paying them a lot more because you get trapped in a cycle of consolidate/spend/consolidate/spend and amke more money for them that way than just paying off your debts and not borrowing more.