PPI Reclaiming Discussion Part 5

Bumma

I've just received 2 letters from RBS about 2 old loans I had with Lombard. Both are now paid off and I no longer have any paperwork connected with the loans. To be honest I didn't think I had taken out PPI hence never bothered to make a claim! Will my lack of any paperwork affect my claim as with 12 month sick pay plus death in service benefits and life insurance on my mortgage its highly unlikely I needed PPI

dallydog

Further to my original thread, I was not even aware I had this policy, I knew nothing about it. I refinanced and obviously the policy was tagged onto that. The reason I only found out now is that the policy had been paid upfront for 5 years and so now, in june the annual premium was taken out of my bank account, so that is when i realised the situation. The bank has also been taken over by another and are stating that my agreement was with previous bank.... surely if a bank is taken over, continuing with existing customers they should take the rough and the smooth. I am at my wits end, as so much info available for the UK and hardly any info available for Spain. Whats my next move, do I approach bank....they know I am unhappy with the situation, or do I wait to find out more information....pls pls help

dunstonh

surely if a bank is taken over, continuing with existing customers they should take the rough and the smooth.

Depends on who keeps the liability. TSB, for example, has no PPI liabilities. Lloyds retained the liability.

I am at my wits end, as so much info available for the UK and hardly any info available for Spain.

it is a UK regulator issue. Not a Spanish issue.

[Deleted User]

dallydog wrote: »

Further to my original thread, I was not even aware I had this policy, I knew nothing about it.

All that indicates is that you obviously don't check your statements or agreements you sign. Even in the UK, insurance was not routinely added without the knowledge and permission of the customer; that's a myth sponsored by claim companies.

As I said earlier, you can complain about the alleged mis-selling of the insurance but the reason there is a wealth of information about UK mis-selling is that it was very widespread, whereas in Spain it was not.
PPI mis-selling is a UK scandal, not an international one.

dallydog wrote: »

I am at my wits end,pls pls pls help

Have you now cancelled the insurance? Can you show that you had no need of it?
Do remember, it's not a crime to have insurance and you'll have to show some wrong-doing by the Bank to stand any hope of getting the policy refunded.

lgmdaniel

Good evening, I've had some offer and refusals from PPI lenders. At the moment just an Egg Loan Offer (Canada Square) and Cahoot (Santander) offer and refusal. Now I'm thinking of doing the following:

Writing to Egg Loan to say thanks for the initial offer but I think I might be underpaid as this does not take into account the financial cost of the PPI related to any charges or fees incurred by myself being tipped over their borrowing limit as a result of paying my PPI.

As above for my offer from Cahoot Card.

Then finally for Cahoot Loan they say that I was sold over the internet and had to select the PPI box, not something I recall. More so I'm pretty sure when I applied I tried to select 'No' PPI it wouldn't give me the loan. Also as I understand before 2007 'tick' boxes where set to YES as default and this was in 2003!

I'm going to write these as letters to the companies rather than going to FOM, but would I be better going to the FOM direct. As I understand its going be rather a long wait, so I don't think this will hurt going direct first.
I as these as the Egg loan is a significant amount but the Cahoot is less that 100 quid, but I don't want to just jump on the first offer I see.

[Deleted User]

lgmdaniel wrote: »

I'm going to write these as letters to the companies rather than going to FOM, but would I be better going to the FOM direct.

I've no idea what FOM is, but writing to anyone if you've already been awarded full redress is a waste of both your time and theirs. PPI redress is not negotiable, it is defined as a refund of the PPI paid plus any attendant interest, plus 8% simple interest. You cannot simply demand more.

lgmdaniel wrote: »

I don't want to just jump on the first offer I see.

It's the ONLY offer you'll get unless you can provide verifiable evidence that the Banks have somehow miscalculated.

dunstonh

Writing to Egg Loan to say thanks for the initial offer but I think I might be underpaid as this does not take into account the financial cost of the PPI related to any charges or fees incurred by myself being tipped over their borrowing limit as a result of paying my PPI.

If its a loan, then that wouldnt apply. You only get charged if you fail to meet payments. There is no limit to exceed. its not a credit card or overdraft.

I'm going to write these as letters to the companies rather than going to FOM, but would I be better going to the FOM direct.

I assume you mean FOS. You can go back to the firms but most will not change their mind unless you introduce new evidence.

I as these as the Egg loan is a significant amount but the Cahoot is less that 100 quid, but I don't want to just jump on the first offer I see.

So, your complaint to the FOS would be that they havent used the correct calculations? Do, you have evidence of the amounts paid which clearly show that? if so, go back to the lender first.

lgmdaniel

Nope that clears it up for me, I was wondering what is covered by what and how I should proceed between loans and credit cards. But this has been most helpful, and yes sorry I did mean FOS. Soz about that and thanks for the replies.

LizJingle

Following a phonecall to Lloyds today I was informed that a letter went in the post yesterday (monday) with an offer of £11,563.81. I was also given a reference number. Now, do i pop open the wine now or wait until I get the actual letter in my sticky little hands? :-) Many thanks as always!

andyad

Hi,

Sorry if I've posted this in the wrong place but this is one of my first posts on the forum. Apologies also for the essay!

I received a cold call from a ppi firm yesterday and I gave them some details about a few old loans / credit cards that I had. No account numbers, values etc - just the names of a few lenders that I could remember off the top of my head. The company has left a voicemail on my phone today quoting some figures that I may be due back in PPI so I thought it might be worth me looking into doing this myself as I'm very wary of getting ripped off etc.

To be honest I've never progressed it before as I didn't think I'd ever signed up for any PPI but the guy I spoke to said that 'the costs could have been hidden so I may not have realised that I was being charged'. Could this be true or is it likely to be a scam to try to get me to sign up with them? It also seems a bit dodgy that they've estimated how much I could be due back in less than a day.

I've looked at the company's T&C's and they charge an upfront fee so def won 't be signing up with them but was just wondering whether it might be worth me progressing the ones he's told me about by myself?

I've had loads of credit cards over the years but most have been interest free balance trf offers and I really can't remember what cards I've had and when I'd have taken them out. I definitely know that if PPI insurance was separately identified as a monthly cost on a credit card statement I'd have cancelled it straight away.

Any help gratefully received!!!!!