PPI Reclaiming Discussion Part 5

dunstonh

Back in April 2001 (I think that date was about right), my partners and I bought a property through that was mortgaged through Lloyds Bank. At the time, I am fairly sure that we had little choice in having to take out Scottish Widows life cover on all three partners, as well as offering security on our own properties –!standard stuff I know.

1 - life assurance is not PPI
2 - life assurance as a condition of borrowing is allowed
3 - it is common for commercial borrowing to have life assurance as a condition.

Is there any things I can do about:

a) claiming against the original selling of the policies;

b) claiming back all of those unnecessary years where the mortgage had been settled (at the end of April 2006)? Should Scottish Widows been told by Lloyds back in April 2006 that the cover was no longer required?

a) - you have indicated no wrongdoing. So, nothing to complain about
b) - you can ask. However, it is the responsibility of the premium payers to cancel policies. You have had the benefit of the cover during those years (i.e. if someone had died after the property was sold, it would have paid out). Lots of people maintain their life assurance after debts are repaid. Its not for the bank to cancel policies and indeed they are not allowed to.

rassman1

Hi all,
Had car finance and ppi with welcome finance for a car way back in 1997, how do I proceed, heard that they don't have to payout pre 2000, but if it's mis-sold then I should still be sorted out, any advice?

amersall

As this was pre January 2005, the Dealer would not have been regulated so there is no comeback.
If you have proof of PPI paid and reasons for mis sell, by all means put a complaint into the Dealer and see what they come back with.

lenniejive

I am one of those people who will annoy Martin in the fact I have not kept great records of the different accounts, loans etc I have had in the past.

Is there any recommendation of best PPI collector? Best customer service, best commission etc?

Interested to hear some thoughts.

whitershadeofpale

Thanks you for your advice and you have confirmed what I had expected. Thanks for taking the time to reply...

amersall

lenniejive wrote: »

I am one of those people who will annoy Martin in the fact I have not kept great records of the different accounts, loans etc I have had in the past.

Is there any recommendation of best PPI collector? Best customer service, best commission etc?

Interested to hear some thoughts.

The best "PPI collector". is you

All a claims co will do is get the names of the banks you had PPI with and contact them, just as you can, the difference is, if you were to have any upheld, the claims co will want upwards of 25% PLUS Vat but you DIY and keep it all.
It is a no brainer.


Just contact the banks and ask. You should also have good reasons for mis sell.

Icandothis2

I am hoping for some advice - i'm a newbie so apologies if this is not the right place.

I sadly used a claims company and they agreed a figure with Barclays of £500 settlement, when I have documents to prove we were charged £3000 PPI at the start of the loan. I have written to both sides advising that we do not accept this figure and we were expecting £3000 as per the proof. By neither replied. This was over a year ago, I admitted defeat and did nothing, as I had lots of other things going on. Is there anything I can do?

Many thanks for your replies in advance

amersall

Did the loan run to term?.
Was it settled early?.
Did you get a breakdown of how they arrived at the £500?.
Do you have proof that you paid the whole PPI?.
Did you take this to FOS?

Icandothis2

amersall wrote: »

Did the loan run to term?.
Was it settled early?.
Did you get a breakdown of how they arrived at the £500?.
Do you have proof that you paid the whole PPI?.
Did you take this to FOS?

The loan is not settled, there was no breakdown for the £500. The PPI was added at the start of the loan, so I assume we were also charged interest on it. I wrote to the FOS but got a bit of a standard reply saying I should discuss it with Barclays direct first. But I got no response from them.

thanks for your hel]p

amersall

As the loan is still running, you would not have paid back the whole PPI.
They would have given you PPI back plus the 8% for the period from loan start date to the date they repaid you.

The most important thing here is, did they remove the whole PPI balance from the loan and did your monthly payment reduce by the PPI monthly amount?.