PPI Reclaiming Discussion Part 5

t-league

Just want to thank this forum for my successful PPI claim. I originally took out a loan of just over £6000 from Abbey back in 2003. The repayment period was to have been 3 and a half years but I managed to pay it off about 6 months early.

I had lost all the details since moving 8 years ago so when I originally attempted to claim back in 2013 (this time from Santander) it didn't go anywhere and I pretty much gave up. But recently I heard of a few people who had been successful with theirs so I went back to them.

This time it was very straightforward as they were able to locate my details just from my name. I made the claim by phone and inside of a week I was offered £1,669.39 which I accepted.

I'm very grateful to this forum for the information it gives...Thanks guys!

Andrew_Grieves

Hi,
I have jumped through hoops with various companies recently, providing information to the original PPI villain (EGG Mortgages), then the several companies that took them over, each one demanding the same information over and over again.
Still nothing. Even the Financial Ombudsman has not made any headway, and I've stopped calling them.
Amazing thing is, I actually have a copy of a EGG bank statement showing the monthly PPI that I paid in a certain year!
This PPI should be easy, but no-one will own up to the responsibility for it. I am losing the will to continue. Has this happened to anyone before?:mad::mad::(:(

dunstonh

Andrew_Grieves wrote: »

Hi,
I have jumped through hoops with various companies recently, providing information to the original PPI villain (EGG Mortgages), then the several companies that took them over, each one demanding the same information over and over again.
Still nothing. Even the Financial Ombudsman has not made any headway, and I've stopped calling them.
Amazing thing is, I actually have a copy of a EGG bank statement showing the monthly PPI that I paid in a certain year!
This PPI should be easy, but no-one will own up to the responsibility for it. I am losing the will to continue. Has this happened to anyone before?:mad::mad::(:(

Most MPPI complaints fail anyway. So, don't be too disheartened.

The liability is easy. Whoever sold it has liability for the complaint. If that was a broker, then its the broker, not the lender. However, most brokers were not regulated prior to January 2005. So, that ends the complaint if that is the case. If it was the lender that sold it, then the FOS would not have a problem if the lender is still in business and has assets.

gelmc

Hi everyone,

I'm looking for some friendly advice regarding a claim for PPI mis-selling against HSBC. It dates back to 1998 when they were known as Midland Bank and I was a 23 year old graduate. I took out my first loan, known as a graduate loan, to pay off my overdraft. I can recall for certain that I also felt compelled, by the bank employee taking me through the application, to take out PPI. I never took it out on later loans as a close friend's family friend worked for them , and advised against it. She obviously knew it was a scam!

I tried reclaiming a few years back and I was able to quote some of the loan numbers that I'd had. I wasn't sure which was the first one. I filled in the Financial Ombudsman's questionnaire and put in a SARS request. All I received back was a letter stating that as my claim went back further than 6 years, my records of my PPI payments may not still be held by the bank. I distinctly recall the use of the word MAY in their response, as I was struck that this wasn't a flat refusal/denial of PPI payments being made.

Fast forward a few years and I found an old bank statement from the time I was paying this first loan possible PPI payments on it. The loan payment is in the form of a standing order and has two payments detailed. The first states my name as payee, as the loan was in my name and then follows an abbreviation of *PLN. The second payment again states my name and is followed by the abbreviation *SVP. I assume that the first abbreviation stands for personal loan but does the second stand for the PPI payment?

Are there any former HSBC/Midland Bank customers, ex-employees, current employees or PPI reclaiming experts who could confirm this? I'm definitely going to take another shot at attempting to reclaim for this. I'm thinking of visiting the relevant branch as my first port of call, just to see their response.. I feel like the whole thing was so unfair.

[Deleted User]

gelmc wrote: »

I'm thinking of visiting the relevant branch as my first port of call, just to see their response.

Branch staff won't involve themselves with PPI complaints. What do you expect their "reaction" to be? They'll simply tell you to communicate your PPI concerns to the relevant complaint department.
Why do you think SVP refers to PPI, by the way? Is this just wishful thinking on your part?

gelmc wrote: »

I feel like the whole thing was so unfair.

Even if you find you did have PPI, you'll still need to show it was somehow mis-sold to you. It was never a "scam", but there was certainly a scandal.

Unfortunately, your "complaint" (if you have one) is a weak hearsay one for which you can provide no evidence.
In addition, if all you have is one statement that won't help very much if the Bank have destroyed all their records and you have no idea how much the loan was for etc.

gelmc

Cheers! I hope it proves to be otherwise. I have my ways 😉

Kayzer

Hi,
I'm new here and hope someone can help.
I had a mortgage with Lloyds tsb from 1997-2006. I didn't realise but after a bit of investigation I had ppi on my account. I now vaguely remember being told to qualify for preferential rate we had to take it out. I contacted Lloyds and then ombudsman. The ombudsman have said I ticked I wanted ppi on my application so I wasn't mis sold it. My argument is we ticked it because we had to have it. The ombudsman have said if I accept the decision they will close the case at the end of the month. If I have any further evidence to add then I can contact them before the deadline. Do I do this and ask it to be looked at by an actual ombudsman? I also stated if it had been offered as optional I would have shopped around for a better deal. I also said in 1999 I went on maternity leave and returned to work part time which meant I wasn't covered as it was below 16 hrs. I think I also spoke to them about cover and I had to stand 3 months before making a claim which is not really much use in my opinion unless it was a long term serious illness and then I could still only claim a percentage of my mortgage costs and I had seperate critic illness anyway with a seperate company but can't find the documents as it was cancelled when we moved house and mortgage.
any advice or help greatly received

dunstonh

I had a mortgage with Lloyds tsb from 1997-2006. I didn't realise but after a bit of investigation I had ppi on my account. I now vaguely remember being told to qualify for preferential rate we had to take it out.

Yes, there were a number of cross subsidy deals in the 90s. Not common today but they are allowed.

My argument is we ticked it because we had to have it.

No you didnt. The deals Lloyds offered back then had a discounted rate if you bought the insurance. If you didnt want the insurance, they would still lend to you but on different terms. So, it was your choice.

Do I do this and ask it to be looked at by an actual ombudsman?

You have that right. However, nothing you have said suggests the wrong decision has been made.

I also stated if it had been offered as optional I would have shopped around for a better deal

But that does not fit with what you said at the start. Contradictions like that harm a complaint. You acknowledge that to get a preferential rate you had to buy an insurance product. So, that means you knew it was optional.

I also said in 1999 I went on maternity leave and returned to work part time which meant I wasn't covered as it was below 16 hrs.

Not relevant to a mis-sale allegation as this took place years after the sale.

I think I also spoke to them about cover and I had to stand 3 months before making a claim which is not really much use in my opinion unless it was a long term serious illness and then I could still only claim a percentage of my mortgage costs

The MPPI available at the time reflected benefits payable at that time. So, it still had value. Clearly they have to have a deferment period and 3 months was common at that time. It does not make it useless as finding the mortgage payments for 12 months will be difficult for some.

and I had seperate critic illness anyway with a seperate company

There is no overlap with a CIC policy and MPPI. Best advice is actually to have an MPPI and CIC policy

any advice or help greatly received

Bottom line is that you acknowledge you had a choice and it was optional. So, the rejection and subsequent FOS decision against you seems entirely correct.

Kayzer

Not quite sure how I've contradicted myself. I was told for the preferential rate I had to have mortgage sure so I ticked it. If I was told it was optional I would have shopped around for a product that best suited us. This ombudsman has said he agrees we weren't fully informed of the product offered.

Nasqueron

Kayzer wrote: »

Not quite sure how I've contradicted myself. I was told for the preferential rate I had to have mortgage sure so I ticked it. If I was told it was optional I would have shopped around for a product that best suited us. This ombudsman has said he agrees we weren't fully informed of the product offered.

You were told if you wanted to get the rate you had to have the insurance - it is therefore optional as you clearly had a choice to not take the insurance. If the bank's rule was to get the better rate you had to take the insurance then it was not miss-sold

As such it is a contradiction to say you were told it was not optional when your first point is that it was optional