PPI FAQs discussion thread

Yania

Hi,

I took on a £3,000 loan with LTSB, agreement on which i can see i have been charged with Loan Protection Insurance for the duration of the loan. This has now been closed off. I was told at the time that taking the product was a condition for the successful application. though i mentioned my current full time perm employment status the advisor insisted that i did not have sufficient protection to take on the loan.

I also have had a £5,000 Credit card on which LTSB are still charging PPI to date.
I was not aware that i could opt out, and i benefit from generous redundancy terms and life insurance from my employer which i made them aware of at the time I applied for both the CC and the Loan.

Although the loan is paid off, Can i Reclaim on both the CC & the loan?
thanks team

dunstonh

I was not aware that i could opt out, and i benefit from generous redundancy terms and life insurance from my employer which i made them aware of at the time I applied for both the CC and the Loan.

Awareness to opt or not is a weak complaint. You cant prove it.
Redundancy terms are irrelevent as you only get them if the company is solvent. Plus, PPI is not dependent on redundancy pay other than payment in lieu of notice (i.e. you get both). PPI is not life assurance. So, no overlap. Plus company death in service is for beneficiaries who will see less income and lower pension provision and not for debt repayment typically.

So, in those respects, there is weakness on your arguments. Single premium PPI on the loan is a strong complaint. If you had 6 months full pay, 6 months half pay sickness from the employer then that is a strong complaint reason.

Lloyds also seem to be caving in more without even looking at complaints in detail if the amounts are not great. So, you may not need a strong reason with them.

ChrissyBDevon

Hi

I believe I was missold PPI with an ISA repayment plan for a mortgage in 2000. I stopped paying into it in 2008 when I switched to a far more sensible repayment mortgage! However, the company is no longer active, having sold it's concerns onto other companies. I contacted the FSA who indicated I had very little chance of getting anything back from anyone. I am just posting to see if this is actually correct. I had hoped I could contact the company they sold their assurance portfolio too but ... the FSA didn't think so. Can anyone help??

magpiecottage

ChrissyBDevon wrote: »

Hi

I believe I was missold PPI with an ISA repayment plan for a mortgage in 2000. I stopped paying into it in 2008 when I switched to a far more sensible repayment mortgage! However, the company is no longer active, having sold it's concerns onto other companies. I contacted the FSA who indicated I had very little chance of getting anything back from anyone. I am just posting to see if this is actually correct. I had hoped I could contact the company they sold their assurance portfolio too but ... the FSA didn't think so. Can anyone help??

Why do you believe the PPI was missold?

Or, if you prefer, how would you have avoided losing your home if you had fallen ill or been made redundant?

cookiemonster2009

Hi, can anyone please advise:

I had a loan with Lloyds TSB which has gone into Collections through various companies, which I’m paying off at £5 each month (all I can afford).
Also a credit card with Lloyds TSB which I’m paying off at £5/month.
These were set up years ago (more than 6, can’t remember when).
No paperwork exists because I am now divorced from my husband and all paperwork was destroyed by him so I don’t have amounts, dates, account numbers etc.
I am certain the loan at least has PPI on it, as at the time I said I didn’t want it but was told it was mandatory.
Said loan for approx £6k suddenly became £12k with interest charges are various other additional fees.
Is it possible for me to reclaim this? If I phone the bank they will ask for my account number, which I don’t have.
I did ring a reclaiming agency to see if they could do it for me, but they can’t – told all the amount back from any PPI would only go on servicing my debt (which is fine but I don’t have the money to then pay the company for their services).

Thanks very much in advance for your help.

PensterPete

As self-employed I took out a personal pension plan 30 odd years ago which matures in September 2012. The provider recently sent me notice of a change in my Direct Debit monthly premium payment, a small reduction.
I queried this and was told that I had in fact two policies, one of which provided sickness cover.

Does this qualify for possible PPI mis-selling? If anyone can advise I would be most grateful.

dunstonh

PensterPete wrote: »

As self-employed I took out a personal pension plan 30 odd years ago which matures in September 2012. The provider recently sent me notice of a change in my Direct Debit monthly premium payment, a small reduction.
I queried this and was told that I had in fact two policies, one of which provided sickness cover.

Does this qualify for possible PPI mis-selling? If anyone can advise I would be most grateful.

No. Pensions dont have PPI. The two bolt ons to pensions are pension term assurance and waiver of premium. Both are medically undwritten at point of sale (unlike PPI), both are issued by life assurance companies (unlike PPI which is issued by general insurance companies) and both are put in place under an advice process (compared to a sales process with many PPI plans).

sam_RBS

I had taken a personal loan 0f £5000 on May 2008 from RBS. The interest rate they charged me 21% (huge). No mention of any PPI in the loan documents. i have already paid this loan.

I suspect PPI may be added, because, when i took online quote from RBS, it was charging me 8-13% interest, but when i selected it to purchase, the interest rate automatically rise to 20-21%. No mention of PPI any where online.

I went to the branch and ask about, why interest rate goes so high, they said something which i cant remember, i was in real need that time and bought this loan at high interest rate from the branch.

Can any one suggest me if it is a valid case to for PPI claim.

Many thanks in advance,,
sam

gal85

Is it possible that I was mis-sold PPI on a student loan?

cj72

i had ppi for years even though i was on income support for years i did ask why i had to pay it got told as i have a barclaycard i have to have it i then started work for nearly a year then got laid off i got told i couldnt claim then kicked up a fuss so i was then allowed to claim then put in a claim for mis sold ppi and ive just been told that as i claimed on it there would be a defficet of nearly £400 but i dont have to pay it but wont be able to claim for mis sold ppi is this true