Recieved SAR - Turns out I DID sign agreement to PPI. What can i do now?

ladyasmo

I've been trying to fight this claim for a while now and recently sent my SAR to welcome. They have now provided me with all the paper work. There are 3 things:

I took the loan out in 2007. In Feb 2008 i increased the loan term to £3000.

1) On my customer summary there is a notice saying i don't need PPI as I already have critical illness cover.
2) there is a filled out questionairre that was apparently completed when i took the loan out (I don't remember being asked all of these questions, it looks like the advisor filled it in and i signed it) which also states that i already have insurance. Next to that question it says 'if ticked yes, not PPI is not suitable)
3) it looks like i signed all of the agreements that had the PPI amount on there.

I am really shocked by this. I was 100% sure I never signed for any of it. I distinctly remember him giving me an agreement to sign which has the PPI on and i asked him to remove it, he then went off again and got a new agreement which I signed.

There a number of items in this pack of information that I don't recall signing. Am I able to pursue this any further or have i totally shot myself in the foot here now. I'm really upset with myself. I'm guessing i must have assumed that because it was increasing the loan not a new loan that the terms were the same and I just didn't read the paperwork?

On a seperate note, the PPI was added on 28th Feb 2008, my first direct debit however didn't go out until 31 March 2008. However on the 12th march 2008 I was diagnosed with a lifelong chronic medical condition which is likely I have had for a number of years.

I really want this refunded. The loan amount was £3000, then they added on £1095 PPI, i then paid 57% APR on that total amount over 3 years.

Anyone got any tips how i proceed next? Thanks Guys!

di3004

ladyasmo wrote: »

I've been trying to fight this claim for a while now and recently sent my SAR to welcome. They have now provided me with all the paper work. There are 3 things:

I took the loan out in 2007. In Feb 2008 i increased the loan term to £3000.

1) On my customer summary there is a notice saying i don't need PPI as I already have critical illness cover.
2) there is a filled out questionairre that was apparently completed when i took the loan out (I don't remember being asked all of these questions, it looks like the advisor filled it in and i signed it) which also states that i already have insurance. Next to that question it says 'if ticked yes, not PPI is not suitable)
3) it looks like i signed all of the agreements that had the PPI amount on there.

I am really shocked by this. I was 100% sure I never signed for any of it. I distinctly remember him giving me an agreement to sign which has the PPI on and i asked him to remove it, he then went off again and got a new agreement which I signed.

There a number of items in this pack of information that I don't recall signing. Am I able to pursue this any further or have i totally shot myself in the foot here now. I'm really upset with myself. I'm guessing i must have assumed that because it was increasing the loan not a new loan that the terms were the same and I just didn't read the paperwork?

On a seperate note, the PPI was added on 28th Feb 2008, my first direct debit however didn't go out until 31 March 2008. However on the 12th march 2008 I was diagnosed with a lifelong chronic medical condition which is likely I have had for a number of years.

I really want this refunded. The loan amount was £3000, then they added on £1095 PPI, i then paid 57% APR on that total amount over 3 years.

Anyone got any tips how i proceed next? Thanks Guys!

Yes continue with it, we have all been in the same situation where the agreements are signed, but that does not mean you were not mis sold.
Being sold a costly cover like these are no longer sold, and I assume the one you have is a 5 year cover only?

If so then you do have a good chance of still making success of reclaiming this back.
With these type of policies, for example a loan over say 10 years, the cover is only for that of 5 years, and after years have ceased you will still be paying for the ppi for the life of the loan.

You need to make the complaint to the arranger and enclose "copies" of any evidence you may have to back your reclaim, if you were sold that type of policy as stated above, it was possible they never even explained how it worked (as explained more or less above) or the full cost of it, you need to give them as much info as you can that applies to you.

May I ask if it were Welcome that sold the product?
Welcome are now being dealt with by the Financial compensation scheme (FSCS), and they take on cases if the policies were taken out after 14 Jan 2005 as they were regulated by the FSA then, more details of this below, but otherwise if you contact the Financial ombudsman service (FOS) they will suggest the next best avenue to take with this.

http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-for-welcome-financial-hn0qripj/

Good luck.

[Deleted User]

You can still complain, but obviously your complaint is weakened by the paperwork showing nothing to support what you originally thought.

dunstonh

1) On my customer summary there is a notice saying i don't need PPI as I already have critical illness cover.

The two things have no overlap.

I am really shocked by this. I was 100% sure I never signed for any of it.

It was 5 years ago.

Am I able to pursue this any further or have i totally shot myself in the foot here now.

You havent said what your reasons for complaint would be. So, we cannot really comment until we know that.

On a seperate note, the PPI was added on 28th Feb 2008, my first direct debit however didn't go out until 31 March 2008. However on the 12th march 2008 I was diagnosed with a lifelong chronic medical condition which is likely I have had for a number of years.

You didnt have the condition diagnosed until after it was set up. Close, but not close enough.

ladyasmo

Thanks All. I guess my complaints are

1) I did not want this insurance
2) I had no idea I had this insurance
3) i already had suitable cover
4) they have 2 documents saying i did not want the insurance, and also saying i wasn't eligible for it so why did they still add it
5) With the medical condition, the insurance would be invalid surely?

I know now however that the fact i signed these agreements is really not going to help my argument! Do you think I should write a letter stating the above points?

dunstonh

I guess my complaints are

1) I did not want this insurance
2) I had no idea I had this insurance
3) i already had suitable cover
4) they have 2 documents saying i did not want the insurance, and also saying i wasn't eligible for it so why did they still add it
5) With the medical condition, the insurance would be invalid surely?

1 - cant prove that
2 - cant prove that
3 - what was your suitable cover? (it wont be the CI cover as that has no overlap)
4 - this is new information on the thread. Can you explain these more?
5 - medical condition was after application

[Deleted User]

ladyasmo wrote: »

2) I had no idea I had this insurance

Weak. You signed to say you did know.

ladyasmo wrote: »

i already had suitable cover

You didn't, Critical Illness doesn't cover the same circumstances as PPI.

ladyasmo wrote: »

With the medical condition, the insurance would be invalid surely?

It has to have been a pre-existing medical condition that you ALREADY KNEW ABOUT when you took out the insurance.


Dunstonh's post (above) agrees that your case as you've presented it is likely to rejected by the Bank.

ladyasmo

The job i was in at the time (with an insurance company!) offered us a redundancy and critical illness package. As far as I was aware at the time I was covered and did not need any additional cover.

So for a number of years I have had numerous medical conditions that have been investigated, it was finally in march 08 that it was a confirmed diagnosis.

How do you suggest I present my case in order for it to be taken seriously? Also, its through the FSCS as the original loan was with welcome finance.

amersall

This is Single Premium PPI and that is the reason you use, just put the complaint in with the SP as the reason.

ladyasmo

What is the significance of it being a single premium ppi?

amersall

This is a loan on the loan that you pay back to term end with interest, if you cancel the PPI you get a rebate of the PPI but the remaining PPI is still on the loan to term end with interest.

If you settled the loan early, you get a rebate of the PPI and the remaining PPI is paid back by you in the settlement figure.
Either way you pay this to term end with interest or at early settlement.