Can I reclaim my PPI?

jimbo83

Hi All

This is a quick question with regards to PPI which I have on my LTSB credit card.

I have a card and took out PPI around 2009/10 when I got the card on the basis that they told me that if I become out of work or unable to work due to illness that the balance would be repaid in full.

Now, I received a letter from LTSB regarding my PPI which they are now apparently obliged to send people outlining their cover. When I read the benefits it says that if I was out of work or unable to work due to illness that it would only pay 5% of the balance for 12 months only.

This is blatantly different to what I was told when I took it out.

Do I have any recourse or will it be difficult to claim it back?

Thanks

dunstonh

I have a card and took out PPI around 2009/10 when I got the card on the basis that they told me that if I become out of work or unable to work due to illness that the balance would be repaid in full.

PPi doesnt pay off the balance. It meets a percentage and in your case it is 5%.

Do I have any recourse or will it be difficult to claim it back?

You have a right to complain. It may be difficult to prove your allegation. As a post 2005 case, there should be a statement of demands and needs which was issued to you directly after sale which should state the benefits. This is key documentary evidence. If that says it would repay the card then it is an easy complaint. If it says 5% of balance for upto 12 months then it will be a hard complaint.

jimbo83

dunstonh wrote: »

PPi doesnt pay off the balance. It meets a percentage and in your case it is 5%.



You have a right to complain. It may be difficult to prove your allegation. As a post 2005 case, there should be a statement of demands and needs which was issued to you directly after sale which should state the benefits. This is key documentary evidence. If that says it would repay the card then it is an easy complaint. If it says 5% of balance for upto 12 months then it will be a hard complaint.

Thanks for your reply.

I can remember agreeing to take it based upon their representations when i took the card out. I cant remember ever receiving a statement of demands and needs. I am in the middle of moving house so have all my stuff in boxes so I cant check the paper work I might have.

Would I be able to obtain a copy of this from LTSB? Should I have signed and returned it?

Thanks

dunstonh

Would I be able to obtain a copy of this from LTSB?

yes

Should I have signed and returned it?

It doesnt need to be signed. Not much nowadays does and not much weight is put on things even when they are signed.

jimbo83

dunstonh wrote: »

yes



It doesnt need to be signed. Not much nowadays does and not much weight is put on things even when they are signed.

To be honest, Im annoyed that the terms were not as explained.

But I imagine that as i dont fall into one of the typical "mis-selling criteria" - i could be struggling to prove that the nature of the cover itself was mis-sold.

Would that be a fair assumption on my part?

dunstonh

It really depends on the evidence. If a recording of the conversation exists then you have a strong case. If no recording exists and the documentation gives nothing to suggest you were told that then it is effectively an unprovable allegation.