Have you reclaimed PPI?

jonesMUFCforever

I know a lot on here will say that regularsaver1 and myself are biased because we work in banks but PPI to some people is a godsend!

eg someone takes out a loan at LTSB with PPI.
This gives the obvious benefits such as unemployment and medical cover etc but say you have a heart attack, a stroke or are diagnosed with cancer (in other words a critical illness cover condition) then the loan cover will pay back the total sum borrowed (not what is outstanding) AND a full refund of the PPI premium!!

I know cost is a big issue with PPI and I have read literally hundreds of postings on these forums about how they have successfully got their premiums back but very few (if any) post on here about taking out alternative cover. This is the big worry.

regularsaver1

Yeah I have income protection, but of course it does not cover unemployment

and maybe i am biased - I had once sold critical illness to someone, and a lasy who had been diagnosed with breast cancer thanked me in awful circumstances, when she could repay her mortgage. She is working again, but not as many hours, and no longer has to worry

I am even more biased because of when my dad got made redundant and when he suffered a heart attack at 47. Obviously it coule be ppi or separate cover, but all i am saying is consider cover of some kind if it fits your needs


I also have seen many people and seen many posts, where people don't know what they are going to do as no cover no savings and are bring made redundant or are going to be off work through illness. What happens then?

If you cancel PPI consider cover of some kind in case
Its not just the cost of the PPI/Separate cover - its the cost of if something happened

ls2855

Hi

My sister & her fiance have just filed for bankruptcy as they took a loan with First Plus (Carol Vorderman) & the PPi payment was £140/mth. When they tried to cancel the PPi payment to free up cash, so they could enter a payment plan, they were told it would only reduce the payment by £40/mth??

This meant that they wouldn't have enough to enter into a payment agreement with a debt management company & so have had to file for bankruptcy & so have lost everyting.

First Plus have been a nightmare & wouldn't even look at reduced payments or anything & even lent them 120% of the value of the house so they had negative equity.

I'm keen to learn what if anything they can do about this loan as they were badly advised & are now in dire straights.

Cheers

sevenredpoppies

Long story short - took out a loan for £10K with my now ex partner in 2004 - PPI wasn't discussed at all when we were in the bank but it was automatically added to the loan agreement. Didn't give it a moments thought until my ex stopped making payments to the loan at the beginning of this year and I had to cover his half of the payments as well as my own. Looking further at the insurance agreement I discovered that only the first named party was covered by this insurance and ........... he was the first named party so I had no benefit whatsoever in continuing paying this. I found this website after my bf told me about 'this bloke on the telly that helped with debt' and consequently discovered the threads on PPI and how to reclaim it so I thought I'd give it a try. I used the template given and added my own reasons as well as using some of the examples given and sent it off not thinking I would actually get anywhere. But as of this morning - just under 2 months after writing to Lloyds I have been informed I will be getting the full PPI refunded £2036.67 plus interest and this will be credited to my loan account. This means the loan will be payed off a lot earlier and I am hugely grateful to the information given on this site - otherwise I would have known nothing about any of this and would still have been paying for an insurance I didn't want or need.

:beer:

addons

First time user so bear with me please!
I took out a loan with Clydesdale Fin Services a few years ago which included PPI. Trying to save some cash I decided I would call them and see if I could cancel the premium which was £58 per month. They had no problem with me doing this but said my monthly payment would not reduce (as previously posted by other user). No mention of any PPI being returned? Should I pursue? Grateful for any advice. Thank you

2manyjds

My situation may be slightly different, however I have successfully claimed PPI back from Barclayloan.

I took out a £8500 loan back in 2004 over a 5 year period. As part of the sales pitch the clerk informed me that because I was taking over £7500 she would need to discuss the PPI quickly with her manager. Several minutes later she came back and confirmed that because i was taking over 7500 i would need to take out the PPI as well. (I did exactly that as I needed to get the loan sorted asap to avoid having no money whatsoever!)

It wasn't until six months ago that I went to see Northern Rock about my financial situation (looking into first mortgage for shared ownership property) While there the guy looked at my outgoings and suggested we look at restructuring my expensive loan and credit cards. It was only then that he told me that PPI was optional and could not sold to me as a condition of the loan!

2 letters to Barclays later (first one got the standard guff about how great their procedures are... blah blah blah) second one got some action and I am pleased to say that last week i received a refund against my loan of roughly £2100, plus the interest. This has reduced my loan by £70 a month and I am in the process of increasing the payment back to its original amount so i can pay it off quicker.

Shar_3

Hi - this is my first time on here!

I have been receiving the weekly emails for months now but wonder if I am missing one as I cant remember seeing anything about PPI's and am really interested in this

Would someone please point me in the right direction as to where to find the information.

Thanks

oliviameg

I took out a loan with HSBC for £17,000 at a rate of 4% (special deal at the time). PPI Insurance was taken, but I was never given the choice whether I wanted it or not, and was not told that a single upfront lump sum would be added to the loan. When I checked the paperwork and received a statement I found the loan had grown to approx £26,000 and is now down to £24,000. I sent off a letter of complaint and was phoned by them wanting me to take out a new loan at a rate of 11% and I could then cancel the PPI. When the sums were worked out I would owe even more than £24,000 which is the present balance. Surely if the PPI is cancelled it really should not affect the contract of the original loan, or does it, the loan was not offered to me at 4%on condition I take out PPI? I fired off another letter of complaint, saying I was mis-sold this insurance as I was not given a choice and it was never explained fully that it would be a single upfront fee. I am awaiting their reply while they are investigating!!!!!!!!!

midflight

In September last year I took out a loan with Northern Rock for a new car. During the lengthy conversation about my financial position, I stated very clearly I didn't want PPI. However, when the forms arrived for signing, there was the PPI on the agreement (actually, with a cover letter from NR explaining I'd opted for their PPI!) I signed the loan agreement, but wrote across the PPI section 'Not required'. They contacted me to say I couldn't write like that on the agreement, as it was a legally binding document (which was exactly why I didn't just sign it uncommented in the first place). So I told them of their !!!!-up and requested a new form immediately, as time was now pressing. Along came a second form a few days later - still with PPI on board! I rang NR, gave them hell, instisted on speaking to someone in Customer Service, and explained I thought they were doing something bordering on illegal, as I'd made it quite clear I didn't want PPI, but someone less concerned with details could have ended up with it without realising.

EXACTLY the same thing happened to me with a Virgin loan I took out approx 18 months ago. I have always hated PPI and have never paid it, so when I applied online I triple checked that I had ticked the box to say I didn't want PPI. When the forms arrived, PPI was included!!! I rung up, and was given a full lecture on how great PPI was, by someone clealy trying to mis-sell me. I stood firm & said I didn't want it. They said they'd re-send the forms. After quite a wait, the 2nd lot of forms arrived... with PPI still on!!! I had to ring up again, get another lecture, and threaten to cancel the whole loan before they FINALLY sent me forms with PPI not included.

PPI is the biggest finanical joke I have ever come across.

midflight

It wasn't until six months ago that I went to see Northern Rock about my financial situation (looking into first mortgage for shared ownership property) While there the guy looked at my outgoings and suggested we look at restructuring my expensive loan and credit cards. It was only then that he told me that PPI was optional and could not sold to me as a condition of the loan!

Could someone please confirm if this is actually true??? Is PPI always optional, and can not be sold as a condition of a loan?

My partner is in almost exactly the same situation - she was sold a 5 year £7500 loan by Lloyds in Sep 2003, and was told that PPI had to be included... can this be right!?!? Are there any situations where PPI can be made compulsary???

There is still £1700 (18 months) left to pay... what are the chances of us getting a refund of PPI on (a) the whole loan, or (b) the remainder?

Many thanks.