Have you reclaimed PPI?

bettyboots

Hi All, I have a loan with the Coop Bank for £12400, with PPI at £3136, with interest this makes the amount payable as £18,504, the last payment being March 2010. My question is has anyone claimed PPi back from theCoop, and how hard was it? I don't know if I was missold the PPi as I agreed to it, however I didn't realise that it would add so much to the payable amount. Is it worth trying to get it back?

cat_matt

hi

I currently have a loan with paragon and when it was sold to us thru loans.co.uk we were basically told no ppi no loan, naively we signed it, recently we had a personal financial advisor come round to try and help us re-mortgage however when he saw the ppi he was outraged. He decided to take on the case free of charge and letters have been going bk and forth since, it then went to the financial ombudsman and out case worker agreed with us, loans.co.uk still argued so it has been sent to the actual ombudsman for a final decision, the total amount is £11,400 on top of the loan then they calculated interest on top of that so its crippling us. the last letter we received from the ombudsman was 12 april so now we just wait and see

keep u all posted
cat

Absoluutbeginner

bettyboots wrote: »

Hi All, I have a loan with the Coop Bank for £12400, with PPI at £3136, with interest this makes the amount payable as £18,504, the last payment being March 2010. My question is has anyone claimed PPi back from theCoop, and how hard was it? I don't know if I was missold the PPi as I agreed to it, however I didn't realise that it would add so much to the payable amount. Is it worth trying to get it back?

Yeh, me too. They have written all the standard "you signed, you pay, we are right, you are wrong" letters, trying to put me off, but I have now placed it in the hands of the Financial Ombudsman. Trouble is, the FO are so overwhelmed with cases, it takes a long time to get any decision from them.

My claim is, yes I signed the agreement, but I was not informed of my choices. Coop claim it states clearly that the PPI is optional, but on checking all my letters, terms and conditions etc, there is NOTHING to that effect anywhere.

So keep on at them, yes it is hard, but they have to crack in the end.

cat_matt

hi
im very lucky i have an absolute gem of a finacial advisor, and also luckily the fo have a copy of my telephone converstaion with the loan company and as this is deemed the 'point of sale' at no point in that conversation do they (1) explain the ppi is optional and (2) did they explain what it covers
cheers cat

miss_spendalot_3

Saw Martin on telly talking about PPI- was convinced i would not have been daft enough to sign up for something like that but when i checked paperwork for my (too many!) loans and cards i found i had signed up to PPI with my egg loan (although i didn't remember any agreement to do so when quoted.) Rang them up and was surprised how easy it was- was offered 2 options after removal of the PPI- leaving payments the same but reducing the term of my loan, reducing repayments. Done in minutes & confirmed in writing a few days later.

Minimoneysaver_2

Miss spendalot - I also have an egg loan and interested in cancelling the PPI. I know agreed to it at the beginning becuase they said if I didn't take it they wouldn't give me the loan.

Did you have to argue your point, did they ask why? I'm just wondering if it woud be so easy for me to have it removed?

sophiec_3

hi i had load 2 years ago all paid off etc....


then yesterday i recieved a letter from the company in question, with a cheque, for a part refund of the ppi as they have been reviwing accounts and said i was not eligeble at the time and heres a part refund,

which im chuffed with!!!!!:T

I DIDNT EVEN ASK!!!!!

asterisk_2

mrmajika wrote: »

Certainly with LTSB PPI on loans has ALWAYS been optional. This should have been made clear to you.

You might have trouble reclaiming the PPI on the loan as it's essentially your word against thiers and, I would imagine, that you signed the paperwork for the PPI.


LTSB changed their policy in January 2007 meaning that you can cancel the PPI on the loan. You will have to visit a branch to do this. The loan should continue at the current interest rate. I have heard stories that this change in policy hasn't filtered down to all branches, so if you're told that you cannot cancel - then it's not true.


I always find it strange (and this bears no relation to the post by midflight- just in general) that people can so vividly recall conversations from 3 and 4 years ago when they were told that they HAD to have PPI.:p

Strangely enough when someone holds a gun to your head you can vividly recall the conversation. We desperately needed the loan and were told it would only be granted if we took out PPI which added an extra £10k in repayments to our measly £16k loan! I vividly recall saying we didn't want it because it was rediculously expensive! I can also recall a conversation i had just yesterday with the branch manager during whichhe admitted the fact that this practice went on at the time we took the loan out!

jimbob4884

sevenredpoppies wrote: »

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:

Im just wondering where these templates are located that you speak of?

oliviameg

I took out a loan a couple of years ago with HSBC. The initial loan was £17,000 interest at 4%. The PPI insurance was never explained to me fully. I was never asked whether I had any pre-conditions as I suffer from back muscle spasms and have arthritis in my neck. I thought the insurance premium was paid monthly with the repayments for the loan, but have since found that they had taken a lump sum upfront payment which took my loan to at one point £25,000. I have recently written to the bank complaining about this, they wrote to me asking me to ring them. They said they would cancel the PPI, but I would have to take out another loan with them at a rate of 11%. On working this out, I would owe them even more than I do now. I have again written to them complaining about being mis-sold the PPI, but surely the original loan should stand at the rate of 4%. Why do I have to take out another loan with them in which they are making even more money out of me. At the present time, they have written to say they are investigating.