Help with ppi

harveytph

I'm completely lost as to what to do now, shall i now make another complaint, this is a minefield.

max555

harveytph wrote: »

I'm completely lost as to what to do now, shall i now make another complaint, this is a minefield.

If you feel you have been mis-sold then you can make a complaint. It doesn't sound like your original call was treated as a complaint it sounds more like it was viewed as an enquiry. You can't cancel single premium PPI without completely refinancing the loan anyway.

Does your partner feel he or she was mis-sold? If so, he/she should sign the complaint too as the PPI appears to be in his/her name so it is his/her employment status, health conditions etc. not yours that the bank will take into account when making a decision on whether the policy was suitable.

amersall

Who was the loan company? this PPI was mis sold, Single Premium repaid to term end with interest, money back after period of time but not the interest you paid.
You need to make a claim asap.
I can help with the wording if you want.

harveytph

Hi the loan was with First Plus, they are sending me out some more paper work asap for myself and my partner to fill in many thx for all the help, i will post as soon as paper work arrives thx.

harveytph

Hi i received some forms today, any advice on wording would be much appreciated many thx mick.

amersall

Send this.

We/I were mis sold the PPI on the above loan account number and
We/I would like proof to the contrary of my/our reasons below for mis sell of the above PPI .


1)We/I were not told that the PPI was in effect another loan that was added to the original loan and was repayable over the term with interest

2) We/I were told that the PPI was a 5 year policy, but not told the ppi would still be on the loan to term end with interest and would no longer have cover.

3) We/I were told that if we did not make a claim,or go into arrears on the PPI ,after 5 years we/I would receive the cash back of PPI but were not told this would not include the interest made on these payments that we paid over the 5 years or that the PPI would still be on the loan to term end with interest

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy.

In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that they are paid back to us. We/I believe we were not given enough information on this ppi to make an informed decision. Had we/I known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included.

harveytph

Many thanks amersall and to everyone who spent time replying on this thread much appreciated, mick.

amersall

Good luck, you do not have to put the letter word for word but get the points across.

magpiecottage

Single premium, policy expires before end of loan term. No evidence that the borrower was told of the full cost of cover, including the interest on the additional loan for the premium.

I would say the OP has a greater than 50:50 chance of an uphold.

(Amersall will tell you that I do not indicate that if I am not persuaded by what I have seen!).