PPI Reclaiming discussion

owessomuch

Hi Guys

Any help or advice would be greatly appreciated.

I took out a loan for £20000 with HSBC back in 2003. In 2004 I requested that the PPI be removed which i was told via email "this is fine pop into your branch and they'll sort this out for you" I have a copy of this.

Once in the branch I was told this was not the case and I would have to cancel the loan and replace with a new one. At the time I told them that my credit score was not good so I didn't think I would get the replacement loan. They didn't tell me that they had to replace it! I was told that I would just have to keep paying the premiums.

Earlier this year after searching this site I found alternative cover and wrote to cancel the PPI again enclosing a copy of the original request.

Again I had to go into my loacl branch which resulted in them cancelling the old loan and a new loan with an interest rate 2% higher being issued!

At this time some of the PPI was refunded, but the woman in the bank could not tell me exact figures! She didn't have a clue what she was doing!

Do I have a case?

petermb_2

Yes you may well have a case.
I think that it may be possible to seek full redress. Not only on the initial insurance but there may an opportunity to get the new loan re-negotiated as the extra interest is a direct result of you attempting to have something that I think may well be deemed to be unlawful removed from your account.

russbeck

Hi,

I've written to Blackhorse about ppi from a loan we took out in August 2001 then extended in July 2002.

They have written back saying that they will not refund the premiums and as the loans were taken out before 2005 the FOS will not help either.

I am claiming the ppi back due to the fact that we were firstly told that the cover was compulsary in order for us to get the loan and secondly the cover was added in 1 lump sum at the beginning and we paid the loan off early. Therefore paying for cover that we didn't have.

I have read in another post about the Finance and Leasing Association but Blackhorse weren't part of that till 12/08/02 (2 weeks after the 2nd loan was taken out!) so they cannot help either.

In this case can I write and threaten court quoting the Misrepresentation Act 1967. Is this relevant to us?

I feel really strongly about this as we didn't even want the cover and as our credit history wasn't exactly perfect felt grateful that we had been offered the loan.

Hope someone can help.

Jackswan_2

I have been dealing with Credit Care Insurance charges imposed by various credit card companies. I have been successsful with M&S Money and am very
close to settling with the Bank Of Scotland. I note that 'lenders only have to
keep records for six years' but I have had Barclaycard and Tesco send me copies of my applications which were made eight years ago in 1999 ! I am not unduly concerned at this stage as I believe that I will beat them on the self-employed ticket.

Anyone have any comments to make about credit card companies reproducing documentation which in theory should have been destroyed ?

petermb_2

I dont think that lenders have to destroy documentation. Many do destroy the paperwork but then keep a copy on microfiche or tape. It does not surprise me if they do destroy it. Some just lose information anyway. I think you will find they have to keep records for seven years regarding inland revenue purposes.

tiggrae

russbeck wrote: »

Hi,

I've written to Blackhorse about ppi from a loan we took out in August 2001 then extended in July 2002.

They have written back saying that they will not refund the premiums and as the loans were taken out before 2005 the FOS will not help either.

I am claiming the ppi back due to the fact that we were firstly told that the cover was compulsary in order for us to get the loan and secondly the cover was added in 1 lump sum at the beginning and we paid the loan off early. Therefore paying for cover that we didn't have.

I have read in another post about the Finance and Leasing Association but Blackhorse weren't part of that till 12/08/02 (2 weeks after the 2nd loan was taken out!) so they cannot help either.

In this case can I write and threaten court quoting the Misrepresentation Act 1967. Is this relevant to us?

I feel really strongly about this as we didn't even want the cover and as our credit history wasn't exactly perfect felt grateful that we had been offered the loan.

Hope someone can help.

Hi there, you've entered the blackhole of no Regulation - ie the Financial Ombudsman won't look at anything prior to 2004 so you've no where to go. So yes, you should definately write back quoting the Misrepresentation Act and threaten them with the County Courts - please read my previous posts about the onus being upon them to prove otherwise.

Good Luck

tiggrae

petermb wrote: »

I dont think that lenders have to destroy documentation. Many do destroy the paperwork but then keep a copy on microfiche or tape. It does not surprise me if they do destroy it. Some just lose information anyway. I think you will find they have to keep records for seven years regarding inland revenue purposes.

Hi that's correct it's 6 years + the current year for Inland Revenue and 7 years for VAT purposes

russbeck

Thanks tiggrae, I'll give it a go

petermb_2

I will just remind you all again.
Mis-selling is only one issue where you can make a claim on ppi. There are other more fundemental issues that the lenders will have to deal with where vitually every single payment protection plan written could be overturned.

In such instances the redress will be the full premiums paid plus compensation and there is unlikely to be any time limit.

owessomuch

petermb wrote: »

Yes you may well have a case.
I think that it may be possible to seek full redress. Not only on the initial insurance but there may an opportunity to get the new loan re-negotiated as the extra interest is a direct result of you attempting to have something that I think may well be deemed to be unlawful removed from your account.

Thanks petermb

Do you think the best way to go around this is to use the template letters and adjust to suit my situation?