PPI Reclaiming discussion

paddy1234

Thanks gt568. I will send my letter of and see what they reply. It all seems a bit puzzling at the moment as its the first thing I have ever tried to claim back. Hope I don't have to threaten to claim through the court that sounds scary.:eek:

tizzyrosa

Hi. Thanks to all the info on this site, I've just found out I'm probably owed thousands in PPI payments.

Can anyone tell me whether I should cancel the PPI before writing to claim it back? I'm not sure whether I may be told "you've cancelled, there's nothing we can do now". Sorry if this sounds naive but obviously I am to be in this situation in the first place.

Thanks for any advice ....

ixsartsa

Hi all

just joined today and had a read through all the threads and there is some really good info! :T

i downloaded the template letters last week and sent them off to various banks! i have had some replys already saying they are investigating,so looks positive!:D

i am still awiting to hear from one bank :mad: who i thought would reply quicker than the others?????

i will keep you posted when i know more

:beer:

Bowman1

Good Morning Martin Lewis and Other Postees

I have just enrolled on to your site. Thank You, for being there. This is a Site, of Real Value.
I don't know if anyone has asked this question. I cancelled My C/Card PPI's a week or so, before you came on Television, to talk about this problem.
I did it, because I got Fed Up, with paying PPI, plus my C/Card charges. As you know, they charge interest on th PPI's depending what is owed, on The Cards. The total, worked out to hundreds of Pounds per Month.
I was Never, given any advise about PPI, by any of them. I was just told, I should have it, "Just in case" I get sick etc.
So, The Question is, Can I claim retroactively?
One C/Card company, Has said, "It's Too Late now, I've cancelled the PPI." Well, Is It?
Thank You in advance, for any help you may be able to give.

gt568

tizzyrosa wrote: »

Hi. Thanks to all the info on this site, I've just found out I'm probably owed thousands in PPI payments.

Can anyone tell me whether I should cancel the PPI before writing to claim it back? I'm not sure whether I may be told "you've cancelled, there's nothing we can do now". Sorry if this sounds naive but obviously I am to be in this situation in the first place.

Thanks for any advice ....

When I started my claim I was still paying the PPI. As part of the complaint process they asked me to cancel it. Get the letters sent!

tiggrae

morphette wrote: »

I bought a car in 2003 froma local garage. At the time of buying they gave me HP through a company called Close Motor Finance. Not until now have I noticed that there was PPI added totallying £2600 approx. I apid off the car loan in full in 2006. I wrote a letter to the finance company where I was paying the loand and PPI to, received a reply saying I needed to contact the car dealer as they sold me the policy. Letter therefore sent off to dealer who in turn today have replied that I now need to contact the actual small garage that sold me the car as they set uyp the finance agreement.
However what worries me is that the very last sentence of their response states
"however we must point out the policy sold was unregulated at the time of sale."

What does that mean?

Does it mean I have very little chance of getting the PPI money back?

Surely regardless of it being bought and PPI sold by the dealer agent, Close Motor finance are still the finance company that issues the HP loan and PPI as I was paying it to them not the garage.

Any help greatly appreciated as am at a sticking point on this one now.

Thanks in advance.

Hi there, sounds as though you're being given the run around - firstly the issue regarding the 'no regulation' what that means is that you'll be unable to take your complaint to the financial ombudsman, so your only redress will be through the County Courts.

Secondly, your complaint is with whomever you had the contract with which is Close Motor - your complaint is that you repaid the loan but had to pay all the PPI back - under the Financial Services Authority ruling this is unfair - under the Unfair Consumer Contract Terms Regulations 1999 - go onto the FSA website - type in ppi to the search criteria and the 5th or 6th item is the FSA ruling - copy that to them when you write back.

Hope that helps

tiggrae

paddy1234 wrote: »

Hi,
I am just getting ready to send my letter to yes car credit/direct auti finance when I saw the above quote. I am getting confused with all of this and was wondering if anyone can help.
Does the above mean its not worth me sending my letter? How can I find out it they were a member of the fsa when I took out my loan?
Thank you for any advice given

Hi Paddy, all it means is you won't be able to take your complaint to the Financial Ombudsman - but you can persue your complaint through the County Courts - the law remains the same regardless of whether they were regulated by the FSA or not !!!

tiggrae

Bowman1 wrote: »

Good Morning Martin Lewis

I have just enrolled on to your site. Thank You for being there. This is a Site, of Real Value.
I don't know if anyone has asked this question. But first, I cancelled My C/Card PPI's a week or so before you came on Television to talk about this problem.
I did it because I got fed up with paying PPI plus my C/Card charges. As, as you know they charge interest on th PPI's depending what is owed on The Cards. The total worked out to hundreds of Pounds per Month.
I was Never given any advise about PPI with any of them. I was just told I should have it, "Just in case" I get sick etc.
So, The Question is can I claim retroactively?
One C/Card, Coop for Northen Rock. Have said, "It's Too Late." Now I've cancelled the PPI.
Thank You in advance for any help you may be able to give

that's absolute rubbish - regardless of whether you're still paying the premiums or not - if you've been mis sold a policy you're legally entitled to reclaim back all the premiums paid !!!

infoleacher

Afternoon everyone,

I had a business loan arranged through Lloyds TSB. When I took out the loan I didn't want the insurance but I was advised that I had to have the insurance for the loan to be accepted. I remember actually asking the salesman directly if the insurance was compulsory because I didn't like PPI, and he become very vague and uncomfortable, but left me feeling that I had no alternative. Because I was desperate for the loan, we had already been turned down once I accepted it and decided I would cancel the PPI at a later stage as there seemed to be a 30 day "get out" clause. Unfortunately within a week or two we were running the business that the loan was arranged to purchase and I never got round to canceling the policy!

Do I have a case for mis-selling? I'm only confused because it was a business loan and I'm not sure if reclaiming applies only to personal loans.

tiggrae

infoleacher wrote: »

Afternoon everyone,

I had a business loan arranged through Lloyds TSB. When I took out the loan I didn't want the insurance but I was advised that I had to have the insurance for the loan to be accepted. I remember actually asking the salesman directly if the insurance was compulsory because I didn't like PPI, and he become very vague and uncomfortable, but left me feeling that I had no alternative. Because I was desperate for the loan, we had already been turned down once I accepted it and decided I would cancel the PPI at a later stage as there seemed to be a 30 day "get out" clause. Unfortunately within a week or two we were running the business that the loan was arranged to purchase and I never got round to canceling the policy!

Do I have a case for mis-selling? I'm only confused because it was a business loan and I'm not sure if reclaiming applies only to personal loans.

Hi there, the law remains the same whether a business loan or not - if you feel you were misrepresented - then tell them so - under the Misrepresentation Act 1967 you were Negligently Misrepresented and the onus on them (under this legislation) to prove otherwise !