PPI Reclaiming discussion

Tommy_5_Bellies

I have a loan that I pay PPI on and having read this article I decided to look at my paperwork. I found out that I have been sold a single premium insurance policy. I telephoned the company to try and discuss this with them and they said that at the beginning of the term I had 30 days to cancel and it is now too late. Also, I was informed that if I continued to pay it for 5 years I would be entitled to be refunded the total amount of the policy(£12500). What should I do?

stumpton

Can anyone help me with my claim.

I took a loan from Welcome Finance back in March 2006 which was only for a small amount. When the contract was drawn up it already included PPI for over £600. At the time I was not advised that I could opt out of PPI and the way in which it was sold to me was that it was compolsury.

I have forwarded the first template letter to the company and they were very quick to call and advise that all the paperwork advises that this is not a compolsury plan and that I could have refused to take it out with them.
As my sugnature is all over this paperwork, would I be able to make a claim? I know this was missold to me but as I have signed the paperwork aggreeing to take out the companies PPI I'm not sure where I stand.

margymuggins

we took a £12,500 secured loan from purple loans on paperwork it says first national now all changed to G E MONEY i was in process of trying to claim unfair charges when things were put on hold due to banks fighting back now got all statement but not persued any further 4 weeks ago my husband was involved in tragic accident leaving him very traumatised not been to work since was thinking of making claim from g e money when came across mis-sold ppi this makes me wonder if we make a claim can we still make a claim to reclaim £1875.00 was added for ppi we are paying back £14,375 over 300mths APR 10.4% monthly rate interest 0.831% please any advice as only getting sick pay last 4wks so eager to try anything to ease our situation please please help sorry for going on any replies please

gibbyni

Just heard this on the local radio

http://news.bbc.co.uk/1/hi/northern_ireland/6959058.stm

loopylou1982

Hi was wondering if anyone could help
my boyfriend got a letter from his burtons store card yesterday (sent to his mams address) saying that he owed £71.05.
£70.00 was card protection and £1.05 was account cover
he has not used this card in over two years (he cut it up but did not phone up to cancel).
He phoned them up today and they said the card was continued last month following a letter they send out (this was sent to his mams address as he has moved). On the phone they said they would reduce this to one years cover and he has to write to try and get them to refund it.
This means nothing to me
So please help if you can.

selfemployeddebtbuster

Hi,
I hadnt even realised I had PPI on an Egg loan and Egg card until I read Martins article last week and to my horror had paid £450 for loan insurance and I have been paying PPI on the egg card that I have had for 5 years. I have got all the paperwork so downloaded the letters and sent them off to Egg..Today I have received replies that they will contact me over the next wek or so...It has now spurred me on for my other cards and loans that I have had over the last few years..I had my head buried in the sand and never checked the smallprint..The egg card said I had 3 months free PPI and then after I should have rung up to cancel..they know that you file your paperwork or loose it in the kitchen drawer so forget to cancel..hopefully I next time I post I might have a cheque to tell you about.

stuart30

I hope this is the correct thread to ask this question.....

In January 2006 my wife bought a Dell computer via there website (the actual order was placed over the phone) and the deal at the time was buy now pay in 12 months.

Unfortunately in February 2007 we didn't have enough money saved to cover the repayment (family emergency swallowed a large amount of saving) so she agreed to the monthly payment option (£300 was instantly added as she didn't pay loan in January)...in March 2007 she was made aware she was being made redundant whilst she was on maternity leave.

I contacted Dell and asked for the details of the PPI that was added too the loan and was told that it only covered the computer for accidental damages or for fire and not for sickness/redundancy ect.

My wife at the time of placing the order was specific about wanting protection for the very reason of sickness/accident/unable to work etc.....would we have a case against Dell for mis selling us the PPI and now (whilst not there fault) saddling us with a £1300 debt.??

Whilst this may not be relevant they have our address on file as they have wrote to my wife at our current address yet they have instructed Westcott fiances to collect outstanding monies and given them are old address.....this was passed to Westcott in April im informed,yet they only made contact on Wednesday the 22nd.?

Any help or advice would be very welcome.

Tink1880

I received a letter from Paragon saying that i should go the broker E-loan to complain, which i have done today.

I looked on the Office of Fair trading website IRO Credit Agreements. As i took my loan out before 6th April 2007 i can't send my complaint off to the Financial Ombudsman, i have to go to Citizens advice and then to court.

Just because we are lead to believe that getting the PPI is the only option or we don't get a loan does not mean because i signed a credit agreement i can't cancel or reclaim the PPI.

I also specifically remember thinking that i applied for a fix rate and my rate has gone up three times. I dug out my credit agreement and there, in small print was the verbage that they have the right to increase this that and the other. So i was told, no PPI - no loan and was never told the rate would go up.

I have had other loans and credit cards and always has the PPI because i thought you had to due to law or something because this is never explained well.

I feel that i am hitting my head against a brick wall and everytime i try to reclaim i am told....NO, it's so annoying.

:mad:

Reallyconfused_3

Reallyconfused wrote: »

Today I phoned the Finance and Leasing Association to explain that GE Money had refused any refund and asking whether there were any other options.

I was referred to the Financial Services Authority (0845 606 1234) who advised that it would be appropriate to go to the Company that had originally sold the policy.

I have now contacted the Window Installation Company and registered the complaint and should hear some news "within 8 hours" which I assume will mean tomorrow.........Watch this space.

I phoned the Window Installation Firm again as i hadn't received a call or letter and was told that one was in the post informing me that the matter was now with the "compliance officer"....well that should delay matters again no doubt....this has been going on since March.

One thing that was mentioned was that I was only complaining about this matter after 9 YEARS of the policy to which I stated that the issue of PPI misselling had only recently come to my attention through penalty charging forum and so I couldn't have been aware previously and that using the criteria for misselling ie the loan was automatically added AND as a lump sum and I hadn't needed it due to being in regular employment with an employer with generous sickness redundancy etc cover and therefore didn't need or want it.

I also mentioned that according to my records and the credit agreement from GEMoney I had not signed the box...In fact there is my partners signature and my name printed (perhaps where I was supposed to sign???)

I am feeling very frustrated with the whole issue and especially the time limit (6 years) Should this be from when it was found to be an issue?

I am still paying for this loan and PPI which was only in place for half of the loan term and what was £5000 or so is now £13,000??????We paid dearly for our (and their) mistake If only we had been a bit more financially aware at the time...I would have run a mile!!!

Former_MSE_Wendy

Margymuggins - you can not reclaim ppi if you have had a successful insurance payout. the payout is usually better than reclaiming so try this first.