PPI Reclaiming discussion

HomeJames_3

Hi dont know if this helps anyone i contacted NR about a loan i took out last year i agreed to the life cover as i thought it would help my application so only wanted to cancel it and not claim anything back they said i would have to reapply i wrote a letter of complaint and received a phone call today they said i still had to reapply but guarenteed the original interest rate and would clear the credit search i agreed as i will be saving £1440 over the term of my loan and see this as a saving i know its probably not the way to go about things but still feel ive gained from the advice in martins article.

regularsaver1

KINDER21 wrote: »

i took out aloan in 2005 i pointed out that i was unemployed and would not need the ppi, the kind gentlemen at barclays told me that i should took out the ppi, because in the event of my death my partner would inherit the debt( although we are not married) is this true. would he have to pay off my debt should anything happen to me.

would be gratful for a reply
many thanks

how did you get a loan whilst unemployed? most lenders (if not all) have the condition that you must be working for the income

minders_mum

Just 12 short months ago I hadn't found this marvellous web site. I now have no debt at all and a couple of savings accounts as recommended by this web site! Colleagues in work think I'm a little bit crazy, as most days I seem to start a sentence with "well Martin told me...............................

Anyway, this time last year my debt was so out of control, I didnt even open my credit card bills, just paid the minimum payment via direct debit. When I did eventually build the courage to open them, I noticed that I was paying into a payment protection scheme. I rang the company straight away and asked to cancel this. I then asked them how it was that I was paying into it as I didn't recall signing up to it. The reply was that when i applied for my credit card, I was sent all the small print. Apparently the details were in that and I should have cancelled the policy there and then.
I felt a bit stupid and left it at that.

Is it worth trying to reclaim these fees?

blakeyjo

I'm thinking of doing this with my loan - took out £10k over 7 years last year and they were very insistent on me getting the PPI which is costing me £30 per month! They made me feel (although it wasn't directly said) that I wouldn't get the loan without it, and she wouldn't let me off the line without agreeing to it.

I'm a bit worried they'll revoke the loan though and make me pay back everything. I know that some banks made their customers close their accounts after reclaiming bank charges.

blakeyjo

Here's another website looking at re-claiming PPI. Don't know if I'm allowed to post this on but thought as there was a lot of questions here further research was needed?

http://www.thisismoney.co.uk/campaigns/loansinsu/article.html?in_article_id=416760&in_page_id=506&expand=true#StartComments

FTD

Does anyone know:
would attempting to claim back PPI on a LloydsTSB mortgage be possible?
I have a pal who's just paid off his mortgage and tsb have wrote to say they will cancel the PPI (he didn't know he had). incidently, he broke his back prior to taking out the mortgage, so would this count as being a possibility of being missold on medical grounds?

Cheers

FTD

poppasmurf_bewdley

Has anyone had any luck with a claim against Yes Car Credit?

I've had 2 loans with them since 2001, and have just paid paid off the final loan this week 4 months early. The PPI insurance for the 2 loans runs at about £4000.

They told me when I took out the loans that I would have to pay £1000 extra deposit plus my old car if I didn't take PPI out.

KINDER21

i was sent out a pre approved loan letter through the post all it needed was my signature and i sent it back, went into the bank 1 year later to borrow ontop of the exsisting loan which was also approved told the fella at barclays that i was unemplyed and was the ppi needed, to which he said yes or my partner would be left with if anything should happen to me, i've since heard this is not true because we are not married although im not 100% sure of this so if you or anybody else knows this is a fact could you please let me know so i can start sending my leeter to get the ball rolling for my claim

many thanks

KINDER21

above message is reply to regularsaver

regularsaver1

KINDER21 wrote: »

i was sent out a pre approved loan letter through the post all it needed was my signature and i sent it back, went into the bank 1 year later to borrow ontop of the exsisting loan which was also approved told the fella at barclays that i was unemplyed and was the ppi needed, to which he said yes or my partner would be left with if anything should happen to me, i've since heard this is not true because we are not married although im not 100% sure of this so if you or anybody else knows this is a fact could you please let me know so i can start sending my leeter to get the ball rolling for my claim

many thanks

ah so they accepted the loan knowing you were unemployed.

I would have thought you were in-eligible for the ppi, as you were not working or paying national insurance contributions (usually a condition)

on death the lender would look to get the money from the estate, but i understand that the money can not pass to another.