PPI Reclaiming discussion

financial_filly

Great article - isn't it amazing what these companies can do relying on people lack of knowledge, sadly me included.

I do have a question and apologises in advance as it is a silly question. I took out several store cards years and years ago (all with GE Money) and have only just looked at the statements properly and i have noticed that there is "Account cover @ 150 pence per £100 bal" on it..does this mean that I am paying an insurance as this was never mentioned to me over the years and as I am not working(havent been for 5 years) am I right in thinking this policy is no longer of any use to me and therefore should cancel it straight away and do i have a case for reclaiming ?

I currently have a mothercare and bhs store card although just paid them off this month. Although in the past i have had most stores store card and never even realised that they were adding an account cover, nothing was said when they filled the forms in at the sales desk and they went out of their way to get you to sign up to a store card.

Can anyone advise?
thanks in advance

ginnygee

I had an Egg loan which I took out over the telephone. I was given no option but to take their ppi even though I was self employed. I can't remember when I took the loan out but it was some years ago and I actually paid off the loan earlier this year. I believe I still have all the paperwork at home (hopefully). If so, as I was given no option but to take on their PPI, which was approximately £50 per month, could I still make a claim even though I have paid the loan off?

Any information would be appreciated.

poshwelshbird

Hi

I had a Debenhams account (GE Capital) which I took out when I was a student but this was in 1995-6. I think I did have PPI but account was closed & paid off over 3 years ago. Would I still haved a claim against them as I was not employed at the time & therefore did not have a risk of unemployment! Is it too long ago to get the information/ make a claim?

What is the lengthof time - as I think I do have others I possibly could claim again?


(I would also like any excuse to get something back from GE Capital!:mad: They are evil!)

fuzzgun19

I'm not sure we are going to get many answers about if we have a claim on here, so I am just going to send my letter and see what happens...

I have drafted this letter -

Marks & Spencer Money
Kings Meadow
Chester
CH99 9FB

Dear Sir or Madam,

Re: Account number: ********
I purchased the above policy from you in November 2000 but now believe that I was mis-sold this policy for the following reason:

This is due to the fact that I was not given the correct information when the policy was sold to me, as
·Your salesperson stated/implied that taking out the policy would assist my credit application.
·Your salesperson was very pushy in selling me the policy so that I felt I could not say no.
·Your salesperson did not tell me that the policy was optional and I have since realised that I had alternative insurance cover.
·Your salesperson stated/implied that taking out the policy was essential for me to get the associated credit.
·Your salesperson did not give me full information on what the policy would and would not cover; for example that the loan only covered the first five years of my loan term.
·I am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date totaling £596.64. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded with eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,

MSE_Martin

QUICK NOTE FROM MARTIN TO ANSWER THE "SHOULD I RECLAIM QUESTIONS"


Hi Folks

Many of you are asking "can i reclaim questions' above. Let me give a generic answer.

This is a brand new reclaim for the site - we've spent months compiliing it and its based on the top info - and opinion - yet as yet its still a little untested - so we're building info. It also means as yet there aren't many experienced reclaimers to answer questions (hopefully that'll change rapidly).

In the article I go through the main categories of what misselling is; in a nutshell if you have an inappropriate PPI product and weren't told it was inappropriate; or if you have a PPI policy without being told; then it's likely you have a misselling case.

There is no harm writing the company one of the template letters if you thin you have a misselling claim - or then following up and going to the Ombudsman; of course there's a chance they'll say no; but with the heat on PPI providers if you've been missold thats unlikely.

Therefore ask yourself the question, "have i been treated reasonably and given reasonable information" if you think you have - don't try. If you don't thin you've been treated reasonably, then start the reclaim.

wendyhampo

I have a loan with first plus with PPI but the loan was organised through Loans .co. uk who do I send a claim to Loans.col.uk or First Plus. anyone know?

fuzzgun19

MSE_Martin wrote: »

Many of you are asking "can i reclaim questions' above. Let me give a generic answer.

This is a brand new reclaim for the site - we've spent months compiliing it and its based on the top info - and opinion - yet as yet its still a little untested - so we're building info. It also means as yet there aren't many experienced reclaimers to answer questions (hopefully that'll change rapidly).

Thanks Martin!

This is what I suspected, so I'm just going to give it a try with my letter and will report any findings.

zena2105

my only question , like most others, is how far back can you claim is it inly 6 years like the bank charges??

Reallyconfused_3

Hi,

Regretfully and much to our embarrassment, we took out a 10yr loan with GE Money (First National) in 1998 following a cold call by a salesman. The policy automatically included a lump sum PPI which we didn't know was optional and didn't need. To add insult in only covered a few years of the policy.

So far I have written 2 letters to GE Money without success and made contact with the ombudsman who was unable to help (due to the policy being over 6years old)

I was referred to the Finance and Leasing Association who wrote to GE Money on my behalf but GE Money still refuse to refund the PPI.

My only option now is to take the matter to court but I too would like to know if my claim would be valid given that the loan (which we are still paying)was taken out in 1998/9

has anyone done this in the past?...are there any "particulars of claim" for the moneyclaim forms?

golddustmedia

My mother in law was fully registered disabled and living on disability benefit when she took out an HSBC credit card.

She was advised to take out PPI and having accumulated a large (£8k!!!) debt on the card was having trouble making the payments. She enquired about the PPI and was asked to send details about her change of employment circumstances, in other words they wanted to know about how she lost her income and so was no longer able to pay.

However as she never had an employer her circumstances have not changed. As such she's now being told she cannot use the PPI... How can it be right that she's sold a PPI that she can never use or benefit from?