PPI Reclaiming discussion

smitchy73

vodkafreak, i'd say take it, it's over £5k you wouldn't have had, and you're only due the 8% if you get awarded it in Court, but you could always write to them and accept interest that you've been denied at the rate which they've been charging you on the ppi or loan, say at 6.9% or whatever it is.

smitchy73

Tracey,
I think you'll find some interesting information in these threads, I believe that it is 6 years after the last correspondence regarding the loan or from when it has been paid, not, from when it commenced.
Hope this helps.

carlisle123

Hi, please can someone help, I have a loan with welcome Finance and recently contacted them with regards to the PPI, which I was told I had to take out to obtain the loan, they have since came back with a letter saying as I ticked the boxes (as I was told I had to do) they are not interested they also say the FOS will not be able to help as I do not have 'reasonable prospect of success’!!!

Can any one advise ......anything at all as I am afraid if I contact the Ombudsman that Welcome might cancel the agreement and demand all the payments in one, can they do this ????

Thanks

MWH1

Hi folks. I’m just looking for a few pointers. I took out my loan for £7K which ended in 2004. I was initially declined and was told to appeal the decision (by someone I had seen in my local branch) in writing which I did. I got a phone call (from branch) saying I was successful and was told to go in and sign up. The branch employee told me I needed the PPI as a condition of securing the credit. At the time, I had no idea what it was and came away just happy to have got the finance. I have my copy of the credit agreement which shows I paid over £1,000 for the PPI with a further £200 added in interest. :eek:
I wrote at the start of September 2007 and was fobbed off with a couple of letters saying they were looking into my complaint. More recently, they have written to me declining my request to have the PPI refunded. They say my loan application and credit agreement was signed by me and I ticked all the boxes saying I wanted “peace of mind”. They also mention I had two loans prior to this without PPI meaning I must have been aware that the insurance was optional.
They said I was provided with all the information and booklets etc and queried why I waited so long to bring this to their attention. :rotfl:
I was definitely not asked any questions about my health to determine whether PPI was suitable. I’m looking to understand whether I have a single premium policy as I can see the amount borrowed, interest @ 12.9%, cost of insurance, cost of credit for insurance.
I have asked them to forward me copies of the application form and credit agreement to see what they can provide me with. I presume I am within my rights to ask for this by law? I am concerned how I will be able to prove that I was mis-sold this. Surely it is my word against theirs? Any help is greatly appreciated.

ksh123

ksh123 wrote: »

Hi
I'm only just starting this process with mutiple banks so wish me luck

But I'm already confused re template letter no. 1 : why is there no mention of PPI in the letter? If I ask for "terms and conditions" won't they just relate to the CC agreement rather than the PPI?
thanks

Just bumping this up really as I am afraid of sending off the wroing letter and thus receiving the wrong info in return.
thanks

sue-dai

chris_spackman wrote: »

How would i go about checking if welcome were covered by the fos in 2004? i am going to put a letter in the post today telling welcome hq what this guy said and that i feel i was mi sold but what i don't want is someone at welcome saying it was not covered by the fos. I mhave been on the phone about a copy of the ppi and i have been told it is up to me to get hold of the terms and conditions as the company that they sold the insurance for is responsible not them? What?

hi there i spoke to fos about two accounts i had with welcome, they told me they could only look at one because they only covered welcome in 2005. phone the fos and check if i were you.

sue-dai

if a loan was arranged over the phone back in 2003, could i request a copy of the tape to prove that ppi was mis sold.

thanks
suky

posh_paws

Hi, i am currently trying to sort out my daughters finances with help from this site. She took out a £5000 loan with the Halifax last year and was told she had to have the ppi to get the loan. This took the total amount owed up to £8500. She was having difficulties at the time and unfortunately didn't like to worry me with it!

We both went to the Halifax and they will not cancel the ppi, she will have to take out another loan, and although she has paid £1000 off the loan already the halifax want £5100 to pay off the loan early!. If she carries on with the loan as it is she will pay another £7200. They refuse to accept that she was mis sold the ppi even though she told them she already had a policy which would cover the loan.
I have been looking at the options of getting another loan for her and can get one from barclaycard at 6.9% where the interest will be approx £850 over 4.5 years. There is also the option of doing a balance transfer for life at 5.9% I would be grateful if someone could tell me which is the best course of action please as I can't work out much interest she would pay using the balance transfer (assuming she pays the same amount approx £100 each month)

mac_saver

mac_saver wrote: »

Hi, I originally posted this elsewhere on the site but with no luck so will try again here. I am in the process of starting PPI reclaims after beating my Bank and 1 credit card(so far!) so I know a bit about the struggle.
In 2004 we took out a joint secured loan with future mortgages which we believe was miss-sold to us, the PPI was lumped on the loan at the start(£30,000 loan) and only covered myself. Our query is that in 2006 we paid of the loan in full (£40,000+) and we received 2 rebate payments in consecutive days from future for £1798.95 and £415.14, does this mean that they have paid out in full and we are not due any reclaim????
Any advice would be great!!!

Hi I am still looking for some advice about this, and also if I were able to claim how would I word my request? I know it has been mis-sold but I am unsure as to how much the PPI cost at the start because it was lumped in with the loan.
Any advice will be good advice!!!

m.colak

posh_paws wrote: »

Hi, i am currently trying to sort out my daughters finances with help from this site. She took out a £5000 loan with the Halifax last year and was told she had to have the ppi to get the loan. This took the total amount owed up to £8500. She was having difficulties at the time and unfortunately didn't like to worry me with it!

We both went to the Halifax and they will not cancel the ppi, she will have to take out another loan, and although she has paid £1000 off the loan already the halifax want £5100 to pay off the loan early!. If she carries on with the loan as it is she will pay another £7200. They refuse to accept that she was mis sold the ppi even though she told them she already had a policy which would cover the loan.
I have been looking at the options of getting another loan for her and can get one from barclaycard at 6.9% where the interest will be approx £850 over 4.5 years. There is also the option of doing a balance transfer for life at 5.9% I would be grateful if someone could tell me which is the best course of action please as I can't work out much interest she would pay using the balance transfer (assuming she pays the same amount approx £100 each month)

First of all i advise never clear a loan by getting another one as you will always pay more than you need and you are affected by interest rates. I would advise you look at the section in this web site about credit card tarting. Transfer the debt to a 0% BT credit card for as long as you can (The fee will be 3% of the amount usually) and then before it gets to the end of its term switch cards again. This means you will be under the interest rate for the period of the 0% and you can pay it off without any additional interest.

Look it ths way if you get a Balance transfer credit card for 24 months at 0% it means that you will be paying less than 1.5% interest a year. Warning don't ever spend on this card and make sure you look at the conditions as some of them require you to. There are also low interest credit cards as well for the life of the loan.