PPI Reclaiming discussion

Kaia_2

As I mentioned before, we have an 18K secured loan with GE money, which was GE Capital when loan was taken out in 2002, we wrote to them re: reclaiming PPi, they replied saying we needed to write to Freedom Finance as they were the BROKER who approved the loan, we wrote to them last week and within 48 had a letter back saying that they were unable to uphold our complaint for the following reason:
At the time we took out the loan Freedom Finance was not required to be authorised and regulated by the FSA but were memebers of the voluntary trade body FISA.
They state that all their employees are trained and in selling PPI which they insist is optional and say that when we took out the loan leaflets were sent to us to explain everything about the PPI, they say that when we signed the forms we ticked the box to say we had read all the leaflets and so we should have been FULLY aware of all the facts.
I clearly remember being told that the loan may not be approved if the insurance wasnt taken out and also remeber the salesperson saying the forms will be in the post in the morning, just sign all fields marked with an x and send back asap which we did, probably without reading any leaflets.

Can anyone tell me what I should do now, do we have a claim?
Also i am a bit confused, who is responsible....who do we claim from ?
It says something about the loan lender being First Plus, the broker is Freedom Finance and the loan is with GE Money?????
CoNfUsEd !!

MisterNick

I would appreciate some advice please.

I took out a loan through Household Bank(HFC) in July 2003 for £5000 for 5 years.

They added PPI that I didn’t want and when I asked them to remove it they stated that I had to go into the branch and take out a new loan which I didn’t follow up.

I still believe that I stated that I didn’t want the insurance but the salesperson wanted the commission because he was leaving to join the armed forces, and I think he sneaked it through. In any event they have sent me a copy of the document I signed.
I think I was missold the whole loan as I only went into try to reactivate my Personal Loan Plus account as I knew I wanted the money short term.

The PPI was a single premium of £1350.21 and the interest on the PPI was £948.59.

The whole thing came to a head n May 2006 when I came to settle the loan, i.e. 3 years into the 5 year period.
The insurance rebate was £203.64 and the total settlement figure was £3820.76.

I queried this but was told that was the deal. I settled in full with the proviso that as I knew that PPI misselling was with the FSA at the time, settling would not prejudice my rights should the FSA enquiry not uphold the allegations in HFC’s settlement offer.

With the recent fine of HFC I think that now is the time to reopen my case even if the time period mentioned by the FSA is not covered by my loan.

A couple of questions;
1. When I write the letter do I just use the paragraph relating to the fined companies, or do I still need to pick out some misselling reasons from the list.
2. Do I need to quote the Misrepresentation Act, and if so is there a wording on this thread that is appropriate.
3. As I understand things, if I go for the breach of the Misrepresentation Act the onus is on them to prove that they did not missell. If I am right do I just allege the breach and ask them to provide their selling process at the time of the sale, or is it more complicated.

Thanks in advance for any help.

hammers1

Hi can anyone please help us get our heads round the way my dads bank HSBC work?!
He appled for a loan of £10,000 and was mis-sold ppi due to the fact that hes self employed. His total ppi costs were approx £2400.
His bank charged him 10.9% on the £10,000 loan, which although is pretty high we do mot have any real argument with.
What we do think is very cheeky is that without his knowledge they gave him another loan for the ppi to pay the insurers in 1 instalment and are charging him for that loan an extra 10.9% over the length of his loan. At no time was he ever informed that ppi was another loan at which interest would be charged seperately.
When i got a loan from Abbey our ppi was just paid out in monthly instalments, ppi was not seen as a separate loan.
So in total they loaned him approx £12,400 of which £2,400 was paid out for ppi as soon as the loan registered in his account. His monthly instalments include ppi payments (+ the extra interest) on top of the primary loan of £10,000.
In effect his bank have given him 2 loans when he only asked for 1.
We have sent in relevant letters to reclaim this but we are higly disgusted that banks can get away with doing this. Its daylight robbery!!!!
We had a 'chat' with his bank manager who was in no doubt that his staff had not 'mis-sold' the policy, like he's going to admit they dont try and rip you off! He agreed to re-negotiate the terms when he realised we had cottoned on to what they were doing and when i mentioned the Martin Lewis website he no longer wanted to talk to me as he knew i had some understanding of whats going on and also of where we stand legally so he made his excuses and left us with another staff member, coward!
Is what they've done legal, please help.

franksy_2

I don't have the paperwork for loans with A&L and Nationwide but they were definitely settled within the last 4 years. I've written to both companies twice asking for the relevant info but even though sent recorded, my letters have all been ignored, so now I'm going through the Information Commissioner.
Has anyone else had to go through them? If so, did you get the info, and how long did it take?
cheers
Franksy

MWH1

Hi guys. I'm particularly interested in hearing from Bathgatebuyer and viv57 regarding their PPI reclaims against the Halifax. I'd really like to know how you've got on.

Also, my friend Tiggrae! You recently wrote that the Halifax's company policy is to deny every claim then pay up immediately on commencement of proceedings. If my claim relates to a loan paid off at the start of 2004 can you clarify whether I can go to the FOS or does it have to be the courts? Either way, can you make recommendations.

Finally, I'd also like to understand how many cases have gone to court and what the outcomes have been. Many thanks

heathy_2

After giving the matter some thought we have decided to accept their increased rebate offer of 78% of the policy and not fight for the interest, which means we're now over £5000 better off!!!!

Many thanks to all you wonderful people who post on this site and to Martin and his team for giving people the courage to go for it. :A

M1Vix

Hi posted this in the wrong place so i'll try again here. I'm in the process of claiming PPI insurance from Picture. I've read that a few people have tried in the past and would like to know if anyone has had any success??

We've already had the fob off letters about insurance booklets (which we never got!) and thier well trained staff??? so we have just sent our letter to the FOS. Our story is, we took out a loan for £35k and asked for insurance due to the size of the loan and for our own peace of mind. we were not asked about previous medical history nor if we already had any insurance which may already cover us. they made no effort to find out if thier insurance actually covered us and to this date (2 years on) we still don't know if we were actually covered! anyway we paid the loan off after only 18 months which included the usual lump sum of insurance which was about £8500 (ouch!) and we were lucky enough to get £700 refund (so generous!) so in all paid £7800 for 18 months of insurance which was probably useless. The statement 'took our money and ran' springs to mind. We also noticed that the cool off period we were given lumped the loan and the insurance together so to cancel one meant to cancel the other leaving us not much choice.

So just a few questions, how long does the FOS take? what are our chances of winning? has anyone claimed successfully from Picture?

Cheers

cocker100

Hi all,

Well, it's nearly time for First Plus to reply to my third and final letter. Day 14 of my 14 day timescale is tomorrow and still heard nothing from them. Not expecting anything good from them. I think they would have replied by now if they were going to offer some sort of deal. Looks like i'll be taking them to court!!!:eek: I'll keep everyone posted as to what happens.

Elsie2_2

smitchy73 wrote: »

Elsie,

The time limit isn't in effect from when you opened the loan, it is from when the last payment or the last time you heard from the bank in relation to that loan, so if you're in England it's 6 years, and Scotland 5 years.

Hope this helps

Elsie,
Forgot, you have to allow them 8 weeks from your first letter for a full and final repsonse, then some people if they haven't received anything positive by that time give them a further two weeks, then go to FOS, you have to appear to be reasonable and thats the timeline set out by them.

Hi, thanks. I probably didn't explain my situation as fully as i should have. They have had their eight weeks and i have had a final response from them saying they will not correspond with me as it falls outside the 6 years under the statute of limitations act, which i disagree with as you quite rightly say its not from the start date, but rather the finish date. The two weeks i have given them is subsequent to their 8 weeks and final response.

Elsie2_2

a11waysindebt wrote: »

There are too many threads on here for me to go through them.But I would just like to mention that any one claiming charges that have been sent to a debt collection agency will not personally get any refunds,It will be debited to your account.

Depending on the amount, think carefully about the fees involved on pursuing this.

Obviously not knowing what you do or whether this is infact correct, but just thought i'd highlight that every refund i have had in the last 12 months (10 in total) has been offered firstly to my debt (as most of my bank loans and credit cards are now unfortunately with outside agencies). However, when i have written back to accept the refunds i have made it a condition that the funds be paid to me and not to any third party or as payment to my debt. This has worked every time. A lot of agencies will put you on an arrangement which will hav been pro rata'd to ensure you are giving each company a fair split of your money. You can't show preference over one company with extra funds. Plus they don't know if you have priority bills like mortgage or rent arrears which need to be cleared before an unsecured debt. Just thought i'd mention.