PPI Reclaiming discussion

tiggrae

Stillsmiling wrote: »

After 5 years with no claims (and no arrears) you can claim back the value of the PPI. However, that will not affect your monthly premium and you will still be paying interest on the PPI amount until the loan ends. It's disgraceful and something that they do NOT make clear!

companies have a duty of disclosure - this is an extract from GT's letter to companies which I think explains this very well

Finally I believe insurance contracts are contracts uberrimae fidei (contracts of the utmost good faith) which imposes on you a “duty of disclosure of all material facts because one party is in a strong position to know the truth.” Inter alia, I believe that you should have disclosed to me that the type of policy you sold me, a single payment premium, essentially made me borrow more money, rather than simply pay a monthly fee for insurance. I believe you should have made it clear to me that the policy generated large profits for you. You failed to do this. I believe that you have also therefore failed in your duty of disclosure. Your failure to disclose is misrepresentation at common law.

daynurse

Stillsmiling wrote: »

Sorry but I'm reasonably sure that the PPI document does detail how much will be refunded at which stage. I think it's 20% first and then goes down. If you need the details pm me and I'll dig my paperwork out tonight. I remember seeing it a few nights ago.

hi no mine doesnt have got all the paper work doesnt even say what you get when the policy supposedly ends saying that i have never been in reciept of a policy unless its on there they say i should have one but i havent i just presumed you contacted FP if you needed to claim
they were there when we needed them but are paying the price now
thank you

daynurse

tiggrae wrote: »

companies have a duty of disclosure - this is an extract from GT's letter to companies which I think explains this very well

Finally I believe insurance contracts are contracts uberrimae fidei (contracts of the utmost good faith) which imposes on you a “duty of disclosure of all material facts because one party is in a strong position to know the truth.” Inter alia, I believe that you should have disclosed to me that the type of policy you sold me, a single payment premium, essentially made me borrow more money, rather than simply pay a monthly fee for insurance. I believe you should have made it clear to me that the policy generated large profits for you. You failed to do this. I believe that you have also therefore failed in your duty of disclosure. Your failure to disclose is misrepresentation at common law.

Ive just sent that back to them more or less!!! im fed up of them to be honest you say you get the value of the policy back after 5 years am i right thinking its not the amount paid IE 7,983.00!!!!

norfolkmum

Hi, We had a loan out with Northern Rock, and when we heard about the ppi reclaiming we looked into it & discovered that we were paying about £40 a month in insurance. We sent off the template letter and received a reply from Northern Rock. It says that they have found the telephone conversation when their advisor spoke to us and that they promoted the insurance cover within the correct procedure of the FSA guidelines. However, my husband who made the phone call remembers being told he couldn't have the loan without the insurance.

They say that if a customer is unhappy with any aspect of the insurance poliday they have the option to cancel it. (We have since cancelled it, and paid off the loan)

They have sent us a form to request a copy of the telephone conversation, but it will cost us £10. Does anyone know if it is worth doing or are they just assuming that people will be put off by the fee, so are bluffing? Just wondered if anyone else has sent off for this, and how they got on. Thanks for anybody's help!

daynurse

norfolkmum wrote: »

They have sent us a form to request a copy of the telephone conversation, but it will cost us £10. Does anyone know if it is worth doing or are they just assuming that people will be put off by the fee, so are bluffing? Just wondered if anyone else has sent off for this, and how they got on. Thanks for anybody's help!

i have requested mine they are sending a disc havent asked me to pay for this?

Stillsmiling

daynurse wrote: »

Ive just sent that back to them more or less!!! im fed up of them to be honest you say you get the value of the policy back after 5 years am i right thinking its not the amount paid IE 7,983.00!!!!

The cashback amount you get after 5 years is the total PPI amount quoted on your policy documents (not including interest obviously!). In order to claim I think you need your policy docs and you have to claim within 30 days of expiry of the policy. Can you tell we've been reviewing this lately? Guy on phone at First Plus actually said we were better off keeping policy and getting the cashback than we were cancelling it!!!!!!!!

m.colak

daynurse wrote: »

its very confusing i know typical women can you put it in laymens terms thats all they said it would on there original offer it doesnt sound right bet you are shouting at the computer god is this women thick!!!!!!!;)

300 payments of which 24 payments have been made equals 276 left. If the PPI only drops £10 then that must mean that there is only £2760 left of the PPI to pay not including interest. If your PPI was 7683.74 then taking the £10 drop of that gives you the amount you must of paid in the last two years. This means that any additional money that you have paid off in the last two years needs to come off the figure of 32000 not the 40000 figure. This means that your payments have been delayed and your last two years you haven't paid off much. If however they agree on the 5k figure i've worked out then that would knock your 32000 to about 27000 not including any interest calculations. Therefore fundamentally knocking about 4 or 5 years off your loan.

m.colak

LISAW wrote: »

LTSB are really making me do the merry dance. My case has now gone to the FOS and on the 10th of Jan they requested my case file. It is now on hold as LTSB have challenged that the FOS take on the case due to timescales ( loans taken out in 98 and refinanced in 99 ) This is where i get really confused, I thought that if i had only become aware in the last 3 years ( due to media and martin ) or my account has been active in the last 6 years ( which it has ) then i was still within the legal timeframes???

Can you please advise as im losing the plot!!

Ta
L x

First of all you raised the complaint therefore you control the case. Its you who decide's the timescale not them. What they done her is effectively tried to muscle you out and made the disagreement with the FOS. Get back in the fight and tell them you determine the pace of the case. Worst case scenario when you still don't believe you have control take it through the courts and watch their faces.

LISAW_2

Im more confused. Surely its the decision of the FOS as to whether or not they will take on the case?? I'd love to take control, but feel like its out of my hands now and in the hands of the FOS. To make it worse LTSB have told me if it goes to the FOS they will settle in 2 weeks!! Can you please tell me what else I can do??

By the way, all of the help you give on here is fantastic!!

Thanks

NannyB

Hi,

I have just typed my third letter to egg, an ongoing ppi reclaim since last october when i sent the first letter, had a no way letter on the 18th december, so on 19th december, I sent the 2nd letter with the help of the templates, i have had no reply, not even an acknowledgement to this letter, so with all your help, have now sent another letter, which i think will be the final one, but what do i do next, do i go to the ombudsman, if i don't get a reply this time...I was sold a single premium policy costing £2300 on a £10000 loan, it was paid off in september 2007 after running for 26months, total amount paid over £13000....I had 22 months left on the loan when i paid it off.