PPI Reclaiming discussion

Busta_3

well i am just about to apporach Halifax about my 2 loans that i have totally £14,000 i have been paying the PPI for donkeys, if they insist on me closing the accounts, ill send it to the financial Obdusman to investigate into further, i would follow Martins letters to be honest,i have followered his letters in the past and they seem to work

Busta_3

you need to write to the baknk first, wait for their response then take it to the Obusdman. Just follow martins letters, the templates are very easy and straight forward to use. Alll the best

kashie

Hello,
been mis sold protection insurance and planning to claim this back. However, the loan was with The Associates and based in Reading at the time. I believe that these people have now become CitiFinancail and are now in Salford. Is this correct I need to know for postal reasons.

AND, might they say that this is not their problem as this was done by another company before they took over??

Microsan

Hi Martin

I spotted your article on GMTV re PPIs and it hit a nerve!! Back in 2000 I enquired about taking out a 5-year personal loan with NatWest for £12,000. I was told by the Loans Adviser/Customer Manager that the loan could only be agreed if I took out Personal Loan Protector Insurance despite informing her that I already had adequate insurance cover. I was left with no option but to accept the terms of the PLP and this meant that my loan repayment period had to be extended to 7-years in order to manage the additional debt.

The loan is due to be fully paid in the next few weeks but 2-years ago I enquired about early settlement. The figure that was quoted was exactly the same as the number of repayments remaining - meaning that there was no financial benefit in repaying the debt early. What your recent article highlighted was that I would not have received a refund on the PLP that was added at the start of the loan for the final 2-year period and I would still have had to pay the full interest applied for the 7-year period!!

I have always felt a considerable amount of frustration about this 1. for being forced into something that I did not need or agree with, 2. for having to pay additional interest on the PLP, and 3. for being forced to take out a loan for a period longer than I wanted. My original loan request for £12,000 over 5-years without PLP turned into a loan for £19,950.24 over 7-years with PLP, and as my enquiry proved I would still have had to repay £19,950.24 had I settled the loan after 5-years.

I have all of the respective paperwork and correspondence and I have written a letter to NatWest stating that I feel that the PLP Insurance was mis-sold.

Thank you for bringing this subject to our attention Martin, I am definitley prepared to take my case to FOS if NatWest cannot prove that the insurance was sold fairly and if they cannot justify why I would not have received a refund back in 2005.

I will let you know the outcome and I wish other honest consumers good luck with their own cases.

Sandra

funschine

What are my chances of getting my loan insurance back? When I was 21 I had to withdraw from Univeristy. I had an 1400 overdraft with the royal bank of scotland. When I was in the branch I let it slip that I had to withdraw from University and the bank bounced on me. They forced me into turning the overdraft into a 5 year loan than and there at the bank, not even giving me a chance to look elsewhere for a cheaper loan. I was very naive about financial things at that point. They said I had to get the insurance even though I didn't want it nor could I afford it since I just started a minimum wage job in What everyone wants. Also I am from Germany so if I go back to germany I would not be able to use the loan. The insurance cost me nearly £600. They also said my loan will become cheaper if I open a royalties account. IT nomally costs £6 a month but the first three months are free and I could switch back to a normal account after that. When I tried to switch back they said if I change my account I will need to get a new loan! So I was stuck with it for the remainder of the loan. Last april I paid my loan off a few monghs early and straight away changed banks and get all my bank charges back. I also couldn't cancel the insurance unless I take out a new loan.
They well and truly trapped me into staying!
Any advise? can I also get the costs of the royalties account back?
Thanks
Sandra

Diana1

hi, this is correct and the associates are now citi-financial. i know this cos i had a loan with the associates years ago and didnt pay it all back and now citi-financial have just started chasing me. i hope this helps.

madame_2

Dear Martin:
There is no doubt in my mind that you should be either: the Prime Minister, the Chancellor or better still, a Minister of Education - it is about time to introduce the subject of Financial Awareness to the school curriculum!
You choose which and we will vote you in!

In 2001 - 2005, I had seven loans with the Barclays Bank, every new borrowing agreement progressively increased (until I received a loan somewhere else, without the PPI). For the last loan of £6.500, the value of PPI was about £1.500.
All transactions were conducted in the branches of the bank. At the time of taking out this loan I was self employed but the bank still sold me (7 times) an insurance covering unemployment, sickness etc.
I choose to take this insurance in the knowledge that I would be covered in the event of unemployment.
I asked Barclays for the refund, but it refused to do so claiming in the letter that: "The Bank is not obligated to detail all exclusions to the policy, verbally, at the point of application.” On each application, Barclays said, I had some time in which to cancel the policy. It advised me to seek advice from the FOS, which of course I promptly did..

Dear Martin and all PPI affected people - I would be very grateful for your opinion on this matter.

xx

J.

novelli

i ahve a 'managed loan' with HSBC. I have this because i did have a platinum card with them, but due to a change of circumstance they suggested instead of that to have a managed loan which would pay the card off. Stupidly i agreed, this was prob around three yrs ago.
Ive no idea whether theres a PPI with it, but suspect there probably is. All i know is that i pay 150 a month, but the loan only comes down by less than half that, so im paying a lot of extras!!!
total still ouytstanding is 7000, and even at 150 a month its only going down by around 70 a month.
How do i find out what its all for, do i have to ask them for a copy of the terms. I was self employed and on benefits when i took it out, but am now only in receipt of benefits.
I am in the middle of a battle with them already re bank charges and being on benefits etc, was hoping to get that sorted and then move banks.
any ideas anyone
thanks

Greenhill_2

I recently wrote to Capstone Mortgage Services re the fact that, although we redeemed our loan with them a year ago - after it ran for 3 years - we seem to have been charged the full 5 years of the PPI.

A letter back from them seems to say we never cancelled the PPI at the time the loan was redeemed. I don't remember being asked if we wanted to! They have ask my wife and I to sign a form saying we wish to cancel the PPI and they will then make a refund. I'm presuming it will be for 1 year. Anyone got any thoughts on how best to challenge this back to the time the actual loan was redeemed?

By the way if anyone else has redeemed or moved a loan it might be worth checking if you were also charged the full PPI even if you didn't want/need it!

nicolajane1

can anyone advise me, my husband and i have a joint loan but he is the only one covered on the ppi as you can only cover one person, if anything was to happen to him would i still be liable for the loan, for instance if he was to die, or if he was unable to work due to having to look after children if anything was to happen to me. Any advise much appreciated.