PPI Reclaiming discussion

beckah

Hi
does anyone know if you can try and claim mis-sold ppi for Woolich even though its changed to Barclays now?

Sy1

madame wrote: »

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.

Hi Madame,

I'm not an expert in this subject and am currently trying to reclaim PPI myself.

However, it is my understanding that whilst Barclays say "The Bank is not obligated to detail all exclusions to the policy, verbally, at the point of application" the advisor who arranged your loan should have asked you for sufficient information to ascertain whether or not PPI was appropriate to your needs.

When applying for a loan you would almost certainly have had to give details of your employment - which would have identified to the advisor that you were self-employed - and therefore that the PPI would be of no use to you at all!

It is on this basis that I believe you have been mis-sold. The advisor would have known you were self-employed and that the PPI they were selling you was useless to you. In my opinion this is a very clear case of mis-selling and in replying in this way Barclays are trying to fob you off with a generic response.

I would write back to them, explaining that you accept that "The Bank is not obligated to detail all exclusions to the policy, verbally, at the point of application" and understand that they would not necessarily do so, but going on to explain that you believe you were mis-sold as you had to disclose details of your employment in your loan applications, identifying that you were self-employed. From this information their advisor would have been aware that the policy they sold you was useless and inappropriate, and they should not have done so.

If you have no luck with Barclays with a follow-up letter to this effect, I would recommend going to the FOS. You may find that a second letter to the bank will create a more desirable response. In my personal experiences of complaining to banks, they will initially try to defend themselves in the hope that you will go away. Stick to your point and be persistent in explaining this and hopefully they will react!

The fact that you have had inappropriate cover on 7 loans is unfortunate and only highlights the fact that banks have been persistently mis-selling PPI in recent years.

The fact they explain you had a cooling-off period is irrelevant in my opinion as it seems you were lead to believe that you would be covered by the PPI if you were out of work. They appear to be attempting to shift responsibility from themselves for mis-selling.

Good luck I hope you get a good response with this;)

petermb_2

Regarding CitiFinancial
the Compliance Dept for this company is in Sunderland not Manchester.

6 Admiral Way, Doxford International Business, Sunderland,SR3 3XW

sydney123

[I sent a similar letter and have had a couple of replys however they are still investigating the matter.
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,[/quote]

sydney123

I sent a similar letter and have had a couple of replies to date however they are still investigating the matter. Have you had any success yet?

gwend12

I have just sent off my PPI claims to HSBC for a graduate loan which I took out with them with PPI added and letters to HFC, Capital One and G.E Capital. I just hope that ive edited the letters correctly and see what response I get, Hope it will be a good one!

Just had a reply from HFC and they say "it remains the customers responsibility to read all documents before signing them." and they go on to say that they are "confident the sale of PPI complied with ICOB regulations laid out by thr financial services authority." They also state that if i contact the office i can cancell the PPI at any time which clarifies that the policy is discretionary and don't believe or agree that the policy was mis-sold or give a refund.

Has anyone had any luck with HFC, what is the next course of action ? Should I just leave this matter as the PPI has been cancelled?

ladyknight

After reading the posts since my last entry no on has been able to answer my questions, so i just sent off two letters, one to welcome finance and the other to direct auto finance(yes car credit) and will just await any correspondance now. The thing im now wondering is, as i'm now paying off these debts through an IVA after some defult payments in the past, due to only recieving maternity pay for 6 months and then income support until i was due to start back work. 4 months before my return date i recieved a letter stating that the company that i worked for had gone into administration and i was made redundant. I'm in reciept of benefits now due to being full time carer for disabled son.
Anyhow wondering if i can make a claim under these circumstances and also if i will be still paying the PPI through the IVA if they are to pay off the total amounts of the loans.And would i have to contact the companys to request that they cancel the PPI policy?

regularsaver1

All firms had to change the way of selling as insurance was not regulated by the FSA until January 2005. Everyone had to be authorised to sell and borrowers sign for the ppi. all agreements say about the interest and insurance premium tax. Most lenders record questions asked about if the borrower has existing cover ect

magicmadam

Hi, I hope I am in the right place to ask this.

My daughter took out a Barclayloan for £5000,00 in January 2005.
Although she did not want the PPI, the Barclays advisor said she should have it and suggested the loan would not go ahead without it. So she had to agree.
A couple of months later she knew she was having problems so saw an advisor again and asked if the PPI could be removed but was once again told she had to have this insurance.

She made regular monthly payments of £147.00 (defaulting twice near the end) with average monthly interest charges around £70.00 (some higher, some lower)
The outcome is that in February 07 she still owed £5215.80, the account was closed and passed to Branch Recovery agency.

Does she have a case to put in a claim for the PPI?

In my opinion, she should not have been granted this loan anyway as her credit checks must have been dire. I am only just finding all this out so am trying to help her.

Please would someone kindly give me advice. Thanking you in advance.
MM

dreamer33

rmcook6629 wrote: »

I took a lone out from Freedom Finance/ First Plus for 18k. I paid this back early maybe only after 18 months, the total i paid back was £22506.85 as all the ppi had to be paid. Somehow this dosn't seem right. Has anyone else had the same problem or tried to claim??

I am trying to reclaim PPI back from Freedom Finance. They will tell you to basically get lost, however use the template letters on this forum then complain for FOS. They will fob you off by saying you were given all the documentation and you should of read it, but I wouldn't listen to that. I wrote to them some time ago with £10 cheque and asked for everything they held on record including phone calls, I now have my evidence. They were very clever at the point of sale of ignoring the statement "we want a quote without PPI" the salesperson actually mumbles in the telephone call "if you can't afford the PPI you can't have the loan", and he tried to get a lower payment which, then you agree to the lower payment, they never ever gave us agreements or verbal quotes without PPI. Fight them!