PPI Reclaiming discussion

crw21

Setnt a 1st letter Llyods TSB - basis of claim my husband was on a short term contract so couldn't have claimed on unemployment part, and also paid loan back early. got a reply saying no and it was a long time ago - loan was repaid in 2002, so replied emphaising points, adding that he had already sickness insurance -so we shall see.
Cheers crw21

fifikav

sydney123 wrote: »

[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]

good luck i have had 2 loans with them and will use your template.keep me posted on how you go on
fifi x

NorthernGordon

Hi

I tried to reclaim PPI from Capital One for a Mastercard that I took out with them in 2002.

I sent Martin's template letter (changed all the bits to suit my case) and posted it about 3 weeks ago.

I was self employed when I took it out plus I am suffering from a mental health condition called BPD which is not covered in their PPI list apparently.

Anyway, I got this letter back just under a fortnight ago from their Executive Office Manager.

It said and I quote "I understand that you believe that the policy was mis-sold and not in your best interests.

You've mentioned this because we've recently been fined by the FSA. All of our customers affected by this have been contacted.

Our records show that you asked for PPI when you applied for your card on the internet in March 2002. (Rubbish - I just ticked a box thinking it would be a handy thing to have - never asked for a thing - Gordon).

You had 30 days from that date to cancel the insurance and because we didn't hear from you, the policy continued.

You've mentioned you've now read the terms of the policy and you have noticed that the medical condition of borderline personality disorder is not covered. To explain, you should have read the terms of the policy as soon as you had received them. Although you aren't covered for this, you are covered under other sections of the policy.

Since we added PPI to your account we've sent you 66 statements. On each statement we tell you how much PPI we're adding each month. Because you haven't questioned these premiums before, we will not be refunding you"

So they're fobbing me off right? What do I do now?

I was self-employed when I took the policy out and I've also heard self-employed people aren't covered? Also how can I get a copy of the terms of my policy as they're away in a drawer somewhere and I can't find them right now.

Thanks for your possible help.

Gordon

Reallyconfused_3

Reallyconfused wrote: »

Hi,

Regretfully and much to our embarrassment, we took out a 10yr loan with GE Money (First National) in 1998 following a cold call by a salesman. The policy automatically included a lump sum PPI which we didn't know was optional and didn't need. To add insult in only covered a few years of the policy.

So far I have written 2 letters to GE Money without success and made contact with the ombudsman who was unable to help (due to the policy being over 6years old)

I was referred to the Finance and Leasing Association who wrote to GE Money on my behalf but GE Money still refuse to refund the PPI.

My only option now is to take the matter to court but I too would like to know if my claim would be valid given that the loan (which we are still paying)was taken out in 1998/9

has anyone done this in the past?...are there any "particulars of claim" for the moneyclaim forms?

On the advice of the FSA I have now made a verbal/ telephone complaint to Anglian Windows and the matter is now with the "compliance officer" who assured me that they will look into the paperwork......... I was told however that the selling of PPI was not regulated prior to 2005 when the FSA took over and that there were no guidelines at the time the PPI was sold. I hope this does not mean that they will be able to wriggle out of this.

prutter

Gordon, if you're not happy then just send letter 2. All the details are on Martins guide.

They are bound to try to fob you off with their first correspondance. Nationwide have done the same with me.

petermb_2

The lenders do believe they can wriggle out or give you the impression that they can. Sadly for them this is not actually so. Fortunately, there are other issues that can be raised that they cannot wriggle out of.

twinkledee333

Hi, just wondering if I can get any help with this one.

In December 2005 because of my bad credit rating I got a loan from Welcome Finance for £9051, it was secured against my house and they told me a £995 Mortgage Indemnity Fee was compulsory. My acceptance fee was £235 and the APR was 28.80% / 1.80% per month. The repayments were set at £209 per month, but i paid weekly - £52.50 by direct debit for 20 months. (Which I've only just realised is more than the monthly) Anyway this meant I had already paid them just over £4000 - the settlement figure was then another £8898 :eek: . Meaning only £153 had come off my balance. Whilst the settlement cheque was clearing they took another payment of £52.50. I phoned and expressed my disgust and asked if it could be rechecked before I sought legal advice and to send my last payment back. They posted me a cheque for £292.50 with only a compliment slip in, when I phoned back and asked for a breakdown or explaination the receptionist replied - "the manager just said you can have it", I tried to push further but was getting nowhere. Is mortage indemnity fee reclaimable and do these figures seem right, any help would be greatly appreciated - I now have a glowing credit report but feel sick over these figures.

craigprich

Annie021063 wrote: »

I have a loan with Cahoot, until last year I only looked at the amount owing on the online summary of the account. I then discovered how to look at the statements (didn't get any by post) and realised that for every £100 a month I was paying £50 was PPI and £30 was interest hence my loan had reduced by only £200 in the year but I had paid £1200 I immediately queried this and cancelled PPI (I'm now covered elsewhwere much cheaply and am paying it off more MSE wise now) I was told that I had told them I wanted cover but I am sure I didn't. They have not proved this and I can't prove I didn't. What do I do? I did write and they ignored my letter. Anyone else had dealings with them?

not sure if this in right place please move if not - thanks

I am currently trying to claim back PPI from Cahoot. I didn't indicate I wanted the PPI on my initial application so they phoned me several times 6 months later and pressured me into taking it. Evidence of this can be found on their messaging service. You should have had a message from them when you took out the loan and a separate one for the PPI. I would check this to see if the dates are still on there-mine were on there from 2004.They told me that I didn't have a case and passed me on to the complaints section at Abbey, however I didn't have the evidence when i put in the initial letter. I have now sent everything off to the compaints section-keeping my fingers crossed.

sweetchilly

Received a letter from Barclaycard:

“As a goodwill gesture and without any admission of liability Barclaycard is prepared to credit you with £68.00, plus 8% interest”

But total late payment charges are £140.00 + interest.

What should I do now? Please help me.

Sy1

NorthernGordon wrote: »

Hi

I tried to reclaim PPI from Capital One for a Mastercard that I took out with them in 2002.

I sent Martin's template letter (changed all the bits to suit my case) and posted it about 3 weeks ago.

I was self employed when I took it out plus I am suffering from a mental health condition called BPD which is not covered in their PPI list apparently.

Anyway, I got this letter back just under a fortnight ago from their Executive Office Manager.

It said and I quote "I understand that you believe that the policy was mis-sold and not in your best interests.

You've mentioned this because we've recently been fined by the FSA. All of our customers affected by this have been contacted.

Our records show that you asked for PPI when you applied for your card on the internet in March 2002. (Rubbish - I just ticked a box thinking it would be a handy thing to have - never asked for a thing - Gordon).

You had 30 days from that date to cancel the insurance and because we didn't hear from you, the policy continued.

You've mentioned you've now read the terms of the policy and you have noticed that the medical condition of borderline personality disorder is not covered. To explain, you should have read the terms of the policy as soon as you had received them. Although you aren't covered for this, you are covered under other sections of the policy.

Since we added PPI to your account we've sent you 66 statements. On each statement we tell you how much PPI we're adding each month. Because you haven't questioned these premiums before, we will not be refunding you"

So they're fobbing me off right? What do I do now?

I was self-employed when I took the policy out and I've also heard self-employed people aren't covered? Also how can I get a copy of the terms of my policy as they're away in a drawer somewhere and I can't find them right now.

Thanks for your possible help.

Gordon

Gordon,

I agree that many lenders will probably try to 'fob' us off to avoid re-paying PPI, and apologies if I have misunderstood, however what you have said suggests that you applied for the card online and you say yourself you ticked a box for PPI cover thinking it would be a handy thing to have.

In this case, it doesn't sound as though you have actually been mis-sold - as nobody has sold you anything - you have knowingly applied for the card online and requested PPI yourself by ticking the box as you say. You would have had the option of reading the terms and conditions which would have explained to you that you may not be able to claim due to self-employment or BPD.

People who have genuinely been 'mis-sold' have usually applied in person or over the telephone and been persuaded to take PPI by being mislead, given false information, or told that they will not be given credit without PPI etc.

Your case appears to be different as you have actually opted in to PPI - you have not been sold it.

I sympathise that it must be frustrating to realise that you were never actually covered, however as you were probably not in contact with somebody at Capital One when you applying, and chose PPI yourself, I would assume that the responsibility would lie with you to ensure you are aware of what you are signing up for and what it does/does not cover.

After all, Capital One has no way of knowing you have pre-existing medical conditions, you would have needed to read the terms and conditions to check whether you would be covered. However, I assume that in your application you would have had to state you were self-employed, and that possibly somebody somewhere should have perhaps noticed that the PPI cover you requested would not actually benefit you - but I think this is a bit of a grey area as you requested it with all the information available to you and you were not sold it as some people on here have been.

I believe that they have an obligation to remove PPI from your account now you have requested it but it seems unlikely that they should refund you under the grounds of being mis-sold.

I am sure if you write to them they will send you a copy of the original agreement and terms you signed up to, but their reponse to you indicates that you have already told them you have checked your terms and conditions and just discovered that they do not cover you.

I hope my views may be of some help, even if it's not necessarily what you wanted to hear. I think it's important to recognise the definition of being 'mis-sold'. Martin's article on this has a useful checklist to identify whether or not you are actually a victim of this.

He states It’s worth adding at this point that if you bought your loan or credit card online, reclaiming’s more difficult as the full T&Cs are usually available there. An exception to this is if you purchased from a lender using pre-ticked boxes, meaning you had to opt out of the insurance rather than opt in. In July 07 all lenders agreed to stop doing this. and clearly as you have said yourself you ticked the box.

Like I said, your case may be considered a bit of a grey area depending on what information you actually had to give in your application, and whether Capital One should be considered to have a responsibilty to check whether you were eligible for PPI when you had specifically asked for it.

Who knows, you may get lucky with a bit of persistence but you may want to reconsider the angle you state your views from, as this doesn't really seem to be a mis-selling case to me.

Good luck with it