PPI Reclaiming discussion

Laini

Maggie_Holmes wrote: »

I must be slow I think when I started this in November all the First Plus reclaimers have got their PPI's back thats Vodkafreak, m.colak, cocker100, daynurse and even a couple more since Laini Ithink Nova is a First Plus reclaimer I Hope there is still some money in the pot for me.

I think when I get my next letter I will go straight to the MD no messing hey.

Probably end up going through the FOS knowing me.

Maggie

hi Maggie

just to say I had no luck with MD (as mentioned on other posts I have done)

we are with FOS now so just waiting for them to help us.

just got the disc with the first conversation/offer with first plus (my hubby spoke to them at his workplace so I wasnt there)

I have listened carefully to it and yes they did mention the PPI but what they didnt mention was it was a single premium policy and didnt say it was added to the loan all the lady said was the monthly payment inc the PPI.
no mention of 'so the loan + PPI will be ---'
so really we thought that the insurance was monthly and separate to the loan when you listen to this conversation

all they say is cash back cashback cashback.

I wondered why they sent this conversation because
The thing is we didnt take that loan offer at the time as they phoned back and said we needed to borrow more to cover the debts we had so we spoke to them again after then (a week later)but there are no other phone calls on the disc.
I might have to ask for them to be sent or see if they have anymore phone calls I could listen to.
just wondered if you had sent for your phone calls and what you thought they had offered you as PPI:rolleyes:

ttfn
Laini XX

rdm2007

Here is the reply i have received today

Dear Mr xxxxxxxxxx


Further to my letter dated XXXXXXXXXX, 1 have now completed my investigation into the issues you raised.

To begin with may I say how sorry I am that you have felt it necessary to complain about your Mortgage Protection Plans with Critical Illness Cover. In addition, please accept my apologies for the delay in providing this response.

Your concerns as I understand them are that:

• You were not given correct information when the policies were sold to you as the sales person stated or implied that taking out the policies would assist your mortgage application.

• The salesperson was very pushy in selling you the policies so you felt you could not say no.

• The salesperson stated or implied that taking out the policies was essential.

• The salesperson did not give you full information on what the policies would or would not cover.

• At the time the policies were sold you had life cover of £55,000 provided by your employer which would have more than covered your mortgage therefore you believe that the policies were neither required nor were they sold in your best interest.

Having taken the opportunity to review the records we hold in relation to this matter, I regret that I am unable to support your complaint and therefore cannot agree to the refund of premiums that you requested.

Our records show that in XXXXXX02 you met with Ms X, Financial Planning Manager, to discuss your financial planning requirements. To enable Ms X to identify and prioritise your financial needs a Confidential Questionnaire was completed. This document confirmed that you needed to protect the equity release loan that you were arranging at that time against your death or diagnosis with a Critical Illness.

On the basis of your financial need, Ms X recommended that you take up a Mortgage Protection Plan with Critical Illness Cover with a term of 18 years and a sum assured of £XXXXX to match your equity release loan.

A Mortgage Protection Plan with Critical Illness Cover is designed to pay a lump sum, the sum assured, should you die or become diagnosed with a specified critical illness during the term. The level of cover chosen reduces over a fixed period of time and is suited to cover borrowing where the outstanding balance also reduces over the designated term. The amount payable is equivalent to the balance outstanding on a capital repayment loan with an assumed interest rate of 10% being applied. At the end of the term or following a valid claim the policy will cease with no value.

In 1995 and 2002 when your policies commenced, it was our standard procedure to provide you with a Product Brochure and Key Features Document which provided a full explanation of how the products worked, including what they would and would not cover.

I regret to say that I have not been able to find any evidence to suggest that on either occasion you were told that taking out the policies would assist your mortgage application or that taking out the policies was essential. At the time that your first policy was taken out, it was HSBC's usual practice to make it a condition of any secured lending that a suitable life policy with an approved insurer had be taken out for at least the amount of the lending. The policy did not however have to be arranged through HSBC and the addition of Critical Illness Cover was completely optional.

At the time that your second policy was arranged it was no longer HSBC's usual practice to add such a condition to mortgage lending. I have enclosed a copy of the Equity Release Loan Agreement relating to the second policy which confirms that the only security asked for by HSBC was a first charge on your property and the only special terms were that the loan was subject to acceptable searches and enquiries and also the receipt of a satisfactory valuation report.

You mentioned that the Financial Planning Managers you met with were very pushy in selling you the policies. Our Financial Planning Managers are trained to be sensitive to the needs of our clients and I regret that on this occasion you were dissatisfied with the manner in which the recommendations were made to you.

In addition, after your applications were processed you were sent cancellation notices that confirmed your right to cancel the investment policies within the period notified. You then had time in which to raise any queries you may have had with the products or to change your mind and not proceed with them.

You also said that you had £55,000 in life cover provided by your employer, Xxxxx Xxxxx, at the time these policies were arranged, which would have easily covered your mortgage. Whilst using this benefit to protect your mortgage could have been an option, HSBC would not normally recommend this, as there was no guarantee that you would have had the benefit available to you if you had died at any time during the mortgage term. You did confirm that you left employment with Xxxxx Xxxxx in 2004, well before either loan was due to be repaid.

I realise that you may be disappointed with my decision but I hope that this letter has been helpful in explaining the reasons for it and that I have been able to respond to your concerns satisfactorily. However, if you have any further information that you feel is relevant then please forward it for my consideration.

I am obliged to inform you that if you remain dissatisfied you have the right to refer this matter to the Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London, El4 9SR, telephone 0845 080 1800 (website: www.fmancial-ombudsman.org.uk). I enclose a brochure entitled “Your complaint and the Ombudsman” which explains their role. If you wish to refer the matter to the Ombudsman then you should do so within six months of the date of this letter.

Finally, please be assured that your relationship with HSBC is valued. Feedback from our customers is taken very seriously as we are constantly reviewing the quality of our products and services to ensure they meet our customers' requirements. Thank you for taking the time to bring these matters to my attention

1st - i am only disputing critical illness cover and not mortgage protection
2nd - they say that i completed a Confidential Questionnaire but have not provided a copy (I wonder why)
3rd - they say that they can not find any evidence that we were told that this would assist our application and in the same paragraph say that it was a requirement to have a "life policy"
4th - they say that the policy provided by my employer COULD have been an option but they would not recommend it (no because they would not make profit from that)


any help would be appreciated

geoff62

fuzzgun19 wrote: »

Can anyone advise people on this thread regarding if we have a claim(s)?

I took out a Marks & Spencer personal loan in 2000, and was working at the time.
I have the original 'Loan schedule', and it states an insurance amount of £12.43 per month (total £596.64 inc insurance premium tax).

a) Can I make a claim for a loan that was taken out 7 years ago?

b) Can I claim even if the loan is now paid off in full?

c) Can I claim even if for most of the repayment period, I was paying it under a financial difficulties agreement with them?

I am thinking if I have a claim, I would go down the route of " [FONT=arial,helvetica,sans-serif]Were you told insurance was compulsory[/FONT]", even though I can not remember if I was told [FONT=arial,helvetica,sans-serif]that I must buy a policy from the same provider as the loan or credit card to be accepted for the product...(will this matter that I can't remember?)

yes you can i did it this week[/FONT]

geoff62

:money: :T go for it i did it this week

geoff62

i heed help ge bank and mand s and cap one say no , they say i got the letter to give me 30 days to cool off, so what shall i do now

delboyuk2005uk

I bought an sofa from dfs, and I felt pressured into taking the insurance with it. Would ill be able to claim on this at all? Its all paid off now but i have the paperowrk is it worth writing to them using the template or is this just for bank loans?

nova

delboyuk2005uk wrote: »

I bought an sofa from dfs, and I felt pressured into taking the insurance with it. Would ill be able to claim on this at all? Its all paid off now but i have the paperowrk is it worth writing to them using the template or is this just for bank loans?

You have nothing to lose writing to them, they sold me an insurance and l was a housewife!! If you look at the template letters you adjust them to fit your own circumstances.

delboyuk2005uk

yeah may as well give it a go then for a cost of a stamp

smith9891

I wrote to HFC about PPI on a loan. They sent back a standard letter saying they would sort out in 5 days. After 14 days I wrote to them again asking what was happening. I was then sent a reply apologizing and saying they were looking into it. My questions are how long should I give them and after how long can I just go to the FOS ?
(ps has anyone had much luck claiming back from HFC ?)

Cheers

Sam2349

Hi,

I wrote to Abbey towards the end of Feb requesting details of 3 loans that I held over a few years and received the details yesterday! I was expecting a slow response but I received copies of my original agreement which states the loan details and PPI payable.

I need help though as to what I should do next...

My original loan was in 2000 for £2000 over 36 months, the monthly rate of protection was £10.31 on top of the monthly instalment; no reference is made to the total payable or interest applied (if any)

My 2nd loan was in 2004 for £10,000 over 60 months (for consolidation as I went a bit silly with a credit card...) and the payment protection was £29.66 per month; again no details are provided of the total payable or any interest applied (if any)

My 3rd loan was in 2005 for £18,500 (Stupidity this time..) and the payment protection on the whole loan was £4488.59 but then advised that the total payable due to interest was £5608.08!

I must advise each loan was to pay off debt and used to clear the previous borrowing!

On the 3rd policy I did cancel the protection but this was only processed over a year later after I had continued to make payments. I cleared the loan in 2007 and received a cheque a few months later saying I had paid too much back. If this was for the protection I do not know as it did not explain anything and was a cheque for around £1300...

When I write my letter requesting the protection back due to being sold incorrectly etc how much do I ask for? Or do I simply ask for it back and let them calculate what I could potentially be due? (using the template)

I expect loads ask this so I apologise if this sort of post has been seen numerous times...

I look forward to your help!

Thanks