PPI Reclaiming discussion

McLarenRacer

its with regret to say , we have a secured loan on our house and to make matters worse ,have PPI included in this loan !!!!!! costing £8910 !!!!!!!!
after listening to martin on friday afternoon with jeremy vine , i found our papers relating to the PPI, for which we thought we had full protection for my wife and i , because during the application, the question was asked 'do you want joint cover ' we replyed 'yes', however when my wife became ill , tried to make a claim , only to be told , sorry first named borrower only, i never chased it , but is this right ??????
secondly ,due to the marriage break up ,need to make the financial split, on looking at 'nemo payment protection plan , it says i can cancel this policy at any time within its natural 60 month term, However , since the plan has only been running since February 2006 , at a cost of £8910.00 pounds -a bargain !!!!!!!!!!, i thought i would get a reasonable sum back ..........BUT , it claims i would receive just 10% back .....thats £891!!!!!!!!!!,thats right £891 , so it's cost me £445.50 a month , for twenty months , without ever claiming is that right and fair ???????

jjay33

I have a personal overdraft with Barclays bank and since at least 2000 I have been paying Payment Protection at a rate of £0.80/£100 per month. (I only kept statements going back to 2000). I have always felt really miffed that I've had to pay out for this protection, but was told when I first took our my overdraft that it was compulsory to my application being accepted. I have had other loans and credit cards over the years and never have I taken up PPI because I was happy to live with the 'risk'.

In addition, when I have had to increase my overdraft limit, each time I've questioned the need to pay PPI, I was told that I wouldn't get approval for the increase without continuing to pay the PPI. (This was using telephone banking).

After hearing Martin on Radio 2 yesterday, I phoned Barclays Bank this morning and cancelled the PPI without any problem. I would have done it YEARS ago if I'd known!!!

Now I want to get back all the money I paid out unnecessarily, but I have a couple of things I need help with.

The only policy I have is from March 2006 when I instigated an increase in my overdraft limit. But my statements from 2000 show I was paying insurance way back then.

Should I write to my branch to request further details of my original policy or should I contact Barclays Insurance Dublin who issued my most recent policy?

Any help would be great; I looked for anyone with a similar overdraft situation, but could only find loan or credit card scenarios.

Jane

davey47

Hi, I hope someone can advise me about this one.
I lost my job as a result of ill health (depression) I rang my credit card company to inform them and was told that I couldn't claim as mental illness is not covered. I said "no-one told me that at the point of sale" she simply replied that I should have read the small print.
Do I have any chance to claim against being mis-sold?
Anyone with experience of this sort of thing please let me know.
Thanks

regularsaver1

the seller has not got to go through every exclusion, just mention a few features, benefits and exclusions - the rest is in the paperwork which needs to be read

annie42

I had a mortgage with Abbey from 2002 until last year when I changed to Nationwide. From memory, shortly after I borrowed from Abbey I received in the post an invitation to take out PPI with Payment Care. I don't remember whether it came directly from Payment Care or via Abbey. I took cover but I am self employed so it sounds as though I made the wrong decision. I cancelled the policy earlier this year but have not kept any of the paperwork and don't know whether I have a case against them. Can anyone advise please?

Fiona_Kate

My husband is also in the Armed Forces and was already pensionable at the time he was automatically sent forms for PPI with a loan that had been agreed already, with no mention of PPI. When we queried it, pointing out that it was irrelevant (which frankly the Bank must have known as the Branch is in a strongly military town) we were told that the Bank would not be happy to lend the money unless the insurance was taken out. We queried it on a number of occasions as we re-jigged the loan and each time exactly the same phrase was used and we were left in no doubt that if we wanted the money we would have to take the insurance. It was very frustrating. To me that was obvious mis-selling but we don't seem to fit into the categories. i am also very worried for two reasons: we always felt strongly that the Bank should not be forcing this insurance on us BUT we assumed they were allowed to do it as a condition, a bit like asking for a guarantor; does this mean we were aware of the mis-selling and would therefore get a reduced repayment? Also, it is now nearly 12 months since we got the final letter and i did obtain the forms to complain to the Ombudsman but have not proceeded with it because within the six months limit (which I didn't realise existed) my husband was deployed and is still on deployment. Sorry about all of the questions but if anyone can help: does the fact that we have already been told that the Bank denies mis-selling (they sent the signed insurance documents and called that the proof!!) and have reached the point where the Ombudsman was the next step preclude us from having another go at the Bank direct on the basis of the new ruling? Or have we anyway 'attacked' the wrong part of the Bank - one of the people I spoke to at the Ombudsman office said that the Bank employees may have been acting as the agents of the insurance arm of the bank and that may be why the Bank felt they could deny mis-selling? Is this a red herring?
Any help explaining whether it is mis-selling if the Bank knew perfectly well that there were no circumstances in which the policy would be needed, or any of my other queries would be much appreciated. I feel rather dim.

madmumof5

Hi

I have had an account with empire sotres catalouge for a few years there was never a ppi charge when i started one day it suddenly appeared on there so i cant put in letter i have been mis sold as it was never sold just added to my account, i am a stay at home mother with no income of my own and have been so since taking out the account so the insurance is of absolutely no use to me what so ever and basically i am already unemployed so i cant see anyway i could ever claim.

1 am i correct in thinking the above is viable for reclaiming

2 also how do i put it as temlpate letter is about mis sold ppi

many thaks for taking the time to read this.

Donna

fedupwiththeworry

I get the feeling that as this is all so new there's lots of questions that no-one really knows the answer to.

I personally have queried a PPI with GE against a car loan and they've written back saying that it's the dealership who sold the policy and that because said dealer is authorised by the FSA they (GE) would not be held liable. They've also stated that in the welcome pack there was the option to cancel within 30days at no charge and as I didn't -well tough basically.

Another one I'm querying is with a well known internet only company whoever although I'm pretty sure I used to pay PPI on this I don't have access to any statement because it was all online......hmmm

I suppose the best thing to do is to write to the OFT if you're not happy with the companies first response....what have you got to loose ? providing of course you think you have a case and are not just jumping on the bandwagon and hoping for some free money, although I don't blame anyone for trying to get money back off the banks/insurance companies after all they've been "legally" grabbing money off those who are down on their luck in the form of fines....sorry bank charges, for years.

petermb_2

None of this stuff is really new and there are plenty of answers.

GE are trying to fob you off. The lender usually arranges the payment protection insurance on such deals and it is they who are responsible.

It makes no difference if you took out a loan in your bank, through a broker or on line, the lender has a duty to provide you with the relevant documentation.

All you need to do is SARN the lender for the documentation under the data protection act. They can charge a maximum of £10 for providing your information and they must provide it within 40 days.

If your loan is a consumer credit agreement you have the right to a copy of the agreement and any documentation referred to in it, at your request and the lender can only charge you £1 for providing it. It must be provided within 12 days. Once you have made such a request the lender cannot enforce the agreement until they have complied. If the lender fails to provide a copy of the agreement after a further 30 days they are actually commiting an offence.

helenlou_3

I've just been told by loans.co.uk that they will not uphold my complaint. I had a £10k loan over 10yrs and paid £1900 on top of loan for PPI. I must admit to wanting this insurance and knowing how much it was going to cost. However when i paid my loan off in July I discovered that the PPi only covered me for 5yrs.

I wrote the letter as advise but they have now said that I knew the cost, that the insurance was optional and that we asked for PPI, however I dont feel they've addressed my inital complaint that they never informed us that it wouldn't cover the term of the loan. However on their letter they are pointing me in the direction of the financial ombudsman, and being rather pessimistic I'm thinking that in doing so they obviously feel they have nothing to worry about.

Has anyone got any similar experiences and should I carry on regardless