PPI Reclaiming discussion

petermb_2

I recommend that you claim from the lender. The broker merely tick a box on an application form but the lender actually arranges the cover.

Kaia_2

Really? All my correspondence has been with the broker,
I did initially contact the lender but was told by them I should have contacted the broker as it was their responsibility.
So... all my letters have since been sent to the broker Freedom Finance, who have responded to all 4 of my letters saying they will not uphold my complaint, however they did not say "you should be writng to the lender as we are not responsible".....??????????

malden

Hi All

I wonder if anyone can help me.

I have had 2 loans with Natwest, one started in 2002 and the other in 2003.
The second loan was used to pay off the first and consolidate debt.
I had previously taken out PPI on the first loan of £8000, the ppi amount was £1840 and was added from the start.
When it came to the second loan I was told that I would have to take PPI insurance out again as I had it on the loan that I was paying off. The second loan was for £15000 and the ppi was £3532. Again, this was added at the start.
I did receive a letter 8 mths into the second loan, stating that they apologised but had not paid me back the ppi on the 1st loan, the credited my account with £928. This included interest.
I recently requested my loan application forms and have recieved the second, but they are unable to find the 1st application form (do they have to keep this?)
- Will I be able to claim back the ppi on the second loan? As I was told that I had to take it!

Thanks for any help

Kaia_2

Okay.....so where do I go from here, should I begin the whole process again writing to the LENDER this time , starting again with the first template letter?

The position I was in with the broker was that they had responded to my 4th letter negatively and I had threatened next step was MCOL.

suzyT

can anyone tell me if they have had any luck with reclaiming ppi from abbey national.
sent them the template 3 weeks ago and just received a questionaire from them which i have filled out and returned last week

m.colak

Hi this is a regular dispute as far as i can see claim off the broker first if they give you written confirmation that it isn't their responsibility (Note i saw written) then go after the loan company. That is how it is worked. As for how much you should reclaim you should find out if it was a single premium policy on the PPI. If it was then you paid the PPI first before the loan in which case you need to either carry out the calculations by taking each payment and putting it into martins caluclator until the sum of the PPI+interest has been covered or by taking roughly the total of the PPI+interest dividing it by 2 and working out at what point this amount would have been paid off and then entering the full amount of the PPI+interest at this date. Of course if you send it too the FOS they will do the calculations and add any rebate/compensation you would be due. Plus they would make the company restructure the loan to take into account of the mistake (being nice there) that the company has made.

petermb_2

Kaia wrote: »

Okay.....so where do I go from here, should I begin the whole process again writing to the LENDER this time , starting again with the first template letter?

The position I was in with the broker was that they had responded to my 4th letter negatively and I had threatened next step was MCOL.

Sorry, but yes send first template letter to the lender but while you are at it SARN them for the account details (statements), correspondence and copy of the agreement. You will need to include a cheque for £10.

That way you will have the ammo to look further into the loan.

m.colak

petermb wrote: »

Sorry, but yes send first template letter to the lender but while you are at it SARN them for the account details (statements), correspondence and copy of the agreement. You will need to include a cheque for £10.

That way you will have the ammo to look further into the loan.

Petermb stop confusing the situation. If she has not had any written confirmation from the broker saying that they aren't responsible she shouldn't suddenly change tack as this is delaying the process. The broker got her to sign, he sold the product not the company, the company will claim that they are not responsible of mis selling the policy if it sold by a third person. Stay to your track Kiara. Note Petermb said "i would recommend" not this is fact. If you have claim of mis selling who are you going to take to court the company who will claim they had no visibility or the broker whom did.

MiniLaura

HI

Have a question in relation to article., sorry if its been asked before:

I am in process of trying to reclaim whatever PPI i can for two loans:

One is for a loan, that I have refinanced without PPI - i had claimed on PPI about 6 months for 6 months then refinanced 6 months later. Do i have any chance of reclaiming anything back? I lost my job hence the claim, then went onto employment on a fixed contract - so PPI became invalid? Who do i send letter to? The insurance company? the bank?

Next loan is my OH - he took out small loan (3500) at 22% interest plus PPI of £1500 or similar, didnt have a clue about it, and also became a student not long after loan was taken out - invalidates any claim on it for unemployment? sickness? He has other debts and wants to get a bigger loan to clear it all - is it possible to ask them to remove PPI from loan and refund him? as its gonna be a few months till he has new job enabling him to take out laon again?

cmac

hi everyone,
ive read all thats gone before with all of you.
god your good
ive taken all the advice and sent GE money a stonking letter stating:
(followed your misleading advice to contact FOS and as you would have known they were unable to help due to the fact that you were not members of GISC at the time my complaint relates to)

I am not prepared to be fobbed off or sent on a wild goose chase as you have given me the wrong information.
now requesting full refund of ppi and 8% interest as court would award.
threated court action - scared but hopefull :eek:

thank you to everyone inthis forum and im keeping my fingers crossed

cmac