PPI Reclaiming discussion

Crudgie

cuddly1 wrote: »

Loan......Picture finances

Hi, have large loan with above company. Got in touch with them to see if we could cancel PPI that we have with them and go elsewhere for cheaper one that we found on here. They offered us small rebate ( just over £1000) that would be taken off our loan.

Thing is, our loan is ......ahem......£63,000.....actual loan is £50,000, extra £12,000 is PPI, SHOCKING I know, but they are saying that if we cancel , because as they say, they have already paid for the PPI and sent to an insurer so, if we cancel PPI, it only brings our repayment loan down too just over £59,000........totally confused!!!!!

Any advice plzzzzzz, that would be great and if anyone has had any dealings with Picture Finances if they could let me know how the got on with them.

hugs

cuddles xx

Hi,
I have been helping my sister -in-law with a similar claim with Picture. She too was charged almost £12K on their £47K loan. It is a joint loan with her husband but PPI is only 5 years and covers only 1 of them fully. So far they have rejected 2 letters but we have now submitted SAR for copies of phone calls and e-mails etc. Picture keep quoting various phone calls in their justification to reject the claim but we are pursuing all the way to the FOS if necessary. They should not be allowed to deceive people when they are most vulnerable i.e. when they need to borrow their way out of other debts. will keep everyone posted.
Crudgie

MWH1

tracyw wrote: »

Hi' i new to posting here so please tell me if i'm in the wrong place.
My mum has had 2 barclayloans over the past years and always paid ppi. She doesn't have a job and is classed as a housewife on the application forms. It states that if she doesn't have a job ppi would not pay out in the event of her being unable to make the payments so should she have been sold ppi in the first place. 1st loan maybe over 6 yrs ago. Can she claim ?
Tracy

Hi Tracy You're in the right place for your PPI questions. Based on the information you have given the policy appears to have been mis-sold. Your mum wasn't going to be made redundant, so how could she claim?! The PPI cover doesn't look asthough it was suitable and certainly should be reclaimed.

Remember that if the first loan ended within the last 6 years, you can still submit your request to reclaim these costs. Start with the template letters which Martin has kindly provided and write to Barclays. You should highlight exactly why you are reclaiming. Be patient though, they have 40 days to give you a detailed response to your letter. Good luck and don't be put off, even if they say no. You can always send a second letter or even take this to the FOS if necessary.

clairey22

Hello all,

I took out a loan with lloyds for circa 9K in 1998. This loan was a consolidation of two other lloyds loans but with this one they added on PPI of approx 1.5K to the total loan amount (I was told I had to take the PPI). I finished paying the loan off in July 2002. I do not have the original loan agreement or any details except the loan account number and the monthly payment amount. The loan amount and PPI amount I do not remember exactly.

I have written to lloyds and the people from Andover have written back to say the loan was paid off in July 2002 and in accordance with the Data Protection Act they do not have the original agreement. They have however sent me a huge package of irelevant documerntation including a tax form from 1994!

Is there anything I can do? Should they have the copy of the loan agreement? I thought they should as it was paid off less than 6 years ago.

Thanks in advance for your help
Claire

tracyw_2

Dear MWH1
Thanks for your reply. I will get my mum to dig out all her paperwork and check the dates. Hopefully things will turn out GOOD.:j

delboyuk2005uk

What where you Reclaiming: A Loan PPI Insurance
Who Was It With: Alliance and Leicester
How Much: £1865.91
How Far Did It Go: 1st template letter sent, waited around 4 weeks till I got an offer for the money above.

I would never of done this without this website so thanks to all involved with this, will help me with my young family and nearly 2 year old girl settle more into our home thank you again.

The £1865.91 amount, is the amount with no interest do you think I should pursue this amount as well? Or should I just take the first offer?

marcus79_2

right over the last 6 years myself and my wife have had quite a few loans to help pay for stuff like our wedding, and pay for me to learn to drive and to help get a bedroom ready for our first born.
we originally lost the documentation but applied for cpoys of it, and got it come thru today they are as follows.

Loan ...........Date ........Protection Insurance

£1500........ 7/4/05 .......£575.21
£1500 .......23/9/02 .......£154.18
£15,000 .....4/3/03 ........£6686.65
£1500...... 5/4/02 ..........£313.23
£2500...... 2/12/02 .........£250.05

what i wanted to know is do i claim all these back on 1 letter or do i send a letter for each one with copy of documentation??
Also this is with hsbc.... has anyone fighted hsbc for to know what they are like??
oh forgot to say the protection insurance is the total amount payable under the aggrement.

any advice or help would be much appreciated

Absolut_Wench

Not sure, sorry Marcus. I'm rather new to the whole reclaiming process.

The good news is, I have been sorting a PPI claim on two HSBC loans for my father. They have dealt with it fairly quickly and made an offer to refund all premiums, plus interest and early repayment penalties.

So, I'd say go for it. It has only taken two letters to get this far, and Dad is over the moon.

angelwillow

Have managed to get Lloyds to refund my insurance premium - it was a single premium with amount plus interest added on at the start. But they have only refunded an interest adjustment which is about £500 less than what was added on at the beginning. I am still paying this loan so in effect am still being charged that interest. Is this right as I expected a 'full refund' would included all the interest charges aswell?

lil_redhead

What Are You Reclaiming: A Loan PPI Insurance
Who Is It With: HSBC
How Much: 4087.20

I sent the first template letter in February this year stating how I believed I was mis-sold. I took out the loan in January 2005 as I had just moved to London to start a new job. I was on a training wage for my first 3 months and it meant that I would not be able to meet all my payments. I went to the Bank with my contract in hand and we consolidated my existing loan together with other debts. The loan was a large amount £15,000 and taken out over 5 years. The monthly payments were for £308.24 including interest and then on top of that a sum of £68.12 for the PPI. I did show concern at the time re the PPI amount and was advised that if I did not take out the PPI then it would likely result in my loan application being declined.

When I wrote to HSBC about the mis-selling I stated about the likelihood of my application being declined and also said that the advisor, even if he insisted in his recommendation that I should have PPI, then he did not mention I was not obliged to have it with them and could go to any other provider. I also stated that I wanted to cancel PPI payments with immediate effect.

I received a letter acknowledging mine and then shortly after another letter advising they were still looking into it. On the day the 8 weeks were up I received a letter from them stating they are unable to support my complaint. They have enclosed a copy of my signature against the 'optional PPI' and said that if I was not happy then I should have cancelled it within the 30 day cooling off period.

They also advised that they are unable to cancel my PPI payments without rescheduling my loan.

I am now asking for any advice on what to do next...

Is it worth pursuing further? My work does have benefits such as sick pay for 6 months and this is detailed in my contract which he saw, plus if I should pass away whilst still employed by my work then my next of kin will receive a lump sum amount depending on how many years service I have. My employment is for the public sector, there are no redundancies so to me the only thing I am not covered for is if I were to be dismissed or hospitalisation. Could I possibly write back and say that the PPI was not tailored to my needs?

Does anyone know where I stand re getting these PPI payments cancelled? I really do not want to have to reschedule the loan as it means going through a new loan application and therefore having a credit check and I only another 18 months to go.

Answers on a postcode pretty pretty please!

x

Tescodealqueen

Hi I am more of a lurker than a poster but have now got to the stage where I am not sure what to do next.
Had a loan from First Plus arranged through Ocean Finance in 2001 so more than 6 years ago. Loan was £35000 and PPI about ££6000. PPI box was ticked by Ocean Finance after a telephone discussion, but we did not really want it but felt we had no choice. After paying £550 per month until May 2003 we settled the loan at over £41000, so hadn't paid anything back at all in over 2 years. First Plus simply said it was Oceans Fault and visa versa. Wrote to Ombudsman but they say FP not covered until 2005.We believe we were missold but also that we were charged full amount of PPI plus interest for only 2 years "cover". when we settled. Not sure where to go next, can anyone help?