PPI Reclaiming discussion

Butty

HI,
Our loan was taken out with GE capita in Feb 04 with GE Money for £2500. We received no statements until we contacted them when we moved house in April this year to see what the outstanding balance was. We were told it was £2100 and we had bee paying £62/ month since we took it out. When a statement finally arrived we saw we had been paying PPI which we didn't know we had. We contacted GE who, needless to say , said we'd signed the document, so we took it to the FOS who siad it was too old for them to deal with, like you. Just wondering if you had any more luck or if you've gone to court? I'm just sending them Martins templated letter to see if it moves them at all. Let you know how I get on.

Welsh_International

Hi, I wonder if anyone can help me regarding the PPI.

I had a loan in 2002 for a 5 year term, and consolidated my debts in late 2003 and asked for a new loan which was a higher amount, had another loan again in 2005 where i consolidated the debts and every time i took a new loand they said I had to take the PPI as it was for a high amount (over 10,000 last loan) and would benefit me if i was ill or made redundant.

I stated that i didnt want the PPI, but was not able to get the loan without the PPI.

My question is - can i reclaim the PPI for the last 3 or 4 policies which i have taken out - even though i have consolidated my debts? But obviously I have paid maybe an average of 20 / 30 pounds per month since 2002, and Im still in the same hole!! Any help much appreciated.

Diana1

has anyone had any luck with welcome finance at all? i am trying to get them for a car finance agreement which i paid off early in march and also a loan from early last year both on the grounds of mis-selling. they are both in my husbands name and he signed the agreements but didn't even realise there was ppi on both of them until i pointed it out to him.this means that they never asked him if he wanted it or even explained anything about it, just didnt mention it and hoped to get away with it, which they have. if he had of been asked he would of said no because there is about £3000 of ppi on each agreement and the payments are just silly. i sent the first template letters of on the 23rd sept and got one back about the loan with a photo copy of the agreement he signed and saying that basically you signed so tough. i sent the second template letter to then and then they replied saying that they are fso regulated and will defend any action i take so i have just sent the fso a complaint form.this is all on the loan (that has previously gone to their collections unit cos of difficulties making the repayments) so the letters have come from their local collections unit but i still haven't heard anything back about the car finance since i sent the first letter to them. both the first letters were sent to their local office but they must have forwarded the loan letter to the collections unit for them to deal with.

k1mmie

my hubby and also had 2 loans with Welcome. one for car finance and the other for a loan. Whilst we agreed to PPi on the first loan - what was not explained was that my husband was self-employed on a short term contract and this was provided and therefore would prob have not been covered. There are other issues with this loan. The second loan we signed an additional form for PPi, however this loan was for 180months and we were never told that the PPI does not cover the entire period of the loan, normally 5 years only. I am still paying the second loan which is extortianate, and the figures don;t make sense. However, foolishly we were desperate for themoney at the time and did not check all these details.

Diana1

k1mmie wrote: »

my hubby and also had 2 loans with Welcome. one for car finance and the other for a loan. Whilst we agreed to PPi on the first loan - what was not explained was that my husband was self-employed on a short term contract and this was provided and therefore would prob have not been covered. There are other issues with this loan. The second loan we signed an additional form for PPi, however this loan was for 180months and we were never told that the PPI does not cover the entire period of the loan, normally 5 years only. I am still paying the second loan which is extortianate, and the figures don;t make sense. However, foolishly we were desperate for themoney at the time and did not check all these details.

have you sent any letters to them or even had any replies?:mad: welcome rely on people being desperate i reckon and thats why the repayments are so high and they seem to be conning people into the ppi.

kelly.donovan7

ste-ste wrote: »

i took out a 5 year loan in 2004 for £3000 with lloyds tsb i did have an original loan but upped the amount by a thousand was previously £2000 i was naive at the time didnt know anything about interest rates or anything
, i wasnt explained the interest rates or told that i was having ppi added on i was told my monthly repayment costs was £96.36 thats all so im stuck with a loan 17.9 % apr i dont know what type of loan it is from the statement it seems i pay back so much of the loan each month and so much interest as my statement doesnt go down by my full payment each month i was wondering if i had any chance of claiming back the ppi i have paid already.

Any help would be appreciated.

Thanx

:T hi dont know if this helps but in 2005 i took out a £5000 loan with ltsb and was told i had to have loan ppi as my credit scoring was so low. i since then have refinced the loan twice and each time i was not told this was optional once back in 2006 and this june in 2007 i did cancel the ppi over the phone but discovered in june this year it had,nt been cancelled at all i was angry with them but it was,nt untill martins programme i discovered it didnt matter that it had been refinanced they owed me that money i followed martins template letter and 2 weeks later they offered me £370 plus iam still waiting for the total amount with interest .i would write the letter what have you got to lose they can only say no!good luck

simes1

~mike~ wrote: »

Hi all,
I took out a massive 40k secured loan out with Picture Finance to pay off existing loans, credit card, ect. I foolishly took out the PPI due to pressure and me being niave, anyway, this added another 10k to the loan. So in total 50k, which was a single premium policy as they had added the 10k to the 40k and charged interest for the full amount (crafty !!!!!!s!). This policy was for 5 years. Well, circumstances changed 10 months later, and decided i could re-mortgage the house and pay off this dept, as the amount i was paying was going up almost every month (due to interest rate increases), basically this would be a cheaper way of owing the money i had borrowed from Picture Finance. I rang for a settlement figure and to my horror they quoted nearly 53k, now i knew there would be some early redemtion fee`s, but 53K !!!. I told them they had made a mistake and they had forgot to take the 10k (minus redemtion fee`s) off the settltment figure. But they said, and i quote, "you signed the documents, you had 30 days to cancel".
Anyway, i took my mortgage advisers advice, and re-mortgaged and payed off all monies outstanding with Picture Finance, and make a claim offically. Well this is what i am currently trying to do, i worked it out that Picture Finance had gave me a rebate of £1350 out of the £10k PPI policy leaving a whopping £8,650 for 11 months cover. It clearly states in the FSA website, that when a PPI and simular policies are cancelled, the company have to give you a refund (or rebate as they put it) minus any "reasonable incurred costs" which probably included comission fee`s, admin fee`s and the 11 months of cover, but this would not come to £8,650. I reckon they owe me £4-£5k minimun.
Anyone in the same or simular situation?? I will keep all updated but i reckon this will drag on.

Hi Mike

I'm an IFA and have seen a few horror stories in my time, but I have recently met new clients who have a similar story to yourself and I was absolutely staggered. They toook out a loan with Picture in Feb 2007 for approx £58,000, added to which is a ppi premium of £14,500. When looking to cancel the loan and insurance they have been quoted a refund after just 8 months of £1,750. That means they will have paid £12,800 for an 8 month policy plus of course interest for the 25 year term of the loan for the finance on the policy. I have spoken to Picture and they made bland statements about all clients being sent a booklet and terms and conditions etc, and that they will not change the refund so we have sent them a letter of complaint. I am determined to take this as far as I can and would be grateful if you or anyone else could keep this discussion updated with any progress.

Insurance for accident sickness or unemployment does have a place but regular premium policies are available at a fraction of the cost and can be cancelled at any time.

shazhelt

Just tried to cancel my single premium policy PPI with HSBC and was informed that it cannot be done seperately as suggested in Martins article. Also been informed that because I have less than £1000 left to pay, they can't re-issue me with another loan without me having to borrow more than I already owe!!! So therefore I cannot cancel the PPI :mad: !!! Has anybody else had this problem?

craigprich

spiny73 wrote: »

I'm trying to get Northern Rock to cancel my PPI so I can either reduce the monthly loan repayments or reduce the length of the loan at the same cost.

I wrote to them asking to cancel the PPI as I saw on MSE that I could cancel it seperately, but they've written back saying that to cancel the PPI agreement they have to open a whole new loan application. Is this right?

I've got just under £12000 to pay and still have 46 months left paying £256.46 a month. If I use Northern Rocks Loan calculator, to start a new loan my repayments over that period would be £296.37 per month (without PPI) costing £40 more than the original monthly payments!

Cheeky blighters! :mad:

I contacted NR to cancel my PPI on a loan I took out in May. They phoned me and told me much the same ie that I would have to apply for another loan. I told them I wasn't happy with this and didn't see why I had to, the kind lady told me she would phone me back to arrange the new loan as it was company policy. She phoned me two days later and left a message on my mobile saying that I would not have to go through the process again and that they would give me a new credit agreement at the same interest rate of 6.4 but without PPI. I did have to sign a new agreement and provide evidence of income but that was it, no credit check or forms to fill in. My new monthly payments are 90 pounds less!! My advice would be stick to your guns.

savannah_storm

:mad: Just another update. I received a reply from LLoydsTSB bank loan to say they will investigate my query and will reply within 28 days. Also heard from Capital One regarding PPI reclaiming and they advised that they are not willing to refund PPI as I am not one of the 50 000 card holders they were fined over and they believe that they sell PPI insurance fairly over the phone. I am taking Martin's advice and asking them to look at my claim again. As telephone calls are recorded for training and monitoring purposes I look forward to a transcript where pre-existing medical conditions as an exclusion are clearly explained! What do you think? Any advice would be appreciated as I seem to be hitting brick wall after brick wall even though I am confident I was mis-sold the policies as when I tried to claim against them I was advised I couldn't due to my illness being a pre-existing medical condition!!! This was the first time I had heard that they were an exclusion in all PPI policies!!:mad: