PPI Reclaiming discussion

madmumof5

Hi

I have had an account with empire stores 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.Please can someone reply last time i asked no one replied!!!!

Thanks Donna

tango27411

I have a loan with HSBC currently at £22,000 over 8 years (just coming up to year 2). I have PPI. However, I don't think i was mis-sold it so therefore don't think I have a hope in hell of claiming it back. However, I would like to cancel it as I've been told by many people that PPI is useless and never pays out anyway but just wondered if this would even be possible? Has anyone tried. I notice someone tried to do this and they said they'd have to reissue a new loan.

Very new to all of this and trying to save money where possible, of course.
Any advice?

TwinsMum_2

Spoke to HSBC re- my missold ploicy they basically told me to go jump, I find them very rude and unhelpful at that bank, I was sold a policy that I was not entitled to and would never have been able to claim on, they have had around £5000 pound out of me, I am so angry and can't believe thay can treat people like that anybody had the same problem with them. :mad:

Gill1234_2

We are in the same boat. We took out a loan and when we decided to consolidate our loans found that on our £20,000 loan with Capital Trust, we had to repay £26,000. We were devastated I was twenty weeks pregnant at the time and had a bad delivery due to all the stress.

My big issue with them is that what they are doing is wholely unethical and I may be mistaken but believe that the FSA are unhappy with this practice aswell.

I believe I was missold PPI as I was never told they would add the full cost of PPI to the loan and that as such it was a single payment policy. They during application and since then in my correspondence with them refer to "the repayments/instalments" surely they should not refer to these payments in the plural as it is supposedly a single payment. This is how we were conned, had they specifically said we would get back a small rebate of the insurance payment as opposed to a small rebate of the insurance payments made we would have been made aware of the facts of what we were signing up to. Unfortunately you are dealing with someone over the phone who more than likely will make a big commission on selling the policy and is very skilled at making these things sound different to the facts.

I was happy to pay the insurance for the 18 months during which I had the loan but am not happy about paying for 10yrs when I don't get the insurance - who is then insured? Should I put a claim against them now, seeing as I have already paid for the full 10 years?

I believe they have misrepresented the facts and will fight it on those terms.

Good luck!!

simes1 wrote: »

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.

neilfraser3010

Quick Question - is it worth trying this on a secured loans and on car finance??

BaileyB

Hi,

I took a loan out in Nov 2000 for 5 years with Tesco. I did have PPI on the insurance but don't have the paper work. I finished the loan off 2 years early and paid it off. So took loan out in 2000, paid off in full 2003.

What do you think are the chances of me claiming? I do have a past medical condition.

gt568

Mr_Kennedy wrote: »

Hi,

I took a loan out in Nov 2000 for 5 years with Tesco. I did have PPI on the insurance but don't have the paper work. I finished the loan off 2 years early and paid it off. So took loan out in 2000, paid off in full 2003.

What do you think are the chances of me claiming? I do have a past medical condition.

Reasonable I would say, just send the letters and see what happens. You have nothing to lose do you?

Lucysky

Hi all,

We are in the same boat with the Single Premium PPI. We took out a secured loan in 2002 with First National (now GE Money) via a loan broker The Personal Loan Express (now E-Loan Shop) for £14000. Being naive we took out the PPI but was not told it was a single premium policy and that if we paid the loan off early we would not receive a refund and could not cancel the PPI. We were also not advised that it was a single person policy and would not cover both me & my husband. Anyway we paid the loan off in May 2003 and that is when we were told that we still owed them £2500 for the PPI and it could not be cancelled. 5 years on and we are still paying for it but after reading about reclaiming I have contacted GE Money by letter asking for a refund of the premiums. They have wrote back telling us that as The Personal Loan Express sold us the loan they also sold us the PPI so we would need to contact them to reclaim! I am at the moment trying to find out the process of obtaining loans through brokers to see exactly who sells the PPI however if it was The Personal Loan Express that sold us the PPI how are they going to refund me when the premiums have been paid to GE Money?
I am determined to get to the bottom of this and someone WILL be paying me back the money they owe!:o

BaileyB

Hi guys,

Has anyone sent off for their details. As my loan was 6/7 years ago and paid off it 4 years ago so i don't have any paperwork as i shredded it.

Anyone done this? Mine is with Tesco

cazmc_2

I wrote a letter to Barclays regarding PPI on a loan I took out in 2002.

I have just received a letter back from Barclays accompanied by 2 letters which they claim to have sent me back in October 2002 giving me the opportunity to cancel any PPI so as they have gave me that opportunity they will not be taking my claim further.

If i have any queries to contact the financial ombudsman.

Someone please advise what im best doing?