PPI Reclaiming discussion

FrugalJo

baron777red wrote: »

hi

i took out a 4 year loan last novemebr with northern rock and took out PPI with the loan.

at the time i wasnt aware what mis-selling entailed and its only since reading the great article on martins website that i have noticed that i have been sold a single premium policy

i spoke to northern rock over the phone and asked them if i could cancel the PPI element of the loan, but they said i couldnt unless i cancelled the loan and took out another loan without PPI, which i did not want to do, as its just paying extra interest

i then wrote to northern rock sending martins template letter, explaining that i believe they mis-sold the PPI with my loan

i have now had a reply back, unsurprisingly that believe it has not been mis-sold

can i go to the financial ombudsman with my case

i want to cancel the PPI policy and recieve part or all of my premiums back

what do you think my chances are??

thanks

Hi Baron
I can't help but keep us up to date with your progress.
I believe Northern rocks insurers are Pinnacle. I'm not sure wether to send my correspondence to Pinnacle or Northern Rock.

debtfree_wannabe

hello all, newbie here....

I'm afraid I'm not the bearer of good news. I'm trying to re-claim from Egg, who, as I've seen in previous posts don't appear to be budging. I sent the original template letter regarding my Egg Credit Card. My main points were;

Pre-existing Medical conditions - so would not have benefitted
Pushy salesperson
not being asked if I already had cover - which I do elsewhere, so did not need PPI.
Egg not having my best interests at heart
I also requested immediate cancellation of the policy

Today, I received a reply. The reply focussed soley on the issue of pre existing medical conditions. No mention was made to any of my other points. - is this because they have no answer for them?

The only other point that they raised was that it was up to me to check my statements - this, I accept, however at the time I was not aware that this monthly charge was optional.

There "findings" were that a recording of the telephone call in sept 2004 showed that I did not mention any pre existing medical conditions - even though I was not asked - and that it was outlined in the terms and conditions recited.

Sure enough, upon listening to the copy of the call sent to me, in amongst all the rambling from the operator, I could just about make out the words pre existing conditions.

However, more interesting, was the fact that when asked if I was interested, my answer was in fact "If you send that out to me, I can look into it.” I did not actually agree to the policy, I merely asked for more details.

Egg however appear to have overlooked this whether deliberately or not.

I attempted to call them tonight as they are open until 5pm, only to be told that the rep dealing with my case doesn't actually work until 5, but leaves off at 4:30pm every day, so could I call back Monday. No-one else apparently can discuss it with me. After pointing out that this would involve me having to take time out from work to do this, I decided I would write them a reply instead, as I was fuming.

It went something like this:

Dear Sir

Following my attempt to discuss this matter via telephone, I am having to send my reply in writing as I have been informed that although your communication advises me that your office is open until 5pm, you are not actually available after 4:30pm, and I have been told that no-one else can assist me with this matter.

I wish to begin by highlighting that your response to my letter of the 26th September 2007 only addresses one of the points that my letter raised. Therefore, I am still awaiting a response to my other queries.

It is with interest that I have listened to the recording of the telephone call of 3rd September 2004, as I believe that this further evidences that I should not have been charged for Payment Protection.

When asked if I am interested in Payment Protection, my response is “If you send that out to me, I can look into it.” I was expecting at this point for information regarding Payment Protection to be posted to me along with something that I could sign to agree to the Policy. I therefore DO NOT believe that I agreed to the Policy at the time of the telephone conversation.

In your letter, you state that a Policy document was sent out to me. I did not receive this. I keep all correspondence sent to me, and have no record of such a document. At the time of writing my letter dated 26th September 2007, I had to find the details of the Policy through the Egg Website.

Therefore, it is my belief that I was not aware that I had agreed to make any payments towards such a Policy.

I also wish to re-iterate several points from my last letter. I was not at any time asked by the telephone operator if I already had alternative insurance cover, and therefore I was not aware that I would not require your policy. As a result of this, I am therefore concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.

The recording of the call also emphasises my previous observation that your salesperson was very pushy in selling me the policy, which is why I requested for details to be sent out to me in order for me to be able to understand what the Policy involved.

At the time when the “Terms and Conditions” - a well rehearsed spiel of words, phrases and terms were being read out to me at such a speed that they could not be taken in, I was still under the impression that I would be receiving a written copy that I could read at my leisure before deciding on whether or not to accept the Policy.

I note your comments that it is my responsibility to monitor my finances, however, I have only recently been made aware that Payment Protection Policy’s are not compulsory, and that I already have alternative cover.

Had the Policy Information been sent out to me to look through and return with a signed agreement as I believed would happen as a result of the telephone call, I may have been aware of this.

As a result of this, I shall be contacting the Financial Ombudsman to investigate my complaint, as I am not satisfied that the policy was fair and reasonable, and am still requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

Therefore, I wish for you to send me a copy of the leaflet mentioned in your previous letter.

I also wish for you to confirm to me in writing that the policy has been cancelled in accordance with my previous correspondence, as this was another point raised which appears to have been overlooked.


Yours etc.....


I'm not holding out much hope, and think that I will have no choice but to go to the ombudsman. Please tell me some people have cracked Egg??!! - 'scuse the pun!

hjshow

Keep going with the egg heads if they dont crack just start a small claims court proceding as it would be great to get your time in court vs them as I am sure you would win with the evidence.

I very much doubt it would get that far and they would just payout prior to the case - I cannot wait until my case gets to the point when they say forget your PPI back as they will get a summons to appear to answer a few difficult questions!!

scoobydoo_lou

I signed up to a Barclaycard when sold by a salesperson at a stand in an airport - relaxed holiday attitude and the probable need for money on return from holiday made me do it!!. Pushy sales person who also implied that I had to take PPI for my application to be successful. I didn't need it as plenty of cover through employment. Written 2 letters to Barclays but refusing to accept that mis-sold as I ticked the box (they have ignored the fact that I told them the salesperson said I would have to do this for it to go through)and was sent the terms and conditions in the post that somewhere told me I had a 30 day cooling off period. Was obviously in a pile of mail on return from holiday and inevitably would not have read in great detail. Has anyone else had this reply that because they had the terms and conditions that policy was not mis-sold. If so, what is the next step - Ombudsman? And what success has anyone had after they have been given this response.:mad:

sarahx_4

I've been thinking of reclaiming my PPI and would like some encouragement/help.

I was employed at the time of the loan full time and still am fortunately to repay the loan. I didn't have any health probs before the loan. I'm in my mid 20s.

I took out a loan at the start of 2005 for 60 months of 9 thousand pounds . The PPI was just under one thousand seven hundred pounds. It must be spread over the period of the loan without interest on top I think. I cant really remember the phone conversation way back in 2005 when applying.

EDIT ( I think the only way to cancel the PPI would be to ask them 1st get a no you cannot then take out a new loan pay off the loan +PPI close trhe account and try and reclaim the PPI in full as I'm well past the 30 days --bit of a gamble-- Id need a new loan of 7 and a half thousand and try to reclaim 1.5 thousand pounds ouch!!) - PLEASE HELP

I've kept my original loan details and T&C:D

They have tried to get me to sign up to new loans since offering PPI in september/october 2005 and 2006, due another one anytime soon. I've kept the details of the loan offers giving PPI on top

I'm making a real effort to sort my finances and this will help lots

angieblueeyes

stumpton wrote: »

Can anyone help me with my claim.

I took a loan from Welcome Finance back in March 2006 which was only for a small amount. When the contract was drawn up it already included PPI for over £600. At the time I was not advised that I could opt out of PPI and the way in which it was sold to me was that it was compolsury.

I have forwarded the first template letter to the company and they were very quick to call and advise that all the paperwork advises that this is not a compolsury plan and that I could have refused to take it out with them.
As my sugnature is all over this paperwork, would I be able to make a claim? I know this was missold to me but as I have signed the paperwork aggreeing to take out the companies PPI I'm not sure where I stand.

Myself and OH are having the same problem we took out a secured loan on a car with welcome finance in October 2005 and just like yourself the ppi and other insurances this with interest on the original £7,400 loan pushed our total balance to just over £20,000. Last year I became ill with breast cancer and rung up to say that we were having trouble with the repayments £406.00 a month over 48 months and could we claim on the insurance and I was told no because i was not the main policy holder and that my husband was, we were not told that these insurances were not compulsory and the whole loan was sold to us as one overall package, which right now are not worth the paper they are written on, we would also like some advice from anybody out there who may have dealt with this company and if trying to reclaim the ppi that was missold to us even though we signed the paper work
we also would like to know where we stand against making a claim.

Has anybody else made a claim against this company please help.

scoobywoobywoo

shirley_cross wrote: »

Hi, i have also been with next directory for a number of years. please dont tell me that they are including some type of payment protection for outstanding balances. not once have they informed me or asked if i am agreeable to it. i wont have kept the original paperwork from 10 year ago to check. how did you find out? is this information on the back of the monthly statement? on the invoice is only the detail of a service charge, but no breakdown as to what the service charge is for. if i phone them up are there legally obligated to tell me if ppi has been included?

thanks for bringing this to my attention

Shirley on my statements it definately says Payment Protection insurance on it and they have been taking this money without my consent. When I opened an account I did not sign anything nor did anyone explain it to me. Anyway I have sent a letter from Martin's template to Next Directory- I feel very ripped off by them. I will let you know how I get on. Thank you Martin for being a champion of the ordinary general public :T

mircea

Hi

Just wondered if anyone had had success with either of these companies. My wife has loans with both and has just discovered that both have PPI on them. She suffers from a heart condition which is medicated and neither asked her about them when applying for the loan. I am assuming we can apply for our money back on the 'preexisting medical condition' pretense.

Do the companies actually give the money back, or do they just take the money off of your outstanding loan amount?

Mircea

Billy_Blagg

A question to the Forum. When have you been 'sold' a PPI and when have you not?

Now I know when 'I' took out the loan the money was for my partner who was in financial difficulty and wasn't able to get a loan for herself. She ticked the insurance box as she was a great believer in insurance for everything, while I disagreed with it as unneccesary and expensive. As she was paying me back the money every month though, I left the decison up to her.

However, a year later I was out of work for 18 months and, when I tried to claim from X company (name witheld for the moment), was told that, as a self-employed person I could effectively 'make myself unemployed at any time' and I was refused payment. I disputed this as the DHSS recognised me as 'unemployed' so I didn't see why X didn't, but I got nowhere. Obviously I then cancelled the insurance.

I've been chasing X through the ususal channels for the past two months and they are now saying the delay is due to the fact thay are 'checking their phone records'. What for? I'm not even sure I even spoke to them on the phone about this. My question is this though, by 'ticking' the 'agree to insurance' box have I been 'mis-sold' it? Is this my own fault for ticking the box? Or is it fair to say to X company 'you knew I was self employed so you shouldn't have agreed to it?'

Bluerover

A question. I have just "found" my paperwork while going through some old boxes and found I am to my surprise paying Optional Loan Protection Insurance Loan.
Which has surprised me as I have excellent coverage from my employer and have cover of 6 months sickness on full pay. So would not need the cover offered with this type of insurance.
The loan was for 5000 taken out March 2003 for 60 months so finished March/April 2008. Never missed a payment or claimed (as I did not know I could)

So I have copied the template and written my letter but it is to LTSB but my simple question is where do I send the letter too my branch the address where the loan is held a PO Box in County Durham or the LTSB reg office or all
three?

HELP