PPI Reclaiming discussion

hjshow

STILL SMILLING Yep go for it

they have your money and you should have it back:j

get your money back it is modern day robbery as it is a service you did not want and have not used - send a letter and do not give up all it costs is a stamp each time and maybe taking them to court for what is yours!!:beer:

Tikal2003

In 2001 my husband and I, both as graduates, applied to the HSBC for a graduate package mortgage for a £90,000 mortgage which was agreed in principle. We employed a solicitor etc and proceeded with our offer. At the final stage as we sat in the office expecting to sign off the final paperwork to finalise the mortgage we were told that because my husband was still in his probationary period with the NHS we had to take out a £2000 insurance policy, to be paid up front, but that this was TO INSURE THE BANK NOT US in case we defaulted. Ie.if we defaulted we would still lose the house but the bank would be compensated for the risk they had taken. We were told we could not proceed unless we took this out.

We were niave and assumed as first time buyers that this was normal. As we did not have £2k and having lost 3 houses due to gazumping already we were persuaded to add it onto the mortgage there and then. We ended up with a £92k mortgage when we had only borrowed £90,000. We paid back the mortgage in full in June 2006 as we moved to the Halifax. Can we claim back and how much for? I don't know if the policy covered the full term of the mortgage.

baggyaggy

I'm going to get in touch with Barclays regarding a second mortgage I took out with them after I bought my second house. They added on a Mortgage care policy (basically PPI) without me asking for it at 53 pounds a month. When I finally saw I just cancelled it but did not ask for the money back at the time, should be fairly clear cut. I'll post the outcome.

Debbie2K7

Last December my partner and myself took out a loan from First Plus for £51,000 and they added £12,000 PPI....which i now know is a total rip off!! Received a letter today offering us £3200 which will be paid off the loan if we accept! Our payments will be reduced by £40 per month so i feel that a lump sum in my pocket would be more beneficial as it is a variable rate loan which i know will go up in time and we are in no position to pay off in the near future...........What should we do???:money:

23kermit

I took out my first loan in 2000 and increased it in 2001. In 2003 i increased it again as an 8 year loan. I paid it off 5 years early last year and was given a 35% refund on my loan protection insurance.

After reading this information i realise that it wasn't compulsory to take out the loan protection though the bank did not tell me it was optional and gave the impression that it was a requirement if i wanted to take out a loan with them?

Am i able to claim for the amount i paid out for the loan protection over those 3 years?

Am i able to claim back the amount i paid on the other 2 loans?

Any advice would be appreciated!

myheaven

Have just received a letter from halifax regarding my claim for ppi refund. In which it tells me that halifax did not sell the policy linked to my loan but a company called click finance Ltd. Having gone through my paperwork thoroughly there is no mention of this company any where and l did not think a company could disclose your information to a third party without permission. The paperwork clearly states the repayment cover is provided by the insurers, halifax insurance ireland Ltd. Therefore l contacted the financial ombudsman service and l am correct a company cannot pass your information to a third party without consent. I have informed halifax and await a response. So, if anyone else gets this, inform the ombudsman, cos they can't do it!

massive

Hi, can anyone let me know where I stand with regards to claiming PPI.

I took out a loan about 2 months ago and consolidated my dates, I did agree to to PPI as I have been made redundant in the past.

I have now paid back my loan which Loans.co.uk/GEmoney had added £4170.00 to my loan at the time. I was adivsed as by them as well to take out the PPI.

I now want to reclaim this, as I paid it in full and I had orginally taken PPI out for 120 months so I have only paid 2 months charges of £34.75.

Can I get my money back?

Hope to hear from someone soon.

mommamoney

Morning all

I have been reading all the info on this site for reclaiming PPI and I believe my partner could be able to claim.

In October 2002 my partner took out a loan with HFC and chose PPI offerd by HFC (provided by Hamilton). It seems the PPI was added to the loan.

Then in 2003 he was contacted by HFC asking if he wanted some more cash. He took them up on their offer and his original loan was re- written and he chose to add PPI.

Sometime later he went into the branch to find out why the loan had not being going down, bearing in mind that he had made a lot of payments to the original loan. He was then told that all payments made for the original loan for PPI, nothing had come off the loan at all!
So the re-written loan was for the full sum of the old loan, the new loan plus the new PPI and interest!
All the payments made for the original loan were for PPI taken out against a loan that had been completely re-written into the new loan. It was not explained to him that this would happen, he only found out when he went to query his balance.
Then, some time later, he contacted HFC to tell them he was now unemployed. He asked if the insurence coverd his resignation, it did not. He then cancelled the insurence in february 2004.

some time later we could not meet repayments so the loan was re-written again so we could make lower payments. This was then a 0% interest and as far as we know no PPI has been taken (the boxes are un ticked on the form). I am not sure if this would affect anything.

I have been going through the policies we have for the loans and it seems PPI was for joint life insurance on both loans! This loan was not my loan but I was insured for it! I was pregnant at the time of the first loan, I gave birth 8 days later, I was on maternity pay from work and not plaaning on going back. The second loan was taken (the re-written one) when I was a stay at home mom, unemployed but was still on joint life insurence. Neither policies coverd me for ASU . The loan was not mine, it was and still is (!) my partners, I have not signed any of the contracts or anything. I do not understand why he was sold joint life insurence for this loan or how they could sell it to him without my say so. :mad:

I think we have a case to reclaim but I am not sure what he can re-claim. I am not sure which bit of the Mis-sold he comes under.

Please can anyone advise me on what to do next?
ALL HELP IS GREATLY APPRECIATED. This loan has been a heavy choking chain around our necks for a long time, five years and he's still paying!
Thank you:beer:

Doozie

Hi,

I have a loan with First Plus (secured on my home which is up for sale).

£100,000 borrowed
£19,930 PPI
£119,930 Total loan @ 7.7% variable

Monthly payments
£737.43 on loan
£146.97 on PPI
£884.40 now £998.00 because of the variable interest rate.

The length of the loan is 300 months (25 years)

I called First Plus on Saturday morning to discuss canceling the PPI section of the loan and they offered me £2,106 to be offset against the loan. Also if I want to pay the loan in full they would charge me £764.00 interest + £150 admin fee.

I feel I have a good case to claim in that I was NOT told I could get the same insurance cover elsewhere, and I have just been made aware that the cover only lasts for the first 5 years at which point I would get back half the premium £19,930 and then I am not covered but still paying for it for another 20 years?

Can anyone help in assessing how much I should ask for as I will send the initial letter.

Thanking you in advance and thank god we have these forums to talk to each other.

Rowsley

Hi just a"tip" which might help people in their letters claiming back PPI

My initial claim for a refund on PPI from the Halifax on a mortgage taken out 14 years ago, was initailly "laughed at" by Halifax

I sent a letter back to them saying that the Halifax Financial advisor (based in the Halifax Estate Agent) did mis-sell my endownment policy and it was proven to be the case because I got my money back on the endowment.

Therefore it was clear proof and a valid claim he did not act on my best interests, I said my claim for a PPI refund still stands, as he said it was a condition of the mortgage and if I tried to take out PPI at a later date it would be more difficult to get

No answer back so far, so obviously they are "chewing on this" I will keep you posted, but just thought I would give you another angle of "attack"

If you were mis-sold your endowment, surely you PPI comes under scrutiny?

Good luck everyone