PPI Reclaiming discussion

Doozie

amanda_d_29 wrote: »

Well i am gutted

i have just checked my loan and it seems i have a single premium policy, so i have paid £7000 for insurance that I thaught covered the term, but only actually covers 5 years, why wasn't i informed of this....

my letter has just been sent, im fuming that i have paid £7000 for 5 years worth of cover, thing is i have cover in place with legal and general too, £10 a mth that costs for the loan term...

will i get the full £7000 back or will they take it off the loan amount with this sort of policy??

Hi Amanda d,

From what I have read around the different forums is that if you already had sufficient cover in place i.e. Legal & General @ £10 when they sold you the loan then they have definitely mis-sold it to you and you should get your money back.

ds100

u need to send it to the insurance company the template letter is in martin article good luck an d go for it!!!!!!!!!!!!

ds100

sj1147 wrote: »

Hi can anyone help

Over the last few years i have had many loans , Now all paid off. I did not keep details of the policies, I do know the company names. How can i track down the policies and see if i had PPi

check in martin articles ppi reclaim for the template letter u need to use reuqesting all the paper work from the insurance company.

ROCKIEDOG_2

I have just posted off 2 letters to AA Personal Finance for 2 loans (figured I'd keep the claims separate). I had single premiums but am claiming under the mis-selling rules as I was working for a large company at the time with fantastic benefits (sick pay, long term illness benefit, life insurance) and generous redundancy payments so there is no way I required PPI. The only way I would need to claim under PPI was if I quit my job and PPI doesn't cover that.

My question is this: As the PPI was mis-sold am I entitled to claim it all back?

In both cases I paid the loan off early but to my recollection they only adjusted the amount of interest I had to pay back. The loan agreements clearly state that the PPI was part of the loaned amount and that interest was calculated on the amount of the loan + PPI. Martin's article seems to suggest I can only get a partial refund as the loans were paid off early (or have I misunderstood ).

I've also sent letters to Lloyds TSB & Bank of Scotland for credit (debt) card PPI dating back to 1998 (thankfully I have most of my old statements). I will keep you posted on my progress.

amanda_d_29

hi doozie and ds100

thanks for your replies.

i never stated that i had cover in place, but they never asked.

they however didn't make it clear that the ppi was for 5 years only a third of the loan term, actually i think they mentioned we get no claims bonus, after 2 3 and 5 years, but they didn't mention that the ppi will stop. so hopefully i have a valid case and will get that money taken off loan, and any premiums paid to date with interest....

fingers crossed..

hearsayjay64

Hi have just found out about this site and the PPI.
I have store cards with Burtons and Evans.I have hadthese accounts since 2000.I was paying ppi on them up until 18 months ago when i cancelled as i could no longer afford the payments.I was in receipt of DLA when i opened these accounts and made the assistant in store aware of this.Have i got grounds to reclaim?.Any advice would be warmly welcome.

ds100

Doozie wrote: »

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.

Thats a case of mis sold and u need to claim full refund. thats wot i understand in base of martins article good luck!!!!!!!!!

ds100

foolsanhorses wrote: »

hi ev one had a letter back from barclays this morning saying they could not find paaperwork to a loan i had in 2002 wich was paid up early in 2005 they said to ring if needed more help after ringing them earlier they say there is nothing they can do we took out the ppi we had a chance to cancel then i told them i am entitled to a refund they said no i said fine i will take this to the ombudsman so we will wait and see:D

let me know how that goes i am in the same situation with barclays i took a loan with premium insurance, the loan is been pay early so i will same my firts letter tomorrow morning !!!!!!!!!!!

ds100

amanda_d_29 wrote: »

hi doozie and ds100

thanks for your replies.

i never stated that i had cover in place, but they never asked.

they however didn't make it clear that the ppi was for 5 years only a third of the loan term, actually i think they mentioned we get no claims bonus, after 2 3 and 5 years, but they didn't mention that the ppi will stop. so hopefully i have a valid case and will get that money taken off loan, and any premiums paid to date with interest....

fingers crossed..

let us know how that goes and finger cross!!!!!!!!!!!!!

amanda_d_29

i mean it would have been ludicrous to pay £7000 to cover 5 years of a 15 year loan, it doesn't make sense to me, and i feel angry that i thaught we were covered for 15 years, feel ripped off