PPI Reclaiming discussion

Welsh_Adey

Hi all,

Hopefully someone can help me here.

I got a credit card, which I have had for about 3 years, which has always had around 3K debit on it. Last year my job never renewed my contract, and I was unemployed from May 2006. I went traveling for 6 months to spain. I was back around Oct 2006. At the end of October i was unable to pay my minimum payment, so I called up Monument and informed them that I could not pay and what shall i do. They were far from helpful. in the end I managed to pay the minimum payment. End of Nov I got a job (self employed which last 3 months, and now am employed through a company), I called Monument again (can't remember why) but it was at this time that the girl I was speaking to mentioned that i had PPI cover, I said to here that I called a month ago to state that I was unable to pay my minimum and what could I do, and I asked why they did not tell me then that I had PPI cover. She could not answer, but she sent in the post a form to claim. I did not fill in this form because I was working again.

Based on that I would say that I fall under "did not know i had it" category. Should I mention in the initial letter that I called and that no one mentioned to me that I had PPI cover when it would have helped me. Also i can say that if knew i had it, i would have put a claim in from May 2006 onwards, but I am sure that as I was out of the country that its invalid or something along them lines.

What i need to know do I wright to Monument directly for getting the PPI back, or do they sub let the insurance to a third company? if so does anyone know the address.


any help will be good

PS I am glad the site is up and running again!

itsnotfair_2

We have been with Barclays forever, me since I 1980 and hubby longer. We have always been self employed since being with them. I know we were sold PPI on our mortgage, we were told we had to have it and 1999 when we had to close our shop and tried to claim, guess what they refused. Hubby got a proper job to pay the mortgage, now we are self employed again but don't have it now.
Anyway as we have always been with Barclays and still the same house from 1985 they will have our entire history. We paid it for 14 years and got nothing.
Does anybody know if we stand a chance this far back?

Doozie

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..

Hi Amanda d,

You have a better case than I do because you had additional cover elsewhere, the fact that they never asked you about goes in your FAVOUR according to Martin's template letters and articles.

Fingers crossed.
Doozie

cadgaboo

Almost 10 yrs ago I approached the Royal Bank of Scotland to open a current account; a condition of opening the account was that I take on the overdraft loan guard insurance; I was only asked if I was in paid work at that time which I was. They said that if I was ever to be unfit to work or I lost my job or I died then my overdraft would be insured. In March this year I took out a loan with my bank, and was told that having the insurance wouldn’t be suited to me as I was no longer working having been medically retired in the last 6 months.
I have since taken a look at the Insurance Overdraft Loanguard Application Form and Policy booklet (having watched Martins show) and have discovered that this insurance I was conditionally made to take out would never have covered me in the first place as it states in there that you had to be working, including self-employment for at least 16 hours per week in the UK.
Now although I was working when I opened the acc I was only ever in part time work, working 15 hours a week right up until December 2006 and carried on paying this overdraft loanguard right up until March 2007 when I took out a loan.

Does this PPI that Martin is talking about also include the overdraft loanguard?

cyril12

Can anyone help
I have got a slight problem. I had a loan with Citi Financial back in Jan 2004 which i paid off in May 2004 for £2000. However i have loss documents(account number). Called citi financial to get details of loan but they say i never had a loan with them, i know i did because bank statement show direct dedit going out to citi during this period. the issue here is i am pretty sure i had ppi on loan cos went in for loan with them earlier in year and was told if i want a loan i had to take out ppi with it, i said no and hence was refused loan. do i send them bank statement to prove that i had loan facility with them and hence they should provide details of the loan.your help will be much appreciated.

k1mmie

Hi Cyril, I too got the same response when I called about 2 previous loans. I then sent them a letter asking for details. They in turn sent me a letter asking for £22.50 admin fee to look into this. Followed by a letter 2 days later stating send £10 and a signed form. I am going to SAR them with an official template letter from this site and send the £10. Just to let you know this is how they handle things!

manicminer1969

I Work As A Manager Of A High Street Bank And Over The Past 5 Years We Have Been Very Strict On The Sale Of Ppi And Ensures That Sellers Are Observed On A Monthly Basis To Ensure That They Are Fully Compliant With Fsa Regulations.
I Know That Ppi Is Mis Sold All Over The Finance Industry And If This Is The Case Then It Should Be Repaid No Questions.
My Only Concern Is That People May Read Into All The Hype Of Mis Selling That Ppi Is Always A Con And Not Decide To Protect Themselves. In Many Cases The Ppi Is Very Appropriate And Should Be Taken In Some Form And Will The Money Saving Expert Give People Advice On How To Repay Their Borrowing In The Event That They Are Unable To Work Due To Illness Or Redundancy If They Did Not Take Ppi As They Thought It Was A Con. Not Evan You Martin Could Come Up With A Solution On How To Repay Unprotected Loans When You Dont Have An Income Except Job Seekers Allowance. I Like Your Site And Visit It On A Regular Basis But Please Also Let People Know That It Is Not Always A Con And People Should Look To Ensure Some Form Of Protection Is Taken With All Lending, Whether It Be With The Lender Or An Outside Insurance Company .

amanda_d_29

manciminer

martin is simply saying that the insurance ppi that banks are offering is a con, because you can buy insurance to cover a loan from a different provider for a fraction of the cost, the banks offering ppi are making a fortune on extremely costly insurance policies.

example my loan policy is £7000k for 5 years (i wasn't told it wasn't for the term of 15years)

I already have cover for £10.19 a mth, to cover loan amount so for 15 years £1834.20 is the total so how can a company justify the cost of £7000 for a third of the loan term, simple thing is they can't justify it... these policies that are offered with loans are simply a money maker by the banks.

Tommy_5_Bellies

Hi All
I have undertook a claim against First Plus. First letter went off in September 07. Got a reply they are looking into it, would be contacted by 25/10/07, I was by letter saying they were looking into it and would contact me by 22/11/07, what do I do? Wait or send off the second letter?

I have been paying for this loan for 4 years and owe more now than when the loan started. If I am successfull can I expect the past payments to come of the loan amount at the rate they should have, which in turn will reduce my loan to a realistic figure. They added the PPI to the loan and therefore been claiming interest on it as well as the loan. Surely, if they admit liability not only will it cancel the PPI but should the payments I have made for the last four years come directly off the loan. I borrowed £50,000 with £12,500 PPI added to it. After 4 years of paying to seetle early I now owe £66,000:eek: So am I right in thinking the amount should be -£12,500 plus the interest on that amount but also the payments I've made come off the £50,000 then an early settlement figure should be in the region of £25,000-£30,000 or less hopefully.

Thanks in the hope someone can give me some answers

cazziebo

I've had a letter from GE money (formerly First National,which is who I wrote to) saying that I have to contact the double glazing company who signed me up.

As it's almost certain the double glazing company will not be regulated by FOS, is that the direction I have to go in?