PPI Reclaiming discussion

RT7

Hope someone can help!

Sent Martins template letter off last week to LloydsTSB, reply came back saying:

You have raised a concern regarding your mortgage insurance believing this policy was incorrectly sold to you. You felt you were:-

• not given the correct advice
• the sales person was very pushy
• and you felt you could not say no to the insurance

The Financial Ombudsman Service guidelines state under section 2.3 Time Limits for referal of complaint to the Financial Ombudsman Service, DISP 2.3.1 (1) (c):

The Ombudsman cannot consider a complaint:
More than six years after the event complained of or (if later) more than three years from the date on which he became aware (or ought reasonably to have become aware) that he had cause for complaint, unless he has referred the complaint to the firm or the Ombudsman within that period and has a written acknowledgement or some other record of complaint having been received.

We were sold the PPI insurance in 1999 so are Lloyds correct in saying we dont have a case? We are still paying it and have never made a claim.

Doozie

Tommy_5_Bellies wrote: »

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

Hey Tommy 5 Bellies,

I am in the same situation I have a loan with First Plus for £100,000 and they put £19,930 PPI on top. When I asked recently for a settlement figure they said £115,600, I have been paying for 2.5 years for a 25 year loan.

Having talked extensively with other people on here and on ConsumerAdvice Group forums and read Martin's advice, it seems that these policies are 'single premium' and therefore a normal reclaim is not possible (unless you can prove that they mis-sold the policy under the 'general mis-selling area), you can only ask for a partial or full refund of your premiums to date. This would make my claim approx:

29 months of £146.97 = £4,262.13
29 months of interest at 8% = £340.97
TOTAL £4,603.10 approx

But like you I am unsure of whether this would then come off the £115,600 or the original loan of £100,000. Actually having thought about it if you cannot get them on a mis-selling category then it would come off the £115,600, if I could prove that they mis-sold the policy in the first place then it would come off the original loan of £100,00.

The reasons for mis-selling in my letter are:

1) The points I have going in my favour are that I was NOT made aware that I could get this cover elsewhere and that it would make no difference to the decision of whether the loan was approved or not.

2) In their paperwork (in black and white) they asked the following question:
"Would your current employment provide sufficient income to repay your borrowing in the event that you are unable to work through accident or sickness? I answered YES, so it begs the question of why I was still encouraged to purchase the PPI.

Apologies for the long winded article but I thought it might be helpful to other people wanting to claim refunds from First Plus.

I'll let you know how I get on.
Cheers,
Doozie

barcaboy0701

hI aLL,
In recent years I have had 3 LloydsTSB Loans,
With these I had Loan Protection Insurance,
I contacted lloyds about the mis-selling etc as I have always been self-employed and they said if i had made a claim I would of been paid as Loan Protection is different than PPI. Although I read through terms there is not one mention in it of SELF-EMPLOYED.Also the Insurance amount was added to the loan from the start. I was always told that at self-employed you are never classed as unemployed just temp out of work.What shall i do

barcaboy0701

LLoydsTSb have told me that my Loan Protection Insurances are different than the PPI and that they would of paid out on a claim being self-employed.
I read through the terms of the policy and there is no mention in wording of SELF-EMPLOYED. Also the cost of the Insurance was lumped on the loan from the start. I have been self-employed for 20yrs and they saying they would of paid
Anyone got advice on if i should carry on or not

Sean

gt568

manicminer1969 wrote: »

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 .

Gee thanks for your concern

dave24563

Hi People.

I just want to know if anybody else is in the same position has me, and had a result with a claim.

I took out PPI on my mortgage in 1998 at the time i was single, i married in 2000, because my wife was not working at the time, it was pointless adding her to the policy.
I have been told that i cant add my wife to the policy because the mortgage is in my name only.
I have had to claim on the policy a total of 5 times (unemployment) since 1998 and been successful in claiming once,the excuse for the 4 claims rejected was " i did not meet the criteria " i can only assume that this was due to the fact that my wife's income was paid into our joint account and funds were available to pay the monthly repayment.

If anyone can advise me it would be gratefully appreciated.

Jinnie

I'm thinking of having a go with the insurance on my store cards.......

Most are with ge capital, so should I do one letter per store card, or, can i list all the account numbers on one template, and go for it all in bulk?

thanks in advance

MSE_Martin

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 .

This is a legitimate concern; but you'll see in my article I always talk about checking if PPI is good for you and if possible getting it from a standalone provider.

Sadly PPI from some banks can often be so expensive at best you'll get little more back than you pay in. I wouldn't define that as an insurance policy. Yet protecting yourself is useful - its a shame the industry has tried to take very penny of profit from ppi rendering what could've been a valuable product as something often to avoid.

lilly1_2

can i reclaim from my mortgage provider which i had been paying for over 15 years, i used the ppi from them for 2 years because of illness to pay the mortgage then whenthe payment period finished and i could no longer use it they kept taking the payment for a year before i realised and cancelled the d debit can i claim for the extra payments cheers

RT7

RT7 wrote: »

Hope someone can help!

Sent Martins template letter off last week to LloydsTSB, reply came back saying:

You have raised a concern regarding your mortgage insurance believing this policy was incorrectly sold to you. You felt you were:-

• not given the correct advice
• the sales person was very pushy
• and you felt you could not say no to the insurance

The Financial Ombudsman Service guidelines state under section 2.3 Time Limits for referal of complaint to the Financial Ombudsman Service, DISP 2.3.1 (1) (c):

The Ombudsman cannot consider a complaint:
More than six years after the event complained of or (if later) more than three years from the date on which he became aware (or ought reasonably to have become aware) that he had cause for complaint, unless he has referred the complaint to the firm or the Ombudsman within that period and has a written acknowledgement or some other record of complaint having been received.

We were sold the PPI insurance in 1999 so are Lloyds correct in saying we dont have a case? We are still paying it and have never made a claim.

Does this answer my own question??


A quote from:-

MSE Wendy vbmenu_register("postmenu_6135815", true);
MSE Official
MoneySaving Convert



How far back can you go? - If you are still paying off your loan / using your credit card, no matter when the agreement was started you can make a claim. If you ended the loan or credit card within the last six years you can make a claim. If you ended the agreement over six years ago, particularly if you do not have any paperwork you would be unlikely to have a claim as financial companies only need to keep records for six years.