PPI Reclaiming discussion

rayday2

mickey69 wrote: »

Hi all,

Could anybody advise me on the best strategy for my case?
I am one of those for who “Money” is a plane flying at high altitude above my head, if you see what I mean.

I arrived in UK two years ago and took a loan with HSBC. Without banking history the loans available were not numerous so I took more or less the only one available (or I though at the moment). I have the bad feeling I have been slightly stupid.

The amount of the loan was £6,000 (APR 14.9% - yehhh I know!!!:mad:) and I contracted insurance with the loan £1,020 (APR 14.9%). I perfectly remember asking if it was necessary and the agent telling me that they would not lend me the money without this protection.

I am at half way (18 of 36 months) of repaying a total amount of principal loan (£ 7,381.44 ) and personal loan protection plan of £1,254.83.

Thanks in advance

Use Martins template letter there is a reason in there that you were told it was the only way to get a financial product! Don't forget send registered post!

amanda_d_29

another thaught has sprung to mind

when i went for a top up on my loan i asked whether i can cancel the ppi, they insisted if i cancelled they had paid the insurer the lump sum already so effectively leaving them in debt, so i would have to pay for the ppi, but wouldn't be covered????? surely they should have let me cancel and take the ppi amount off the loan (single premium policy)

solfer

Hi,

Is anyone else having problems with the PPI templates? Just downloaded a couple of the .rtf's and the file is garbled in my text editor...

rayday2

amanda_d_29 wrote: »

another thaught has sprung to mind

when i went for a top up on my loan i asked whether i can cancel the ppi, they insisted if i cancelled they had paid the insurer the lump sum already so effectively leaving them in debt, so i would have to pay for the ppi, but wouldn't be covered????? surely they should have let me cancel and take the ppi amount off the loan (single premium policy)

This is another reason for claiming that is mentioned in the template letter, give it a go!

rayday2

solfer wrote: »

Hi,

Is anyone else having problems with the PPI templates? Just downloaded a couple of the .rtf's and the file is garbled in my text editor...

I have downloaded mine as word today and they worked fine, is it not possible to use word?

solfer

I've tried Word, Wordpad, Notepad & Textpad!! Maybe I'll try from home tonight then. Thanks.

rayday2

If you continue to have a problem, pm me your email address and I will email you a copy!

lawnchairlarry

I've just got a letter back from NatWest after the first template letter offering me half of the PPI premiums back as a gesture of goodwill. That's £1232.20 instead of £2464.40 and no interest added either. The full amount really would help me, pretty much clearing all my credit card debt which will mean I'll only have to focus on my loans.

Any opinions on what I should do, take what they're offering or carry on?

yvette-1234

in sept this year i wrote to Welcome Finance to inform them that on both of my loans i was told that it would more thank likely be a no if i did not take out the PPI , i desperatly needed a car for work and could not risk them saying no to the loans, so i said yes to the ppi , after reading up so i wrote to ask for this money back, i used the templates and both letters were ignored, i also informed them that nobody ever explained to me that PPI could be taken out with an independant broker at a much cheaper rate, they ignored my first two letters ,so i sent another saying i would write to the omburdsman, then today i have had a letter back , basically saying i signed the box that ticked yes for PPI and there is no evidence of mis selling, and quote " I am minded in light of the documents available to me that your claim would be dismissed under the FOS rule DISP 3.3.1 (3) on the grounds that it has no reasonable prospect of success "

This is not fair , they were really pushy in selling me this policy, what can i do ????

alterego_2

Martin's email says: "Don’t let those who tried to kill the site win" and suggests that the banks have saved money through the(ir) website attack. Personally, I think it's a spectacular own-goal. I got to hear of it when it happened via a news site, and although it may have saved them money for a few days, ultimately it will cost them more, and deservedly so. If the attack can be traced to them, I trust MSE will be briefing its legal team!

I would also add that this mis-selling (and the DDOS attack!) must make the banks' position much worse WRT their efforts over penalty charges, as each can be used as evidence of their behaviour when pursuing a claim for the other. Basically, they've now been caught with their fingers in the till twice!