PPI Reclaiming discussion

gt568

Debbie2K7 wrote: »

Just received a letter from lloyds regarding my credit card payment protection cover as they call it!!
basically they've fobbed me off saying ...

• i've had the card over 9 years & i've left it too late to raise the matter as a complaint
• i was sent the policy document and the chance to cancel it
• they even enclosed a copy of the original application form with the insurance ticked

They will not be refunding any payments i have paid..........what's my next course of action????? HELP!!! :mad:

Have you sent the second template letter?

Have you read the article?

robgp

I made a purchase which was financed by GE Money and was sold a single premium insurance to cover the loan. I have now written to GE Money to complain that I was under the impression that the insurance would cover the full term of the loan but it doesn't. I have received a reply from GE Money stating that they are not responsible for the mis-selling and that I should take the matter up with Sunterra as it was their representative that I spoke to. Is this correct?

cdr1972

I was wondering if anyone can help me? I am desperately trying to get a handle on my debts, one of the ways by cancelling the ppi's on my various debts.

I have occurred a problem whilst dealing with Abbey. I have been told that the way my loan has been set up is "front loaded" - basically that the payments I make firstly pay of the PPI, then the interest that will accrue over the term of the loan and finally over the initial amount borrowed. The gentleman I spoke to explained to me that by cancelling my PPI I will then have to pay more back than if I leave the loan as it is.

My situation is further complicated by the fact that I have made a claim on the PPI when I got made redundant last year, so feel I do not have a leg to stand on with regards to reclaiming the payments.

My situation is further complicated by the fact I have a deteriorating health condition which apparently would mean that the PPI is useless amyway as the illness started before I took out the loan. This was not explained to me when I took out the loan.

Also like so many others I was told if I didn't take out the PPI my application would probably be declined.

I am really confused and stressed out, I feel like for every step forward I try to take I am knocked two steps back.

I would be very grateful for some advice.

Many thanks.

Will_Shir

We have put a claim for our money back when First Plus sold us a PPI.They forwarded our letter onto Freedom Finance who say because our loan was with Bespoke Finance it is Bespoke who need to answer our claim.
I have no paper work nor have I heard of Bespoke finance.All our paper work was from First plus can anyone help with some advice

TwinsMum_2

Will_Shir wrote: »

We have put a claim for our money back when First Plus sold us a PPI.They forwarded our letter onto Freedom Finance who say because our loan was with Bespoke Finance it is Bespoke who need to answer our claim.
I have no paper work nor have I heard of Bespoke finance.All our paper work was from First plus can anyone help with some advice

I too have a loan with first plus that was broked by Central Capital, so I have sent my letters to them, my only suggestion to you would be to find maybe a head office address for Bespoke write a letter based on this template letter and quoting what first plus have told you, they should hold your details if this is the case and hopefully be able to help you further, or I would assume that first plus would know how you could contact Bespoke, after all they can not give you a loan without this information. Let us know how you get on.

TwinsMum_2

cdr1972 wrote: »

I was wondering if anyone can help me? I am desperately trying to get a handle on my debts, one of the ways by cancelling the ppi's on my various debts.

I have occurred a problem whilst dealing with Abbey. I have been told that the way my loan has been set up is "front loaded" - basically that the payments I make firstly pay of the PPI, then the interest that will accrue over the term of the loan and finally over the initial amount borrowed. The gentleman I spoke to explained to me that by cancelling my PPI I will then have to pay more back than if I leave the loan as it is.

My situation is further complicated by the fact that I have made a claim on the PPI when I got made redundant last year, so feel I do not have a leg to stand on with regards to reclaiming the payments.

My situation is further complicated by the fact I have a deteriorating health condition which apparently would mean that the PPI is useless amyway as the illness started before I took out the loan. This was not explained to me when I took out the loan.

Also like so many others I was told if I didn't take out the PPI my application would probably be declined.

I am really confused and stressed out, I feel like for every step forward I try to take I am knocked two steps back.

I would be very grateful for some advice.

Many thanks.

Not too sure about this as I thought that if you had made a sucessful claim on your PPI you could not reclaim now, Please check with an expert only going on what I have read on here.

madders69

I took a loan out in about 2004 with Beneficial Finance/ HFC Bank, which was later settled and a further loan was taken out in 2005 with the same company.

I felt at the time that although I was told that the PPI was optional, that I was being pressured into taking it out by the salesman, as he kept going back an forth out of the office to phone his boss regarding whether they'd allow me to take the loan, and what the APR would be on it. I sent the letter template to HFC, and they took almost 2 months to come back to me.

When they finally did, they said that they were refusing my claim based on the fact that the document I signed said that the PPI was optional, and that all the docmentation displays the words "optional Payment Protection Insurance" in the branch.

Because I signed this, and because I apparently told them that my other cards were covered (I don't recall telling them this, and if I did it would have been to shut the guy up about trying to sell me the insurance to cover all my other cards)- as it happens not all of those items are/were covered, but they say it is an indication that I consider the cover to be an important aspect of any agreement that I arrange.

They then go on to tell me that if I want to cancel my PPI, I have to contact the branch and arrange to go in and arrange a new loan in replacement of the existing loan, because the PPI "is an integral part of the total loan agreement and it is not possible for the premium to simply be removed from the original legal documents."

So what do I do now?


Madders xx

vivvy

Previously cancelled my PPI in April 2006 as Beneficial Bank had sold it to me twice. From my bank statements it shows that between August 2003 to April 2006 I was paying twice amounting to a total of £1,160 of which £650 came from charging me twice.When I cancelled both PPI's which had run over a 3 year period I asked then if the duplicate payments could be refunded and was refused. Following Martin's programme about reclaiming mis-sold PPI, I sent my first letter to Beneficial on 18th october. The reply received a reply 3 days later refusing to refund any money as according to their records it had not been mis-sold and I must have been happy to continue after the 30 days cooling off period. The date quoted as commenced was different to my bank statements as prior to 1999 credit interest was charged then it became credit interest and PPI. I sent a second letter and again any refund was refused. I have now contacted the financial ombudsman to see if I can obtain any refunded.
From reading Beneficial reply it seems to me that they did not even read my letters as no mention is made of my having "been re sold " the same policy or that each month PPI was taken out twice. This is despite the opening sentence of my letter clearly stating that I was told I had to have a new PPI commenced August 2003 and requesting a refund of money paid out during that time period. They mis quoted the original start date and claimed I received a welcome pack - no such pack were received.

TwinsMum_2

How many letter have you sent, just the first or have you gone to the second letter, if you havn't taken this route give it a go, you have nothing to lose.

TwinsMum_2

Have they been taking double the amount or are there 2 separate policies all sounds very odd to me. They surely can't charge you twice for the same thing can they??????