PPI Reclaiming discussion

jo1977_2

Does anyone know if a can claim for mortgatge PPI. I took out a block 6 year policy 3 yrs ago and payed £6000. I was unaware until recently that i could actually cancel the policy and was told the i had to take this out to get my mortgage. I have recently requested to cancel it and will be getting back just over £2000, so i hace actually payed £4000 for 3 years cover.

HeyHeyMyMy

Can you claim back PPI even if you've signed a seperate section on the loan agreement?

jimmyay

funky1471 wrote: »

I am kind of in a similar situation with Halifax as they will not let me cancel the PPI seperately. I don't know what interest rate I would get if I went for another loan, and not sure what to do. I have a good credit rating but do not want to tarnish it by going for another loan.

I have only made 1 payment on this one so far but it is past the 30 days "cooling-off" period. It does say on the agreement after 30 days you are advised to take out a second loan if you do not want the PPI....Am I stuck with the PPI? If I go for another loan it could ruin my credit score couldn't it?

Hey - i am in a "similar" position - i.e am with Halifax. £7k loan, since early 05, with PPI added £2k + over a 7 yr period - bloody annoying, because even 2.5 yrs later after loads of payments i still owe....£7k. to my mind this is fundamentally wrong. i have the same "narrative" as you in the breakdown of charges and have tried to cancel, back in May, but they wouldnt let me do it without getting a new loan, and credit check, at a different (actually a lower) interest rate - but i just wanted to cancel the PPI, or get money back . halifax loans are the pits, they wont let you overpay that easily either "put money into a savings account then use it off to pay the loan when you've saved extra" - dur!

i stopped being a financial numpty about a year ago when i found this site. but having this annoying thing hanging over me where i know i am wasting money is v. tedious.

anyway i would like to know if i have a case too. if we can hang it on not being told it was optional , i think we have a "misselling" case........

mummum2

That's great news for most people getting their money back! I wrote to Lloyds last week about recalling PPI and received a lette last night saying that I was not mis-sold blah, blah and that I had 30 days in which to cancel and also it was up to me to read contract etc. Yes, yes, I know this, thanks!!

Anyhow, just sent second letter to them this afternoon. Will certainly keep you all posted.

fairynuff27

Hi there,

I'm relatively new to MSE and am just starting to get up to speed with the forums. I have a question about the insurance I was sold on my egg loan. When I organised the loan on the phone the sales person rattled through the standard jargon with me about insurance and I just acepted it. One aspect of the insurance covered accident and sickness for which I was told I could be covered if I was off work for either of these reasons. It seemed a good idea, though I had no previous record of asbsence at all.

In the summer I was signed off for two months for stress, and my pay was cut accordingly. When I called to claim I was told stress was not covered unless I could produce a letter say that I was being seen by a senior consultant. I explained I was seeing an occupational therapist but was told this was insufficient. I took a payment break instead, though they sent me through the paperwork just incase, but the cost of a Drs note I was unlikely to be able to claim back was an added expense in a tight month, so I left it.

What I would like to know is, does this equate to being mis-sold my insurance. I am planning on digging out my paperwork to check over the T&Cs, but feel put out that an aspect of cover I was led to believe was there was not included. And does the fact that I did not follow up the doctors note and claim form remove me from the runnings for a reclaim?

I am grateful for any advice you can offer on this.
Many thanks,
Caroline

Will_Shir

TwinsMum wrote: »

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 I have never dealt with or had any sort of contact with Bespoke finance.I have had a letter from Freedom Finance saying they are wanting nothing to do with our claim and basically washing their hands of us.I dealt through a telephone coversation with Freedom Finanace and have the paperwork to prove this.Then First Plus bank sent us the paperwork and we signed and sent it back.It was my Finanacial adviser that had questioned the PPI originally and we settled early it cost us £12,000.
But I can't get my head round why they are saying we contacted Freedom through a broker and we didn't I am now going to report both banks to the financial ombusman because I am getting frustrated now and will lose the plot if they call me.
They have said they have sent our complaint direct to Bespoke Finance in GIBRALTA so there is probably going to be no luck with my claim from them.
Any advice on claiming a bank from gibralta much appreciated:mad:

Will

sc0tsman

Last Friday 26th October I sent my letter away reclaiming my PPI for the sum of £2700 yet today Friday 2nd Nov I received a letter telling me that I had repaid my loan in full [early settlement] and that I would be still covered until 2001.

I found this very coincidental considering I had requested ALL my money back until I noticed the letter was dated 25th October, YES the day before I sent my reclaim letter.

My question is are they trying to shaft me by not paying out stating that I was aware of the 5 year rule as pointed out in this letter [hence the letter dated before I sent mine] or is it standard procedure.

My account was with GE MONEY

asag

lynz412 wrote: »

Hi there,

Hope someone can shed some light.

We have a secured load with 1st plus and pay about £190 for the PPI and this is only a 5 yr policy and we have to pay th extra £190 for the whole term of the loan.

I dodn't really want this and it was never fully explained that it only covered 5 yrs.

My problem is, if I put in a claim do they cancel the policy as if I carry on paying it then in 4 yrs time we will get pay out of over £20k.

If i claim will they then reduce my monthly payments by the £190 and refund me what i've paid to date?

Bit confused on this, hope someone can help me.

Thanks
Lynz

We have recently taken out a loan with First Plus and one of the selling points for the PPI is that if you don't make a claim within the 5 years you get a lump sum back which is in the region of £13K for us. I would think that after this time that is the policy cancelled as you haven't made a claim and they have refunded the policy. I can't see how they can charge for PPI after that when you are not covered. That is my understanding from the account manager who organised the loan. I am really concerned by what folk are saying on this site with regard to monthly payments not reducing after the first 5 years of the loan?

Can anyone clarify this?

mrsyorkie

Sent both my letters today via recorded delivery to Black Horse and Ge Capital (Dorothy Perkins store card). I sent the Black Horse letter to my local branch rather than the head office as i was told that these were the people who are dealing with my loan. Hope i've done the right thing as now i'm thinking that maybe i should have sent it to head office.

mrsyorkie

bargoed1 wrote: »

Can anybody tell me if i can still claim PPI and credit card charges even if the account has been passed to a debt collecting agency?

There;s no harm in trying - contact the company though and not the debt collection agency. That's what i've done anyways. I had a dorothy perkins store card, wasn't informed PPI covered me for unemployment. I was made unemployed, not aware that i could claim, i couldn't meet the repayments (i was robbing peter to pay paul every month and i deemed things such as gas and leccy and council tax more important). Anyways, i ended up with a CCJ. I believe that if i was aware i was covered for unemployment it wouldn't have gone to a CCJ. I've just sent my letter to GE Capital, including the fact that because i was mis-sold, i now have a CCJ.

Good luck with yours.