PPI Reclaiming discussion

Sy1

I had a loan with A&L for £5k over 5 years, taken out 2 years ago. I applied by telephone and was told that I must take PPI to be accepted for the loan product. The only price the advisor would quote included PPI.

I repaid the loan roughly 2 years into the loan earlier this year (3 years early) and shortly after I read the PPI reclaiming article on MSE.

I sent off the MSE template letter and kept receiving letters from A&L saying they were looking into my complaint and it was taking longer than expected. I chased a response from them after 8 weeks since my original complaint and they responded with an offer of just over £500 which was what I had paid in installments to the PPI.

However, when I checked the breakdown of the early settlement figure already paid and deducted the rebate of PPI and what I had already paid in PPI instalments, from the original cost of the policy as per the original agreement there was a difference of approx £400.

I wrote a second letter explaining this and enclosing a breakdown of my calculations, requesting the higher amount to be refunded plus 8% interest.

Two weeks later I have just received a response from A&L accepting my offer and agreeing to repay me just under £900! I just have to sign and post a letter agreeing settlement of my complaint.

I would just say to anyone reclaiming PPI please be careful if you have settled your loan early as I have. In settling early you are likely to have been charged for early settlement and therefore will not have received a pro-rata rebate of the PPI. Whilst your bank/provider may offer to refund your PPI payments - this may not necessarily reflect what the PPI has cost you so please request a breakdown of your settlement figure and check the calculations as I have done to ensure you receive back the full cost of PPI!

Thanks to Martin and MSE and all of the users of these forums who have been posting advise on reclaiming PPI, and good luck to those of you who are still trying:j

morbids

jjay33 wrote: »

I have a personal overdraft with Barclays bank and since at least 2000 I have been paying Payment Protection at a rate of £0.80/£100 per month. (I only kept statements going back to 2000). I have always felt really miffed that I've had to pay out for this protection, but was told when I first took our my overdraft that it was compulsory to my application being accepted. I have had other loans and credit cards over the years and never have I taken up PPI because I was happy to live with the 'risk'.

In addition, when I have had to increase my overdraft limit, each time I've questioned the need to pay PPI, I was told that I wouldn't get approval for the increase without continuing to pay the PPI. (This was using telephone banking).

After hearing Martin on Radio 2 yesterday, I phoned Barclays Bank this morning and cancelled the PPI without any problem. I would have done it YEARS ago if I'd known!!!

Now I want to get back all the money I paid out unnecessarily, but I have a couple of things I need help with.

The only policy I have is from March 2006 when I instigated an increase in my overdraft limit. But my statements from 2000 show I was paying insurance way back then.

Should I write to my branch to request further details of my original policy or should I contact Barclays Insurance Dublin who issued my most recent policy?

Any help would be great; I looked for anyone with a similar overdraft situation, but could only find loan or credit card scenarios.

Jane[/quote

Same situation for me. Have you had any joy yet?

morbids

Same situation for me. Have you had any joy yet?

morbids

Have found my summary of cover and application form dating from 1999. Was supposed to have signed them and sent them back but here they are and i'm still paying £4.00 per month for last 96 months!

krayzechick

Martin states in the video that we cant reclaim if the policy was bought on the internet... has anyone suceeded doing this? I took out a loan when I was 19 and couldnt find a way to 'untick' the box. My parents didnt know so I just thought what the hell! ...looks like in my documents the added the loan, together with the PPI and then calculated the interest ontop of that. Not sure though. I have no idea when it comes to financial things!

TwinsMum_2

QOTD wrote: »

Have you had any response back from Central Capital yet? I'm anxious to find out how they are going to react since my loan was also brokered by them.

Thanks in advance

Had a No this morning, so just decideing whether to go to the FO or whether just not to bother.

TwinsMum_2

asag wrote: »

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?

This is true sadly, even when the PPI has finished after the five years y9ou still pay interest on it for the full term of the laon, I have complained been told No even though it was not made clear to me at the time, so what covers me 5 years I am paying for 25 years I think this is digusting but I have my answer in my hand this morning nothing I can do. Of course yours might be different.

katie1

i wrote to black horse to say i wanted a refund cos i believe i was mis sold ppi,
i had a reply saying no way and to go to fos... i wrote to fos and just this morning got a reply saying they cant look into complaint cos at the time of taking the loan out black horse was not members of th fos ........

what am i to do now looks like they win???

djcalzar

I'm wondering if I can reclaim this as I had an Halifax Credit Card and took the insurance out on it, supposedly to protect me from it being stolen and also if I was made unemployed or had an accident my insurance would cover it.

Then last year I did have an accident and was laid off work made a claim on it and after all the form filling and doctors reports was told that I couldn't claim on the insurance because I had a pre-existing condition.

So can I make a claim against them? The other problem I have though is that the credit card in question because halifax didn't pay up I cut up in to little pieces and although I can see the account on my Internet Banking it doesn't show the full AC details so I can't ring them up and give them details.

What annoys me is that it's fine for them to catch people out but you still have to pay them. Thankfully I paid them what I owed them in full but it would be nice to stick it back to them.

Any help would be gratefully received.

katie1

katie1 wrote: »

i wrote to black horse to say i wanted a refund cos i believe i was mis sold ppi,
i had a reply saying no way and to go to fos... i wrote to fos and just this morning got a reply saying they cant look into complaint cos at the time of taking the loan out black horse was not members of th fos ........

what am i to do now looks like they win???

can anyone help???