PPI Reclaiming discussion

pjttlk

Question:

Do payment protection insurance also apply to other decives, such as 'High loan to value' fees?

thanks for any input

sc0tsman

sc0tsman wrote: »

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

I received another letter this morning [1st class, previous one 2nd class] stating that they are investigating my letter dated 26th although we will start our investigation from the date we received your letter 29th.

Looks like they are trying to scam me big time

WE WILL SEE

any advice guys??

QOTD

TwinsMum wrote: »

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

Thanks for the response TwinsMum, please let me know what you decide and I'll update the board with my responses as well.

Stillsmiling

TwinsMum wrote: »

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.

I am furious about this and have written a letter to First Plus today. I am NOT happy about paying for this for the full length of my loan. After the 5 years is up and I am NOT covered then I would be paying an additional £29K towards PPI. Unbelievable and DEFINATELY not explained to me. I'll be fighting this one hard I can tell you!

thewormhasturned

Can anyone help please. Me and my wife took out a bank loan with RBS to pay for emergency repairs on the house and put a new kitchen in. The loan amount was for 22000 pounds. The advisor said we would not get this amount unless we took out PPI for 5161 pounds as I work for a foreign company. This was added to the loan and we paid this with interest of 9.4%. after paying for 3 years we paid off the loan including the full cost of the PPI (no early cancellation refund allowed). The problem is we never received a policy and I have checked the loan agreement I signed and it states that the "5161 pounds being premium payable to Insurers for optional Insurance in relation to this agreement". Please advise if I have a case or am I being stupid for signing the original agreement problem was we needed the money at the time and had no option according to the bank adviser?

Thanks

TwinsMum_2

Stillsmiling wrote: »

I am furious about this and have written a letter to First Plus today. I am NOT happy about paying for this for the full length of my loan. After the 5 years is up and I am NOT covered then I would be paying an additional £29K towards PPI. Unbelievable and DEFINATELY not explained to me. I'll be fighting this one hard I can tell you!

I have decided that I will write to the Ombudsman, I have a feeling I won't get anywhere as FirstPlus and Central Capital seem very confident, but I have to give it a go, I can't let them take my money when I feel it was not discussed with me properly in the first instance. So I have downloaded my template letter and I will fill it in and see what happens. Stillsmiling let me know how you get on I totally agree with you that this is digusting and should not be allowed to go on. I work for a large Supermarket company and it is like me charging my customers for food when they have already eaten it.

TwinsMum_2

QOTD wrote: »

Thanks for the response TwinsMum, please let me know what you decide and I'll update the board with my responses as well.

QOTD I am writing my letter to FO today, Have to give it a go don't I.

m.colak

Hi everyone just to let you know what stage i'm at. Posted the original thread on the 24th Oct. I phoned the bank again on the 29th and still got a reply that nobody at yet was dealing with my complaint. Yesterday was the 3rd so it was the end of their own self imposed date line. If you check letters sent to you the wording is very exact in my case the wording stated that i should receive a reply no later than the 2nd of Nov.

When i phoned yesterday i spoke to the halifax customer care team (not bad guys at all). I got told that a letter had been issued however it was dated the 2nd of November. Since it was the weekend i ask for the content of the letter and was told it went along the lines due to unforseeable differculties yarda yarda yarda...

This is the important part i asked the lady in question to examine the complaint to see whom had take responsability for the complaint and they told me although several person had looked/accessed the file nobody had taken on the case. The letter in this case and the last two previous case have been generic letters sent out pretty much like if you get an automated bank charge letter.

Its at this point you become completely in the right as halifax have no excuse's for their lack of progress or lack of response. Normally at this point would suggest running straight to the FSA however knowing their current caseload and it possibly taking 3 months to process tried a different approach.

Phoned up halifax complaints department and gave them until the 7th to find out exactly what was going on with my complaint. i.e who was running with it, what stage was it at, current process remaining. We've the threat that not only would i take the case to the FSA but also to court to ensure that they received the maximum fine for unproper business practices. Will post another update on the 7th to let you know how it is going

Matt
:rotfl: :rotfl:

absnasm

I have three issues with my PPI, and I'm trying to work out if I should try to reclaim and if so, on which grounds. Any advice would be greatly appreciated.

1. I can't work out if I have a single premium loan or not. I took out a 60-month loan in January 2006 with RBS. The paperwork says "Fixed-Sum loan agreement - amount and purpose of loan £32120 for refinance debt this bank - a) main loan £2400 b) insurance loan £720". Is this a single premium loan or two loans? What are the ramifications of this?

2. I do not appear to have ticked the box saying that I understood that a) the insurance was optional and b) I was buying the insurance on credit. Can I claim this as misselling? I'm not entirely sure it was all explained to me properly but, frankly, I was so excited by the prospect of a new computer and not having an overdraft that I might not have noticed if it was. Plus I was on a good wage and very gung-ho with my money back then - amazing how sudden poverty focusses the mind ;-) Leading me to...

3. Seven months after I took out the loan, I was made redundant. I sent off for a claim form which I never completed because I found temporary work shortly afterwards. At the time, I informed the bank of my situation in a casual way, as well as by applying for a claim form, but no one ever suggested I should change the terms of my loan. Does this count as misselling - or misinformation - by omission, or would that be stretching the point a bit?!

Any help gratefully received. As a novice moneysaver and a reclaiming virgin, I am concerned that I am about to tie myself in knots on this one, and that my bank will take advantage.

absnasm

I posted this elsewhere but it probably should have been here. I have three issues with my PPI, and I'm trying to work out if I should try to reclaim and if so, on which grounds. Any advice would be greatly appreciated.

1. I can't work out if I have a single premium loan or not. I took out a 60-month loan in January 2006 with RBS. The paperwork says "Fixed-Sum loan agreement - amount and purpose of loan £32120 for refinance debt this bank - a) main loan £2400 b) insurance loan £720". Is this a single premium loan or two loans? What are the ramifications of this?

2. I do not appear to have ticked the box saying that I understood that a) the insurance was optional and b) I was buying the insurance on credit. Can I claim this as misselling? I'm not entirely sure it was all explained to me properly but, frankly, I was so excited by the prospect of a new computer and not having an overdraft that I might not have noticed if it was. Plus I was on a good wage and very gung-ho with my money back then - amazing how sudden poverty focusses the mind ;-) Leading me to...

3. Seven months after I took out the loan, I was made redundant. I sent off for a claim form which I never completed because I found temporary work shortly afterwards. At the time, I informed the bank of my situation in a casual way, as well as by applying for a claim form, but no one ever suggested I should change the terms of my loan. Does this count as misselling - or misinformation - by omission, or would that be stretching the point a bit?!

Any help gratefully received. As a novice moneysaver and a reclaiming virgin, I am concerned that I am about to tie myself in knots on this one, and that my bank will take advantage.