PPI Reclaiming discussion

fishingcinema

hi im after a bit of advice my brother had a credit card with insurances on it and cut his finger off in an accident in work 2001/2002 and was unable to work for months due to healing and counciling fees got added debt rose to now a very big debt the bank loyds tsb knew of the accident and still gave him a loan wich i beleive was misold also they gave him a higher overdraft all with the same bank you can guess im going to say he burried his head in the sand and now owes thousands but a majority of this is from interest fees,late payment fees ect he filled all the paperwork in when he cut his finger off to take advantage off the insurance he was paying but they conveniently said they had not received it i guess what i would like to know is although he owes thousands to the bank can he reclaim charges for all of the above so that he can either arrange a setelment on the outstanding or arrange a weekly payment with themmany thanks

bacumears

In May 1994 I took out a mortgage with the Halifax(Building Society). I was told I had to have Mortgage Protection Insurance. I was not told I could go elsewhere. I still have this policy running costing me £71.96 per month and was wondering am I able to make a claim for this?
Also, if I cancelled the policy now, will I still be able to claim for it.

Jackswan_2

ladyluck111 wrote: »

Hi you are absolutely correct - The FSA only starting regulating insurance sales in Jan 2005 therefore anything before that time would not fall within the ombudsmans jurisdiction..so it would be pointless referring your case to them as all they will do is write back and say sorry we cant help.

Maybe a friend of mine was lucky based on what you state above as he had a loan in 2002, complained to the FOS and won his case in July 2007.

Jackswan_2

I had been very successful in reclaiming mainly credit card charges but also bank charges on twenty four occasions for family and close friends when a friend asked if I would look into his PPI on a loan he took out in June 2002 for £15k with the BOS, he was self-employed and made that perfectly clear to the telesales girl at the time, however he was co-erced into taking this £3300 PPI addition to his loan. He thought no more of this for three years until he had read about PPI mis-selling and contacted the Bank to cancel the cover, he didn't think to ask for a refund of the PPI, the Bank were quite ok with cancelling the PPI cover but wouldn't reduce his monthly repayment figure. The Bank didn't want to know until I advised him to go the FOS, he did, and won his case against the Bank in July this year. They didn't refund the £3300 merely repaid the interest of £1398 and notified a restructuring of the monthly payments until the loan ends in June 2008 from £331 to £271.

This is where I am slightly confused and feel helpless in trying to explain the
current position, if anyone out there, Edinburgh Lass, Martin, can help it would be appreciated.
The agreement with the PPI (mis-sold and upheld) was as follows:
72 MONTHLY PAYMENTS AT £331 TOTAL REPAYABLE £23,868
Already paid: (to when FOS became involved February 2007)
54 MONTHLY PAYMENTS OF £331 TOTAL REPAID £17,901.

Without PPI Cover the agreement should have read:
72 MONTHLY PAYMENTS AT £271.27 TOTAL REPAYABLE £19,532.44 (£15k plus interest 8.9% £4,532.44)
As above, already paid £17,901 of the loan less PPI leaving a balance of £1,631.44 outstanding of the loan plus interest. These figures were confirmed to him by Customer Care at the BOS.

When he spoke to Customer Relations two weeks ago they told him that he still owed £2,900 thats the part that I can't get my head around to explain to my friend who asked me to look at this for him. He has the £1,398.08 interest cheque to offset any monies owing but he believes that that figure should be
deducted from the amount outstanding figure of £1,631.44

I thought that he might have been offered the £3,300 as a refund as well as the interest but, the BOS point out that when he completed the complaint form for the FOS he was asked how he wanted the FOS to put the matter right for him which was along the lines of - remove the PPI, reducing the
amount owed and reduce the monthly repayment figure.

A long winded posting, however, I would appreciate any comments as to how others see the position because at the moment I can't see the wood for the trees in resolving my friends query.

chris_shearn

hi,
Having heard martin on radio 2 i thought i would check my car insurance policy and found in the items included PPI at £8 per month the insurance was only about £250 without this.Has anyone had this and can i try to claim this back?:mad:

Lilylola_2

Hello,

has anyone been successful in claiming PPI back from HFC- Beneficial bank! They are taking ages to reply to me, and i have a funny feeling that because theyre not a big bank like HSBC or Lloyds etc they wont be so willing to pay up!!

Anyone......???????

Thanks

Lily xx

Lilylola_2

Hi,

has anyone been successful with HFC- Beneficial bank? I am sceptical that they will refund me as they arent a bug bank such as HSBC or Lloyds. They owe me over 3000 for a policy I never even knew I had until reading an article on this website!

Thanks

lil xx

mops2311

anyone had any luck with welcome yet? would it be better if got loan with o% and pay welcome and bank overdraft off.

loolabell

Hi

I got my first bank flexi loan with then the Midland (now HSBC) in 1991, and it was made quite clear, that although in employment I HAD to sign for PPI because of my age!!!!!!

I still have the loan (yes I know, its a flexi one and I can top up ad hoc!) so in total 16 years!!! Martins blog is a bit vague with policies over 6 years old that are still current in terms of how far back you can claim.

Can I assume that its similar to the bank charges claim and therefore up to 6 years?

I have phoned HSBC today, they were extremely helpful and friendly and have referred my 'mis sold' case to the 'service quality' department and I should hear within the week. it would be great to know where I stand before they come back to me.

Thanks for any help in advance.

Loolabell

bhoywonder

I am in the process of trying to claim from Picture, the problem I am having is that I took a loan out for £40,000 and they have charged PPI of £11,000. I believe I was mis sold the policy because I am insured through my employer and have enhanced redundancy which would be enough to tide me over until I got a new job or worst case sold the house. The problem is that none of this was made clear at the time and the amount is ridiculous. All they keep saying is it is in the policy. I also read somewhere that you have to sign seperately for PPI but I dont know if this is correct.
What should I do?????