PPI Reclaiming discussion

sand-dancer_3

Hi all, have spent the last hour or so reading this thread as Im about to write my first letter to Swift Finance re: PPI (and excessive interest charges) on a secured loan I took out in Feb 2005. (Then I will start on my Welcome secured loan PPI claim). Both these loans were cleared last year via re-mortgaging.
I rang Swift 2 weeks ago and received a VERY detailed letter last week and have gone thru it with a very fine dickie-tooth-comb with my very limited financial jargon knowledge. In short they're passing the PPI buck to Promise Finance who were the brokers. I received a letter from Promise dated 6/11/07 (without my contacting them at all in this enquiry) stating '... the sale of the insurance was on a non-advised basis... they were required to provide me with sufficient information to make an informed decision'. It then goes on to say 'Should you wish to do so, please consider whether the recent media attention, or opinions of a third party may have given you an incorrect understanding of our obligations and your responsibilities with regard to the information we provided'. It came with a 'Declaration and Statement of Truth' they asked me to sign and write an explanation of my complaint. I hadnt even complained...yet! :rotfl:
I rang Welcome the same day and enquired about my PPI, during the conversation the girl advised me that the other insurance policies Id taken out with them were one off payments but when I checked my papers, they had heaped interest onto these as well, then lumped them onto my loan.
As a single parent, I felt it necessary to cover any eventuality to secure the re-payments of loans I had.
As some of you will understand, when we have no choice but to take these loans out with these companies, its mainly due to our lack of understanding the financial jargon and we are usually in no position to decline their offers of loans.
Im going to pursue a claim against both companies.

(I wonder how many people actually get PPI from a lender NOT associated with the loan lending companies theyre borrowing from.:rolleyes:)
Good Luck to those of you claiming xx

chartreuse_2

Well, I've written my letter 1 today and will post it on the way to work tomorrow. Fingers crossed: it's for bank loans with single payment PPI, arranged in the branch, when I was overstretched and desperate (therefore willing to do anything to get the loan), and the salesperson (who I was silly enough at the time to think of as my friendly bank manager) really pushed the "Oh, it's very doubtful that they'll give you this loan, sign here for insurance..." etc.

But I got to thinking (I apologise if this has been mentioned already - search doesn't seem to be working right now) and thinking, as it often does, has got me confused.

When I was sold the loan, I said "I need £x" and they said "That'll be £y a month over 3 years, £z a month over 5 years etc." I now realise that PPI loan repayments were included in the monthly figures.

Here's the thing: I picked a loan term based on what I could afford to repay per month. If PPI hadn't been included, wouldn't I have paid the same amount each month, so clearing the loan earlier and paying less interest overall?

So, and this is where I'm either right, greedy or just plain wrong, should I really be asking for them to refund the PPI, refund the interest and then refund any extra interest charged above what I'd have paid if the PPI loan repayments had been applied to my capital loan?

COOKIEWILLOW

Please bear with me, I am not sure it sounds right in my head first before submitting it to this thread! Sent first letter to Capital One reclaiming PPI under the "fined by the FSA route for failing to treat customers fairly", received a letter back saying I was NOT one of those customers and this had no bearing on the sale of PPI to my account. However further down in the letter it says
"although PPI was added to your account from your request (online) I notice your income stated on your application suggests you werent earning enough to be paying National Insurance. this would affect your eligibility so please send confirmation of your NI status at the time PPI was sold and I`ll review the premiums charged".

Firstly, I DO think it was mis-sold to me as from what letter is saying is that I would not have been eligible to claim if I needed to. Is that right??
So the person dealing with my request would have SAW my income and STILL went ahead selling me a policy that they KNEW wasnt any good. Surely that is treating a customer unfairly?
Regarding PROVING what my NI staus was at that time, should it be up to me to send a copy of my p60 for ? They went ahead with issuing me with a cc and a policy on the basis of what little I earned. Is there any point continuing? We are only talking approx £200 anyway. Thanks in advance.

m.colak

Have you ever had one of those days well i have and it was yesterday. Just a quick update had been kept waiting on a verdict by halifax on if i was entitled to a refund of PPI and had waited over 8 weeks. The final straw was yesterday i finally received there three page explaination on why i was not going to receive any money and i can gaurentee it was a previously wrote letter with just my points added. Best one was that had informed the FOS last week after i had upset at constantly being fobbed off by the halifax and they agreed that i had a case, all i needed was to sign a form to allow consent for them to proceed. I thought great this could be settled by christmas. Wrong :mad: unfortunately what isn't posted on any web site is that the FOS and even Moneyclaim online utilise Second Class postage add the fact of the recent postage strike, and lets it put it this way, have been waiting a week for the consent form already and it could be longer. Just thought evrybody would like to know this as previous i didn't. Having approached Moneyclaim and FOS seperately about this issue they have informed me that it is their standard policy and if you require it back faster then you have to phone to inform them or include a pre paid envelope.

Wonderful world isn't it

Matt

annab_3

Can anyone advise :

We took out a 2nd charge exactly 1 year ago through a broker called Loan Line Ltd off the internet.

Having recently reviewed the paperwork we have realised we have an Insurance Policy that we paid a staggering 8,343.00 for and was added to the loan balance?

Trouble is we were not told that pre-existing conditions were excluded, and my husband is on DLA !! We were also told that as our loan carried a cashback scheme of 10k after 10 years subject to terms and conditions of course, we only needed the policy for 10 years!!

We feel we have totally misled with this policy.

Our loan is through Paragon Finance, who have told us to go back to the Broker?

Anyone had any job claiming back through a broker?

Any advice would be grateful.

Anna

sian-c_2

hiya, please bear with me if this all sounds complicated!
we took out a loan with first plus in early 2005 and shortly after that for some reason i cannot remember increased the loan to £53000 and felt pushed into taking the ppi. I was made to feel that we would be refused the new loan if we didnt take the ppi after talking to a member of their staff who stated that we needed to have sufficient insurance if either of us were out of work. (even though i had stated we had sufficient funding in place for my husband) He then went on to sell it by saying we would get a refund of £14000 if we didnt claim after 5 years. Only seeing money at the end we signed what was sent and took the loan and ppi.
I have since beeen found to have a medical condition called fibromyalgia, which makes it impossible for me to continue in my job ( after 8 months on sick my contract was terminated) I then spoke to the claims dept at first plus who then informed me that i was only covered for death not the critical illness i had been informed of when i bought the loan. Since then our loan has increased by £150 in 12 months due to interest rates. I have even looked at a price of settling the loan which the price increases each month because they added the ppi of £14000 to the loan so what stared out as a £53000 loan is now coming out at £71000 to settle!!!
The staff at first plus are awful, not in the least bit helpful. Do i have a case to claim for mis-sold ppi? im not sure due to the claim back option but i thought i was covered when i wasnt. Help!!!
many thanks in advance!
sian

bridget-jones_5

bridget-jones wrote: »

TwinsMum wrote: »

You are right in thinking we dealt directly with Worst Plus. The salesman was that interested in telling us we would get our PPI back after 5 years that he failed to point out just how useless this policy truly was. In their reply to our complaint letter they even stated that my hubby was eligible for the policy but due to his medical condition he wouldn't have been able to claim. Call me stupid but isn't that the main reason PPI is taken out??
Anyway keep your chin up and will keep you posted.

Just received letter this morning from Worst Plus offering us £5187.62 in addition to the original £619.44 which was paid off when we settled the loan.
I have sent a reply letter stating that as the original policy was £13950 we have asked them to reconsider their offer and suggested £8500(without prejudice) would be much nearer the mark. I dont think we are being unreasonable. They now have 2 weeks to reply and if we don't hear from them we will pass our complaint back to the FOS.
Will keep you posted-Wish us luck

flipflop7

Hello there all.
I was just wondering if anyone has any idea of how long it takes to get a response to the 1st letter (formatted from the template)?
I have written to HSBC regarding the PPI which i believe i have been missold and also said that I wish to cancel the PPI on my loan but have not had any response yet...I send the letter out on the 31st October.
How long should I wait before sending out the same letter again (and this time maybe a copy to the customer services to see if that helps?)
Many thanks!!

fedupwiththeworry

I felt I had a case with my egg credit card because I couldn't actually remember if I'd ticked the box on the online application or not (in 2003), in any case they knew I was self employed.

They've responded by saying that I'd ticked the box and sent a copy of the online review, not the actual application which merely shows the fact that the cover is there, not that I'd ticked the box. They also go on to say that I'd had confirmatory documents and could have cancelled at any time etc etc.

Is it worth sending the 2nd template letter as I can't prove anything either way ?

fedupwiththeworry

Hi Flip flop,

Personally I've had some companies respond within 7 days saying that the complaint is being looked into, and others not responding at all even after several weeks.

Myself, I'd give it until the end of the month and then send the 2nd template letter.