PPI Reclaiming discussion

petermb_2

You will get this more and more now.
As the mis-selling of ppi becomes a louder noise the lenders will utilise various ploys to fob off and confuse.

So lets clear a few things. Unless your broker or whoever arranged your loan recommended ppi on a stand alone basis, it will be the lender who will have made the arrangement with a third party insurance provider.

In such an instance it is specifically the lender who is then acting as your agent for the insurance and your broker merely an introducer.

As your agent the lender has resposibility to you, which in the vast majority of cases is ignored, to their cost.

FSA principles are irrelevant here.

Therefore in most cases you will have a litigimate claim against them for redress.

The legal solution for most single premium policies will be the full premium amount deducted from your account plus interest and possibly compensation.

In the case of monthly payments, the return of all premiums paid plus interest and possibly compensation.

If you get turned down regarding mis-sell, dont be put off.

Steviek_2

I have written the template letter asking for money back for a single premium payment of £9000 plus interest on a loan which was repaid in 12 months they have told me no mis-selling no money back so I have reported them to the FOS

lg74

fernando_vaz wrote: »

Still desperate to get the ball rolling - can anyone help me with this?

if you look at the reclaiming PPI information on this website, it gives you all the templates to use if you havent got any information or documents. It also gives you all the letters for the next steps once you have the details so you can see whether you fit into the 'mis sold' categories or not.

Hope this helps

lg74

Hendrix_lennon wrote: »

I've noticed that several companies appear to have sprung up from nowhere claiming they can help you reclaim your PPI.
No smoke without fire as they say.
Looks like Martin has uncovered yet another scam by the financial sector to rip of consumers.
The guy is an absolute champion.

Like most people I'm still unsure whether I qualify to reclaim or not.
Until there's a flood of succesful reclaimers helping people along I guess it's going to be a long time before people know exactly what they should be doing.
I'll be keeping an eye on this forum and hope it all becomes a bit clearer for me.

You could have a look at the successful claims section on the Loan forums, that might give you some more information and ideas about successful claims. I posted mine on their last week - successful claim with Lloyds!!

sc0tsman

Quote from GE Money

In regard to the comments you have made in relation to the recent breach of FSA principles this account and the administration is dealt with by GE Money Home Finance Limited. The insurance administration is dealt with by Genworth with no connection with the recent ruling made against GE Capital Bank. GE Capital Bank is a separate company from GE Money Home Finance.

I would advise you that Credit Link sold you the policy, therefore any questions about the quality of the sale will need to be taken up with them directly

Is this a satisfactory response for my 2nd letter?

Dear Sir or Madam,

Re: Account number: xxxxxxxxxxxx

I am writing in response to your letter dated 16th November, with regards the insurance sold with my loan Your reference is xxxxxxxxxxx.

To date, I have not received a satisfactory response from you with regards this matter so I am writing again to request a full refund of the premiums (£2700+), subsequent interest that I have paid on these premiums and the 8% statutory interest that a court would award. If I have not received a satisfactory response from you within 14 days I shall be taking my complaint to the Financial Ombudsman.

As I have only dealt with GE Money in respect to my loan and as the PPI was a "single premium policy" it would have been you the lender who would have made the arrangement with a third party insurance provider.


Yours faithfully,

edit: This was a loan I had taken out for £18000 and after making 1 years payments of around £2500 I still had a final settlement of just under £22000 inc PPI, so all in all I have paid about £6500 for 1 year.

Zacky_2

Hi Everyone,

God reading this is enlightening, we borrowed £88000 from Picture ( now i wish i didnt ) we mistakenly took the PPI out totaling £22000!!!! we were not advised this cover expired after 5 years but your repayments will remain the same for the remaining 20 yr term!!! also our sales agent was calling me directly from his own mobile phone!! advising me of the progress of our loan?!!!? I Cancelled the PPI after 12 months because i could see we were being ripped off...they gave us a rebabte of £2000 which was taken off the balance of the loan however i am still paying £20000 of cover i did not need!! we both work for the Gov and the package we get is great, nor were we advised we could obtain cover independantly....

I want to know if you think i have any real chance of claiming anything back..i have spoken to them a few times and been fobbed up about the policy and ive seen a few quotes from other Picture mugs quoting similar lines...

Any help would be great thanks

Zacky

michellew_2

I would say yes Zacky as
a/ you werent told the cover only lasted 5 years
b/ you werent told you could get independant cover and didnt have to take theirs out

I'm no expert but from what I've read you have a case

petermb_2

£2000 is not enough.
You are entitled to a full refund of the £20,000, albeit deducted from your loan plus interest plus hopefully compensation.

cazziebo

Peter - many thanks for this.

Briefly - I had a loan from First National/GE Money for double glazing. Their response to the first letter is that as Living Design sold me the loan, then I have to raise the complaint with them.

Are you saying here that I should go back to GE Money and say their response is not satisfactory, and that I am pursuing them for mis-selling?

petermb wrote: »

You will get this more and more now.
As the mis-selling of ppi becomes a louder noise the lenders will utilise various ploys to fob off and confuse.

So lets clear a few things. Unless your broker or whoever arranged your loan recommended ppi on a stand alone basis, it will be the lender who will have made the arrangement with a third party insurance provider.

In such an instance it is specifically the lender who is then acting as your agent for the insurance and your broker merely an introducer.

As your agent the lender has resposibility to you, which in the vast majority of cases is ignored, to their cost.

FSA principles are irrelevant here.

Therefore in most cases you will have a litigimate claim against them for redress.

The legal solution for most single premium policies will be the full premium amount deducted from your account plus interest and possibly compensation.

In the case of monthly payments, the return of all premiums paid plus interest and possibly compensation.

If you get turned down regarding mis-sell, dont be put off.

HELEN1_3

Hi
After listening to GMTV I thought I had a claim for my insurance back from Northern Rock, as I was not asked about medical conditions and then when I did try and claim in January this year, they refused to pay out as they said I had had this illness before, even after my doctor wrote to them saying I had never suffered before. I wrote them 2 letters using the templates and then to the ombudsman as I was still not happy with their response. The Ombudsman has come back saying I need to give Northern Rock a chance to respond, I have now sent the omdudsman copies of everything and am still waiting for a response. The total I want back is £809 plus interest, but I am not holding out much hope here, even though the insurance is obviously useless and Northen Rock are making up their own rules.