PPI Reclaiming discussion

mullion1969

i have been trying to reclaim my mums ppi with interest is a total of £6998.00 and added to her loan barclays have today phoned and said as a gesture of goodwill they will refund monies paid and will restructure her loan using her refund ,well do i accept or go to the ombudsman as i know my mum could use the money back into her bank account ,and i told them she is out of pocket as the money used to pay her ppi over the years could of been in her bank earning interest DO I HAVE TO ACCEPT THIS OFFER,she also had two loans paid off which i wouldnt chase up if they refunded this into her bank as she would be happy enough at that

Pastureman

Hi, can anyone help.
I took a loan out with Nemo personal finance about a year ago. I borrowed £12000 over 10 years along with £2370 of PPI. I wasn't told that the PPI would only cover half the loan term and that I'd be paying interest on it. I was told it was just a £29.50 a month payment to cover the loan. After listening to Martin on Radio 2, I called Nemo to cancel my PPI. I received a letter telling me how much I would expect as a rebate. I took this to mean them repaying the 11 months or so of PPI I had paid. But since then I have realised that my repayments have hardly gone down, certainly not the £29.50 i was expecting. When I spoke to Nemo I was told that I had been rebated the PPI and I should read up in the booklet that I was given. It turns out that the rebate I was given was 14% if the original £2370 and that I will still be paying this off until the end of the loan. Is this right???

Please help!!!!!!

tiggrae

norm79 wrote: »

I ahve just had a reply from HSBC Card Services saying that the PPI was suitable. They said it was good for anyone working 16 hours or more, which was what i stated in my letter i was not. They also said they may look at it again if I can prove i was a student. Is it worth sending a letter back to them or just move on with the complaint?

Thanks in advance

to make a complaint to the Financial Ombudsman you have to have received a 'final response' letter from your provider. Therefore, I'd write back with a copy of anything that will prove you were a student as at the moment your complaint with HSBC is still open.

tiggrae

worrygirl wrote: »

Hello can anyone help - can you reclaim over the 6 years?? I have found details of an 8k loan i took out in sep 2001 with PPI and was just wonderin gif it would be worth trying? the loan stoped in 2005?

Hi as far as I'm aware it's not when you took out the loan that counts, it's if you've paid premiums in the last 6 years - you may not get the premiums back which go over the 6 year limit but those you've paid in the meantime you should get back - this is if your claim is upheld

tiggrae

lillymay1975 wrote: »

Hi all

well i have had one hell of an afternoon, looking for all paperwork regarding HFC/Household bank/Hamilton Insurance? what ever the hell they are called, this is what i have found:
3 lots of cover PPI for hubby not me strange?

1. £1033.10 + £1751.78 = £2784.88 but then charged interest at 23.9% so a further £2645.72 was added, that's the big PPI that crippled us and we nearly lost or home due to Household taking us to court.

2. one at £426.96, then £612.72 @ the rate of 27.7% apr

I cannot believe what we have done, we borrowed after them pestering us over 3 years around 15,000 when they took us to court and we had to re-mortgage we paid them around £23,000 which was thousands in PPI by the look of things?

I am on a mission they caused uus so much heart ache and still are really with debt, i am gonna get these, if i can? cana i get them, we paid the loan within 18 months of taking the loan out and the PPI so can we? please someone advise if we can ????

Hi I'm taking it you want to reclaim back the ppi element because you paid back the loans early and didn't get a rebate on the ppi - if so then the FSA - Financial Services Authority have stated these 'no refund' contract terms may be unfair under the Unfair Consumer Contract Terms Regulations 1999. Go onto the FSA website - type into search ppi and the 5th or 6th item on the list is the FSA ruling on the refund of single premium ppis

sussexsimba

i have just recieved a response from barclays after 5 weeks telling me they will not refund the £1,800 i have so far paid as they state i knew the terms when i took out the loan even though i have been led to believe having the protection would secure the loan application plan to keep pushing this matter as they have mislead me

yraunaj

Hi can anyone tell me if I should accept this offer from Egg for PPI insurance claim. The loan taken out Jan 05 £5000 over 48 months loan protection £959.80. The letter says We have attempted to retrieve the call when you were offered PPI , unfortunately the tape has been corrupted and we have been unable to listen to this. Therefore a business decision has been taken to refund the PPI with interest as a gesture of goodwill without admission of liability. Please find enclosed a cheque for £324.75 this being the remaining premium of £292.83 plus interest of £31.92. I have now paid of the loan in full. Thanks.

Shinty

I have had a store card since 1991 and have only just realised that I have been paying PPI all this time.

I have followed step 1 and got a copy of the original T&Cs which only had the credit agreement and not mention of the PPI.

I therefore submitted a reclaim letter claiming I was mis-sold the PPP as I was not give the correct information at the time I 'purchased' the policy.

Below is a summary of the reply I received.

1. From 1988 to 1993 the company operated an opt out PPP scheme. This meant that a customer participated in the scheme gaining protection in the event of unemployment unless they opted not to be included.

2. In 1988 to 1993 customers were asked if they wanted to opt out of the PPP scheme on a monthly statement, filling in an returning the appropriate section of the statement. Otherwise PPP payments would apply.

... the company is satisfied that I would have had the ability to opt out but that I never did. Also has the PPP payment have been taken from my statement since 1991 why has it taken me so long to complain, alleging that I never wanted the PPP. And, as I was claiming all of my PPP payments they state that a claim of this nature had to be made within 6 years and I 'therefore clearly out of time'.

To clarify things they have stated that
For the avoidance of doubt I would not have been offered and would not have positively had to accept PPP because at this time they operated an opt out scheme whereby you were required to positively opt-out of PPP if you did not require it.

The way I read this is that they admit that I did not get a chance to make an informed decision on PPP and hence surely this has been mis-sold.

I'd appreciate anyone's feedback on the 6 year time limit and any suggestion as to how, and if it is worth, responding to this.

Thanks in advance :-)

deb27_2

I am trying to reclaim PPI on old loan 1998-2004. Unfortunately I no longer have the paperwork. I have asked Barclays to supply but they say their records do not go back that far and they cannot help. Does anyone know where I should go from here?

petermb_2

Barclays will have to keep documentation on loans and agreements fro a minimum of 7 years for inland revenue purposes. To say they no longer have it from 2004 is pretty dubious.

I would make it official. Send them a subject Access request under the data protection act. Enclose with it a cheque for £10. The bank then has 40 days to respond.

Have you worked out how much you have paid them since 1991?