PPI Reclaiming successes and failures

amersall

AngloTaffy wrote: »

Hi,
I don't know if I'm on the right forum section for this enquiry as I'm still new to all this, so apologies if I am & here goes:

I wrote my 1st post on here last week explaining how I was going to attempt to reclaim what I believe to be mis-sold PPI on secured loan I currently have with Loans co.uk/GE Money;
Because it's a relatively large loan & my monthly repayment is £390 I didn't want to be without any cover at all so wanted to cancel the existing, expensive & 'frontloaded' PPI that was built into original loan & replace it with a cheaper monthly option.
I applied for an income protection policy with Cardiff Pinnacle which would have been just £23 per month but just yesterday got a reply from them to say I hadn't been accepted (this despite me taking out a new mortage protection plan with them just last month & my circumstances not having changed at all!?)

Anyway, just wondering if anyone could recommend any alternative, reputable providers for the same?

Many thanks

Hi there, think you have a chance of winning this, the fact it is front loaded and you repay this over the term of the loan with interest is the major reason.It is not worth cancelling this ppi as you only get a small rebate and the ppi is still on your loan (and you are not covered anymore!) untill the end of the term with interest.With regards to you being turned down for cover by pinnacle, i would do as di suggests and ring them and ask them why.

evie_g_2

di3004 wrote: »

evie_g wrote: »

Hi evie
Sorry to hear this.
But do not back down and yes complain t the Financial ombudsman service (FOS).
Did they confirm this was the final decision and enclose the leaflet details of the FOS, they must do this first then you complain to the FOS, but otherwise ask them to reconsider and state that you do not agree with their findings.

I understand what you received is totally standard, we all have to sign and receive terms and conds, but there are still reasons they have overlooked despite being sent them.
Keep at them evie.

If your to make the complaint to the FOS now, you can do this online by down loading and print the FOS complaints form, or you can ring them to arrange for them to send on in the post.
Remember as well to enclose "copies" of your letters received which includes the final decision and any of your evidence (in copies) to enclose with the complaints form.
http://www.financial-ombudsman.org.uk/consumer/complaints.htm


Good luck, please keep us posted.;)

Hi Di,
I have contacted the FOS who are sending the form out to me as MBNA say that this is their final word. They said all the same things to me that they did to Trev so it's obviously a stalling tactic.

di3004

evie_g wrote: »

di3004 wrote: »

Hi Di,
I have contacted the FOS who are sending the form out to me as MBNA say that this is their final word. They said all the same things to me that they did to Trev so it's obviously a stalling tactic.

Hi evie

So your already well prepared then, that's good.
Fingers crossed.;)

Lammytrev

di3004 wrote: »

evie_g wrote: »

Hi evie

So your already well prepared then, that's good.
Fingers crossed.;)

Thanks everyone for the help, good luck Evie. I spent some time this morning completing the FOS complaint form & submitted by email with the MBNA letter & my original claim form to MBNA. Interestingly MBNA say they are going to send me a summary of the PPI costs i've incurred so as soon as that arrives that can go to the FOS aswell.
I'll keep everyone informed
Thanks again
Trev

ageing_biker

hi, I had a loan with mbna in 2001, it was for £5000 over 4 years so it finished in 2005, the repayments including ppi were £155 over 48 months = £7440 how much or this would be ppi and does anyone think I should claim, thanks, john

di3004

Lammytrev wrote: »

di3004 wrote: »

Thanks everyone for the help, good luck Evie. I spent some time this morning completing the FOS complaint form & submitted by email with the MBNA letter & my original claim form to MBNA. Interestingly MBNA say they are going to send me a summary of the PPI costs i've incurred so as soon as that arrives that can go to the FOS aswell.
I'll keep everyone informed
Thanks again
Trev

Good luck Trevor.;)

di3004

ageing_biker wrote: »

hi, I had a loan with mbna in 2001, it was for £5000 over 4 years so it finished in 2005, the repayments including ppi were £155 over 48 months = £7440 how much or this would be ppi and does anyone think I should claim, thanks, john

Hi there

If mis sold the ppi for any reason, then give it a go, and because it settled, you should if successful receive all your refund you have paid and interest.

All you do is complete the reclaiming questionnaire, this replaced the reclaiming letter template on this site, remember to keep a copy in case you need to refer to it at some point, they have 8 weeks to give a decision and sometimes they may ask for more time - and supply you with a date of when you should hear of a decision.

You will find the questionnaire here as stage one:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

You can also enclose a cover letter with your own words as well if you want to - in casw you have further info to give to support your reclaiming complaint.

I also think its best to post by recorded delivery as well, this is your proof of posting.

Check the checklist to see if any of the mis selling reasons apply to you too, and also just to state it does not matter if the account is active or settled to make a reclaim.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#checklist

Good luck, ask for help if required.

ageing_biker

thanks for the quick reply di, I arranged the loan by phone and remember asking if I had to take the ppi, the salesperson wouldnt give a straight yes or no but said what if you are ill or lose your job, I got the impression that taking the ppi would help me get the loan, cheers john

di3004

ageing_biker wrote: »

thanks for the quick reply di, I arranged the loan by phone and remember asking if I had to take the ppi, the salesperson wouldnt give a straight yes or no but said what if you are ill or lose your job, I got the impression that taking the ppi would help me get the loan, cheers john

Your very welcome John

You do have a point here and not only that maybe you could have purchased your own stand alone protection to cover the loan, if they gave you that chance to do so.;)
They obviously did not discuss that option with you, so give it a go.

You could ask them for a copy of the telephone conversation, by writing to request for this on a separate letter.

Good luck.

Di
X

tg916

What were you reclaiming:loan
Who was the provider: Lloyds TSB
How much did you get back:approx £1480
Did you get it back after a letter or did you go to the Financial Ombudsman: 1st letter and template

Hi and a big thanks to all on the site. Stumbled across this only last weekend and thought i shall just give it a go. I sent the template and a covering letter to Lloyds on wednesday(recorded) and thought give it a few weeks and see what happens. anyway on saturday morning recived a letter from Lloyds saying that they are upholding my complaint and will refund all payed premiums in full plus 8% intrest.
I can't belive how quick and easy it was. so just have to return a letter and wait for the money:beer:

Thanks again
Lee