PPI Reclaiming successes and failures

kelzo

Hi all, I have already posted in the wrong place but i think i'm here now. Please could someone advise me on whether i may have a claim. I will keep this as brief as possible. Basically i took out a loan for £14000 in 2008, joint loan (myself and husband) loan was arranged over phone by myself. When it came down to the nitty gritty of ppi, i was weary as my husband is self employed and i'm aware that a lot of insurances will not payout if self employed. Anyhow the advisor reassured me that my husband would still be covered, so i chose to go with it she also said that the ppi will be in my husband's name only as he is the main earner. To be honest i felt she had a valid point as my earnings are very low, so i proceeded.It was only after reading posts on this wonderful site that i realised something doesn't seem right, also with the self employment issue my husband would have to fold his business and inform inland rev before he could even make a claim, this wasn't explained to me, and yes i know i should have read all the small print when papers arrived in the post, i have been so stupid.

di3004

janeymal wrote: »

Hi,
Apologies if this is not the right place to post this, this is my first time on the forum.

I currently have a PPI reclaim going ahead with RBS. I am becoming increasingly disappointed in them and their time taking to be honest. I just wondered if anyone else had any experience of dealing with them and what time scale they may have taken in the past? They have had my claim since the 12th October and although I have received confirmation that its being dealt with whenever I ring them they just say it is ''waiting to be worked on''....incredibly frustrating as i have been told this now for a number of weeks. I was thinking of emailing the CEO to see if this would speed things up as this money would make a world of difference to us this christmas.

Many thanks in anticipation of your help :-)

Hiya

Sorry to hear this and hope its sorted well in time for christmas, good luck.;)

Email details of CEO here:
[EMAIL="Stephen.Hester@rbs.co.uk"]Stephen.Hester@rbs.co.uk[/EMAIL]

kelzo

Please can anyone offer advice????

di3004

donda wrote: »

Am still waiting since 9th oct, think there playing for time . Eight weeks is up on 4th Dec so we will see:eek:

Good luck Donda.;)

di3004

kelzo wrote: »

Hi all, I have already posted in the wrong place but i think i'm here now. Please could someone advise me on whether i may have a claim. I will keep this as brief as possible. Basically i took out a loan for £14000 in 2008, joint loan (myself and husband) loan was arranged over phone by myself. When it came down to the nitty gritty of ppi, i was weary as my husband is self employed and i'm aware that a lot of insurances will not payout if self employed. Anyhow the advisor reassured me that my husband would still be covered, so i chose to go with it she also said that the ppi will be in my husband's name only as he is the main earner. To be honest i felt she had a valid point as my earnings are very low, so i proceeded.It was only after reading posts on this wonderful site that i realised something doesn't seem right, also with the self employment issue my husband would have to fold his business and inform inland rev before he could even make a claim, this wasn't explained to me, and yes i know i should have read all the small print when papers arrived in the post, i have been so stupid.

Hi there

I would give it a go with your reasons and many of ours even though it was joint loans, only my hubby was protected, even though he was not eligible to make a claim on some med issues etc.

Complete the questionnaire and send to whoever set up the loan from the start, (head office) remember to keep copies of all you send and receive in case you need to refer to this at some point.
They normally have 8 weeks to give a decision, good luck.
Reclaiming questionnaire on below link, this replaced the template reclaiming letter.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

check through the above link as well to give you more of an idea on this too, the best of luck.;)

kelzo

Thanks so much for your reply. Did you have any success with your reclaims?. Also really sorry but i wonder if you could advise me further with another worry with reclaiming. I phoned the bank the other day to try and cancel this useless insurance but they explained that as the policy is in my husband's name, they would only discuss matters with him. Now i'm certainly no genius with financial issues (i think thats been made obvious) but my husband is a very poor communicator and will find it very difficult to explain his issues, everything is left to me, it is so frustrating. So how do i reclaim on a policy that is not in my name?, also i've just realised that for a £14000 loan i will be paying back a total of £27000, from what i can make out. I'm so confused with all this, my head is swimming.

di3004

kelzo wrote: »

Thanks so much for your reply. Did you have any success with your reclaims?. Also really sorry but i wonder if you could advise me further with another worry with reclaiming. I phoned the bank the other day to try and cancel this useless insurance but they explained that as the policy is in my husband's name, they would only discuss matters with him. Now i'm certainly no genius with financial issues (i think thats been made obvious) but my husband is a very poor communicator and will find it very difficult to explain his issues, everything is left to me, it is so frustrating. So how do i reclaim on a policy that is not in my name?, also i've just realised that for a £14000 loan i will be paying back a total of £27000, from what i can make out. I'm so confused with all this, my head is swimming.

Hiya

Your very welcome.

Personally what I would do is write a letter and get your hubby to sign as well as yourself, you need to declare your doing this also on his behalf too.
If I remember rightly both myself and my hubby signed a joint letter, and yes we were successful.
However, when I say successful, the loan ppi's were all upheld after they only gave an offer, as we wrote back and did not agree with the offer and stood our ground that the policy was mis sold with the reasons we gave them.

When it came to the credit card ppi, these were resolved in the end but by the Financial ombudsman service (FOS), so in my opinion the loan ppi were easier to deal with than the credit card ppi lol, but at least we got there in the end.;)

So when it comes to cancelling, write a letter on your hubby's behalf and as long as he agrees with it, then he should "also sign it".

Does this help at all?

kelzo

It does, thanks again so much. Will keep you informed.

di3004

kelzo wrote: »

It does, thanks again so much. Will keep you informed.

That's cool, and remember to keep everything in writing, even when cancelling, and keep copies of all you send and receive as well, good luck x:D;)

amersall

kelzo wrote: »

It does, thanks again so much. Will keep you informed.

Hi there, please dont cancel this insurance!! wait until you find out if you have won mis sell. When you cancel ppi the loan is reset without ppi and your term and apr goes up.