PPI Reclaiming successes and failures

themass

Sounds to me like they were, you did pay upfront it was added to your loan.

boycey01

themass wrote: »

Sounds to me like they were, you did pay upfront it was added to your loan.

Oh right, thanks for that

I thought all loans were sold like that though??
Because all mine were!

smitchy73

boycey01 wrote: »

Thanks

Do you know what front loaded PPI is? I'm not quite sure

A front loaded PPI policy is where you have a loan for say £5000, and they add on ppi for say £1500, so therefore you're 5000 turns into a 6500 loan, plus you pay interest on both parts for the duration of the loan, as one of the posters just said above, their cover lasted for 5 years on the ppi policy but their loan lasted for 10 years, so therefore they were paying an extra 5 years of interest.
The banks should've been supplying (IMO) regular premium ppi where you pay say £20 a month for the insurance cover, like you would with life insurance, but that way they don't make much money!

Front loaded/single premium ppi was one of the biggest mis-sellers, but as many people have said it's not a bad product but if there were exclusions like medical, being self employed(in some cases) or having pre-existing cover through work or from elsewhere the policy is no use to you and you're paying for something you may never be able to claim from.

Hope this helps a wee bit and good luck.

Sonnyboy_2

I sent off a letter to Santander just over three weeks ago to see about claiming PPI mis-sold to me on two loans I had running since 2002. They were aware I was self employed when I applied for the loans. I received a letter last Friday (my birthday) offering me £2335. I am overjoyed as this now has paid off a credit card I was struggling with. I have now sent off four more to other Credit cards and store cards. Wish me luck:j

boycey01

smitchy73 wrote: »

A front loaded PPI policy is where you have a loan for say £5000, and they add on ppi for say £1500, so therefore you're 5000 turns into a 6500 loan, plus you pay interest on both parts for the duration of the loan, as one of the posters just said above, their cover lasted for 5 years on the ppi policy but their loan lasted for 10 years, so therefore they were paying an extra 5 years of interest.
The banks should've been supplying (IMO) regular premium ppi where you pay say £20 a month for the insurance cover, like you would with life insurance, but that way they don't make much money!

Front loaded/single premium ppi was one of the biggest mis-sellers, but as many people have said it's not a bad product but if there were exclusions like medical, being self employed(in some cases) or having pre-existing cover through work or from elsewhere the policy is no use to you and you're paying for something you may never be able to claim from.

Hope this helps a wee bit and good luck.

Yes that does help, thanks

I had a 3 year loan and the other was 3 years and 6 months so I assume the PPI covered the full duration of these loans. How do you know if the cover runs out before the loan or if it runs full term?

shellbo10

I have posted previously about the claims mangement company who are dealing with my HFC claim and this is since last Aug.
So today I rang HFC my self whovery kindly gave me the number for the PPI claims dept . It is 0845 602 3793 for any one else who has an on going claim with HFC/Beneficial/Household Bank.
I told them that Key Financial had given me no updates or info, so they told me that it is being investigated and a letter will be sent to me i had 2 ppi policies with 1 loan that I paid off in 2005.
They also gave me a personal reference number.
Fingers crossed Well done to all who have had success

di3004

Sonnyboy wrote: »

I sent off a letter to Santander just over three weeks ago to see about claiming PPI mis-sold to me on two loans I had running since 2002. They were aware I was self employed when I applied for the loans. I received a letter last Friday (my birthday) offering me £2335. I am overjoyed as this now has paid off a credit card I was struggling with. I have now sent off four more to other Credit cards and store cards. Wish me luck:j

What a lovely surprise for your birthday!:T Happy belated Birthday wishes and Congratulations!:beer:

di3004

shellbo10 wrote: »

I have posted previously about the claims mangement company who are dealing with my HFC claim and this is since last Aug.
So today I rang HFC my self whovery kindly gave me the number for the PPI claims dept . It is 0845 602 3793 for any one else who has an on going claim with HFC/Beneficial/Household Bank.
I told them that Key Financial had given me no updates or info, so they told me that it is being investigated and a letter will be sent to me i had 2 ppi policies with 1 loan that I paid off in 2005.
They also gave me a personal reference number.
Fingers crossed Well done to all who have had success

Good one Shellbo and the very best of luck.:T:T

amersall

donda wrote: »

Di
Will try track it down as well, if i find out will let you no, also would like to say that without people like you and amersall i wouldnt of had a clue what do. YOU ARE BOTH BRILLIANT MANY THANKS AGAIN TO YOU BOTH.

Aww, now i am blushing :o:o thank you so much.
We aim to please and DI is brill xxxxxxxx

amersall

jools35 wrote: »

• What were you reclaiming: Secured loan ppi
• Who was the provider: Black Horse
• How much did you get back: £5474.26
• Did you get it back after a letter or did you go to the Financial Ombudsman: Letter direct to lender
• And then write your brief reclaim tale

I completed the FOS questionaire that is on this forum and sent it with a covering letter explaining that I was told by the advisor that I MUST take the PPI cover or I would not be approved for the loan.

I sent this in October 2010 - Complaint put on hold throughout JR. When banks lost this I called weekly for update and then eventually emailed the CEO of LLoyds (got email address from very helpful people on here ).

3 weeks ago my complaint was upheld, I got an acceptance form sent to me to sign and return, which I did 2 weeks ago. I was told I would get payout within 8 weeks, so very surprised to get this letter today with calculations. Cheque should take 7 days.

I am so very, very grateful for all the information and advice I have found on this forum and for the many people who have answered my questions. You have all made this very easy indeed. :T

Thank you!

:j:j:j Ab Fab well done:beer::beer: