PPI Reclaiming successes and failures

bettybr

What were you reclaiming: PPI on loan
Who was the provider: Natwest
How much did you get back: £2020 but no interest
Did you get it back after a letter or did you go to the Financial Ombudsman: 2 letters

We always knew that we were incorrectly sold the PPI on our Natwest loan when we were desperate and we we're told we would not get the loan without insurance. Just assumed until I found this site that there was nothing we could do about it, especially as we paid the loan off in 2004. We had one letter from Natwest asking for more info and then 5 weeks after our original letter they offered exactly half of the premium that we had paid which we didn't accept. They then offered to refund all the PPI but would not budge on the interest which would have been a lot as they added all the PPI to the beginning of the loan. We didn't want to risk losing all the money so we accepted as we were unsure about the timeframe issues. Have to say they were very professional (apart from mis-selling us overpriced insurance we didn't want in the first place!) but wish we could have got the interest back as well!
We're so glad we found this article on the MSE site. Thank you :T

Happy Christmas :santa2:

lozza1974

Hi all.
Here's my situation....
Took out a loan for £17500 in March this year for my new car with Alliance & Leicester. In October I wrote to them asking for the PPI on my loan to be cancelled and the money refunded from March onwards as I believed I had been missold the policy. I used the template letter from this site.
Got a reply at the end of November from A & L saying that, after investigation, they did not concur with my view that I had been missold the policy and therefore would not be refunding any money. I then wrote them a fairly strong letter back stating that I was prepared to go to the Ombudsman and the Small Claims Court if necessary to retrieve the money. i also threatened to close my A & L bank accounts and switch my loan and mortgage with them to another provider unless they paid up.
End result? Got a letter from this morning offering goodwill gesture of £341.07!! Very pleased, couldnt have done it without help from this site.
My advice to anyone looking to reclaim PPI is not to give up. If they fob you off at first, persevere as i did and you will get what you want in the end.
Good luck to those doing this and thanks to everybody on this forum for their advice....oh, and a very merry Xmas...it will be for me now!! :beer:

gt568

£7049 back from NatWest

• What were you reclaiming: Personal Loan
• Who was the provider: NatWest
• How much did you get back: £4370ppi and £2679 intrest
• Did you get it back after a letter or did you go to the Financial Ombudsman: Several letters

Took out a £19000 personal loan in December 2001 with a single premium policy of £4370. The bank manager pressured me into taking the ppi and essentially said that I had to take the ppi to get the loan. Sent template letter 1 off (adapted to my needs) and then got a letter asking me to cancell the ppi which I did. Throughout this process I got several letters asking for more time. At the expiry of the 8 week deadline I recieved a letter asking for 2 more weeks. at this point I sent this letter:

my address

bank address


I am extremely disappointed that since my original letter dated the xx xxxxxx 2007 you have been unable to satisfy my complaints. In order to refresh your memory I shall briefly summarise again why I was mis-sold this policy:

- Your salesperson implied that taking out the policy would assist my credit application.
- Your salesperson was very pushy in selling me the policy and that I felt I could not say no.
- Your salesperson implied that taking out the policy was essential for me to get the associated credit even though I informed them that I felt I did not require the cover.

When I took the loan with your company, I was lead to believe by your company/representative that it was part of the conditions of the loan. I have thought that for the last five years and more. It has only become apparent to me after the recent coverage by the media, and following the recent OFT and FSA investigations regarding the mis-selling of PLI by finance companies. Regarding the loan with the PLI applied, I believe I that I have been gravely mis-led and have been mis-sold this expensive insurance that I did not need or want. At the time of this application I was enduring financial difficulties and being my main bank account of this you were well aware. I am frankly shocked that you have operated my loan account in this way as I had always reposed confidence in your integrity and expertise as my fiduciary.


Your responsibilities:

I would like to draw your attention to the terms of the contract that you agreed to at the time that I opened my account. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner that complies with UK law.


Firstly, I understand that at the time I entered into the loan contract with you your bank was running an incentive scheme to encourage your employees to sell PPI schemes, as were several other High Street banks. This information was posted on a public website in September last year:


SECRET documents leaked from two major banks show how bosses get their staff to sell big loans and the profitable insurance policies that go with them. Commission tables for the RBOS and NatWest reveal a score system in which bank workers amass disproportionally more points for selling larger loans and for those sold with insurance - sparking fears that inappropriate products are being pushed.

In-branch customer service advisers are able to earn a quarterly bonus of £1,200 if they consistently reach a weekly target of about 2,700 points over three months and if their branch also reaches its three-monthly target. Staff earn 30 points if they sell a customer a personal loan of between £3,000 and £4,999, but they earn 90 points if the loan is sold with payment protection insurance - the controversial cover that is supposed to pay out if a borrower loses their income.

I was not aware of this and even if it is untrue, I consider that there was a clear conflict of interest between your fiduciary responsibilities to me and the direct selling by your employees of PLI schemes, given the very large profit margins they generate.


When I took the loan with your company I was led to believe by your company and representative that it was part of the conditions of the loan. As stated above I have thought that for the last five years and more. It has only become apparent to me after the recent coverage by the media, and following the recent OFT and FSA investigations regarding the mis-selling of PLI by finance companies. Regarding the loan with the PLI applied, I believe I that I have been gravely miss-led by your company at a time when I was facing financial difficulties and have been miss-sold this expensive insurances that I did not need or want. At the time of this application I was in full-time employment with no risk of redundancy, a fully paid salary for 12 months of sickness had a generous life insurance and critical illness insurance policies.


No attempt was made to ascertain if the product provided was fit for purpose, suitable for my needs or if indeed it at all. No inquiry was made as whether I had pre-existing insurance for accident, illness or unemployment. At no time were any rights to cancel explained. I believe you manifestly failed in your fiduciary responsibilities, your duty of care.

Secondly, I understand under the Consumer Credit Acts and following a House of Lords judgment that you are not allowed to make a loan conditional on taking PPI unless you include the costs of PPI as part of the charge for credit and not the credit itself.

You did not do this. You added it to the total for credit and then charged me further interest on the premium on top of the interest for the loan. This is unacceptable.

Finally I believe insurance contracts are contracts uberrimae fidei (contracts of the utmost good faith) which imposes on you a “duty of disclosure of all material facts because one party is in a strong position to know the truth.” Inter alia, I believe that you should have disclosed to me that the type of policy you sold me, a single payment premium, essentially made me borrow more money, rather than simply pay a monthly fee for insurance. I believe you should have made it clear to me that the policy generated large profits for you. You failed to do this. I believe that you have also therefore failed in your duty of disclosure. Your failure to disclose is misrepresentation at common law.

What I require:

Your concealment of the act of mis-selling has prevented me from asserting my right until now. I believe that there are strong grounds for action against you under common law, statute and consumer regulations.


Despite my request you have also failed to inform me of the amount of interest that was applied directly to the PLP element of my loan. I believe this to be a stalling tactic of yours as the amount is so large.


The original premium was £xxxxxx added to the loan amount on the xth Dec 2001. I presume that interest at 8.9% was added to this amount (Unless you can inform me otherwise). Interest £xxxxx Total amount £xxxxxx. The Statutory 8% interest (S69 of the County Court Act) allowed by the Courts will amount to £xxxxxx. Making the total amount payable at the Court Stage £xxxxxx.

My targets to resolve this matter

I previously wrote to you on the xx xxxxxx 2007 to ask you to refund these premiums paid together with interest equal to your APR at the time under the accepted principle of mutuality and reciprocity. You have not responded positively to this request.
I did hope that you would enter into a sincere dialogue with me about this matter and I wrote the previous letter to you on the assumption that you would prefer to do this rather than merely respond with standard letters and leaflets. To this date I have only received your standard letters asking for more time to investigate and a letter to cancel my PLI.


I am now sending you a letter before action giving you a further 14 days in which to reflect. I believe that this time frame is sufficient for a large company such as yours with its dedicated staff and departments. After that, there will be no further communication from me and I shall issue a claim through the courts at the expiry of this second deadline.

Yours sincerely,

On day 13 of my deadline I recieved a full offer of what I wanted, as a gesture of goodwill of course, to be paid into the loan and current account. I declined the payment options and said I wanted the monies paid into my current account, which they obliged.

Happy days.

ixion_2

Just wanted to thank Martin, for his help regarding loan insurance PPI. I wrote to A & L Bank and asked for the insurance money back as suggested in the template letter, got reply back saying the bank are satisfied that they acted correctly. Sent 2nd letter stating I would pursue the matter through the Onbudsman Service. Received full monies back including interest and the insurance is to be removed and a new loan agreement to be issued. By following Martin's help I have a saving of £600 and the remainer of the loan to be reduced....great and many thanks keep up the good work

amanda_d_29

FAILURE HERE!!!!


well the comitee have decided this wasnt missold so my complain rejected again.

he read transcript where the consultant did say it was optional!!

also we said no to any medical condtions that we have suffered in the last 12mths that will affect working!! well not in the last 12 mths actually never has my husbands asthma affected his working!!

also they made aware it will cover 5 years!!

but what there failing to answer in another point i made, we were never made aware that we could have paid for the cover upfront, and therefore not been charged interest over 15 years!! instead it was just included in the loan!!

i think we were in a vunerable situation desperate for the money and now, we regret it!!!

wot to do???????????????? HELP

sharon_currie

I wrote to GE money to ask for a refund of my mis-sold PPI but they say that the company who sold it was Pinnicle although I was paying the loan to GE money (which is now paid off). Do I need to write to Pinnicle now or is GE money merely passing the buck?

nsam

Reclaimed PPI using templates provided on the site.
Received a letter back from the HSBC advising they will investigate (this was 5 weeks ago).
Yesterday, received another letter saying they will uphold my complaint.
They have not incuded any interest, but have agreed to repay the full amount of PPI - the princely sum of £2800. Could not believe it!

Don't let them get away with it. Reclaim!!

Thanks Martin.

Merry Christmas!:beer:

bad_bug

sharon_currie wrote: »

I wrote to GE money to ask for a refund of my mis-sold PPI but they say that the company who sold it was Pinnicle although I was paying the loan to GE money (which is now paid off). Do I need to write to Pinnicle now or is GE money merely passing the buck?

I was just about to send them a letter today. I had a store card via Burton but they manage my account and charges, therefore it is them to sort out between Burton and themselves in my eyes.

selectworkout

I have read most of the pages with this link and no one seems to of been successful with egg loan reclaiming?

Mine is now going with financial ombudsman to settle, would like to hear if anyone has been successful at reclaiming with egg PPI insurance and their storys, cheers

Dan

sharon_currie

bad_bug wrote: »

I was just about to send them a letter today. I had a store card via Burton but they manage my account and charges, therefore it is them to sort out between Burton and themselves in my eyes.

Yes thats what I thought so I`m not sure what to do either way. They are also saying I should take it up with the Anglian windows (the loan was for my windows) if I felt I was mis-sold PPI so now I`m not sure who I should be writing to. Has anyone else got any idea`s?