PPI Reclaiming successes and failures

maxdp

cjwill56 wrote: »

Hi everyone.

What a brilliant website! Im after some information on PPI. I have a loan with a company that use to be called household bank but its now called beneficial finance. The problem is that when i asked to cancel my PPI they said they couldnt has the loan i took out was a (forgive me with the terminology) upfront loader loan, which apparently means the first 2 years you have to pay all the PPI and interest.

I am paying £9000 over 7 years for the PPI. Has anybody got any advice to what i should do. I have made a claim on my PPI which i know means i cant claim but i believe this has still been missold.

I would appreicate any advice

Thank you

Hi There as far as I am aware you cannot claim it was miss sold if you have claimed on it. If you have claimed it means that you have got the benefit of the insurance. Also I think you will find that you will only be covered for the first 5 years of the Loan that is the usual time these PPI cover for.

Hi There just a footnote. see Di 3004 post below she has found a post elsewhere where somebody has claimed and been able to claim as miss sold so watch her post for more news.

di3004

arthurdick wrote: »

ha ha di, thanx, i will help meself to plenty of chips .....and as for not working too hard, nope, no chance of that in this weather .. thank gawd, i needed a bit of a rest

Awe bless you hunni.....:A , go and put your feet up and have a:beer: , enjoy it while you can.:D XX

di3004

maxdp wrote: »

Hi There as far as I am aware you cannot claim it was miss sold if you have claimed on it. If you have claimed it means that you have got the benefit of the insurance. Also I think you will find that you will only be covered for the first 5 years of the Loan that is the usual time these PPI cover for.

Hiya Max

Hope your well......:D .

Just reading on another site that someone else have also make a claim in the past but have found other reasons for complaint, will try to find it again, but the FOS said they were eligible to complain on it, even if they had made a claim because there were other matters involved.....will have to check on what the complaint was about, yet it may have been about an unfair rebate on a settled loan.;)

arthurdick

maxdp wrote: »

Hi Arthurdick

Hope you can get some jellied eels as well in the old town.:beer:

ha ha, i will have a look around george street area, then make me way to the old fishing bit, thats if i get past the first pub

arthurdick

di3004 wrote: »

Awe bless you hunni.....:A , go and put your feet up and have a:beer: , enjoy it while you can.:D XX

ha ha yep i sure will .....

maxdp

di3004 wrote: »

Hiya Max

Hope your well......:D .

Just reading on another site that someone else have also make a claim in the past but have found other reasons for complaint, will try to find it again, but the FOS said they were eligible to complain on it, even if they had made a claim because there were other matters involved.....will have to check on what the complaint was about, yet it may have been about an unfair rebate on a settled loan.;)

Hi Di Thanks for that. That is interesting would like to see the post would you let me know. If it was settled then that would not be appied to the poster here cause they are still current

Suppose that may make a difference.

Am fine thank you just been catching up on paperwork. Will be about later if you can chat:D .

cjwill56

maxdp wrote: »

Hi There as far as I am aware you cannot claim it was miss sold if you have claimed on it. If you have claimed it means that you have got the benefit of the insurance. Also I think you will find that you will only be covered for the first 5 years of the Loan that is the usual time these PPI cover for.

Thank you for advice.

Ive been in touch with the bank and insurance company and yes your right im only covered for the first 5 years but im paying over £140 a month for the 84 months although the last 2 years i will not be able to claim and will not be covered. Do you know if i can still cancel the ppi which will save me paying it for the next 2 years.

Again i thank anyone who is willing to help.

di3004

maxdp wrote: »

Hi Di Thanks for that. That is interesting would like to see the post would you let me know. If it was settled then that would not be appied to the poster here cause they are still current

Suppose that may make a difference.

Am fine thank you just been catching up on paperwork. Will be about later if you can chat:D .

Hiya Max, good to know your good lol, I will try to check it out again when I find it lmao....:D .

I will try to get on for a chat later as well.;) XX

di3004

arthurdick wrote: »

ha ha yep i sure will .....

Good for you.....:T have a drink on me.....:beer: X

di3004

cjwill56 wrote: »

Thank you for advice.

Ive been in touch with the bank and insurance company and yes your right im only covered for the first 5 years but im paying over £140 a month for the 84 months although the last 2 years i will not be able to claim and will not be covered. Do you know if i can still cancel the ppi which will save me paying it for the next 2 years.

Again i thank anyone who is willing to help.

Hi hun
What these regulators etc find unfair as well is the fact that the cover only lasts that of five years,this is a huge chunk of money taken out a month and of course even if you were aware you were sold this and agreed to it, maybe they did not explain the full cost of this to you, or maybe it was not explained to you at all.

You could request for more info in a Subject Access request (SAR) you will find a letter template for this in the thread where they should or must supply everything they have on your on your account(s) going back as far as 6 years, but there is a cost of £10 cheque or postal order payment for this, details of this are within the SAR detail/info and they have 40 days to comply, and of course its always wise to post by recorded delivery.

The regulators FSA, FOS take a dim view at these policies, even if you have made a claim, you may not have been well aware of the full cost of this overall with interest added where you would be for example paying this 5 year cover for 25 yrs or whatever your loan was termed at, 10 years or whatever.

How long was your loan taken over, if you don't mind me asking?
Cheers.;)