PPI Reclaiming successes and failures

worried48

amersall wrote: »

Regardless of them looking at this, this is Single Premium PPI and this is the reason this was mis sold, this is the most upheld of all PPI mis sells and if they reject again, send it to FOS.

Forgive me for being dense, but why is single premium PPI a mis-sell?

-taff

Single Premium - PPI was added to the loan and repaid over the term with interest, this was in fact a loan on the loan, the full cost and unfair rebates of this PPI were not fully explained to you at the point of sale to make an informed decision.
Depending ont he length of the loan, then you may not have been covered for the entirety of it [it stops after 5 years] but you still pay interest on it until the end of the loan.
If you have a rebate on the prmeium, you're not normally rebated the total cost of the PPI because the interest is applied to the original loan.

worried48

But why does the fact that it was a loan on a loan make the whole thing a mis sell? Or are you saying that the claim ought to be for the difference between the total paid and what would have been paid if it had been done as a monthly premium rather than effectively another loan?

dunstonh

Single premium used to be a very good reason for complaint and succeed in over 90% of complaints made. That is not the case any more as the FOS have rejected complaints that were single premium. There have also been some losses in the courts which were single premium as well (which could be linked to the FOS position now).

It is still worth mentioning it in the complaint but it is not the slam dunk it once was.

Binky_Hetherington

MBNA Credit Card - Result!

I followed the MoneySavingExpert guide to reclaming the PPI on my MBNA credit card and sent them the completed form. Today I've received a cheque for just over £3,000! I am over the moon.

Thank you MoneySavingExpert. I was expecting all kinds of hassle going to the Ombudsman etc, but this was a piece of cake. If anyone is wondering about trying to reclaim PPI, use the MSE guide and go for it!

Many many thanks to you all.

dunnerz

Sent off to 3 companies (HSBC, A&L - now Santander, MBNA). Had "we've received your complaint" letters from all 3, Santander just sent me back ~1k. Result.

For the price of 30mins of my time and a few stamps, I'm already in pocket. Fingers crossed the other 2 are as straight forward (if anything, I have a stronger case with those).

Many thanks for the simple advice.

hotbaby

Have reclaimed for loans from rbs total at moment about 2500 sent offers off last week and received a letter saying unfortunately we are unable to progress this matter further as you have not provided us with specific reasons for complaint. Please provide us with the exact reason/s why you believe we mis-sold the payment protection insurance policy.

This was taken out in the 1990's can't really remember all what was said at the time. Advisor kept banging on about it would cost x amount per month for insurance was a single monthly payment for insurance and loan. I was not aware that insurance was optional. And had life insurance which would of covered repayment of loan.

Can anyone advise please

dunstonh

hotbaby wrote: »

Have reclaimed for loans from rbs total at moment about 2500 sent offers off last week and received a letter saying unfortunately we are unable to progress this matter further as you have not provided us with specific reasons for complaint. Please provide us with the exact reason/s why you believe we mis-sold the payment protection insurance policy.

This was taken out in the 1990's can't really remember all what was said at the time. Advisor kept banging on about it would cost x amount per month for insurance was a single monthly payment for insurance and loan. I was not aware that insurance was optional. And had life insurance which would of covered repayment of loan.

Can anyone advise please

Life assurance does not overlap with PPI. So, that point is no good.

There is nothing wrong with having PPI. There has to be an identifiable failing. You dont seem to have an identifiable failing. Just a partial recollection of a conversion made 20 years ago which you admit you cant remember correctly and would be unable to prove.

peanutbutter_cups

hi guys im a happy bunny today xx
got phone call this lloyds this morn about my loans claim very nice man said he would be crediting my account with £6277.01 and he was sorry for the delay as they needed to find out if they could pay the full amount to me as the loans was in joint names with my ex husband who is now dead so they wasnt sure if they could give me half(which i would of gladly taken but im not telling them that lol)
so well done to them as welcome refused 1 of my claims as the ex was main holder on it and i was the joint.
i would like to say a biggggg thank you to all on here but the biggest thanks goes to moneyineptitude and amersall for all the help they gave me(and others) and for making me laugh with their comments to each other xx thanks again mulder n sully

Baddos

Hi all I'm hoping for some help. After keeping a close eye on this forum and after the success of a colleague's PPI claims I decided to send out a few letters regarding previous loans and reasons I believe I was missold - work for the NHS therefore have very good employee benefits re: sickness, redundancy etc. I've been very lucky so far and had replies and payouts from both Santander and MBNA. Today I've received a phone call from Lloyds TSB who I logged complaints with regarding two loan accounts. They've asked if I can provide them with details of the sickness/redundancy cover which was available at the time I took out the loans (2004 and 2008). Problem is that the NHS Trust that I work for has since since merged with two other trusts and all policies etc have also been merged. I have told them I will discuss with HR but I'm really not hopeful of being able to track any policies down dating back that far. Has anyone had a similar experience with Lloyds and, if so, has lack of 'evidence' affected the outcome of your complaint? Any advice would be appreciated.