PPI Reclaiming successes and failures

Mr_BARGAIN_2

andydavis1 wrote: »

I was just wondering if i could have some advice, i have lodged a ppi claim for a credit card, i have received a "goodwill offer" from my bank. I am un-sure weather to take the offer. I disappointed that they have not made a decision on my case just an offer, this leads me to believe that my complaint is correct and the bank just cant be bothered with me. I am happy to take it further but wonder weather there is any need as even if they uphold my complaint are they likely to offer a different amount as they seem to have worked all the figures out? Has anyone else refused a goodwill offer and what was the outcome?

hmmm did there so called GOODWILL OFFER come with associated 8% interest plus any other
interest

lindah54

Hi

Please could anyone point me in the direction of the reclaim template letter that Martin did, all i can find is the questionnaire!

I did use this letter some time ago on another claim but now i cant seem to find it

Thanks for any help you can give

Lin

[Deleted User]

lindah54 wrote: »

Please could anyone point me in the direction of the reclaim template letter that Martin did, all i can find is the questionnaire!

The Banks universally accept the Ombudsman Questionnaire, but here's the link to templates still available from MSE;
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#letmain

amersall

selaw wrote: »

Claim originally with Norton Finance then onto eventually FSCS been there since July. £10,000 loan over 25 years (i know) nearly seven years into loan. ppi added to loan at 15% each month.Didnt know i had it , was off work 3 months -never claimed . Same employer for last 12 years. 6 months full pay 6 months half pay.Fscs sending it to get processed marked priority!! All information received. How would they calculate refund in this case with future (18 years) ppi payments. Monthly payments £101 (£116) including ppi . So will be paying this ppi that finished after 5 years for the next 18 years!!!

FSCS only pay compensation for the total PPI amount, the loan is not reset and the payment each month does not go down, if you get a refund then you should take some of this money off the loan this will save you thousands in interest over the remaining term.
Ask FSCS what will happen to the loan being reset as you will still have the PPI on there to term end with interest and no cover.

selaw

amersall wrote: »

FSCS only pay compensation for the total PPI amount, the loan is not reset and the payment each month does not go down, if you get a refund then you should take some of this money off the loan this will save you thousands in interest over the remaining term.
Ask FSCS what will happen to the loan being reset as you will still have the PPI on there to term end with interest and no cover.

Cheers Amersall ,asked Deloittes earlier they suggested cancelling the PPI but I pointed out the cover had expired anyway. So didnt think I could do that now. Understand what you are saying regards the refund. Still in shock paying a loan on a loan for 25 years with only 5 years cover !! Have to say Deloittes been great so far . Kept up to date .

RVTJ

• What were you reclaiming: Personal loans
• Who was the provider: Alliance and Leicester (via Santander)
• How much did you get back: £3,783.11
• Did you get it back after a letter or did you go to the Financial Ombudsman: After my first letter
• And then write your brief reclaim tale

Several weeks ago I used your template to reclaim PPI on 3 personal loans taken out with Alliance and Leicester between 2000 and 2004. 2 weeks later they confirmed receipt of my letter and told me they were investigating my claims. This morning (a further 2 weeks later) I received a letter confirming that they are reimbursing me £3,873.11.

The claim process was so simple and easy. I didn't use a claims company; I simply used your letter template and questionnaire to submit my initial claim. I had all my old paperwork with the loan account numbers, so was able to quote these directly on the questionnaire.

I purchased my loans over the telephone and remember being advised that my loan applications would not be successful if I didn't take out the PPI, I was confident I had a good case.

A quick web search told me that A&L was purchased by Santander. I went to the PPI section of the Santander website and found the postal address to post my claim to. I also called their PPI customer care team who confirmed that they didn't need me to provide any paper evidence of my loans and PPI policy.

I was reluctant to put in a claim initially as the loans were taken out over 10 years ago, and have long been paid off. I would advise anyone unsure whether to make a claim to do so. Even if the claim is from ages ago.

Thank you moneysavingexpert. Without your help and advice my bank account balance would be £3,783.11 leaner.

RVTJ

Following on from my earlier post, the reasons I gave for the mis-sale of my PPI were as follows:

1. The sales person told me that PPI was compulsory, and I would not be able to have a loan without it.
2. My employer provided employment benefits which would have covered the loan repayments if needed. The sales person did not discuss this with me. I believe that Aliance and Leciester would not have paid out on the PPI policy as I was covered by other insurance.
3. PPI was purchased in conjunction with several long-term loans and it was not pointed out that PPI covers a much shorter period (typically 12-24) months and so I would not be covered for the life of the policy.
4. The sales person did not make it clear that PPI was optional and could be purchased elsewhere.
5. Policy exclusions, including back and stress related time off work, were not discussed with me. They didn't tell me about the cooling off period.
6. The sales person told me that my loan application would be less favourably viewed without the PPI, and that taking out the PPI would help my application.
7. The sales person told me that I might not get the low rate of interest I'd been quoted for my personal loan if I didn't take the PPI.
8. The sales person told me I couldn't continue with the application if I did not sign the insurance agreement as well.

Hope this is helpful.

dunstonh

RVTJ wrote: »

Following on from my earlier post, the reasons I gave for the mis-sale of my PPI were as follows:

1. The sales person told me that PPI was compulsory, and I would not be able to have a loan without it.
2. My employer provided employment benefits which would have covered the loan repayments if needed. The sales person did not discuss this with me. I believe that Aliance and Leciester would not have paid out on the PPI policy as I was covered by other insurance.
3. PPI was purchased in conjunction with several long-term loans and it was not pointed out that PPI covers a much shorter period (typically 12-24) months and so I would not be covered for the life of the policy.
4. The sales person did not make it clear that PPI was optional and could be purchased elsewhere.
5. Policy exclusions, including back and stress related time off work, were not discussed with me. They didn't tell me about the cooling off period.
6. The sales person told me that my loan application would be less favourably viewed without the PPI, and that taking out the PPI would help my application.
7. The sales person told me that I might not get the low rate of interest I'd been quoted for my personal loan if I didn't take the PPI.
8. The sales person told me I couldn't continue with the application if I did not sign the insurance agreement as well.

Hope this is helpful.

Whilst you gave those reasons, your complaint won't have been upheld for some of them
1 - very weak complaint reason - rarely succeeds without another failing being identified or an auto payout decision
2 - good reason if the PPI does not pay out where there is employer benefits. Weak reason if it does
3 - not a great reason
4 - You cant prove what they say so weak reason. Second part is irrelevant. These is and never has been any requirement to say you can buy elsewhere.
5 - unprovable allegation and weak
6 - unprovable allegation and weak
7 - actually, that can happen. I have seen lower rates granted to those getting a cross sale product
8 - as these things dont tend to have a separate insurance agreement then it would be irrelevant.

You won your complaint which is good but a response in pay out in just a few weeks would suggest it is more likely an auto payout rather than investigated complaint. Employment benefits is the strongest reason in that list. Most of the rest (without another failing) would likely fail.

ginger5092

conkerlily123 wrote: »

GUTTED!!!!

Received a letter from First Plus today which states that they are "unable to uphold your complaint"

Where do I go from here?

I am so P****D off - I can't tell you!

They say that they had informed me of the cost, the payments, that it was optional yada, yada, yada.

All the reasons I had believed it was missold, they have disputed and said that I was told of all of them.

How can I get them by the short and curlies? I am fuming!!!

:mad::mad::mad::mad:

Hi

Send all your info to the Ombudsman same as I did, you have received the typical reply from First plus

HeresHopin

Came home today to find a letter from Genworth. Basically they advise because they did not make the sale they will not investigate.

I'm a bit confused because I thought they had started to pay out so how can they say they did not make the sale in one case and accept responsibility for the sale in others.

They state have not investigated and advise their complaint process is over. and to go to Santander (which was were I started back in August) or should I just go straight to FOS.

Any ideas....

Thanx