PPI Reclaiming successes and failures

Chilli44

Thanks. They have credited the card and there is a credit balance on it. I do have arrears on another rbs card and was hoping they wouldn't pay the balance to that and send it to me. Here's hoping.

amersall

Fingers crossed.

Nasqueron

Chilli44 wrote: »

Thanks. They have credited the card and there is a credit balance on it. I do have arrears on another rbs card and was hoping they wouldn't pay the balance to that and send it to me. Here's hoping.

While the cash may be handy for some emergency, long term paying off the arrears and clearing the debt will save you a lot more in interest in the long term

Chilli44

Thanks and very true but interest frozen and only a few hundred so would be a nice bonus. Just hope they don't link cards

dmacp

I cant express how delighted i am that i followed your advice and claim for PPI mis selling, I raised claims against credit cards and my mortgage ( which i didnt even realise I had been paying PPI charges until i double checked). I have been repaid £31,000 in the past three months

CRAZY:HORSE_2

Hi, today I had one of my complaints about front loaded mppi up held in my favour but the other two with the same company have not been up held. I did think this would happen because they were pre regulation. So the next step for me is to complain to the insurance provider for the ppi but I am not sure how successful I will be. I was told by the loan broker that all three mppi were mis-sold and that the under writer also had a responsibility to make sure that I did indeed need the insurance and that it was done the right way.


Have any of you had any experience with regards to complaining to the under writer or know what my chances are in my two complaints being up held in my favour. Thanks.

CRAZY:HORSE_2

Also if a company uses the monies from a successful complaint to pay off the redress of a loan, are they allowed to use the interest to do this? This is regards a different matter to my previous post!

Mockingjays

The recent reminder from Martin that there might be a deadline for PPI encouraged me to contact the company I'd had loans with (Lloyds). I was a bit dubious but thought it worth a try. The basis of the complaint was that the PPI was sold as a given along with the loan, I was not told that there could be other options.

To my surprise, my claim was successful! I got over £2000!!:j

If anyone else out there, like me, is a bit unsure - go for it, you have nothing to lose!

dunstonh

CRAZY:HORSE wrote: »

Hi, today I had one of my complaints about front loaded mppi up held in my favour but the other two with the same company have not been up held. I did think this would happen because they were pre regulation. So the next step for me is to complain to the insurance provider for the ppi but I am not sure how successful I will be. I was told by the loan broker that all three mppi were mis-sold and that the under writer also had a responsibility to make sure that I did indeed need the insurance and that it was done the right way.


Have any of you had any experience with regards to complaining to the under writer or know what my chances are in my two complaints being up held in my favour. Thanks.

Single premium MPPI complaints nearly always succeed on complaint. It should have been set up as monthly premium. So, it is a solid complaint reason. However, a lot of the companies that retailed single premium MPPI only became regulated in January 2005 (when insurance regulation began). So, they only have to consider complaints on sales made after that date. They can refuse to consider any pre-2005 sale complaint. In some cases, earlier sales do need to be considered if the broker was a member of an earlier body. But that can often only take you back to around 2000

In rarer cases, the insurer may have to accept liability for the sale where the commercial relationship between the seller and the insurer is limited (so effectively the broker was an agent of the insurer). Odds of succes on this front are low but we have seen a number of successes pointed out on this forum over the years. It is really the next course of action you should take but you should be aware that the chance of success is low. Dont assume you will win but you may do.

There is another possibility that involves single premium PPI and that is the level of commission. A recent court case (Plevin vs Paragon) resulted in the court finding the commission level too high and ruled that a refund should be made. The FCA have looked at the case and currently have it under consultation at the moment that a commission higher than 50% would require the lender (where the lender product was used) to repay the amount above the 50% (plus interest charged on that amount plus 8%).

CRAZY:HORSE_2

Thanks for the information dunstonh very helpful indeed.




Do you know if the insurer would or should hold all the relevant paper work for the two loans or should I contact the mortgage company and gain the correct paper work.