PPI Reclaiming successes and failures

snowball3

I put though a ppi claim with Frizzel who now have been taken over by LV. I got the loan out in 1996 with Frizzel. I have the agreement number and evidence that it had ppi. It was missold as I was working full time, received 6 months full sick pay, lived with mum and dad etc.

As I only had a letter with the details on and not the full agreement LV said that they could not find any info and they could not help. I then took it to the FOS who have said they cannot help as LV were not regulated when the loan was taken out.

Has anyone else had this? Is it the end of the road for this one?

[Deleted User]

snowball3 wrote: »

It was missold as I was working full time, received 6 months full sick pay, lived with mum and dad etc.

Working full time just indicates that you had need for the insurance. Your sick pay would not be forthcoming if you were made redundant and you cannot claim that your parents would have paid off your loan

snowball3 wrote: »

I then took it to the FOS who have said they cannot help as LV were not regulated when the loan was taken out.Is it the end of the road for this one?

Yes. This is the final nail in the coffin of your complaint (which was weak to begin with, I'm afraid).

snowball3

Thanks for the reply, I thought it would be the case although it couldn't have been that weak as they paid out on another loan I had with them which I had all the paper work for.

[Deleted User]

snowball3 wrote: »

Thanks for the reply, I thought it would be the case although it couldn't have been that weak as they paid out on another loan I had with them which I had all the paper work for.

The Banks never reveal why they uphold complaints (only why they reject them), as such it's entirely possible your other complaint was upheld for entirely different reasons to the ones you gave.

snowball3

Moneyineptitude wrote: »

The Banks never reveal why they uphold complaints (only why they reject them), as such it's entirely possible your other complaint was upheld for entirely different reasons to the ones you gave.

That is interesting, the one they paid out on was before they were regulated too.

Thanks for your comments.

dunstonh

snowball3 wrote: »

That is interesting, the one they paid out on was before they were regulated too.

Thanks for your comments.

Regulation did not start until January 2005. However, there were various previous bodies that you could be members of and they had different start dates. Membership of some of those bodies does mean that they are treated as continuous regulation. For example, this is why banks can't use pre regulation as a reason for rejection.

Mersey_2

Moneyineptitude wrote: »

The Banks never reveal why they uphold complaints

That isn't always the case, but is generally true.

Teenie_D

Here is my success story with First Direct.

I had read loads on here regarding PPI but wasn't going to bother trying to reclaim as I remember agreeing to take the insurance out on a loan we took out in 2007, it was going to run over 7 years so we wanted some protection 'just in case'.

We settled that loan with another loan again through First Direct which was due to be repaid in full in November next year . I swithered for months about whether I should try to reclaim and after speaking to someone at work I thought I would give it a bash, nothing ventured nothing gained!

I completed the reclaim form, answered as many of the questions that I could and waited to see if we would be successful. Three weeks later and we have received £10,600 straight into our account!! Absolutely gobsmacked and over the moon :j

Nasqueron

Interesting outcome that, did you tell FD you wanted the PPI cover when you did the complaint form?

The_Mango_Tree

I made a claim against MBNA in late 2012 and they sent me a cheque for over 4000. I assumed that was the end of it until I was then sent another cheque for 1600 two weeks ago saying they are now taking into account all of the fees etc. (such as over limit and additional interest) that I accrued in 2004/5. They have also invited me to send through all of my pre-2004 statements (I have nearly all of them back to January 1998) to see if they owe me more. So, I can only say that my experience of MBNA is rather good.