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PPI Reclaiming successes and failures

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Comments

  • dunstonh
    dunstonh Posts: 117,542 Forumite
    Combo Breaker First Anniversary First Post Name Dropper
    Took out our first mortgage in 1994 with Abbey National. I was told that my mortgage would only be approved if I took out protection insurance so went ahead with it.

    In 1994, that could well have been the case.

    You dont say what the protection policy is. Was it MIG, was it PPI, was it life assurance?

    In 94, some lenders were still charging MIG. Many still had a requirement for life assurance as a condition of borrowing. And the mid 90s had a couple of years where cross subsidy deals existed where you got a better rate if you bought MPPI. All these things were allowed.
    So, the bottom line is that if you haven't got any proof or paperwork from many years ago then you will struggle with your claim. I know I had protection insurance but the bank is able to get away with it. Not happy!!

    All quite logical and correct.

    On the plus side, if yours was MIG or life assurance then neither of those are PPI. So, a PPI complaint would be pointless anyway. If it was PPI, then most MPPI complaints get rejected. So, you are probably getting the same outcome you would have had if they could locate the info.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • mmjkaejec
    mmjkaejec Posts: 2 Newbie
    First Post Name Dropper Fifth Anniversary PPI Party Pooper
    Just had £1904 from Yorkshire bank thanks to reclaim tool . Loan taken out in 1988
  • bushy71
    bushy71 Posts: 1 Newbie
    Apologies if this has been asked before as I'm a newbie. Originally refused ppi refund by Tesco Bank but now under Plevin rule they have offered a refund. The issue is however, is that they sold the debt to Cabot, however under their offer letter they have said the money will be refunded directly to Cabot. Having read various snippets, my understanding is that they cannot do this if the debt has been sold. Can anyone help here please?
  • dunstonh
    dunstonh Posts: 117,542 Forumite
    Combo Breaker First Anniversary First Post Name Dropper
    bushy71 wrote: »
    Apologies if this has been asked before as I'm a newbie. Originally refused ppi refund by Tesco Bank but now under Plevin rule they have offered a refund. The issue is however, is that they sold the debt to Cabot, however under their offer letter they have said the money will be refunded directly to Cabot. Having read various snippets, my understanding is that they cannot do this if the debt has been sold. Can anyone help here please?

    It is not as simple as that.

    If the debt was sold to a collection agency with no right of clawback then they have to pay you.
    If the debt was sold to a collection agency with clawback rights, then the can pass the redress to the collection agency.
    The debt is not always sold. Often, the lender will employ a collection agency to do the administration but still retain ownership of the debt (very common). You get all the letters and communication with the collection agency letterhead but absolute ownership of the debt remains with the original lender.

    In the early days of PPI complaining, the ability to clawback was not common. After a FOS ruling many years ago, a lot of the lenders adjusted their contracts with the collection agencies to include clawback.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Rosemary_Luz
    Rosemary_Luz Posts: 8 Forumite
    Dear Martin,
    I have found a credit agreement for a student loan (of £1000) with Lloyds Bank for the 95/96 financial year. The credit agreement makes no mention of a premium, monthly premium, PPI, cover or insurance. Can I use this credit agreement to claim back more money from Lloyds? In 2013 it refunded me £800.
    Yours gratefully,
    Rosemary Luz
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture First Post Name Dropper Photogenic
    What is it you are looking to claim back? And why?
  • Nasqueron
    Nasqueron Posts: 9,667 Forumite
    Photogenic Tenth Anniversary Combo Breaker First Post
    Rosemary_Luz wrote: »
    Dear Martin,
    Martin Lewis sold the site years ago, he contributes his name and a few blog posts. He does not respond on the forum.


    Rosemary_Luz wrote: »
    I have found a credit agreement for a student loan (of £1000) with Lloyds Bank for the 95/96 financial year. The credit agreement makes no mention of a premium, monthly premium, PPI, cover or insurance.
    Then you didn't have PPI


    Rosemary_Luz wrote: »
    Can I use this credit agreement to claim back more money from Lloyds? In 2013 it refunded me £800.
    Yours gratefully,
    Rosemary Luz
    Claim back what? You said your policy makes no mention of PPI, so you didn't have it. What are you trying to complain about?

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • dunstonh
    dunstonh Posts: 117,542 Forumite
    Combo Breaker First Anniversary First Post Name Dropper
    Rosemary_Luz wrote: »
    Dear Martin,
    I have found a credit agreement for a student loan (of £1000) with Lloyds Bank for the 95/96 financial year. The credit agreement makes no mention of a premium, monthly premium, PPI, cover or insurance. Can I use this credit agreement to claim back more money from Lloyds? In 2013 it refunded me £800.
    Yours gratefully,
    Rosemary Luz

    No you can't.

    IF PPI existed, it would be on the credit agreement. If no PPI is on there, then you didnt have it. So, you paid zero and therefore you would get back zero.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture First Post Name Dropper Photogenic
    dunstonh wrote: »
    So, you paid zero and therefore you would get back zero.

    Plus interest...
  • Rosemary_Luz
    Rosemary_Luz Posts: 8 Forumite
    Okay, thanks for letting me know.
    R
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