PPI Reclaiming successes and failures

tiggrae

twinkledust wrote: »

I'm def going to try this! I got a 15,000 loan from welcome supposed to be over 10 years but ended up 15 when I signed the paperwork! but I was desperate and was told the loan was approved within seconds and ppi was included! At £271 a month I through other means got a settlement figure and paid them off just under 3 years later. I was roughly £20,000 as a settlement....this was settled just over 3 years ago....can I still claim for this????

any advice welcome...apart from welcome finance

you can make two types of claim - one for the mis selling and one against the policy underwriter for an unfair rebate on early redemption.

marshallka

tiggrae wrote: »

you can make two types of claim - one for the mis selling and one against the policy underwriter for an unfair rebate on early redemption.

I was told by FOS though that they would only deal with one complaint, either the misselling or the unfair rebate IF its with the same company you are complaining to. Mine with Lloyds of London was for unfair rebate BUT some were making misselling complaints against insurers. FOS told me people making complaints against insurers for misselling could not make complaints for unfair rebates too against the same firm.

If someone has a complaint that is not within FOS jurisdiction for the usual route against the broker/seller then FOS can look at the complaint against the insurer. If you have complained to the insurer for the unfair rebate in the meantime then FOS would not intervene with the misselling complaint ALSo against the insurer.

I would be careful first as some may actually lose out doing it this way as if their complaint is not within FOS jurisdiction against the broker/firm BUT they have already made the unfair rebate complaint in the meantime against the insurer but later find out that FOS will accept the complaint for the whole MISSELLING against the insurer they have then !!!! it basically. All depends on dates and jurisdictions.

jonnyredman

Hi All,

Today I got reply back from Santander regarding my Burton store card which was originally taken out with GE Capital Bank. There response was not one I wanted to see :
Thank you for your letter dated 8 January 2010. I understand that your
complaint relates to Account Cover insurance. Having checked your account
details, I can confirm Account Cover Insurance consisting of price, payment
and purchase protection was added on 4 July 2001, when we received your
signed credit agreement and opened your account. I have enclosed a copy of
this document for your records.
I note that you say that you were not told that the policy was optional when it
was taken out in July 2001 but I also note that the process that we had in
place was to make clear that it was not compulsory. I can confirm that on the
agreement you signed it asked you to sign if you required the Account Cover,
which you did. Therefore it appears that it was made clear that the policy was
optional and that you elected to take out the insurance. Once a customer has
decided to take the product, a policy summary and policy document is mailed
to the customer for their review. We also offer a 30-day no-quibble guarantee
where the product may be cancelled, and any premiums refunded (subject to
no claim being made). This allows time to compare the policy to that of any
other insurance companies.
In regards to ascertaining personal information from the customer to
determine their suitability for the product, this is a requirement of an advised
sale under the FSA's ICOB regulations and our insurance sales have always
been non-advised. We have always given the customer the details of the
policy and let the customer make an educated decision if the policy is suitable
for them.
In relation to your reference to the sales process in store, there was no
requirement upon us to record the sales process and so we have no way of
knowing what took place on 4 July 2001. However, if any of the matters that
you suggest took place, you would have been able to call at any time in the
first 30 days and we would have removed the insurance from your account.
Since you opened your account, this insurance has been clearly shown on
your statements, when a balance has been outstanding, and could have been
cancelled or a claim made at any time. Furthermore, there was an upgrade in
August 2003 for which you were sent new Terms and Conditions. In view of
this I can find no evidence of mis-selling this insurance; therefore I am unable
to refund the premiums applied to your account.
I trust that we have resolved the complaint to your satisfaction, however if you
remain dissatisfied you may refer the complaint to the Finance & Leasing
Association. Their contact details are as follows:
Finance & Leasing Association
Imperial House
15-19 Kingsway
London
WC2B 6UN
Telephone: 02078366511
Should you require any further information, please contact me on my number
below. Any correspondence relating to your complaint can be sent to
Santander Cards UK Ltd, PO Box 700, Leeds LS99 2BD.


They attached a copy of the agreement which shows that I have signed it. The thing is at the time I was in the navy and did not require the insurance so the policy could not of been explained properly to myself. Also with the 30 day cancelling period there was a good chance I was away ay sea so unable to cancel the policy. Im a bit disapointed with the response and was wondering if any one had any advice to give me

twinkledust

Thanks for the advice everyone its appreciated muchly!

I will let you know how I get on....x

di3004

marshallka wrote: »

I was told by FOS though that they would only deal with one complaint, either the misselling or the unfair rebate IF its with the same company you are complaining to. Mine with Lloyds of London was for unfair rebate BUT some were making misselling complaints against insurers. FOS told me people making complaints against insurers for misselling could not make complaints for unfair rebates too against the same firm.

If someone has a complaint that is not within FOS jurisdiction for the usual route against the broker/seller then FOS can look at the complaint against the insurer. If you have complained to the insurer for the unfair rebate in the meantime then FOS would not intervene with the misselling complaint ALSo against the insurer.

I would be careful first as some may actually lose out doing it this way as if their complaint is not within FOS jurisdiction against the broker/firm BUT they have already made the unfair rebate complaint in the meantime against the insurer but later find out that FOS will accept the complaint for the whole MISSELLING against the insurer they have then !!!! it basically. All depends on dates and jurisdictions.

Yes that's right Marshallka, they have my Hamilton one down as mis selling and as a brand new complaint.;)

sahra

Omg omg :j

Just got home from work to find a letter from Barclays. I sent the 2 templates off (1st letter last April) and we hadn't had a reply after the 40 days or so. OH phoned and they said we could complain to the FSO, but we were too lazy and just waited. That was in September.

Letter today says:
Blah, blah, ...The loan was for £7000 over a term of 60 months.The application included PPI cover with a premium of £1,553.33 which was to be added to the loan and required a contracted monthly instalment of £199.46 to ensure it was repaid within the agreed term. etc,etc.
I have sent a cheque for £3,104.77. This comprises the original PPI premium of £1,553.33, plus interest of £621.15 paid on the premium loan. It also includes 8% interest on the monthly premiums paid which amounts to £930.29. This figure also includes 8% interest on the monthly premiums since closure of your loan.

I phoned OH in work and told him to guess how much the cheque was for. He said, £50?, £100?, £500?


I never thought it would be for that much!!


Can't believe it after only 2 letters and a phone call, I'm over the moon :T:T
Thanks Martin and everyone on here for their help :beer:

christine_chris_chrissy

I need to get my files out!
but other half has just had a letter to say bank has made an offer woop woop
he is using one of those company's but he his happy will let you know when he has his chq

ruthb1

HI,

I submittred a claim to northern rock for missold ppi.

I have a mortgage with northern rock and took out 2 secured loans with them and ppi was offered

After a long wait, northern rock have writted to me today and advised that they agree with me that the sale of the ppi met there standards and have agreed to refund all of my premiums as well as 8% interest on the premiums paid. (which is great news)

My query is when you take out ppi on a secured loan is it the same as ppi for a personal loan, the reason i am saying this is because last year i received £600 from alliance and leicester for a £6000 personal loan. Northern rock are offering me £356 inc 8% interest on £10,000 secured loan and £121.88 on a £6000 secured loan.

What they are saying is that I have only paid 277.95 in ppi premiums on one and 99.00 on another, does it go on the premiums that you have paid or the amount of the loan. ( ithough it was the amount of the loan)

I suppose what I am trying to say is, do you think that this sounds a fair offer or if I went to the FOS what are my chances of this being increased.

although I am pleased that they have finally made this offer, I was a little shocked to see the amounts that they are offering me.


any advice would be really appreciated.


I HAVE POSTED THIS SOMEWHERE ELSE I THINK ALSO, SORRY I DONT KNOW WHICH AREA IS THE BEST FOR IT TO BE IN.


thanks


ruth

gerryscot

sahra wrote: »

Omg omg :j

Just got home from work to find a letter from Barclays. I sent the 2 templates off (1st letter last April) and we hadn't had a reply after the 40 days or so. OH phoned and they said we could complain to the FSO, but we were too lazy and just waited. That was in September.

Letter today says:
Blah, blah, ...The loan was for £7000 over a term of 60 months.The application included PPI cover with a premium of £1,553.33 which was to be added to the loan and required a contracted monthly instalment of £199.46 to ensure it was repaid within the agreed term. etc,etc.
I have sent a cheque for £3,104.77. This comprises the original PPI premium of £1,553.33, plus interest of £621.15 paid on the premium loan. It also includes 8% interest on the monthly premiums paid which amounts to £930.29. This figure also includes 8% interest on the monthly premiums since closure of your loan.

I phoned OH in work and told him to guess how much the cheque was for. He said, £50?, £100?, £500?


I never thought it would be for that much!!


Can't believe it after only 2 letters and a phone call, I'm over the moon :T:T
Thanks Martin and everyone on here for their help :beer:

Congratulations Sahra :j:j:j:j:j:j:j:j:j

Great news another MSE winner Yippee. :T:T:T:T:T:T:T

Well done ..:A:A:A

Gerry x x :beer::beer:

gerryscot

aberdon wrote: »

At last ive heard back from clydesdale and its in my favour!£6815.09 in total!This is after telling me i was due nothing so i went to fos and now its sorted.Many thanks for all the help and support from people on here for their knowledge and martin for the templates:beer:My mate did this through a claims company and it cost him 25% of his payout but its so easy to do with the templates.

Yippee another MSE winner :j:j:j:j:j:j:j:j

Congratulations Aberdon . :T:T:T:T:T:T:T

Well done, brilliant achievement :A:A:A

Gerry x x :beer::beer: