PPI Reclaiming discussion Part II

shirleyc

Ok i posted the following on the loans page was advised to post on this for some advice..


Hi im very confused right now about PPI and loan insurance and am not very good at explaining myself so ill try.

Took out 2 loans one with Halifax Bank of Scotland online and the other with Halifax in store. When i took out these loans i assumed insurance was essential and was never asked about my medical history which is stress and back problems, both documented with my gp. In which case this would mean my insurance would not be any good to me.

Due to financial problems i found myself in, i am now on a debt management plan and the two loans have now been passed onto to debt collectors.

I watched Martin Lewis this morning who was talking about insurance loans etc so looked out my paperwork. The loan i took out online is a fixed loan agreement, and along with the loan amount, includes an insurance loan amounting to £5,527 added up with loan amount totalling amount i pay for total loan £16k. The paperwork says they will divide monthly payments between the cash loan and insurance loan. This loan dates back to 2005.

The 2nd loan with the branch also dates 2005 and also lists an 'insurance loan' of £1326.

I do believe i was misold these insurances due to my existing health conditions and im not sure where to go from here. I suppose its my own fault for not reading the small print. My main query is as i am on a debt management plan and my debt has been passed to a debt collection agency, does this mean i cant claim any of the money back? I dont want them to issue me a cheque or anything daft like that, just wondered if they could take these 2 large amounts of the actual total i owe them? Where do i stand with regards the above and is it worth me using the letter template provided??

Thanks for any advice you can offer me, i dont want to just sit on this as i did in the past if i can get my debt down that would be such a relief!

Follwing on from advice i received i contacted the Halifax requesting if the amounts they transfered to debt agency still included the insurance. One of the loans did, so i questioned this and was told i could cancel the insurance by writing them a letter and would definatly be eligible for an insurabce rebate but only starting from now. When i queried this stating it had been missold as i could never have claimed for back injuries/stress etc he told me that i still would have been able to claim on the insurance if i had a serious accident etc. If this correct does this mean i can only claim from now and not from the date the insurance/loan stated from??

Many thanks!

di3004

shirleyc wrote: »

Ok i posted the following on the loans page was advised to post on this for some advice..


Hi im very confused right now about PPI and loan insurance and am not very good at explaining myself so ill try.

Took out 2 loans one with Halifax Bank of Scotland online and the other with Halifax in store. When i took out these loans i assumed insurance was essential and was never asked about my medical history which is stress and back problems, both documented with my gp. In which case this would mean my insurance would not be any good to me.

Due to financial problems i found myself in, i am now on a debt management plan and the two loans have now been passed onto to debt collectors.

I watched Martin Lewis this morning who was talking about insurance loans etc so looked out my paperwork. The loan i took out online is a fixed loan agreement, and along with the loan amount, includes an insurance loan amounting to £5,527 added up with loan amount totalling amount i pay for total loan £16k. The paperwork says they will divide monthly payments between the cash loan and insurance loan. This loan dates back to 2005.

The 2nd loan with the branch also dates 2005 and also lists an 'insurance loan' of £1326.

I do believe i was misold these insurances due to my existing health conditions and im not sure where to go from here. I suppose its my own fault for not reading the small print. My main query is as i am on a debt management plan and my debt has been passed to a debt collection agency, does this mean i cant claim any of the money back? I dont want them to issue me a cheque or anything daft like that, just wondered if they could take these 2 large amounts of the actual total i owe them? Where do i stand with regards the above and is it worth me using the letter template provided??

Thanks for any advice you can offer me, i dont want to just sit on this as i did in the past if i can get my debt down that would be such a relief!

Follwing on from advice i received i contacted the Halifax requesting if the amounts they transfered to debt agency still included the insurance. One of the loans did, so i questioned this and was told i could cancel the insurance by writing them a letter and would definatly be eligible for an insurabce rebate but only starting from now. When i queried this stating it had been missold as i could never have claimed for back injuries/stress etc he told me that i still would have been able to claim on the insurance if i had a serious accident etc. If this correct does this mean i can only claim from now and not from the date the insurance/loan stated from??

Many thanks!

Hi there.

I do not know a great deal about debt management myself.........not yet anyway.....:rolleyes: , anyway, I was wondering though if successful they may remove this from the debt or in fact help clear it, depending on the amounts, still all will help.

I would check out this link here
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

On the above link I would check it out and add whatever reasons you have, add as much as possible to support your reclaim, including the medical issues they did not mention or check with you.

There is also a template on the above link, use that to guide you and they have 8 weeks to respond.
If you receive a fob off first response another letter can be sent in order for them to reconsider, if they do not refund/uphold your complaint, you can then fill in the form for the financial ombudsman service, (FOS), we will come to that if we have to again.

So get these letters in to both companies, add as much as possible, add your account number, and post by recorded delivery.;)

If you no agreements for any of your loans/ppi, you can still request these from the company, they may charge maybe a £1 for this, check first though.

Still continue to send the letters though, and good luck!

Please post up to let us know the outcome of this in order to go to the next step, hopefully you will be successful first time round.

Also just to mention, just to make sure, was it these loan companies that sold you these loans or a broker ? I take it it was them above, but whoever arranged the loans are the ones you try to pursue with.

Regarding the debt management though hopefully someone will post up about this sometime today.

Cheers
Di.
x

shirleyc

ok sounds like a plan! Can i also include in this letter that i wish to cancel the insurance also, or does this go in a seperate letter?

di3004

shirleyc wrote: »

ok sounds like a plan! Can i also include in this letter that i wish to cancel the insurance also, or does this go in a seperate letter?

Yes you could add about cancelling the insurance in the letter too, but personally I would write this separately just to be sure they deal with this immediately, or both.;)

shirleyc

di3004 wrote: »

Yes you could add about cancelling the insurance in the letter too, but personally I would write this separately just to be sure they deal with this immediately, or both.;)

ok tomorrow i'll write 2 letters and get them sent, im certain i have a good claim that i was missold the insurance so fingers crossed i can get something back!
You've been ever so helpful thankyou! :A

marshallka

Di not posting as waiting for my lift for my x rays. Going to get them finally but glad to see you have helped shirley. Let us know how your hubby gets on at the school today and hope your son is getting over it now and you are sorting this out. Will post later.

di3004

marshallka wrote: »

Di not posting as waiting for my lift for my x rays. Going to get them finally but glad to see you have helped shirley. Let us know how your hubby gets on at the school today and hope your son is getting over it now and you are sorting this out. Will post later.

Hi Marshalllka and thanks hun, good luck with your x-rays, let me know how you get on and yes hun I will let you know how hubby gets on later thanks so much hun, I appreciate it.
Good luck.:A

Di.
xxx

Tillydot

Hi Marshallka

Thanks for the reply. Yes that's the one. Doesnt look too good does it? I wonder if the court knows there isnt a chance of me getting my ppi back? What do you think?

di3004

shirleyc wrote: »

ok tomorrow i'll write 2 letters and get them sent, im certain i have a good claim that i was missold the insurance so fingers crossed i can get something back!
You've been ever so helpful thankyou! :A

With pleasure, if there is anything else then please post anytime.:D


Good luck!

Di.
x

marshallka

shirleyc wrote: »

Ok i posted the following on the loans page was advised to post on this for some advice..


Hi im very confused right now about PPI and loan insurance and am not very good at explaining myself so ill try.

Took out 2 loans one with Halifax Bank of Scotland online and the other with Halifax in store. When i took out these loans i assumed insurance was essential and was never asked about my medical history which is stress and back problems, both documented with my gp. In which case this would mean my insurance would not be any good to me.

Due to financial problems i found myself in, i am now on a debt management plan and the two loans have now been passed onto to debt collectors.

I watched Martin Lewis this morning who was talking about insurance loans etc so looked out my paperwork. The loan i took out online is a fixed loan agreement, and along with the loan amount, includes an insurance loan amounting to £5,527 added up with loan amount totalling amount i pay for total loan £16k. The paperwork says they will divide monthly payments between the cash loan and insurance loan. This loan dates back to 2005.

The 2nd loan with the branch also dates 2005 and also lists an 'insurance loan' of £1326.

I do believe i was misold these insurances due to my existing health conditions and im not sure where to go from here. I suppose its my own fault for not reading the small print. My main query is as i am on a debt management plan and my debt has been passed to a debt collection agency, does this mean i cant claim any of the money back? I dont want them to issue me a cheque or anything daft like that, just wondered if they could take these 2 large amounts of the actual total i owe them? Where do i stand with regards the above and is it worth me using the letter template provided??

Thanks for any advice you can offer me, i dont want to just sit on this as i did in the past if i can get my debt down that would be such a relief!

Follwing on from advice i received i contacted the Halifax requesting if the amounts they transfered to debt agency still included the insurance. One of the loans did, so i questioned this and was told i could cancel the insurance by writing them a letter and would definatly be eligible for an insurabce rebate but only starting from now. When i queried this stating it had been missold as i could never have claimed for back injuries/stress etc he told me that i still would have been able to claim on the insurance if i had a serious accident etc. If this correct does this mean i can only claim from now and not from the date the insurance/loan stated from??

Many thanks!

Shirley, the main thing about these insurances is that they were loans on top of loans. Single premium policies and did you know that even when you cancel you would continue to pay interest on them for the full term of the loan. Also were you offered to take this insurance out elsewhere too??

I will be back on later to have a read through but Di has told you how to go about it. I hope you get it back.

Good luck