PPI Reclaiming discussion Part II

di3004

supergrand wrote: »

hi, im new, and need a bit of help. in august 2006 i took out a loan with blemain finance, which was arranged by capital one phone a loan. theloan was for £16,000 over 25 years payment protection was added to the loan which was £2582 total cost of loan £18582.the interest on the pp1 is £4347.28, making total costfor ppi £6929.28. but the ppi is only for 36 months. i have written the standard letter to blemain stating that i think the policy was mis sold and they have replied stating that as the policy was sold on a non-advised informtion only basis and it was my decision to proceed then it was not mis sold and as i signed the credit agreement that i was happy to proceed with the ppi. they tell me to refer to the policy document which i am supposed to hasve received but i dont think i was given one as i cant find it as i keep all my relevent papers together all i can find is a paper entitled ensuring this policy meets your needs with a questionnaire on it with boxes to tick about my eligability for insurance,also about the cover i wanted ,the cost of the ppi and a declaration that i understood terms and conditions and i am not aware of any pre-existing conditions. none of the boxes are ticked the declaration is not signed or dated by me, but on the form there is a paragraph which states this is an information only service.sorry to be so long winded about this but i wanted to put down all the facts. what i would like help with is this. do i still persue this, or is it a lost cause and to forget about it. any help would be appreciated. thanks alot x

Hi there Supergrand.

Was this their final response ?

Now to my knowledge these should have been advised going by the year you said you had the loan.
I think this may be a fob off letter they sent you, so please don't give up yet.

If they recommended the PPI to you then that would be classed as advised.
Because this was also done on the phone, you need to request the telephone recordings, they may only supply this if requesting for a SAR which is a Subject Access Request, there is a template on this site, will try to find it and post up, you then send £10 cheque payment, for this they must supply everything they have on you from the start to the end, even if the loan is still active etc. They must send this to you by 40 days from on the day they receive the request.

During 2005 onwards to my knowledge all calls are recorded, before thinking of sending a SAR, give them a ring and ask if they would be kind enough to forward you the recordings then see what they have to say.;)
I have heard some say as soon as this is mentioned and asked for they soon back down.;)
But if not and if you've not enough paperwork for these a SAR would be an option, the more info the better.

I personally think if its your first letter its a standard fob off !

Keep going hun, we have not exhausted these areas yet.;)

Di.
xx

singlep

supergrand wrote: »

hi, im new, and need a bit of help. in august 2006 i took out a loan with blemain finance, which was arranged by capital one phone a loan. theloan was for £16,000 over 25 years payment protection was added to the loan which was £2582 total cost of loan £18582.the interest on the pp1 is £4347.28, making total costfor ppi £6929.28. but the ppi is only for 36 months. i have written the standard letter to blemain stating that i think the policy was mis sold and they have replied stating that as the policy was sold on a non-advised informtion only basis and it was my decision to proceed then it was not mis sold and as i signed the credit agreement that i was happy to proceed with the ppi. they tell me to refer to the policy document which i am supposed to hasve received but i dont think i was given one as i cant find it as i keep all my relevent papers together all i can find is a paper entitled ensuring this policy meets your needs with a questionnaire on it with boxes to tick about my eligability for insurance,also about the cover i wanted ,the cost of the ppi and a declaration that i understood terms and conditions and i am not aware of any pre-existing conditions. none of the boxes are ticked the declaration is not signed or dated by me, but on the form there is a paragraph which states this is an information only service.sorry to be so long winded about this but i wanted to put down all the facts. what i would like help with is this. do i still persue this, or is it a lost cause and to forget about it. any help would be appreciated. thanks alot x

You only need to do things - tell capital one "you have failed to provide me with information on monthly alternative PPI and you should also have provided info on cost to meet my demands and needs as stated in ICOB, 4.3.6"; then obtain FOS claim form and you should be OK.

scotters

I took a loan out with HSBC which has the 'personal loan protection plan loan' attached to it. Just getting ready to send my letter, but where do I send it to? The address on my loan agreement is that of my branch but I know I took the loan out in a different branch. Any help greatly appreciated!

supergrand

di3004 wrote: »

Hi there Supergrand.

Was this their final response ?

Now to my knowledge these should have been advised going by the year you said you had the loan.
I think this may be a fob off letter they sent you, so please don't give up yet.

If they recommended the PPI to you then that would be classed as advised.
Because this was also done on the phone, you need to request the telephone recordings, they may only supply this if requesting for a SAR which is a Subject Access Request, there is a template on this site, will try to find it and post up, you then send £10 cheque payment, for this they must supply everything they have on you from the start to the end, even if the loan is still active etc. They must send this to you by 40 days from on the day they receive the request.

During 2005 onwards to my knowledge all calls are recorded, before thinking of sending a SAR, give them a ring and ask if they would be kind enough to forward you the recordings then see what they have to say.;)
I have heard some say as soon as this is mentioned and asked for they soon back down.;)
But if not and if you've not enough paperwork for these a SAR would be an option, the more info the better.

I personally think if its your first letter its a standard fob off !

Keep going hun, we have not exhausted these areas yet.;)

Di.
xx

hi di thanks for replying. this was a first letter response from blemain, i will do what you suggest and phone first to ask for copy of recording,do i telephone blemain, or is it capital one phone a loan i ask for recordings? thanks x

supergrand

singlep wrote: »

You only need to do things - tell capital one "you have failed to provide me with information on monthly alternative PPI and you should also have provided info on cost to meet my demands and needs as stated in ICOB, 4.3.6"; then obtain FOS claim form and you should be OK.

hi singlep thanks for replying, and for info. sorry to sound thick, but what is I.C.O.B. 4.3.6. ?

GhostHunter_3

Hi

Can anyone tell me if a loan company can cancel a PPI policy without giving notice or reason?

I have just discovered I have been refunded just over £800 from Lloyds TSB but havent even mentioned to them ever I was going to put in a claim for PPI, infact until veery recently I was in arrears with the loan but have cleared this and the repayments are now up to date and being collected smoothly again.

I say I suddenly just discovered it as they have refunded it into an old bank account of mine that I dont use anymore, yet its still active (I ket it open for the chance I ever had a rainy day fund :rotfl: ), by chance (I am about to make a claim for charges) I recently checked the ballance expecting it to be £1 I know its refunded by LTSB because I went into Barclays to ask where it came from. I have no 'active' accounts other than a loan with LTSB but do intend to claim charges from 4 accounts hubby and I used to have with LTSB.

However much I am pleased with the windfall and it saves me the hassle of claiming the mis-sold PPI for LTSB loan I am concerned why they have done this, as I said I have never mentioned anything to do with cancelling the PPI!

I am making re-payments for the loan from a different bank account and (after much agitation) LTSB are aware I changed my address and bank 2 years ago. I havent had any letters or phonecalls to warn me either (unless they went to old address as we have also been having trouble last 2 years getting LTSB to change our address!)

Just wondered if this is 'normal'?

Thanks

jonnyblue

Further to my post on another board i was wondering if anyone could help ?

My girlfriend and her brother both are in the same boat with this. My girlfriends brother has cancelled his PPI on his loan. He has been repaying this loan for around 3 years and has another 5 years to run.

On his current loan he is paying £320 off his loan and £146 month in PPI, a total monthly repayment of £466 as per his credit agreement.

For someone heavily in debt they should never have pushed them into PPI originally as this has added around £13000 extra to his debt

Natwest have now cancelled this PPI as he requested,and have sent through details of his new repayments. They are basically saying that his PPI repayment has only reduced the total by £40 and that his new repayment is £426 per month but without PPI

Is this legal ? We have the original agreement and there is no mention that the PPI will have a heavier weighting early on in the agreement. Surely the repayment should have reduced by the whole PPI ammount of £146

Does anyone know what and where we can go with this ? He is going to ring tomorrow and try and get a reasonable explanation as he was basically told that the bank cant help in store. It would really help if anybody had any facts that he can go forward with though.

Additionally, if he wasnt told about this "weighting" then does he stand in good favour to turn this round and claim back PPI as mis-sold ? He didnt have any intention of doing this but it feels like hes being pushed into it.

Thankyou

di3004

GhostHunter wrote: »

Hi

Can anyone tell me if a loan company can cancel a PPI policy without giving notice or reason?

I have just discovered I have been refunded just over £800 from Lloyds TSB but havent even mentioned to them ever I was going to put in a claim for PPI, infact until veery recently I was in arrears with the loan but have cleared this and the repayments are now up to date and being collected smoothly again.

I say I suddenly just discovered it as they have refunded it into an old bank account of mine that I dont use anymore, yet its still active (I ket it open for the chance I ever had a rainy day fund :rotfl: ), by chance (I am about to make a claim for charges) I recently checked the ballance expecting it to be £1 I know its refunded by LTSB because I went into Barclays to ask where it came from. I have no 'active' accounts other than a loan with LTSB but do intend to claim charges from 4 accounts hubby and I used to have with LTSB.

However much I am pleased with the windfall and it saves me the hassle of claiming the mis-sold PPI for LTSB loan I am concerned why they have done this, as I said I have never mentioned anything to do with cancelling the PPI!

I am making re-payments for the loan from a different bank account and (after much agitation) LTSB are aware I changed my address and bank 2 years ago. I havent had any letters or phonecalls to warn me either (unless they went to old address as we have also been having trouble last 2 years getting LTSB to change our address!)

Just wondered if this is 'normal'?

Thanks

Wow that's fantastic hun, well done.;) :beer: :j

I would love for that to happen to me, but looks like I will have to battle mine with these where mine and hubby's 2 are with the FOS right now, this is regarding credit card ppi.
We did have a few loans with these over the years but never had surprises like this, and come to think of it when settling it was always the figure over the amount we borrowed including PPI, so that is more to sort out soon.;)

I expect they must have realised somewhere along the line this was owed to you when checking through old accounts maybe.

In fact talking about old accounts I filled in a form, and LLoyds was one of them who tried to retrace old customers or ones who have not used their account for a number of years, because of money still in the account, wonder if that is anything to do with that.
This was advertised online a few weeks ago.

What a lovely surprise hun and maybe there may still be a mis sold policy you can still reclaim from these.;)

Di.
xx

GhostHunter_3

Hi Di

Thanks it was a big shock but also a bit of a worry! What if that account was no longer in use?

Also the loan I am still repaying has not been reduced by the £800 or so and I am confused

If it is actually 'my money' I am going to try and be sensible and pay off another debt with it and avoid the desire to treat myself to something nice like a Wiii (I havent had anyting nice for over a year as we havent been able to afford to go anywhere or have anything I 'wanted' junk or not!

di3004

singlep wrote: »

You only need to do things - tell capital one "you have failed to provide me with information on monthly alternative PPI and you should also have provided info on cost to meet my demands and needs as stated in ICOB, 4.3.6"; then obtain FOS claim form and you should be OK.

Hi Singlep

Found some list of ICOB, correct me if I'm wrong but I imagine you mean the documents like some of these perhaps ?
I'm learning at the same time with this sort of thing.;) Thanks.

An introduction to ICOB
1.1 Introduction
1.2 How the FSA rulebook is made up
1.3 The high level principles
1.4 Treating customers fairly
1.5 ICOB format
1.6 Finding your way around ICOB
1.7 Who does ICOB cover?
1.8 Interaction with training and competence


Session 2General rules
2.1 Introduction
2.2 Communication
2.3 Inducements
2.4 Reliance on others
2.5 Exclusion of liability
2.6 Application to electronic media
2.7 General provisions related to distance contracts
2.8 Record keeping
2.9 Communications with customers
2.10 Excessive charges to retail customers


Session 3Business promotion and marketing
3.1 Introduction
3.2 What is a financial promotion?
3.3 Process for approving business promotion
3.4 What are the rules relating to financial promotion?
3.5 Reliance on others
3.6 Withdrawal of authorisation
3.7 Internet and other electronic media
Appendix 3.1 – Exercises

Session 4Sales process
4.1 Introduction
4.2 Fair analysis
4.3 Advised and non-advised sales
4.4 Suitability – demands and needs
4.5 Information about the customer’s requirements
4.6 Non-disclosure and limited information
4.7 Charges for retail customers
4.8 Commission disclosure for commercial customers
4.9 Unsolicited services
4.10 Renewals – retail customers
4.11 Renewals – commercial customers
4.12 Mid-term changes
4.13 Cancellation
Appendix 4.1 – Exercises


Session 5Documentation to be provided to the customer
5.1 Introduction
5.2 Durable medium
5.3 The big four
5.4 Distance sales
5.5 Renewals
5.6 Initial disclosure document
5.7 Statement of price
5.8 The policy summary
5.9 The statement of demands and needs
5.10 Other information
5.11 Group policies sold to retail and commercial customers
5.12 Record keeping – policy summary and policy document
Appendix 5.1 – How to complete the IDD
Appendix 5.2 – Exercises

Session 6Claims
6.1 Introduction
6.2 Initial notification
6.3 Settlement
6.4 Rejecting claims
6.5 Claimants under group policies
6.6 Responsibilities of intermediaries
6.7 Record keeping
6.8 Rules relating to motor insurers
Appendix 6.1 – Exercises