PPI Reclaiming discussion Part II

tiggrae

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

I think it's standard practice to cancel insurance when someone gets into arrears

di3004

jonnyblue wrote: »

Thanks for the response Di

I have found the template but theres one thing im unsure about. I think it was missold on at least a couple of counts:

- They were very pushy and he genuinely didnt feel like he could say no
- The credit agreement has no mention of this PPI weighting so possibly can claim via that ?

The bit im unsure about is that the loan is a fixed lump sum agreement, though the credit agreement does show 2 seperate entities for PPI and for the actual loan so not sure if thats something that can be claimed. Not sure if im just misreading the "Mis-sold checklist" there, though its an exisiting loan so i dont think he can claim for this reason ?

Additionally, he has updated this loan twice and had to increase the ammount, although never had any extra paperwork other than the original agreement

Is there any set time limit for the bank to respond to the initial letter ?

Thanks again

Hi there Jonnyblue.;)
On the template as you know there are many reasons of why your mate may have been mis sold, if its not in the list add it in the letter and if your mate didn't understand anything about PPI when this was sold to him then he may have been vulnerable anyway.

Some request to hear within 28 days, some I have noticed 14 days from on the day (date) they receive the complaint letter.

They do normally send standard fob off letters to start, so if they do he will need to send another and make them aware if they do no uphold the complaint he will take it to the Financial Ombudsman Service.

If you need further info, just get back and myself or someone else will try to point you in the next direction.

Di.
xx

tiggrae

jonnyblue wrote: »

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

hi - this is what's known as 'front end loading' basically when you're paying a monthly premium with both loan & ppi you think you're paying say 80% of the premium to the loan capital and the other 20% is the insurance - oh no - what happens is because the lender pays over the insurance in full to the insurance company at the beginning of the loan, they want their money back straight away - so at the beginning of the loan all the premium amounts are going to pay back the insurance - if he asked for a settlement figure on the loan I think you'll find he's hardly paid anything off the capital amount. If this is the case as you rightly point out he should have been told - this is called contracts of good faith and does go towards his being able to make a reclaim for mis selling

tiggrae

scotters wrote: »

Hi Di

I took the load out in 2006 - it's a Graduate loan. To my eyes it appears to be asingle premium loan. Thing is, nowhere in the agreement I have does it explain what the protection plan is for! Having had a browse through here I think I may have a decent claim, but I just need to know whether to send the initial letter to my branch (where my accounts are based) or whether I send to a national address, a la the reclaiming?

HSBC Customer Complaints, Arlington Business Park, Leeds LS11 0PP

maxdp

Am posting this to warn everybody about how unprofessional Barclays are.

I have 3 PPI on 3 Loans went through the usual stuff of writing and being fobbed off. Took the information to the Financial Ombudsman who on 20th May Upheld the complaint againt Barclays. They had to contact us within 6 weeks.

Waited until the six weeks had passed nothing contacted FO again very helpful saying would contact etc etc etc. Two weeks later still have not heard diddly s...
This company have nearly bankrupted us with all the PPI we have been charged including Credit Cards. I know I was naive but you assume that they will have your best interests in heart. Obviously not. I have learnt from my previous naivety and would never go down that line again. I am at the moment in two minds whether to challenge all three loans to see if I can find if they are void and unenforceable and see if I can go down this route.

So for all those out there who are with Barclays beware. I have moved amyl all my accounts etc away from them now and my children accounts have been closed. As an aside with my bank account about a year ago I had a call from their fraud dept saying that somebody had been fraudulently using my account, they were very good at managing this but where it had taken w me over my limit I was charged over the next six days £180.00 I rang them up daily to explain the situation. Everytime I rang up I got nowhere and they would not take on board what I was saying but they tyxxx tried tosell me insurance everytime.

I thought the best thing to do would be to go the local branch. The female in my local hailsham branch was beligerent and rude and tried to speak down to me (I am 50 years old, excuse me). Questioning other accounts and asking information which was nothing to do with her. She then tried to sell me insurance I could hve strangled her.

Anyway thank you all for listening to my ramblings I feel better now:rotfl::mad:

I apologise for funny words something is not quite working right and I cannot delete or correct so sorry all:rolleyes:

wayne

hi,firstly a quick word for di3004.had a letter from liv/vic this morning to say they are looking in to my complaint and will hopefully contact me in 4 weeks.:D now on to business.i have now found the agreements for 3 loans i took out with brittania between 2001 and 2005 with block insurance ammounting to 16,900 pounds.i have found the policy numbers for 2 of these loans but not the third.question is do i really need the policy numbers or will just the sgreement number be enough.also do i send a claim off seperatly for each loan or put them all on one letter.all advice is gratefully recieved.:D

babyj9

Hi, I dont know if anyone can advise me on this but I am trying to re claim my PPI from GE Money.
I took out HP from them via Ford, for a car back in April 2001. I specifically remember being told by the Ford Rep that I would not be considered for the loan if I didnt take out the PPI as I had such a bad credit rating. I was so desperate for a car I stupidley signed what ever form they put infront of me.

In 2004 I was dismissed from my job and tried to claim but was told that I was only covered for unemployment due to redundancy. I continued to struggle with the repayments and even after informing GE of my job loss I was still being charged my PPI. Several months later by chance, when I received a call chasing for payment I was given the option to cancel my PPI and was staggered to realise it was costing me £45 per month!

I completed all payments in 2006. I have sent a letter to GE Money requesting a refund under the grounds of being mis sold the policy and have had a letter back saying that they are not liable for any action as the sale of the insurance was made with the dealership (Ford). They say that I signed the form at the dealership who are authorised by the FSA to sell insurance products directly.

They also state that the media coverage surrounding such claims relates to an FSA decision which came into force on 14th January 2005 and as my policy dates back to April 2001 it is not relevent.

Is this worth persuing and if so who should I deal with - Ford or GE Money?

Any help or advice would be great. Many thanks.

Baby J:eek:

di3004

wayne wrote: »

hi,firstly a quick word for di3004.had a letter from liv/vic this morning to say they are looking in to my complaint and will hopefully contact me in 4 weeks.:D now on to business.i have now found the agreements for 3 loans i took out with brittania between 2001 and 2005 with block insurance ammounting to 16,900 pounds.i have found the policy numbers for 2 of these loans but not the third.question is do i really need the policy numbers or will just the sgreement number be enough.also do i send a claim off seperatly for each loan or put them all on one letter.all advice is gratefully recieved.:D

Hi Wayne, that is very good news.:D , well done.
I think it will be before the 4 weeks to be honest with you with LV.;) Mine was all done and dusted from start to finish before the month was out.
Let us know the outcome hun.;)

Personally if there were 3 agreements then I would deal with these separately, its up to you or see what others advise you.
Either way good luck, fingers crossed on all.:D

Di
xx

tiggrae

babyj9 wrote: »

Hi, I dont know if anyone can advise me on this but I am trying to re claim my PPI from GE Money.
I took out HP from them via Ford, for a car back in April 2001. I specifically remember being told by the Ford Rep that I would not be considered for the loan if I didnt take out the PPI as I had such a bad credit rating. I was so desperate for a car I stupidley signed what ever form they put infront of me.

In 2004 I was dismissed from my job and tried to claim but was told that I was only covered for unemployment due to redundancy. I continued to struggle with the repayments and even after informing GE of my job loss I was still being charged my PPI. Several months later by chance, when I received a call chasing for payment I was given the option to cancel my PPI and was staggered to realise it was costing me £45 per month!

I completed all payments in 2006. I have sent a letter to GE Money requesting a refund under the grounds of being mis sold the policy and have had a letter back saying that they are not liable for any action as the sale of the insurance was made with the dealership (Ford). They say that I signed the form at the dealership who are authorised by the FSA to sell insurance products directly.

They also state that the media coverage surrounding such claims relates to an FSA decision which came into force on 14th January 2005 and as my policy dates back to April 2001 it is not relevent.

Is this worth persuing and if so who should I deal with - Ford or GE Money?

Any help or advice would be great. Many thanks.

Baby J:eek:

Hi I think they'res a bit of confusion here - firstly for any claim for mis selling you always go to the person / company who sold you the policy - in this case it would be the dealership.

Secondly, mis selling is covered by the Misprepresentation Act 1967 so has nothing to do with any decision by the FSA - the 14.01.2005 date is only significant as this is the date GE came under the jurisdiction of the FSA - if your complaint had been against them you wouldn't be able to take it to the Financial Ombudsman for an adjudication - but you would always have the option of commencing proceedings in the County Court for misrepresentaion.

tiggrae

wayne wrote: »

hi,firstly a quick word for di3004.had a letter from liv/vic this morning to say they are looking in to my complaint and will hopefully contact me in 4 weeks.:D now on to business.i have now found the agreements for 3 loans i took out with brittania between 2001 and 2005 with block insurance ammounting to 16,900 pounds.i have found the policy numbers for 2 of these loans but not the third.question is do i really need the policy numbers or will just the sgreement number be enough.also do i send a claim off seperatly for each loan or put them all on one letter.all advice is gratefully recieved.:D

if the mis selling reasons are the same for all 3 ppi's then you only have to make one claim - put as much information in but you don't really need the policy number just the agreement number, put in the approximate dates the loans / ppi was taken out so they know you want them to look at all 3