PPI Reclaiming discussion Part II

ilanmarianne

i took out ppi with mbna not realising that self employment means i could never have claimed for it. I decided to claim without help, and all i had to do was to get a letter from my inland revenue office showing i'd not been working for past year, and MBNA immediately refunded all payments! If you can prove that you have paid no tax, then you will get your money back on all your payments.

Locke

georgie250 wrote: »

Hi, I need some advise!!! I have sent the first template to Lloyds saying that I wasn't told that the ppi was optional and that only my husband was covered and not me as i am a housewife. They have relied to me today saying that they have listened to the recording and that the advisor told me the monthly price of the loan which included the loan protection and that i agreed to this.Then they say that the ppi only covered one person so it was advised that my husband would be covered, as he was in full-time enployment.Also they said that they asked me a serious of questions that i have ment to confirmed that there was no exclusions to us making a claim.
They also say hat a booklet was sent out and that we could cancle the loan within 30days.
We paid the loan back within a year and thay said that they refunded us most of the ppi, so I phoned up asking where the money was refunded and they said that it was taken off the loan balance. while I had them o the phone I asked wether my husband would have been covered seeing he is self-employed and they said that he would have been if he had signed o with the job centre.
Do you think that i should give up or should I do the second template and request a copy of the recording.
Sorry a bit if a long one!!!

Yes, ask for a copy of the phone conversation which they claim they have.

angelwillow

Can you take them to court even if you don't know the exact amount due? Barclaycard,MBNA and GE Money are ignoring my requests for details saying we are not refunding you and will not enter any further discussion on the matter.

Locke

angelwillow wrote: »

Can you take them to court even if you don't know the exact amount due? Barclaycard,MBNA and GE Money are ignoring my requests for details saying we are not refunding you and will not enter any further discussion on the matter.

Have you contacted the Financial Ombudsman yet?

angelwillow

Barclaycard are the only one of the three to be regulated by the FO.

georgie250

Hi, My parents had their house repossesed 13yrs ago, My dad had to have heart surgery and was off work for a year, it was fine untill he claimed on the insurance then they said that they wouldn't pay out as he was self employed, which he wasn't and that he had had a heart problem before, which he didn't know that he had it untill he went for a medical. They then went to court and the judge said that their was nothing he could do as the company had found a loophole and that they could wiggle themselves out of it.
I think that they were miss sold the policy in the first place a he was never asked about previous illness and he didn't know that he was ill when he took the policy with the morgage.
Do you think that they have grounds to claim as through none of their fault they lost their house. Also the company have been taken over by someone else, would that effect it.

Kaia_2

tiggrae wrote: »

you don't start with the lump sum you need to work out the amount of the PPI premium you paid monthly then you work out the 8% interest as at the date you paid each monthly premium - the easiest way is to use the Bank Charges calculator on the bank charges thread - that'll automatically work out the 8% interest on each premium paid.

Sorry tiggrae...I just dont understand how on earth do I work out how much of my monthly payments was paying off PPI, I just dont get it....the loan was for £18,000 and £2021.33 added at the start ( I think they call it front loaded), then an interest amount of £125.84 was added and then payments of £220.43 were made monthly.
How do I work out how much of that £220.43 was for the PPI ?????????
Please could you explain.....sorry to be so blonde ! lol

Laini

TwinsMum wrote: »

Received notification this morning that the FO are upholding my complaint re- Central Capital (First Plus) I am getting all the PPI back plus 8% interest and the remainder of my loan re-structured. I don't know the figures as yet but will let you know. This is a good result for me as I have been fighting it since last October and they were very quick to say that I had no chance,but after going to the FO they have agreed that I was mis-sold and I was never given the correct information at the point of sale, so if you are in any doubt just give it a go, I don't want to guess a figure yet but I think it may well make a big difference to me.

FAB NEWS

WELL DONE !!!

The FOS are now dealing with our case with FIRST PLUS and Nemo
they left a message yesterday to say they are looking into our cases, I think it may be because of asking to be fast tracked.
will update you of our progress and result_ hopefully soon

I am so happy for you
:T:grouphug:
lol
Laini xxx:beer::grouphug::T:T:T:T:T

Kaia_2

TwinsMum wrote: »

Received notification this morning that the FO are upholding my complaint re- Central Capital (First Plus) I am getting all the PPI back plus 8% interest and the remainder of my loan re-structured. I don't know the figures as yet but will let you know. This is a good result for me as I have been fighting it since last October and they were very quick to say that I had no chance,but after going to the FO they have agreed that I was mis-sold and I was never given the correct information at the point of sale, so if you are in any doubt just give it a go, I don't want to guess a figure yet but I think it may well make a big difference to me.

WELL DONE.:T ...I am so pleased for you and Laini too, sounds like you are both getting there at last, I wish I could have gone down the FO route but mine was back in 2002 before they became regulated, I am hoping to go down the MCOL route , once I am able to determine exactly how much I need to claim...finding it all a bit confusing... and hoping some of the experts can guide me....

Laini

Kaia wrote: »

WELL DONE.:T ...I am so pleased for you and Laini too, sounds like you are both getting there at last, I wish I could have gone down the FO route but mine was back in 2002 before they became regulated, I am hoping to go down the MCOL route , once I am able to determine exactly how much I need to claim...finding it all a bit confusing... and hoping some of the experts can guide me....

THANKS

I dont know if the FSA can help but the following information is now on their website concerning single premium PPI

have you tried ringing them to ask for advice?

LOL

Laini xx

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We have conducted work on the sale of payment protection insurance (PPI), and published reports on this in November 2005 and October 2006. As part of this work, we looked at the refund terms in single premium PPI policies.
We were particularly concerned with terms that prevent consumers from receiving any refund of the premium if they want to cancel the PPI policy for any reason. For example if they repay the associated loan early, are no longer able to claim under the insurance, or simply do not want to have the cover any more ('nil refund terms'). We were also concerned with the fairness and transparency of refund terms.
We have now concluded our work on refund terms. The agreement reached with a number of trade associations means that firms should:

• not include nil refund terms in contracts with new customers;
• not rely on nil refund terms in contracts with existing customers;
• contact existing customers if their contracts contain nil refund terms to tell them how refunds will be dealt with in practice;
• treat their customers fairly if they need to reissue the associated loan in order to cancel the PPI;
• calculate the refund fairly taking into account their reasonably incurred costs, which may or may not result in a pro-rata refund; and
• include in new policies examples or a table to illustrate how refunds will be calculated to improve the transparency of refunds.

This has been achieved through us working with the trade associations to achieve concrete benefits for consumers.
We are monitoring firms' compliance with this agreement carefully. We will raise non-compliance with firms to ensure they take steps immediately to treat their PPI customers fairly. Where we are not satisfied that this is the case we will take further regulatory action as appropriate. We will also be visiting a sample of firms – as part of the next phase of our wider PPI work – to verify that our outcomes for this are being delivered in practice.

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HOPE THIS IS HELPFUL



XX:rolleyes: