PPI Reclaiming discussion Part II

marshallka

sarahc5388 wrote: »

have drafted this on behalf of dad:

As I have received no response from you with regard to my previous letter dated 15 Jun 08 please provide a final response with regards to the above account and claim for mis-sold PPI. I would also like to add that you have already recompensed me for a loan prior to this, for which this loan was a 'top up'.

I expect a final response from yourselves by return of post so that I may submit a complaint to the Financial Ombudsman, as the timeline has now exceeded 8 weeks since you received my original complaint (dated 11 May 2008).


Any pointers appreciated before i print this - cheers all

That sounds ok to me sarah. You have given them long enough now (over 8 weeks) so you can go to FOS without a final response. Good luck:D

di3004

marshallka wrote: »

That sounds ok to me sarah. You have given them long enough now so you can go to FOS without a final response. Good luck:D

Yes I agree !

marshallka

Di, are you going for unfair rebate with Endeavour now?? Is this for the loan or the ppi unfair rebate??

di3004

marshallka wrote: »

Di, are you going for unfair rebate with Endeavour now?? Is this for the loan or the ppi unfair rebate??

Hi hun, funny thing you should ask that, now when the loan/ppi was settled I was not exactly told if it were for the PPI or loan, this is what M Colak asked when the calculations were worked out, its a few pages away but the calculations were worked out by M Colak, and even though I have the SAR the letter when they sent the final response regarding about the mis selling at that point, stated it was a part rebate, but I had taken it has an overall loan and ppi as one sort of thing.
I will have to try and work this one out but M Colak explains I can still try to reclaim the remainder of the PPI then do the loan separately or all in one sort of thing, I will have to go back and find that post to make sure.;)

Di.
xx

sarahc5388

marshallka wrote: »

That sounds ok to me sarah. You have given them long enough now (over 8 weeks) so you can go to FOS without a final response. Good luck:D

seem to be at a standstill for both mine and dads. will ring the fos tomorrow about mine and get the letter printed off for dad to sign, doing my head in - why can't they just get on with it - anyway peeps it was my first day back at work today after 3 weeks off so am off to get some shut eye..... this time last week......

LangoMango

I took out a 7% £15K loan with Sainsbury's bank almost five years ago and it's almost up. I took out PPI because the sales person on the phone indicated the loan was much safer that way, however, I my partner was on the loan as a guarantor, which raise the question if I had a guarantor, why did I need insurance?

The Word template seems to be for people who've either cancelled the insurance or paid up the loan early. Can I reclaim this or is it too late? If I pay early I have to pay one month's loan repayment as a penalty

Thanks

di3004

LangoMango wrote: »

I took out a 7% £15K loan with Sainsbury's bank almost five years ago and it's almost up. I took out PPI because the sales person on the phone indicated the loan was much safer that way, however, I my partner was on the loan as a guarantor, which raise the question if I had a guarantor, why did I need insurance?

The Word template seems to be for people who've either cancelled the insurance or paid up the loan early. Can I reclaim this or is it too late? If I pay early I have to pay one month's loan repayment as a penalty

Thanks

Hi there
And yes if you believe you were mis sold you go for it.
The letter template gives you ideas, in other words you could have felt pressurised and you may not have needed it.;)
If you want to just delete what does not occur to you and add your own reasons why you feel you were mis sold.

Good luck;)

Di.
x

marshallka

LangoMango wrote: »

I took out a 7% £15K loan with Sainsbury's bank almost five years ago and it's almost up. I took out PPI because the sales person on the phone indicated the loan was much safer that way, however, I my partner was on the loan as a guarantor, which raise the question if I had a guarantor, why did I need insurance?

The Word template seems to be for people who've either cancelled the insurance or paid up the loan early. Can I reclaim this or is it too late? If I pay early I have to pay one month's loan repayment as a penalty

Thanks

Was this a single premium policy and also was it for the full term of the loan??

roctw

Sorry it's a bit complicated but could really do with some advice.

I was hunting through some old documents and came across an old loan agreement with HFC.

The loan in question was added to my completed IVA (Satisified Sept 2005). I had a look though and was staggered to see the cost of the credit protection insurance. Looking into this further I came to MSE as saw Martin's article. It rang so true for so many reasons.

We took this loan out in April 2001 just before our debts started to spiral out of control hence the IVA. The loan amount was £5k to consolidate some cards we had plus a store card. We were told the insurance was optional and to be honest were under quite a bit of pressure from the sales person including the usual "ooh you won't get a loan without this now" pitch. I can clearly remember this day as really it was the start of things going v. wrong.

I had no idea the insurance would be added to the loan with interest payable and still can't understand what we really signed up to. We were just in need of the money! I know now that was foolish but surely HFC should have explained all this to us?

Anyhow wondering whether I can claim back the insurance? Looking through my paperwork (although it is complicated) we paid £529.48 for Decreasing Term Life Assurance and £941.30 for Accident, Sickness & Unemployment. Then there is a bit that says to add interest of £1203.30.

Seen the sample letter and thought my reasons are

"Neither my husband nor I were given the correct information when the policy was sold to us. Your salesperson did not tell us that the policy was optional and also implied that taking out the policy was essential for us to get the associated credit.

We were also not made aware that the policy was to be paid by a single lump sum premium covering the whole of the policy term or that this was to be funded by means of a loan, on which interest would be payable.

As this loan was to consolidate debts and reduce our outgoings if I had known all of the above I wouldn’t have taken out this insurance."

Any advice or thoughts would be appreciated? Is it too late to claim, will the IVA complicate matters too much? Makes me even more stupid that my hubbie and I got into this situation!

sarahc5388

roctw wrote: »

Sorry it's a bit complicated but could really do with some advice.

I was hunting through some old documents and came across an old loan agreement with HFC.

The loan in question was added to my completed IVA (Satisified Sept 2005). I had a look though and was staggered to see the cost of the credit protection insurance. Looking into this further I came to MSE as saw Martin's article. It rang so true for so many reasons.

We took this loan out in April 2001 just before our debts started to spiral out of control hence the IVA. The loan amount was £5k to consolidate some cards we had plus a store card. We were told the insurance was optional and to be honest were under quite a bit of pressure from the sales person including the usual "ooh you won't get a loan without this now" pitch. I can clearly remember this day as really it was the start of things going v. wrong.

I had no idea the insurance would be added to the loan with interest payable and still can't understand what we really signed up to. We were just in need of the money! I know now that was foolish but surely HFC should have explained all this to us?

Anyhow wondering whether I can claim back the insurance? Looking through my paperwork (although it is complicated) we paid £529.48 for Decreasing Term Life Assurance and £941.30 for Accident, Sickness & Unemployment. Then there is a bit that says to add interest of £1203.30.

Seen the sample letter and thought my reasons are

"Neither my husband nor I were given the correct information when the policy was sold to us. Your salesperson did not tell us that the policy was optional and also implied that taking out the policy was essential for us to get the associated credit.

We were also not made aware that the policy was to be paid by a single lump sum premium covering the whole of the policy term or that this was to be funded by means of a loan, on which interest would be payable.

As this loan was to consolidate debts and reduce our outgoings if I had known all of the above I wouldn’t have taken out this insurance."

Any advice or thoughts would be appreciated? Is it too late to claim, will the IVA complicate matters too much? Makes me even more stupid that my hubbie and I got into this situation!

what's an IVA?