PPI Reclaiming discussion Part II

di3004

marshallka wrote: »

Di, this was the first letter to them that Tiggrae drafted for you..

Yes hun and the latest one above.;)

di3004

gavatar wrote: »

Hi,

I've been reading up this stuff, and it seems my PPI protection is way too expensive. I want to cancel it and get whatever I can back. I don't necessarily think I was mis-sold it, I just didn't realise what a rip off it is.

I got this loan in 2005, so I'm well beyond the 30 days cancellation option. Under cancellation it says (regarding cancelling after 30 days):

"...as long as you have not made a claim " - (I have not) - " you will be entitled to a proportion of the premium paid. The refund will not be equal to the total value of the premium you have paid for the unexpired part of the term, as more of your premium is apportioned to the early part of the policy term when we bear the most risk. Any refund in premium after you have settled your agreement will be made directly to you."

I've read that about five times and I still don't completely understand it! Help!

This was one of these "insurance + loan in one lump" things - so my loan is presumably made up of what I wanted to borrow, plus the total cost of the insurance, all with interest! Is that right?

Any advice greatly appreciated. The loan has around 7.5 years left to run.

Thanks,

Gav.:question:

Hi there Gav
Welcome to this amazing helpful forum.;)

And was this explained to you ?

As you may not have been eligible anyway.

I get the impression they did not tell you this was front loaded and that you would be paying interest on top etc.
Well if thats the case then they have mis sold you this and you have grounds for complaint.

There is a template letter on the front page and a list where you can check this, so send the complaint letter and get reclaiming.;)

Let us know if you require more help Gav.

Good luck !
Di.
x

marshallka

gavatar wrote: »

Hi,

I've been reading up this stuff, and it seems my PPI protection is way too expensive. I want to cancel it and get whatever I can back. I don't necessarily think I was mis-sold it, I just didn't realise what a rip off it is.

I got this loan in 2005, so I'm well beyond the 30 days cancellation option. Under cancellation it says (regarding cancelling after 30 days):

"...as long as you have not made a claim " - (I have not) - " you will be entitled to a proportion of the premium paid. The refund will not be equal to the total value of the premium you have paid for the unexpired part of the term, as more of your premium is apportioned to the early part of the policy term when we bear the most risk. Any refund in premium after you have settled your agreement will be made directly to you."

I've read that about five times and I still don't completely understand it! Help!

This was one of these "insurance + loan in one lump" things - so my loan is presumably made up of what I wanted to borrow, plus the total cost of the insurance, all with interest! Is that right?

Any advice greatly appreciated. The loan has around 7.5 years left to run.

Thanks,

Gav.:question:

Is this a Firstplus policy by any chance?? Also as this is 2005 if it was after the 14th January, 2005 then you can go the FOS with any complaint you have. I don;t know if you realise this or not but as you have a front loaded policy here and single premium if you went to settle the loan now before your due date then you could actually owe more than you originally borrowed due to this policy. They are set up whereby your repayments are made to the policy at first and not much comes off the loan, then there is the interest of the policy which even if you cancel is payable over the full term of the loan. If you worked out how much this policy actually cost you you may think twice about the misselling thing.

Did you know all this at the time of taking this out??

gavatar

di3004 wrote: »

Hi there Gav
Welcome to this amazing helpful forum.;)

Who was the loan with hun ?
And was this explained to you ?

As you may not have been eligible anyway.

I get the impression they did not tell you this was front loaded and that you would be paying interest on top etc.
Well if thats the case then they have mis sold you this and you have grounds for complaint.

There is a template letter on the front page and a list where you can check this, so send the complaint letter and get reclaiming.;)

Let us know if you require more help Gav.

Good luck !
Di.
x

It was Northern Rock.

I'm not sure if I was mis-sold it or not! Trouble is it's long enough ago that I can't remember what discussions I had with NR at the time. I do know that I ticked the box to take out the "Loan Protect Gold". I don't think I fully understood it at the time. Well - I'm not entirely sure I understand it even now.

Busta_3

HKS wrote: »

Hi everyone,

Newbie here with a quick question about PPI reclaiming. I am trying to reclaim the loan insurance on my fiance's Halifax loan, he used their courier service so when he signed the agreement he was at home and the courier was waiting for him to sign. Do you think I should mention this in the reclaim letter as I am presuming the courier had no financial training and he felt under pressure to get it signed quickly?

Any help much appreciated, thanks

Helen

hello, by all means put it in. my last loan was via a courier with halifax, and i know that the adjudicator has upheld all my loans past and present, just witing to hear what halifax say, so yeah give it a try.x

gavatar

marshallka wrote: »

Is this a Firstplus policy by any chance?? Also as this is 2005 if it was after the 14th January, 2005 then you can go the FOS with any complaint you have. I don;t know if you realise this or not but as you have a front loaded policy here and single premium if you went to settle the loan now before your due date then you could actually owe more than you originally borrowed due to this policy. They are set up whereby your repayments are made to the policy at first and not much comes off the loan, then there is the interest of the policy which even if you cancel is payable over the full term of the loan. If you worked out how much this policy actually cost you you may think twice about the misselling thing.

Did you know all this at the time of taking this out??

It's a Pinnacle Cardiff PPI.

I didn't really understand this when I took the policy / loan. I only realised something weird was going on when I asked NR for the current state of the loan and was somewhat surprised to find it was more than I had borrowed??!!???!!?? :mad:

What do I do? Are you saying if I cancel the policy, I still have to pay interest on it? I don't understand.

marshallka

gavatar wrote: »

It was Northern Rock.

I'm not sure if I was mis-sold it or not! Trouble is it's long enough ago that I can't remember what discussions I had with NR at the time. I do know that I ticked the box to take out the "Loan Protect Gold". I don't think I fully understood it at the time. Well - I'm not entirely sure I understand it even now.

If you were not aware of the actual cost (these types of policies should be banned now) then you have been missold. You sound like you were not aware of it and if i was you and you actually worked out how much it cost you over the full term then i would make a claim for misselling. The FOS is upholding most complaints that they have for single premium front loaded policies taken after the 14th January, 2005 when the FSA took over and put some rules into place.

marshallka

gavatar wrote: »

It's a Pinnacle Cardiff PPI.

I didn't really understand this when I took the policy / loan. I only realised something weird was going on when I asked NR for the current state of the loan and was somewhat surprised to find it was more than I had borrowed??!!???!!?? :mad:

What do I do? Are you saying if I cancel the policy, I still have to pay interest on it? I don't understand.

Yes, that exactly what i am saying. (It was a loan in itself). You are never rid of this policy until you are rid of the loan. Get the first template letter in now and make a complaint. We will all help you make your claim. It does not matter about the ticks etc. The fact remains that you were not aware it was front loaded and a single premium in that you were paying interest on this for the full term of the loan.

You make your claim against whoever sold you this policy and that is Northern Rock.

The template letter has lots of reasons on but you can edit it, add to it what you like. I always try to make the letters up myself with ideas from the templates.

Angel_A_2

Hi there Di, guys.......it's not looking good for a few of us huh!!!!

Well I got a fat letter today from the FOS (Knew it was going to be bad news- it was fat lol)

They have sent everything back to me, and have said the dates are out of it's jurisdiction!!! Blast and blast......so I'm stuck with how to proceed??

O.H is eyeing me up ; )

he is wanting his dinner....I've been trying to catch up over 12 pages wowwee (too much to do for this sitting)

So I'm not fully up to date with the goings on...so sorry if you're repeating info given

thanks

di3004

Yes I agree with Marshallka Gav, this is at least one of the meanings of being mis sold.

Get that letter in and complain.

If your unable to find the template, give us a shout.;)

Di.
x