PPI Reclaiming discussion Part II

maxdp

marshallka wrote: »

Show me one case that has actually won on this kinda thing maxdp..

Never seen anyone on here or the consumer forum shout about it yet!!!

Am going to PM you.

di3004

WoodyBuzz

Here is the link to both the mis selling of PPI list and further in that page a link to the reclaiming template.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Try to also add in your own words and an explanation to each reason if you can, to try to keep your letter strong.
They have 8 weeks max to get back to you.

Any problem hun, give us a yell, if they fob you off with a standard fob off response, let us know and we will move on to the next step.

We will keep at them until we get somewhere as much as we can.;)
Good luck!

Di.
x

di3004

woodybuzz wrote: »

Thanks DI

I need to know what will happen if I cancel and if I don't get the PPI reclaimed - will I be any better off?

What normally happens hun, is that they will cancel or should cancel at your request.
You may not notice that much difference with the repayments though, that is the snag here but if successful which is very likely you will win this as you have good grounds here that you were mis sold, you will have back every penny of the ppi plus interest etc.

If you do require cover still, there are cheaper options, check out Martin's link, as above.;)
Don't forget if they keep denying this you always have the Financial ombudsman service who will investigate this for you.

If you want to see what others say too hun, they will also advise you here.

Di.
x

maxdp

woodybuzz wrote: »

Borrowed 15k over 7 years - £230 a month for loan £65 amonth for PPI

What can expect if I cancel the PPI (can I cancel??? policy docs say not)

Do I get a SAR first or do I try and cancel and say I was missold?

All help and advice appreciated!

Hi if you cancel they will start the loan out again but they should sort it out with the same interst rate.

You can cancel but only if you re finance loan.

What reasons do you have to reclaim e.g.
Miss sold
Unfair rebate
Forced to take out to get credit
Medical reasons
Reasons due to age
Unaware of what you were taking out.

Have a look through MSE letters so you can make an informed decision;)

marshallka

maxdp wrote: »

Am going to PM you.

Read it and will reply in a little while.:D

woodybuzz

maxdp wrote: »

Hi if you cancel they will start the loan out again but they should sort it out with the same interst rate.

You can cancel but only if you re finance loan.

What reasons do you have to reclaim e.g.
Miss sold
Unfair rebate
Forced to take out to get credit
Medical reasons
Reasons due to age
Unaware of what you were taking out.

Have a look through MSE letters so you can make an informed decision;)

I think the "only" reason I have is that I wasn't aware that I was taking out another loan on top of the loan (single premium) - is this enough?

Also - you say the premium won't come down much - do you mean the loan premium or the loan+PPI premium? Call me old fashioned but if the PPI premium is £65 then the whole thing has to come down by £65??

maxdp

woodybuzz wrote: »

I think the "only" reason I have is that I wasn't aware that I was taking out another loan on top of the loan (single premium) - is this enough?

Also - you say the premium won't come down much - do you mean the loan premium or the loan+PPI premium? Call me old fashioned but if the PPI premium is £65 then the whole thing has to come down by £65??

If you were not aware or feel it was not explained then you may have a case especially if it was front loaded,

Have you gone on the miss sold link and sent letter and requested SAR etc.:eek:

maxdp

di3004 wrote: »

WoodyBuzz

Here is the link to both the mis selling of PPI list and further in that page a link to the reclaiming template.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Try to also add in your own words and an explanation to each reason if you can, to try to keep your letter strong.
They have 8 weeks max to get back to you.

Any problem hun, give us a yell, if they fob you off with a standard fob off response, let us know and we will move on to the next step.

We will keep at them until we get somewhere as much as we can.;)
Good luck!

Di.
x

Well done Di:D

di3004

woodybuzz wrote: »

I think the "only" reason I have is that I wasn't aware that I was taking out another loan on top of the loan (single premium) - is this enough?

Also - you say the premium won't come down much - do you mean the loan premium or the loan+PPI premium? Call me old fashioned but if the PPI premium is £65 then the whole thing has to come down by £65??

You need to write to them and tell them that you have grounds for complaint, where you are requesting the full amount of PPI paid and interest, due to not being informed of the full cost of the payment protection insurance, nothing was explained and as this is very costly you believe you should have had the option to have looked elsewhere for a cheaper cover.

Now this may vary, mine for example was a secured loan for £55K, with loan ppi it was over that of £66K, they did not allow us to cancel at first as we learnt of all this mis selling in the media, but after the cooling period, in our case we cancelled 2 months into taking this out, they only knocked off the payments by about £14 a month, but when we remortgaged, it was all settled but they still included the amount of the ppi in this amount even though it were cancelled.
We had won the whole amount of ppi back plus interest etc, this came to about almost £13K back when won through the FOS.;)

I'm sure you will get through this, but this will vary hunni.

marshallka

woodybuzz wrote: »

Borrowed 15k over 7 years - £230 a month for loan £65 amonth for PPI

What can expect if I cancel the PPI (can I cancel??? policy docs say not)

Do I get a SAR first or do I try and cancel and say I was missold?

All help and advice appreciated!

Woodybuzz, when was your PPI and loan??

I take it it was after january, 2005 as a non advised sale?

If it was then you would be protected by the FSA rules on the sales of PPI. You don't need a SAR but get a letter in for misselling and if you want to cancel this you can but that is up to you. They cannot say that you cannot cancel.

You now need to get your letter in for misselling. Try to make it your own and send it recorded delivery. You have to give them 8 weeks for a full and final response.

Sorry Di, you beat me to it..