PPI Reclaiming discussion Part II

marshallka

simone83 wrote: »

Thanks for this,

I will be back when the letter arrives for the next step!

Night all. Simone x

Night simone.:D

di3004

simone83 wrote: »

Thanks for this,

I will be back when the letter arrives for the next step!

Night all. Simone x

Night Simone, catch you soon hunni.;)

Di.
x

di3004

Been helping my son with his homework..........golly its not getting any easier........:o .
A bit of French.......:rolleyes: , and some History/Geog........:eek: , never any good at History or Geog at school........:o .

maxdp

marshallka wrote: »

I actually made a complaint about this alone to the OFT,

Well done Marshallka:D

maxdp

marshallka wrote: »

reported that poster.

What posts do you mean about Unwelcome Finance??

Under loans people been complaining about WELCOME FINANCE thought you could add stuff to this people borrowing 10 thousand and after three years paying off still owing 14000 OMG what a rip off.:eek:

Mike1979

Hi all,

Firstly, I’m really sorry for the long post. but I’m trying to give as much information as possible.

I’ve been reading about peoples successes with getting their cash back for Personal Protection insurance but haven’t found a situation quite like mine and hoped someone could shed some light on it for me.

I took out a loan in December 2002 at 8.9% APR to buy a new car for my job as it was a company policy to have a car under 6 months old (I had to do a lot of driving back then).

In order to get the loan, HSBC said I’d have to combine my current account’s overdraft with the loan and was told I needed to take credit protection insurance otherwise HSBC wouldn’t give me the money.

In 2005 I realised that my 8.9% rate wasn’t very good, and asked if I could change to their 6.9% rate that they were advertising, again I was told I’d have to combine my current account overdraft with the remainder of the loan to get this rate and continue with the credit protection insurance.

Now I’ve never claimed on this insurance and haven’t missed a payment in the last 5 years 10 months, I’ve checked the insurance sales acknowledgement slip I received in 2002 and it states that the companies providing this insurance are:
For unemployment cover and, where the term of your loan is less than 60 months but for disability cover it’s in excess of 60 months.

So I’m not sure but I think I might be eligible to claim some of my money back as my loan was initially for 7 years and was mis-sold the “insurance” in the first place.

I’ve put the figures below to give you an idea of the total costs so far.

2002 Loan (December)

Principal Loan 17,300.00
Total charge for credit – 5,754.67
Initial payment 273.66
83 further payments 274.47

Credit Protection Insurance Loan – 4790.76
Total charge for credit – 1593.35
Initial repayment – 76.18
83 further repayments 75.99

Total loan combined = 22090


2005 Loan (July)

Principal Loan 15,540
Total charge for credit – 2,787.10
Initial payment 304.96
59 further payments 305.46

Credit Protection Insurance Loan – 3,300.71
Total charge for credit – 591.85
Initial repayment – 65.11
59 further repayments 64.86

Total loan combined = 18,840.00

If anyone can advise what (if anything) I’d be eligible to claim, it would be greatly appreciated and if it works, there’s a very good chance you’ll make my Christmas card list.

Thanks in advance

Mike

di3004

Mike1979 wrote: »

Hi all,

Firstly, I’m really sorry for the long post. but I’m trying to give as much information as possible.

I’ve been reading about peoples successes with getting their cash back for Personal Protection insurance but haven’t found a situation quite like mine and hoped someone could shed some light on it for me.

I took out a loan in December 2002 at 8.9% APR to buy a new car for my job as it was a company policy to have a car under 6 months old (I had to do a lot of driving back then).

In order to get the loan, HSBC said I’d have to combine my current account’s overdraft with the loan and was told I needed to take credit protection insurance otherwise HSBC wouldn’t give me the money.

In 2005 Irealised that my 8.9% rate wasn’t very good, and asked if I could change to their 6.9% rate that they were advertising, again I was told I’d have to combine my current account overdraft with the remainder of the loan to get this rate and continue with the credit protection insurance.

Now I’ve never claimed on this insurance and haven’t missed a payment in the last 5 years 10 months, I’ve checked the insurance sales acknowledgement slip I received in 2002 and it states that the companies providing this insurance are:
For unemployment cover and, where the term of your loan is less than 60 months but for disability cover it’s in excess of 60 months.

So I’m not sure but I think I might be eligible to claim some of my money back as my loan was initially for 7 years and was mis-sold the “insurance” in the first place.

I’ve put the figures below to give you an idea of the total costs so far.

2002 Loan (December)

Principal Loan 17,300.00
Total charge for credit – 5,754.67
Initial payment 273.66
83 further payments 274.47

Credit Protection Insurance Loan – 4790.76
Total charge for credit – 1593.35
Initial repayment – 76.18
83 further repayments 75.99

Total loan combined = 22090


2005 Loan (July)

Principal Loan 15,540
Total charge for credit – 2,787.10
Initial payment 304.96
59 further payments 305.46

Credit Protection Insurance Loan – 3,300.71
Total charge for credit – 591.85
Initial repayment – 65.11
59 further repayments 64.86

Total loan combined = 18,840.00

If anyone can advise what (if anything) I’d be eligible to claim, it would be greatly appreciated and if it works, there’s a very good chance you’ll make my Christmas card list.

Thanks in advance

Mike

Hi Mike its good to see you here.

Hope my post on your other thread regarding this was some help earlier to you.;)

The others here, Marshallka, Tiggrae etc will no doubt post up here too, if not tonight - then sometime in the morning.
There is usually a lot more here throughout the day, and if you do not get another response on this tonight, no doubt you will tomorrow, so please keep checking in case hun, and the very best of luck.;)

Di.
x

Beccamc

di3004 wrote: »

Hi there hun
They are fobbing you off.

You need to complain and request the mis sold ppi back in writing hunni, check here and this link will show you some examples, and there is also a reclaim template link.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance


Now from here hun, for whatever reason you believe you were mis sold you need to add this, always give an explanation to your reason this will make your letter look stronger.

The template is there to help you but try to re arrange this into your own words.
You tell them if they do not uphold your complaint and refund you your ppi plus interest you will not hesitate to complain to the Financial Ombudsman to investigate this for you.;)

If you require further info hun just give us a yell and one of us will be back here to help you through this.

Don't worry, we will try our best to help you.;)

Catch you later.
Di.
x

Thanks alot for the advice you have given me, i have used the link you have sent me and sent off the letter in the post this evening.

I will keep you posted.

Becca

singlep

I have not been on this site recently as all my waking time is spent on the banking crisis. But please read the FSA website today and see the most aggressive messsage yet issued on the missale of PPI. Please do not be confused by the reference to unsecured loans as that was simply where the FSA focussed attention. You will see their disgust at the way some firms are treating customers. More blood to follow? It should be an encouragement to all who have been missold.

MILKYBHOYO

Hi Folks,
Got this back from FOS today regarding the timescales of my PPI claim. What do you think?

Dear Mr XXXXX,

Thank you for your e-mail.

As long as you make your complaint within the 6 years from when it was taken out, you should still be eligible to complain. If you can provide proof that you made your complaint within this timescale, it would certainly be useful if there are any queries about whether the complaint falls within our remit.

Also, as you rightly state in your second e-mail, Firstplus were members of GISC. Therefore, if the 8 weeks from your original complaint have passed, you can download and send me a complaint form. Upon receipt, I will be able to pass the complaint to our casework area for further consideration.

For future reference, the reference number for your complaint is XXXXX. Please quote this on all correspondence.

Yours Sincerely

XXXXXXX