PPI Reclaiming discussion Part II

di3004

Striving_to_Succeed wrote: »

Hey All

It's great to read the success stories for claiming back the PPI. It seems we are a long way off from getting these companies to stop mis-selling PPI and repaying what we are rightfully owed. We may be slowly winning the battle but unfortunately after reading some stories, we are far from winning the war!

I have a question, have searched for it on the forumn and the question has been raised but I cannot seem to find an answer. So apologies if this is not the case or if I have posted this in the wrong place.

My mum bought a car on HP in 2005. She took out PPI and was told that she could use it if she ever became unemployed or if she became ill. Since then my mum's health has detoriated and she has since had to give up work. She contacted the insurance company to put in a claim. They sent her the forms which she filled out and promptly returned. She has since been told that she cannot claim even though she has medical evidence backing her claim as well has confirmation from her previous employers. I am paying the loan back so she is up-to-date with her payments.

What I wanted to know is, does she have grounds to request a refund?

She doesn't mind if the policy is cancelled as it not useful to her if she cannot use it when she needs it the most.

Thanks in advance for your help, much appreciated

Hi there hun
It seems that you mum does have grounds for complaint, so yep go for it and get a letter in.
Here is a link here to give further ideas, but if you can try to a letter in your own words as much as you can with full explanation of the reasons, as there is also a template on this link too to help guide you.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good luck and please keep us posted, they have 8 weeks from the letter, don't worry if you receive a fob off first letter, unfortunately this is the case for many, but another letter then will be sent to receive a final decision in order to complain to the financial ombudsman service, but we will work on those stages if they come to them.

Fingers crossed.
Di.
x

marshallka

marshallka wrote: »

You had much more than what they state here as a rebate though.....

Di that is what the extra money will be. Its that you only really made 7 months repayments and they took it as 9 so the extra couple of months (it would have been 1 and half months maybe) were taken from the new loan.

marshallka

di3004 wrote: »

Tiggrae is right by the seems of it hun and weird thing is it seems like nemo done that too us too, by deducting the 2nd loan amount which obviously had something to do with settling the first one.......

Di, i only had the one loan

di3004

marshallka wrote: »

You had much more than what they state here as a rebate though.....

They did not do what they stated here though...They rebated nearly all of it.

I really do not know what they have done hun to be honest with you as I thought that too, not unless they included the month of having the loan not the month after and that of July's payment too, or they way they just actually calculated it, I do not know........

marshallka

Di, they refunded you over 90% of the PPI when you took the second loan.;) well over the 14% in the key facts book.

We do know that if you are claiming misselling then you are due the £850 back and the stat interest as the rest was rebated.

di3004

marshallka wrote: »

Di that is what the extra money will be. Its that you only really made 7 months repayments and they took it as 9 so the extra couple of months (it would have been 1 and half months maybe) were taken from the new loan.

That did come to mind hun, maybe so but are they really supposed to treat it as a new separate loan ?
Say for instance then I did not have a loan with them the 2nd time around for the consolidation, the amount settled would have been the same then ?
Am I correct? (as I may have gone to someone else)......

di3004

marshallka wrote: »

Di, they refunded you over 90% of the PPI when you took the second loan.;) well over the 14% in the key facts book.

Cheers, sorry It states 16% in my booklet not 14% lol;)

marshallka

di3004 wrote: »

That did come to mind hun, maybe so but are they really supposed to treat it as a new separate loan ?
Say for instance then I did not have a loan with them the 2nd time around for the consolidation, the amount settled would have been the same then ?
Am I correct? (as I may have gone to someone else)......

God no!!!! You would have been charged the whole PPI less the 16%. That is like my co-op ones and Barclays FIrstplus. You would have also paid a lot more to actually settle the loan too.

You would have paid at least another 7K towards the PPI

Striving_to_Succeed

marshallka wrote: »

Were these things that she is claiming for exclusions from the policy as she had had treatment for them before?? Were these things discussed when she took out the PPI?? Was it sold as optional and was it a single premium policy?

Thanks Marshallka for the reply

No medical history was taken or requested. The only thing that was really talked about with the PPI is that it would be "beneficial" to have it just in case of unemployment or ill health. As far as I can remember, I cannot recall my mum being told it was optional and it is a single premuim policy.

I know I have answered all the questions that were put on the PPI FAQ page, but I was not sure if this applied to Hire purchase too.

Thank you once gain for your help

Much appreciated

di3004

marshallka wrote: »

God no!!!! You would have been charged the whole PPI less the 16%. That is like my co-op ones and Barclays FIrstplus. You would have also paid a lot more to actually settle the loan too.

You would have paid at least another 7K towards the PPI

Exactly my thoughts hun, obviously they see it as a full figure and will obviously add that in if you settle with them completely.

Here read this from my policy booklet:

The refund amount will be credited to your Agreement with Nemo personal Finance limited and Your monthly repayment will be recalculated.
However, if you have cancelled your Agreement previously any refund amount will be paid directly to you by Nemo personal finance.