PPI Help Needed Please

skb***

I wonder if anyone could pass on any advice with claiming for PPIs!!!

Having a very turbulent few years (well at least 7) have had many re-mortgages, secured loans etc, each time trying to get out of trouble etc etc etc - and hence going to some of the not so nice companies due to not very good credit history. Thankfully now, sorted ourselves out and back with a high street bank for our mortgage etc etc and getting there. However, with the amount of loans we have had and redeemed etc - wow could I claim soo much back and have been claiming whatever I can - at the end of the day, the companies we used which are geared at the not so good for debt consolidation, surely they are only adding extra to debts when they advise PPI is a good thing? Shame this fact alone cannot warrant mis-selling?

We claimed the Mortgage Exit Fees first - had lots - and managed to get back the huge total of £23.00 - how unlucky can we be - looks like it may be the same with the PPIs and there are over £20000s worth??

So here they are and what I have already done etc - can anyone help in letting me know which are worth still fighting for and those that really are not going to happen!!! Many thanks.... and apologies if notes are all over the place - alot of thinking out loud to try and understand all this!!!!

WELCOME FINANCE
Oct 2007 Single Premium of £3178.54
Don't think I can reclaim as mis-sold - this is one I have not entered into yet. They will have tapes of it and I feel even though they do not actually say that YOU HAVE TO HAVE - you fell pressured to take it because you are sooo desperate to get the loan? Who actually reads all the small print when you receive the forms with a big fat SIGN ME sticker where you have to sign?? I will be totally honest that even though I am not stupid, but my husband would not allow himself to be out of work for more than a few weeks (he would sweep the streets if nec.) or we would go to family if mortgage or secured loans could not be paid rather than wait the sometimes three months before you make a claim ALSO I truely have never had any idea that when you buy a single premium it only lasts for a maximum of 5 years? However, with WELCOME they did mention to me about a cashback but am sure they never said anything else or was I just not listening. Surely ALL lenders should make sure you have listened and read everything - in all honestly WHO DOES?
Anyway - I was going to obviously cancel this one - looked up and can do and will get back £2030 approx. But surely this is unfair - has cost over £1000 for just 10 months THIS IS ALL SO UNFAIR...
So on this one was just going to cancel and at least get this amount back? Any other suggestions??

NEMO September 2006 Single Premium £3823.88
Via CENTRAL CAPITAL
Wrote to them about mis-selling specifically about the 5 year maximum etc (this one is still running!!) Looked into the cancellation - what a joke a mere £500 approx would be paid back onto the loan ONLY 13% - HOW UNFAIR IS THAT
Reply received from Central Capital - they listened to the calls
I did point out in original letter that surely it is unfair in itself that only my husband is on the insurance (I am a housewife) as we are both liable if not paid etc (as per Martin!!) Obviously I was ineligble for any cover as not working but why couldn't have I been covered for life etc - doesn't make sense.
They also said in their letter We verbally informed you of numerous elements of the insurance good and bad - it is neither practical nor a regulatory requirement to go through all terms and conditions relating to the insurance. I think I am flogging a dead horse here because they have the tapes and I know that we were desperate for this at the time and probably just said yes yes yes and did not listen properly I CAN HONESTLY SAY that I am not stupid and used to actually work in insurance of a similar nature (20 yrs ago) but have never ever had a clue about the single premium only lasting a max of 5 years and the fact that you are paying interest over the whole term!!!

GE MONEY HOME LENDING Single Premium £3825.00 Purchased Feb 2005 REDEEMED loan JUNE 2006 SO ONY HAD FOR 16 MONTHS MAX
via Blue Sky Finance AGAIN JUST FOR MY HUSBAND AS HOUSEWIFE
Have written to GE who advised to write to Blue Sky - did and not heard - just chased again ALL RE MIS-SELLING
HOWEVER - it is only now that you look and understand how ripped off you can be - surely when you redeem a loan which has PPI linked to it - only ran for 16 months out of the 5 years - I should have been refunded the difference??? Any advice here please.

IGROUP via LOANS.CO.UK £630.00 Approx June 2004 Was just for life cover for my husband Redeemed within a year!!!!
Wrote to these guys especially AS THEY HAVE ALREADY BEEN FINED
No go - letter states as usual - you were offered the insurance, documents sent out for you to READ and CONSIDER before signing!! You had the opportuity to read properly etc etc - is this just normal spiel or do I not have a leg to stand on? May be able to get a partial refund but not them - go back to the lender - closing the case etc!! Go to ombusman - which is my next step but just want to get all the wording correct and go with the best issue etc.

GE MONEY AGAIN / FIRST NATIONAL Bought April 2000 but redeemed WITHIN 2 YEARS NEED TO CHECK EXACT DATE £3336.00 SINGLE PREMIUM ETC

Sent usual mis-selling letter - advised on phone NO GO!!! Still awaiting letter as to why?

WHY ARE WE NOT ISSUED WITH A REFUND ON REDEMPTION - HOW ARE WE SUPPOSED TO KNOW???

This is an interesting one!!!
GE MONEY AGAIN - IGROUP - via Purple Loans!!!! Now all under the same umbrella etc etc etc
Took out AUG 2001 Single Premium £3453.00 Redeemed JAN 2003
When I dug all the paperwork out
SIGNED CREDIT AGREEMENT IT HAS BEEN TICKED NONE UNDER COVER FOR PPI
IN THE LOAN CONFIRMTION IT SHOWS MIDLAND & GENERAL CREDIT INSURANCE £3543.97
So got very excited to see what an obvious mistake this was and asked for it ALL back with interest.
They came back saying that we (my husband) had signed a seperate PPI form. Funny though that I do keep all paperwork but never had a copy - which they have sent me telling me to try and claim from Lloyds of London via Wessex etc for a partial refund as redeemed early etc etc. One of those with a big fat SIGN ME sticker on!!! Also - they already completed the form which included the ticks in the boxes which unfortunately states POLICY IS NON-CANCELLABLE TICKED THAT HE WAS AWARE - but they did not him and you just sign everything where they put the sticker?
But looking again - was this ever really explained and were they ever sure WE UNDERSTOOD (although isn't this also a general issue - why didn't any of them ever make sure WE UNDERSTOOD!!!)
Because on the CREDIT AGREEMENT - it is ticked NO COVER but the amount has obviously been added to the ADVANCE AMOUNT?? Isn't this misleading??
Any suggestions??? GE Money said we should write to Lloyds/Wessex to ask for a refund as loan redeemed early - but what is that about NON-CANCELLABLE Surely, if you redeem why would anyone pay for an insurance on something that is no longer there to cover THAT IS REALLY NOT FAIR! Even if paid up front as a single premium.... ANY SUGGESTIONS?

ALSO ALL THOSE WITH GE/IGROUP/PURPLE/FIRST NATIONAL AND MIDLAND & GENERAL THAT THEY KEEP ALSO QUOTING ETC ETC ETC - I WROTE SEPERATE LETTERS ABOUT EACH ONE BUT AT ONE STAGE THEY GOT CONFUSED WITH EACH ACCOUNT AND I HAD TO SPEAK TO THEM AND HELP THE LADY CONFIRM WHICH WAS WHICH AS NOW ALL UNDER GE MONEY UMBRELLA!!!!

ALSO - IF A POLICY IS SOLD TO YOU ON A NON-ADVISORY BASIS - WHERE DO YOU STAND WITH THAT???

AND O THE SINGLE PREMIUM VARIETY - THIS DOES MEAN THAT YOU PAY INTEREST ON IT FOR THE WHOLE TERM OF THE LOAN EVEN WHEN INSURANCE RUNS OUT - WHERE IS THAT FIAR OR WHEN IS IT EXPLAINED??

Anyway - any help and advice would be really appreciated - do I go ahead with them as I have noted or am I just so unlucky....

And what is the correct procedure for when you redeem a loan with a single premium on - shouldn't you get a refund and if I go for that with them all - a partial refund - will they all be at some sily amount of 13% ARRRGHHHH

Thanks

fanofmartin_2

Crikey ! I hope you get that sorted out, i'm sure one of the experts will help.
I am now curious about the single payment ppi, if it only protects you for 5 years than surely if you claim it back, all of it is due not just a proportion. It doesn't protect anymore and it was paid upfront before the loan started to be.

happybroker

With the single premium cover you (your husband) may still benefit from the cover the plan provides if you haven't cancelled, particularly if the cover was arranged through some one other then the loan provider. I am thinking of the GE Money loan here were the premium was included in the loan but there cover not taken, the premium would have been deducted from the loan at that point and paid to the insurer who would then have paid a commision to Purple.

You mention that you have managed t oget back into the high street for finance, did you use a broker for this? If so why not ask them to undertake a review of the plans you have, they should be keen as lets face it, it could be an opportunity to arrange some appropraite cover for you if you have a need.

If you don't have a broker try and find one, make sure they are whole of market, try and get a recommendation from a friend or family member.

Cancellation of these plans if they are still running will usually result in a low rebate of premium so is often not the best route (obviously without seeing policy documents etc its difficult to be more precise).

The whole issue of single premium protection selling is a sticky one and needs much more robust regulation for the future which obviously doesn't help you but I have met many, many people with similar gripes.

Re single premium plans being added to the loan you are correct, it does mean that interest will be charged on that amount for the term of the loan, increasing the cost of the premium, often quite significantly. Many of the interest rate packages are linked to percentage of the value of your home you are borrowing (the nearer the value of the property you are the higher the interest rate is!) and adding the premium may have tipped the loan amount into to the next bracket so the cost of the loan could have ancreased also.

One of the statements that shoudl be made very clear to you concerns the adding of the premium to the loan and subsequent interest charges. I have heard people "sell" the benefit of this however as "whilst interest will be charged over the term of the loan doing this will enable you to spread the cost over that longer term rather then just 5 years" which is cheeky. If you haven't been made aware of this then I think it is on Martin's checklist for mis selling.

You should also have been told that if you cancel a plan half way through you won't get a "proportionate refund of premium" meaning cancelling a 5 year plan 2.5 years in won't result in half the premium coming back to you so look at that also.

You can get monthly premium plans which will stay in force while ever you pay the premiums, and are usually cheaper as the commision to advisors is usually much lower (typically 25% of the annual premium as opposed to up to 65% of the premium paid for single premium plans!).

Advised and non advised sales basically mean you have some come back or not. To my mind non advised should only be offered where a client doesn't want to discuss their circumstances and is asking for a certain type of cover for a certain amount, no assessment of clients demands and needs is made, the person arranging would merely act as a facilitator between you and the insurer although the usual significant exclusions should be highlighted and your eligibility for cover should be checked.

Keep pluggin away with the letters but in the mean time speak to your advisor.

Good luck

homer_j_3

You could have cause for the concern with a lot of these transactions.

Many companies that offered secured loans or loans with single premium PPI prior to 2005 have been identified as not acting lawfully. This, in its simplest terms, means that these loans may be voidable or unenforceable, which would result in more than your PPI being refunded.

I have written a post for explanation of what I mean by this, which I will link to and bump so you can have a read.

http://forums.moneysavingexpert.com/showthread.html?t=930311

skb***

homer_j wrote: »

You could have cause for the concern with a lot of these transactions.

Many companies that offered secured loans or loans with single premium PPI prior to 2005 have been identified as not acting lawfully. This, in its simplest terms, means that these loans may be voidable or unenforceable, which would result in more than your PPI being refunded.

I have written a post for explanation of what I mean by this, which I will link to and bump so you can have a read.

http://forums.moneysavingexpert.com/showthread.html?t=930311

WOOOOOOOOH! I can't beleive that (well I can!!!) In view of that info and my concerns - should I wait?

homer_j_3

If this is something that interests you then you will probably need to employ a company to do this for you.

Whilst this site promotes self help and I agree with this; doing the work for yourself, the risks of getting it wrong could be very costly and until someone has successfully done this without having to employ legal help, I cannot see people wanting to risk.

Anyway, you have a lot of potential claims from what I can see and if you have any questions,please let me know.

findhorn_2

I hope someone can give me some advice. I took a secured loan Dec 03 all done on telephone thro Dial 4 A Loan. Was told had to take ppi, 3000 was added to the loan amount. I paid off this loan Jan 05 no refund of ppi in fact had to pay off 4000. Tried to claim via FOB have been told by them First National Finance ltd the company that sold the insurance were not members of GISC so they can't help. When I paid off the loan the payment was made to G E Money, who I see have been fined. Don't understand how I receive reply to my complaint from Welcome Finance. I want to continue and try and get my money back. Any suggestions?

JillN

Hi findhorn, I'm having exactly the same problem, also got my loan in 2003 and paid it off in 2005. Got my loan through Purple Loans and that seems to be part of GE Money also, got exactly the same response that you have had. Have now resorted to contacting companies on a no win no fee basis but not holding out much hope.

homer_j_3

Both your complaints may be helped by the issues that I have mentioned in the link above and if you are unable to get recourse through the FOS or the complaint procedures of any other regulatory body then court may be the only way for you.