PPI Reclaiming Discussion part 4

The_Loan_Ranger · 3 April 2011 at 4:08PM

saintsfan1 wrote: »

I am in need of a little more help.
In my previous posts I have let you all know of my success and possible failure (my wifes Store card , but we are contemplating going to the FSO ).

What I need now is a little bit more guidence.
When I put in our claims one of them was for a loan I got with First National Tricity back in 2002 ( I have all the paperwork ) which I now belive is part of Santander. I sent this off to their London address at the same time as my wifes store card claim and one other to Santander which was to the Bradford Address. We have had replies to the Store card and the one to the Bradford address ( which is a success) but I have had no reply to mine or acknowledgement. Is this normal or have I possibly sent it to the wrong address. If I get no reply by the time the eight weeks have gone by (it is now gone 2 weeks ) What action should I take.

Thanks for all the help so far

You need to write again and emphasise the action you intend taking; as has been said - FOS will advise that a company has 8 weeks to issue a 'Final response' - all worthy companies should offer you the courtesy of a reply, even if there is some discrepancy over who 'owns' the loan company now. Something you may need to bear in mind; you say the loan was taken out in 2002? - if the loan and its associated PPI came to an end over six years ago, you will have difficulty making a claim because financial institutions are only obliged to retain financial records for six years from full and final settlement of any loan.

amersall · 3 April 2011 at 5:26PM

nath84 wrote: »

Hi,

I recently complained to Halifax about the addition of PPI coverage to my credit card account taken out in 2002 (I was a student and therefore not covered). Having waited 8 weeks I received a response upholding my complaint and advising that I will be refunded all my premiums. I signed the agreement and returned it to them, and I know that they received it. I returned it some four weeks ago but have not yet heard anything further - does anyone have any experience of how long this refund process takes with Halifax?

Thanks to MSE for the fantastic information that has helped me this far. :T

Thanks,

Nath84

Well done on your win.:j:j

amersall · 3 April 2011 at 5:44PM

Dizzywithmoney wrote: »

Thanks for the information. The PPI was for just over £15,000. I did wonder though if we had to pay all of this back when we paid off the actual loan amount. The company that are now dealing with it for us have sent a letter off to First Plus and then written to me. They did do all the reasearch, i.e. getting the loan information, dates, amounts etc. They told us that the loan was for £86,000 and the PPI was for just over £15,000 (cant remember exact amounts) but I think we actully only borrowed around £71,000 but I cannot remember how much we actually paid back after the two years.

I have just remembered too that I had an EGG card with PPI on so thats another I believe I can try and claim back.

I have told my eldest son about all this as he took out a loan with Black Horse, when he increased the loan he was more or less told it woudl help it go through if he took out the PPI insurance, which he did but which he has now canclled with a real lot of hassle. I have told him after reading on here that he has every right to claim it all back especially the fact that he is a school teacher and never needed it in the first place. The problem though with this loan when he originally took out this loan I acted as a guarantor for him and I am named on the actually loan but I dont know if I was named on the PPI - but I work for the NHS anyway so I wouldnt have needed this either I doubt. Should it be me or him that sends the letter off to Black Horse can anyone advise please.

Thanks

Hi there, re FP, if the ppi was 15000 then you should get that back, less the rebate of ppi that FP gave you when you settled, you will also get back the 2 years ppi monthly payments you made with interest, i must admit this really disheartens me to think you will not get upwards of 25% of this plus vat back as the company will get this :mad: but as i said before, hindsight is a good thing.

With reference to your sons loan, he should put the claim in for ppi mis sell as he will be the first named borrower, check the loan paperwork to see if you are named also, because if you are then you both need to claim this and both sign the mis sell letter.

Did he have ppi on the first loan? if he did then he should also claim that back as well .
The ppi on the second loan should not have been cancelled (as i say, hindsight is a good thing) but you now know for future reference.

Usually when you cancel ppi on a loan, the rate and term are increased, so it is better to claim mis sell as the whole ppi is taken off the loan and the monthly payment decreases by the ppi monthly amount, you can cancel ppi on a credit card as this is monthly on the balance, but never on a loan.

amersall · 3 April 2011 at 5:51PM

The_Loan_Ranger wrote: »

You need to write again and emphasise the action you intend taking; as has been said - FOS will advise that a company has 8 weeks to issue a 'Final response' - all worthy companies should offer you the courtesy of a reply, even if there is some discrepancy over who 'owns' the loan company now. Something you may need to bear in mind; you say the loan was taken out in 2002? - if the loan and its associated PPI came to an end over six years ago, you will have difficulty making a claim because financial institutions are only obliged to retain financial records for six years from full and final settlement of any loan.

If you have paperwork for a loan that is from more than 6 years ago, then it does not matter that the company have no records of the loan, because you have. Some companies pay mis sell from the 90s, i know this from experience as i won ppi from then and so have others on here. I won a mis sell with just the settlement figure from 2000 !!!. Some banks are good while others are not. It should not put anyone off from putting a claim in just because the "6 years" are up.

The_Loan_Ranger · 3 April 2011 at 6:07PM

amersall wrote: »

If you have paperwork for a loan that is from more than 6 years ago, then it does not matter that the company have no records of the loan, because you have. Some companies pay mis sell from the 90s, i know this from experience as i won ppi from then and so have others on here. I won a mis sell with just the settlement figure from 2000 !!!. Some banks are good while others are not. It should not put anyone off from putting a claim in just because the "6 years" are up.

No, they shouldn't be put off, but they have to expect this possibility- your retention of paperwork for ever does not prove a mis-sale; if no records exist, and the paperwork you have is legally correct there will be no other records held to either prove or disprove a claim made after the six year period. You may have been fortunate enough to be successful with such a claim, and others too, but this does not indicate whether a bank is 'good' or otherwise - it may be that the retained paperwork was incorrect in some way; if this is the case then good luck, but be prepared for possible dissapointment if the loan was settled prior to April 4th 2005!

Footiemad_2 · 3 April 2011 at 6:37PM

nath84 wrote: »

Hi,

I recently complained to Halifax about the addition of PPI coverage to my credit card account taken out in 2002 (I was a student and therefore not covered). Having waited 8 weeks I received a response upholding my complaint and advising that I will be refunded all my premiums. I signed the agreement and returned it to them, and I know that they received it. I returned it some four weeks ago but have not yet heard anything further - does anyone have any experience of how long this refund process takes with Halifax?

Thanks to MSE for the fantastic information that has helped me this far. :T

Thanks,

Nath84

Well done on your claim and I hope you wont have to wait too long before the pennies come your way.:T:T

di3004 · 3 April 2011 at 7:09PM

I do understand the older the loan accounts are the more difficult the reclaim can be, but yet this again may depend on what proof of paperwork you may have and/or the reasons for being mis sold.

One of mine was 2001 and with my reasons being a houseperson with my child's benefits (I lacked knowledge of these policies years ago), yet not a lot of paperwork but had my reasons where I was successful in making the reclaim.
I did have a copy of the agreement where the bank added an automated printed cross for the ppi, and i can always remember making an enquiry about this later on and they told me I was not eligible to make a claim.
Although when I did request a SAR, this information was enclosed luckily enough.;)

The_Loan_Ranger · 3 April 2011 at 7:22PM

di3004 wrote: »

I do understand the older the loan accounts are the more difficult the reclaim can be, but yet this again may depend on what proof of paperwork you may have and/or the reasons for being mis sold.

One of mine was 2001 and with my reasons being a houseperson with my child's benefits (I lacked knowledge of these policies years ago), yet not a lot of paperwork but had my reasons where I was successful in making the reclaim.
I did have a copy of the agreement where the bank added an automated printed cross for the ppi, and i can always remember making an enquiry about this later on and they told me I was not eligible to make a claim.
Although when I did request a SAR, this information was enclosed luckily enough.;)

No seperate signature requesting a PPI and confirming you have understood its terms and conditions - no argument. An 'automated printed cross' is incredible!- even for 2001.

di3004 · 3 April 2011 at 7:27PM

The_Loan_Ranger wrote: »

No seperate signature requesting a PPI and confirming you have understood its terms and conditions - no argument.

This was sold directly in the bank, but no advice on this was given, only that PPI was essential.
It was later on in the post when receiving further documentation which I was not then given at the bank at the time/the booklet that explained the PPI I noticed this was not for me, but then assumed the PPI was part of the credit at the time, as stated I lacked knowledge. This was then where I contacted them and was told I would not be eligible, but being laid back I didn't even think I could cancel it then as it was from memory 8 weeks on, so in these recent years made a successful reclaim.;)
The cross is there alright but in printer ink.

This was a credit card by the way.

di3004 · 3 April 2011 at 7:42PM

There are some that will try to make reclaims even if they have not been mis sold, this I do not agree with.
But there are genuine reclaims to be made for the ones who have been mis sold.

Any insurances I currently have now are insurances that suit me as my circumstances have changed over the years, but at that time they did not and was paying out for them - it was worthless to me.

We live and learn, I hope so anyway lol.

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PPI Reclaiming Discussion part 4

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