PPI Reclaiming discussion

ronin_2 · 15 August 2007 at 1:12PM

I was featured on the panorama programme in 2003, and was sold insurances on top of insurances by a well known high street bank. given the time span will i still be able to apply.

thanks

MSE_Martin · 15 August 2007 at 1:16PM

My mother in law was fully registered disabled and living on disability benefit when she took out an HSBC credit card.

She was advised to take out PPI and having accumulated a large (£8k!!!) debt on the card was having trouble making the payments. She enquired about the PPI and was asked to send details about her change of employment circumstances, in other words they wanted to know about how she lost her income and so was no longer able to pay.

However as she never had an employer her circumstances have not changed. As such she's now being told she cannot use the PPI... How can it be right that she's sold a PPI that she can never use or benefit from?

It's not right. It's missold. That's why you should try to reclaim - this is a typical example of the type of rife misselling across the industry. The important thing is not to assume "they must be right"; with PPI selling often it was pure "we must sell sell sell" regardless.

cidercyclist · 15 August 2007 at 1:28PM

Here's a slightly different tack!

I took out a loan with MBNA in October 2003 with an insurance advance of £2,715.72 plus a credit charge of £487.08 totalling £3,202.80 on a £15,100 loan.

I decided I was going to cancel this about 18months-2 years ago so rang them to see about doing this. I was categorically told that I even though I was over half way through I wouldn't get anything like that back. I was told that I had basically almost paid for the whole term by this point so it wouldn't be worth cancelling it.

Being an idiot I believed them and have been paying ever since. :doh:

Does this count as mis-selling or were they just plain lying!

Debras_Angel · 15 August 2007 at 1:33PM

Hi,

We took out a credit card with Halifax and were charged for insurance we didn't even know we had signed up to. We called them to cancel and they said they would but never did. We stopped using the card and last week we closed the account and again mentioned about the insurance.

So I've done a letter this afternoon and posted it to them, hopefully we will get the payments back.

Debs

debs81 · 15 August 2007 at 1:46PM

how can we prove that it was misold if we are claiming that they said ppi was compulsory. surely its our word against theirs. took out a joint loan from black horse (part of lloyds) in feb 03. we had told them that we had been refused by two other companies due to our not so brilliant credit rating and feel that they have abused this info. they came back saying we can give you a loan with a monthly repayment of £156 over 5yrs. this figure included ppi. were weren't given a option without. we still went ahead with the loan as we had run out of options. will this still be classed as misold or was it my fault that i didn't ask.

cidercyclist · 15 August 2007 at 1:51PM

cidercyclist wrote: »

Here's a slightly different tack!

I took out a loan with MBNA in October 2003 with an insurance advance of £2,715.72 plus a credit charge of £487.08 totalling £3,202.80 on a £15,100 loan.

I decided I was going to cancel this about 18months-2 years ago so rang them to see about doing this. I was categorically told that I even though I was over half way through I wouldn't get anything like that back. I was told that I had basically almost paid for the whole term by this point so it wouldn't be worth cancelling it.

Being an idiot I believed them and have been paying ever since. :doh:

Does this count as mis-selling or were they just plain lying!

The payment was stated as 60 months at £350.18, just done a bit more calculating and from teh figures shown it appears that of this I am paying £296.80/mth for my loan (£17,808.00 incl interest) and £53.38/mth for the PPI. There is however nothing on the MBNA paperwork that states this breakdown.

Is it a single premium or a monthly premium?

I think I might try it anyway with a carefully reworded sample letter.

WestHam34 · 15 August 2007 at 2:11PM

How can I get my old/new loan details? And also how far back can I reclaim for as I have had several loans over the years and I haven't kept my details.

Many Thanks

Karnam · 15 August 2007 at 2:52PM

im claiming from Egg for a credit card on which i had personal payment protection. i was a student and unemployed at the time that i applied for my CC and was sold PPI. i doubt its that much (im pretty certain i cancelled it after a year or two) but its still v wrong, cause i know that i was unemployed and i was a student.

cidercyclist · 15 August 2007 at 2:58PM

Just totted it all up and I am claiming £2,421.32 from MBNA in a letter this afternoon!

PinkBanana_2 · 15 August 2007 at 2:58PM

After reading this I have just tried to cancel my PPI on my existing loan with Yorkshire Bank (am i allowed to name them, this is my very first post)

They told me it isn't possible but couldn't tell me why. They just said I had been given a 30 day cooling off period. I said I knew that but I wanted to cancel it now. They said I couldn't I would have to settle the loan and take out an existing one.

To settle would be £5215 which would include £531 rebate on the insurance. To continue paying until the end of the loan would cost me £4592.97.

£622.03 cancel this insurance. That can't be right can it?

PinkBanana

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