Alliance and Leicester advice needed

Cheeze439 · 26 April 2009 at 1:27AM

I got a letter today from Alliance and Leicester saying they may of mis-sold me PPI on a loan I had with them. The letter says to ring them if I believe I have been mis-sold it.

I don't want to call them without some advice first so here is what I know and what I need to know.

The loan was taken out sometime in 2005 for £10,000. I have no paperwork from this loan anymore or know any exact dates.

I was told at the time of applying by phone that my application had been approved on the basis that I took out their PPI. I clearly remember being told this and I was given the impression that if I refused then I wouldn't get the loan. I won't lie and say they actually did it in this wording, it was just implied. I have no proof of course as it was all by phone. I didn't want the PPI as I have a very secure job and have always had good health. It always felt like a waste of money but I really felt I had no choice in this as I needed the loan at the time.

I was led to believe that the PPI added a certain amount, for example £45 extra, onto my monthly payment. Reading the letter they've sent me it now appears that in fact the PPI was a lump sum that got added to my loan and that this was paid off first before any actual capital on the loan. So, for instance, something like my first 5-10 payments were not paying my loan off, just the PPI. Further to this I was charged interest on this lump some over the duration of the entire loan. I can't remember exact figures.

I cleared the loan entirely roughly a year later when I took out a mortgage. Basically I borrowed some extra cash on the mortgage and cleared all my loans/credit cards.

So, should I go ahead and call them or just start following Martin's reclaiming advice with the template letters? I'm no stranger to reclaiming as I managed to get back £2,000 in bank charges from RBS using Martin's templates about 2 years ago. I don't want to call them and get tricked by them or talked down. I'm useless at confrontations by telephone, I forget what I wanted to say

.

How easy would it be to obtain info about this loan? At best I may still have bank statements showing the loan go into my account and then get cleared a year or so later. Would making the call give me the chance to get this info off them? According to the letter, if they don't hear from me in 16 days they will assume I'm happy with the way they handled the sale of PPI to me. I know this is a way to box off a large amount of customers who will never ring them.

What could I be looking at getting back? The entire PPI? The interest? The letter says I may be entitled to a refund.

I'm completely in the dark with all this PPI reclaiming stuff so any advice will be very appreciated. I'm just worried that if I write off asking for info on this loan that by the time they get back to me the 16 days will of expired.

I look forward to some help...

oscar52 · 26 April 2009 at 1:40AM

There is a mass of stuff on here regarding A&L and PPI

A&L have been fined for mis-selling PPI between Jan 05 and Dec 07. As your loan was taken out during this period, there is a chance it will all be refunded. (the PPI that is) and you will get interest on top)

A&L were also instructed (I beleive) at the time of being fined to all those customers that may have been affected.

I would call them.

di3004 · 26 April 2009 at 10:57AM

Cheeze439 wrote: »

I got a letter today from Alliance and Leicester saying they may of mis-sold me PPI on a loan I had with them. The letter says to ring them if I believe I have been mis-sold it.

I don't want to call them without some advice first so here is what I know and what I need to know.

The loan was taken out sometime in 2005 for £10,000. I have no paperwork from this loan anymore or know any exact dates.

I was told at the time of applying by phone that my application had been approved on the basis that I took out their PPI. I clearly remember being told this and I was given the impression that if I refused then I wouldn't get the loan. I won't lie and say they actually did it in this wording, it was just implied. I have no proof of course as it was all by phone. I didn't want the PPI as I have a very secure job and have always had good health. It always felt like a waste of money but I really felt I had no choice in this as I needed the loan at the time.

I was led to believe that the PPI added a certain amount, for example £45 extra, onto my monthly payment. Reading the letter they've sent me it now appears that in fact the PPI was a lump sum that got added to my loan and that this was paid off first before any actual capital on the loan. So, for instance, something like my first 5-10 payments were not paying my loan off, just the PPI. Further to this I was charged interest on this lump some over the duration of the entire loan. I can't remember exact figures.

I cleared the loan entirely roughly a year later when I took out a mortgage. Basically I borrowed some extra cash on the mortgage and cleared all my loans/credit cards.

So, should I go ahead and call them or just start following Martin's reclaiming advice with the template letters? I'm no stranger to reclaiming as I managed to get back £2,000 in bank charges from RBS using Martin's templates about 2 years ago. I don't want to call them and get tricked by them or talked down. I'm useless at confrontations by telephone, I forget what I wanted to say .

How easy would it be to obtain info about this loan? At best I may still have bank statements showing the loan go into my account and then get cleared a year or so later. Would making the call give me the chance to get this info off them? According to the letter, if they don't hear from me in 16 days they will assume I'm happy with the way they handled the sale of PPI to me. I know this is a way to box off a large amount of customers who will never ring them.

What could I be looking at getting back? The entire PPI? The interest? The letter says I may be entitled to a refund.

I'm completely in the dark with all this PPI reclaiming stuff so any advice will be very appreciated. I'm just worried that if I write off asking for info on this loan that by the time they get back to me the 16 days will of expired.

I look forward to some help...

Hi there

This company are sending out letters to all customers who purchased their loans of when about they got fined.

If you've no paperwork, write to them to request a copy of the agreement, enclose a £1 cheque or postal order, they should supply this by 12 days of requesting this, send by recorded delivery.

Here is a link with more information, and templates to follow, if any of the reasons apply to you, then write them in, they have 8 weeks to respond in full, good luck and post up for more help when required.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Cheeze439 · 27 April 2009 at 9:06PM

I rang the number today and the guy at the other end just asked me a few questions about why I felt I'd been mis-sold the PPI. Apparantly they will now look into my case and write back to me.

Do you think I should do the letters thing anyway? I can't imagine they are just going to write back with an offer as easy as that?

Also, I found out I took out the loan in Jan 06, and cleared the loan in June 06. I forgot to ask them so I'm hoping someone here may know... if I cleared the loan early will I of still ended up paying the entire PPI (as it was supposedly added as a lump sum to the loan) or is it more likely they adjusted this amount and I just paid 5 months worth?

di3004 · 27 April 2009 at 10:15PM

Cheeze439 wrote: »

I rang the number today and the guy at the other end just asked me a few questions about why I felt I'd been mis-sold the PPI. Apparantly they will now look into my case and write back to me.

Do you think I should do the letters thing anyway? I can't imagine they are just going to write back with an offer as easy as that?

Also, I found out I took out the loan in Jan 06, and cleared the loan in June 06. I forgot to ask them so I'm hoping someone here may know... if I cleared the loan early will I of still ended up paying the entire PPI (as it was supposedly added as a lump sum to the loan) or is it more likely they adjusted this amount and I just paid 5 months worth?

Yes please do the letter, its always best to have everything in writing and always keep copies yourself in case you every have to refer to this again.

Also make sure they get back by 8 weeks, if they don't resolve this or fob you off then write back to them again, in the final letter they should give details of the Financial ombudsman service (FOS).
Verbally you have nothing to prove if they don't supply the copies of the recordings where they should, but you never know, so yes keep everything in writing just to cover yourself, good luck.;)

If you settled the loan early, they must refund you all the PPI and the interest that would have been included in the final settlement.

seamroga · 28 April 2009 at 9:53AM

I have contacted A & L and they say they will ivestigate my claims about a mis sold PPI. What does this investigation consist of? Do they simply go back and listen to the recording of the application process?

di3004 · 28 April 2009 at 11:43AM

seamroga wrote: »

I have contacted A & L and they say they will ivestigate my claims about a mis sold PPI. What does this investigation consist of? Do they simply go back and listen to the recording of the application process?

Hi there

I did post in the other thread as well but not to worry.

They go back to check your account from the time the product was sold to you.
If this was sold over the phone they will probably try to check them out also, where you can request for a copy of these recordings yourself too.

I take it you complained in writing and not verbally on the phone?

If done verbally, write to them also to cover this complaint, you have something to go back on then if needed if taken further, such as with the FOS, and verbally you cannot guarantee they will deal with this as all, as they have 8 weeks to respond in full with these complaints, if in writing keep everything, this should support your case, good luck.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Alliance and Leicester advice needed

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