Mis sold insurance on loans???

[claims32]

I took a loan out in 2002 with the HSBC which included PPI insurance. The HSBC were awrae of my pre-existing medical conditions as they also did my life insurance for the mortgage I held with them.
Unfortunately my condition worsened and I had to take time off work. HSBC's insurer declined to pay my claim forcing the loan into default.
I am now at the stage to issue against HSBC on the basis that the cover was missold to me.
I am inclined to issue for the total amount of loan, PPI and interest because I made it clear to my adviser that I would not have the loan without PPI because of my circumstances.
Any thoughts?

	Are you letting your bank keep your money Are you giving away thousands of pounds?? Many people aren't claiming all of the money they are entitled to when they make their bank charges claims. You have been forced to pay unfair bank charges. Have you forgotten that your bank has charged you inteest on those charges? If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you. Yet you are paying interest to the bank - on your own money!!! Follow this link to see the discussions on this. You might even double th size of your claim.

[paulwlton]

I've received confirmation that theires a full investigation concerning a mis-sold ppi policy which was taken out in 1998.
The claim is on the grounds that if i didn't take out the ppi then the loan would not be aproved, even though i had income protection insurance at the time through a company called paymentshield, my only concern is that the claim may be time barred.
Any thoughts.

[MONOLULU]

I took out a £5000 loan to be repayed over a 2year preriod at TSB. I told the manager that I would most likely pay it off early if I could, and he assured me that there would be no penalty charge if I did. he persuaded me to take out payment protection insurance. After about 6 months I was able to pay it off, which I did.The following week I got a bill for £1800 pounds for the insurance.
The next day I went to the bank waiting for it to open, as luck had it it was the manager who opened the door and greeted me with a cheery good morning. I
soon wiped the smile of his face with my return greeting ( nothing Physical ) he tried to explain that as the Insurance was seperate from the loan it was correct. He also told me that most managers do not tell customers that the insurance is sold as a single package and is not covered month by month as it appears to be with it being payed monthly alongside the loan. I then him told that my daughter inlaws sister was a TV producer and had contacts with the Watchdog progam ( well the first half is true ) and I would also be writing to the Sunday Times money pages. A day or two later he called me and said he had squared it with his boss and bill was reduced to £120. I think he lasted about another month as manager of that branch .

[Sem]

6 years ago i took out a "revolving account" with HFC/Beneficial Bank

i also seem to have signed up for credit protection insurance (i have no memory of this but its on my credit agreement )

anyway this summer i lost my job and i tried to claim on the insurance but they said because i work part time i wont be able to claim



now this thing I'm a student and I've ALWAYS worked part time
i remember when i first signed up for the loan the guy asked for my payslip and employment details and i would have said its only part time etc but yet he still signed me up for the insurance knowing i wont be able to claim on it anyway

what are my chances of getting this PPI refunded
I've calculated around £1000 has been taken over the last 6 years
should i threaten them with court action like with the charges?
are the financial ombudsman likely to help me

thanks

(ps please help this money will clear 80% of my debt to them so if i can get it back ill pay the rest and finally be rid of them forever)

	The Financial Ombudsman Service For the most part, don't bother. The Ombudsman is an industry arranged service which is under-resourced, takes too long, lacks clear transparency. You have no idea what evidence the FOS has received from the bank or how your complain has really been handled. The FOS is the preferred complaints route for the banking industry. The county court is to be preferred by consumers for its speed, openness, the quality of its awards and also because it will award 8% interest on top of any damages won by you. The Ombudsman should normally be used to solving little technical difficulties or customer service problems which you have expereinced with your bank.

[natheyabdn]

Hey Guys,

Can loans that are now repaid be claimed upon? The bank kept offering consolidation loans to me for my overdraft/ small personal loans and lumped on PPI.

Cheers,

Nathe

	Are you letting your bank keep your money Are you giving away thousands of pounds?? Many people aren't claiming all of the money they are entitled to when they make their bank charges claims. You have been forced to pay unfair bank charges. Have you forgotten that your bank has charged you inteest on those charges? If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you. Yet you are paying interest to the bank - on your own money!!! Follow this link to see the discussions on this. You might even double th size of your claim.

[paulwlton]

I've been reading up on the miss-selling of these policies lately, i have found that if the insurance was miss-sold due to a misrepresentation, this has to be proved on the balance of probabilities though, then the credit agreement may be unenforcable,.Types of misrepresentation



Fraudulent misrepresentation


This overlaps with the TortOfDeceit. The misrepresentation must be intentional and dishonest (DerryVPeek188. Damages are not limited by remoteness (see CausationInNegligence). Rescission may be awarded.

Negligent misrepresentation


The misrepresentation was not intended to deceive, but nevertheless the defendant is in breach of a DutyOfCare to the claimant. Rescission may be awarded.

Innocent misrepresentation

The mispresentation was neither fraudulent nor negligent. In general, damages are not available, but rescission may be awarded.
misrepresentation act 1967,

[reidnet]

Thanks Paul,
some interesting reading there, which I may use in a case I have going on at the moment re mis sold PPI..

Ian

[breadline]

I would urge anyone with a bank account and loans to send in a Data Protection Act wether applying for charges or not, as only through the information i recieved have i discovered with lloyds

1 loan that should be insured and has never had a policy made against it, yet i have been paying for it.
1 Loan accepted without insurance has had insurance applied, ( even the monthly payments were higher than agreed and muggins here didnt notice).

Lloyds have failed to supply contracts for both loans since March.
I have advised i will no longer pay ( i had no choice they ignore everything i send them) untill the contracts are provided.

While i was making inquiries as to the contracts i was advised to call the loans department , then the insurance department and no one wanted to take responsibility.
So far as im concerned the office that demands the payment has the responsibility of completeing my inquiry.

There are many mistakes in my accounts and i have learnt you have to gain all information held to look after your own affairs.

ive heard of over selling but selling and not supplying is a new one i think

BL

Can someone please move this thread into the new 'PPI' section of the forum please? There's lots of useful stuff in here concerning PPI.

Wxx

Thanks hun

Wxx

[ian cognito]

Just read an ineresting articly on PPI, not sure if copyright prevents me from posting the contents but here's the link:

checkmyfile.com

it tells you the facts and figures on the policies and gives many reasons why you may be exempt if you have takn it out without all this explained to you - I come into one of the categories so I shall be looking at claiming mine back.

Apologies if it has been posted previously.

[qprouk]

Originally Posted by Sem

Im in the same boat

they have taken £1080

I AM IN THE SAME BOAT BUT A LOT MORE COMPLICATED THAN THE NORM
I AM THINKING OF POSTING THIS TO THE INSURANCE BEFORE I TALE ACTION
ANY COMMENTS AND CORRECTIONS WOULD BE APPRECIATED
Since you(MORGAN STANLEY)WERE the company who decided on the PPI insurance and which company you dealt with was entirely your choice (not mine)this was your policy to protect yourselves ,you knowingly penalized the account ,in fact I would go so far as to say you deliberately penalized the account, Additionally you have entered default notices against my credit record. whilst it was still under the payment protection insurance , These defaults occurred merely in respect of unlawful charges levied by you or was the result of impecuniosity’s caused directly by the taking by you of penalty charges which you had applied unlawfully to my account, grossly exorbitant, you have gone so far as to accuse me of possibly claiming on this account before and when I have asked (in writing) to clarify your meaning of this statement ,which you refuse to answer I will still require full disclosure to this statement otherwise it shall be treated as possible libel I also ask that you explain in writing what exactly do you mean when you have reported in my credit card statements (POLICY CANCELLED DUE TO DELINQUENCY) I have not at any time been delinquent during this period all late fees where due to the payments being made by your preferred insurance company Norwich union I have had nothing to due with the payment schedule as well you were aware and you have grossly contravened the ordinary principles of fair dealing as set out within sections 137 - 140 of the Consumer Credit Act 1974.their is possibly a breach of contract on several occasions on your part so this will be looked at and reported to the relevant authorities, Notwithstanding the above, and in the event that a court determines an amount to be outstanding then I shall request the assistance of the court under sections 129 - 136 of the Consumer Credit Act 1974.
,

[andrew1]

Originally Posted by qprouk

I AM IN THE SAME BOAT BUT A LOT MORE COMPLICATED THAN THE NORM
I AM THINKING OF POSTING THIS TO THE INSURANCE BEFORE I TALE ACTION
ANY COMMENTS AND CORRECTIONS WOULD BE APPRECIATED
Since you(MORGAN STANLEY)WERE the company who decided on the PPI insurance and which company you dealt with was entirely your choice (not mine)this was your policy to protect yourselves ,you knowingly penalized the account ,in fact I would go so far as to say you deliberately penalized the account, Additionally you have entered default notices against my credit record. whilst it was still under the payment protection insurance , These defaults occurred merely in respect of unlawful charges levied by you or was the result of impecuniosity’s caused directly by the taking by you of penalty charges which you had applied unlawfully to my account, grossly exorbitant, you have gone so far as to accuse me of possibly claiming on this account before and when I have asked (in writing) to clarify your meaning of this statement ,which you refuse to answer I will still require full disclosure to this statement otherwise it shall be treated as possible libel I also ask that you explain in writing what exactly do you mean when you have reported in my credit card statements (POLICY CANCELLED DUE TO DELINQUENCY) I have not at any time been delinquent during this period all late fees where due to the payments being made by your preferred insurance company Norwich union I have had nothing to due with the payment schedule as well you were aware and you have grossly contravened the ordinary principles of fair dealing as set out within sections 137 - 140 of the Consumer Credit Act 1974.their is possibly a breach of contract on several occasions on your part so this will be looked at and reported to the relevant authorities, Notwithstanding the above, and in the event that a court determines an amount to be outstanding then I shall request the assistance of the court under sections 129 - 136 of the Consumer Credit Act 1974.
,

With respect, this doesn't read too well and I can't quite get what you are asking them to do. Maybe the transition from your pc to site doesn't carry the full stops, but it is a little difficult to follow and know what you are asking them to do. I'd suggest a little read over it before sending it. There's also a typo (their / there ) which I have highlighted in red above.

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[qprouk]

thank you for your reply andrew it is appreciated,trouble with my notes they are just in draft format and i was really thinking allowed ,the problem i have is MORGAN STANLEY signed the PPI documents i have yet to see a copy of the origional documents,but during the 33 months of payments made by the insurance company they missed their payment deadlines meaning i was left to pay the penalties of twenty pounds approximately 20 payment of 20 pounds for late payment MORGAN STANLEY also cancelled the account four times due to the insurance companies failure to pay the account on time, i again was penilised for this 20 pounds on each occasion,i have now been disabled for the last four years and receit of DLA due to my illness i have serious short term memory lapses,i honestley cannot remember what i did this morning ,my long term memory is great i can still remember going to all night discos in the 60/70 so its not to bad not senile yet(lol)
but i have been arguing with MORGAN STANLEY since the PPI insurance was implemented and was told at the time that at the end of the insurance payment they would probably scrap the remaining debt due to my illness..this never happened and during the PPI payment i had also received 12 DCA letter from four different companies.my point is this PPI was paid by me for their benifit i was also being charged on a monthly basis PPI at a variable rate always around 40/50 pound mark i had asked on several occasions for them to suspend these payment this they refused to do ,so with all their charges and penalties the bill is now almost double what it was when i first claimed,they also accused me of making simmallar claims on this account and under my sars request they have not furnished any evidence to prove this fact i have asked them to prove this has happened that i have tried to claim at other times on this account
so when i wrote the draft letter above it was just to pass it through to the likes of yourself who have more knowledge than i have ,and also bearing in mind i have another ticking timebomb with the nat west but it would take a week to write out the circumstances surrounding that case which began in 1993 and it is only three month ago i got a letter asking me to settle this claim 12,5000 but that one can wait considering my solicitor was struck of and the bank manager and assistant manager where moved on the week i lodged my complaint against them they admited libel and laughed at me and offered me to take them to court knowingly that in 1993 joe public would never have stood a chance taking them to court...if you can remember the name PATRICIA GRIFFITHS well i was involved at its inception the BANK ACTION GROUP in 1992/3 at that time after some several months i issued a notice to NAT WEST tahat unless they prosecute me within ten working days/or bring and action against me within that time i deemed that the contract was null and void sadly they did not respond untill some months ago but also they have a deed of assingment against my property thus i am unable to sell my property until that is settled its complicated and the stress of all this was what brought about four heart attacks i wont go on ive said enough and sometimes i really dont make much sense accept to myself
but thanks for your quick response i really appreciate your time already spent on this
patrick

	Debt collection library Follow this link to our debt collection library. This library contains templates and advice for dealing with debt collectors who act oppressively or unfairly. This library is work in progress and will be built up over the next few weeks. 17.03.09

[qprouk]

i also forgot to mention during the PPI insurance payments being met by the insurance company i was issued within eight months of the policy being implemented a default notice due to the insurance company being late in paying,since PPI was set up by MORGAN STANLEY and they selected the insurance company surely they deal with this company on an almost daily basis they could have politely asked the insurance company to cough up ,arent MORGAN STANLEY in breach of contract by issuing the DEFAULT during the PPI repayment schedule ...

[cadencealex]

I was 3 months pregnant when I took a loan out for £2000 with the HSBC - after the PPI it totalled £2683.61.

I wasn't told THEN, when signing for the loan that I wouldn't get the loan without it... but at another meeting with my husband at the HSBC (he was taking a small business loan out if I recall) the woman said that your are only likely to get the loan if you take out the PPI. I rememer telling her, the branch manager, at the time that I think that is shocking and she actually agreed with me!

I am SURE there is a clause in the PPI about pregnancy or something.. because when taking the loan out in Feb 2005 I remember thinking... well this isn't going to benefit me anyways.. but I wanted the money so just accepted it

I was only in part time employment at the time too, and should I have wanted to claim on this , there was no way they would have let me.. as I was working for my husband at the time and would be due on maternity leave....

Hmmm... I am going to get a copy of the agreement... because I am angry now.. and they aren't paying the loan amount because there aren't the funds in my bank account... and guess what??? They paid the PPI first - the loan would have been gone now if I hadn't have got that! PLUS I am getting further costs monthly in the form of bank charges.... grrrrrrrrrr

	What are your rights at work Follow this link to read the review of the Guide to your Rights at work, published by Lawpack

	Bank Charges You should have started your claim for your bank charges by now. Don't wait. You should send your bank a Subject Acess Request asking for all personal data they hold on you - not just statements. You should calculate all of your bank charges and related interest as far back as 1995. You should send your bank a demand for a refund giving them 7 days. You should commence your legal action adding 8% statutory interest. If you wait for the outcome of the test case, you may not be able to claim like this. you may not be able to claim interest. You may only be offered the difference between the charge and the OFT "fair charge". The repayment scheme will try to limit you to refinds from 2001 only. A repayment scheme will not deal with any bank charges related defaults on the credit register whereas in a court action you can ask for these to be removed and to be compensated for the damage caused to you and your family by them. You should also write to the bank and to the CRA and put all charges related credit entries in disupte and warn them that you will want them removed from the Register when the test case is over. Warn them also that you are likely to be seeking compensation for these wrongful data entries. Full and final settlement Have you previously accepted a partial repayment of your bank charges in full settlement? You will still be able to claim the rest of your money back after the Test case is decided. Get all your information back to 1995 and put in your claim now.

[cadencealex]

Just phoned the HSBC (a young bloke with an attitude problem... who got promptly berated... ) - he told me that you CAN get your money back when you have been mis-sold PPI because it is in the advisors best interests to sell you this to get their targets/commission etc.... and I can log a complaint with him which would be dealt with in 10 days.. I didn't bother, I just requested my original loan agreement to be issued (he said I could collect this from the branch I opened the loan account with, no problems) and he is sending a memo to another office to do this for me....

... I won't hold my breath... but he sure was much nicer when he got a telling off for being rude! He told me all calls are recorded too (hmm... to benefit THEM because I'm pretty sure they're not gonna dish out incriminating call logs)!!!

Good News I think!

A mis-sold policy is one that couldn't benefit the person who takes it out (i.e the unemployed bloke getting one) - and I'll bet it's been done time and time again!

[di0430]

I am also seeking as much info as possible regarding a mis sold insurance policy.
Our comment is also on Financial News, City News, Mortgages, Loans, Savings, Pensions, Market Reports | This is Money where it states 'too late for millions ppi' !! Added in late Oct 2006.
We had a secured loan with nemoloans last Nov 2005 in which the insurance was added automatically then going through the process for an advance we received in July this year, we had realised about stand alone far cheapers insurance and asked for a quote without insurance. They would not do this and said we would really have to carry on the insurance (although classed as a new loan etc) as if we didnt then we would have to borrow more on top of the advance to cover costs for the existing ins cover !!!! We have since had some advice and was informed we should cancel and ask for a full refund immediately, in which we did. We sent a letter dated 24th Sept 2006 to inform them we discovered that we have been mis sold with the insurance and that we would like this cancelled within 7 days and to refund in full. We received a letter back from Nemoloans on the 3rd Oct 2006 to inform us they received our letter on the 27th Sept 2006 which is being investigated and will get back to us within 28 days, and that the insurance is now cancelled. Anyhow in the meantime we were sent the new loan repayments in which the calculations still show the added insurance premiums that we will still be paying for = £10K added on the loan. As we never had a quote without the insurance we worked it out ourselves how much extra of the insurance we were paying a month on top of the loan. The extra without the loan is just under £90 a month. Since the calculation they have only knocked off £15 a month, so instead of paying £514 and the odds a month we will be paying over £498 a month !! In the meantime this is still being investigated. We received the last letter from Nemoloans last week (letter dated 25th Oct 2006) to inform us has 28 days have passed we are entitled to a further 28 days going by the FSA Rules, but will anticipate to send us final decision by next week-which was this week just gone. We have not heard a thing from them about this.
We refuse to speak to them by telephone as we have asked for all correspondence in writing for our records. The loan company have also has us to visit them to resolve this, but stepping on their soil we will be pushed in the back seat on this and will not do this. Please any information and/or advice will be a great help. We were supposed to be dealing with out new mortgage too as our existing deal ends this month in which nemo are aware but we cannot do anything until this is resolved, which means now we will be paying a higher mortgage !! Many thanks and look forward to hearing from you all.

[debtcollector]

Ive just sent the above template to HSBC in the hope of cancelling circa £8 grands worth of ppi over an 8 year period. Im only 9 months into the loan. Will keep you updated...

[di0430]

We received the final decision from Nemo-loans regarding the mis-sold ppi in which they fully deny of this being mis sold.
They even sent the CD recording of telephone calls which are dated from approx April 2006 onwards even though we applied for the advance in January 2006. The recordings were not in a particular order and yet i have not come across mine when i asked about the insurance for a quote without too !!
My husband who then dealt with the quote was recorded which lasted over 20 mins and he asked for a quote without the insurance. The sales adviser said if she was him was to carry the insurance on as we had one with the first loan, or we would have to borrow a further £8k on top of the loan advance to cover the costs of the first loan insurance.
She was very pushy and then we didnt think we had any alternative, even though we were curious what the quote would be without. She kept saying if we didnt take it on we would be paying out more for the loan anyway as we would have to borrow that extra, and our home would be at risk. You can also hear the part when my hubby is saying 'but its optional and there are other cheaper options' ! She was not having it and then stated if we kept it on imagine in 5 yrs we get a lump sum back in return.
In the letter the loan company have stated there was plenty of time to think about not taking the insurance on as we did not proceed with it for a while after, so as we were already existing customers to these anyway we thought 'oh well no mattter what we do even if we did shop around elsewhere it would still work out costly if not more, so we continued in July this year with the advance and accepted the insurance as we didnt think we had any choice although the policy states it optionl. My hubby tried his best to get a quote without and she just would not give one, she just kept going back about 'but if we didnt take it' !!
In the meantime we are waiting for a form to come through from the ombudsman.
Also on the recordings there were 3 missed calls and everyone call was them ringing us to ask about when we were sending in the documents as they were worried that they hadn't received them yet.
(please could someone inform us.....being pressurised to continue with this and if we didnt continue with the insurance-would this be classed as mis-sold)?
Many thanks.