ppi from creation finance that i have signed, please advise

[terry1]

i have a credit aggreament witht creation finance.
after requesting my aggreament that took 25 days to arrive, i see that the box with ppi has been ticked, and i have signed.
i know that i never take out this sort of policy as its a waste of money,
i remember been very rushed by the guy at land of leather. the cost of ppi over the 2 years comes to £700.
im really unhappy
is ther anything i can do

[BaldyBaldwin]

im in a similar position, exept with halifax, one way forward is to ask to see a policy, there could be exclusion that mean should not have been sold to you,ie, self employed, prior periods of unemployment or pre-existing medical conditions...
i will give you another thread to check out

[BaldyBaldwin]

check this thread out.. its quite interesting and might help you

" am i able to claim" by russjo

hope it helps BB

[terry1]

im a little bit confused as to what you mean, do i have to send a letter requesting there policy on ppi
how can i find this thread on here

[BaldyBaldwin]

sorry if im a bit confuseing. . .i confuse myself sometimes.
wot i,m trying to say is, if you take out an insurance policy, wether knowingly or unknowingly, you should recieve a policy document.
Have you ever recieved this?

[Russjo]

Hi Terry1,
I think what BaldyBaldwin is trying to say (correct me if I'm wrong and apologies if I am) is that if you check through the questions that Todge posted in my thread, they may or may not apply to you. If there are any of the questions that you think apply to you, check those areas in your policy document and see whether you would be excluded. If you would be excluded then BINGO! there is your arguement for being mis-sold a policy. Hope this helps. Good luck and if you need any help just yell

[terry1]

i cant believe it
these are the points that apply to me

2 You were told that you had to take the PPI out at the same time as the loan or not at all

3 You were not asked whether you had any other insurance which would cover the loan

4 You were not told you could buy PPI elsewhere to cover the loan


6 You were led to believe that Payment Protection Insurance was compulsory

7 You were told that you would stand more chance of getting the loan if you took the Payment Protection Insurance

8 It was not explained to you that there were certain exclusions within the policy that could affect you

9 You were pressured into buying the PPI

13 The Terms & Conditions of the small print were not fully explained to you

i have house insurence that covers all my bills if i become unemployed. so i know i would never take out ppi. what do i do now im really ****ed off at creation now.

[terry1]

just found this letter going to put in the relevant details and send it off
[Your address]
The Complaints Department
[Lender’s address]
[Date]

Dear Sir/Madam,

Ref – policy number

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

I took out a £xxx loan/credit card at your [branch name] branch on [date] and also bought a payment protection policy which would cost me an extra £xxx over the life of the loan. [The name of the salesperson who sold me the policy is …] The total amount of my premiums plus interest is £ xxxx.

When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority’s advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.

Possible additional paragraphs – include any which apply to you


[I also told your salesperson that I had adequate insurance cover through a separate income protection policy.]

[I said I did not need the PPI as my employer provides a generous illness and redundancy package.]

[You are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in the quoted interest rate, which you did not do.]

[In forcing me to buy this policy, you have also breached paragraph 8.6 of the Banking Code, to which you are a signatory.]

I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.


I am requesting a full refund of all my insurance payments, plus interest, which total [£ xxx].

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.

Yours faithfully,

[Your signature]

[terry1]

i thnik this sites amaising.
i would of been totally lost without it
im really graitfull for all help i recieved

[Russjo]

I think we've all felt the same at some point. Good Luck

[reidnet]

Good luck, If you need any more help Just shout..

Ian

[terry1]

i sent the letter off they should recieve it today so they have 14 days to respond, when i phone them later to pay the monthly amount should i ask them to remove the ppi and recalculate the amount i made it £50, i put that in my letter, or should i pay the full amout of £80

[Russjo]

Personally, although I'm no expert, I would leave it for the moment otherwise it may end up confusing things. Pay your monthly amount as usual and let the letter do the talking

[terry1]

i have recieved a reply saying they are going to investagate the fact that i have been misssold the ppi, how long should i give them, what happends if they refuse to take off the ppi that i didnt want ,

[Russjo]

Hi Terry,
It's up to you really but I would say that you do need to give them enough time to investigate it properly and normally 56 days is banded around because that is how much time FO/OFT would allow to pass before getting involved. If you read the thread PPI notes for claimants, that should give you an idea of what should happen next, but if you're still not sure, then shout. I've only just got a reply back from my first letter and they are asking us to wait until 25th June, which I'm willing to do, as I see that shows me being patient whilst they conduct their investigations
Have fun

[terry1]

all i want them to do is to take off the ppi and reduse the monthly payments accordingly

[Russjo]

I know what you mean. A refund could reduce my loan by about 6 months and that means it would finish within the next 10 months which would be a huge relief. But unfortunately, they don't make things as straight forward as they could be, so we have to have a bucket of patience and nerves of steel. Keep going it will hopefully all be worth it
Jo