Thread: GW vs Citi Financial PPI

Originally Posted by graceful_willow

First time I heard about PPI claims, first time that came to my mind is this company. We (my husband) took a loan from them in 2004 for £2500 and they added £1001.69 PPI on top, and honestly the insurance was not explained properly.

Two years later I asked them for a settlement figure and I was shocked when they gave me a figure of £2700+. When I said we only borrowed £2500 ,the chap told me about the insurance + interest that was being paid first before the actual loan.

We are quite naive about this thing. And we did signed the insurance policy. How can I prove that I've been mis sold if our signatures are on the policy and it does say on the top "the insurance is optional and not a condition or requirement of any loan agreement" ? If I claim they might come back and say it's not their fault that we're stupid and we don't read things carefully.

Hello and welcome,

I feel stupid is the wrong word to describe customers, niave, trusting and ignorant to their tactics is probably more appropriate..

Please read the stickies regarding the mis-selling of ppi at the top of the forum. The OFT and the FSA are conducting a very big investigation into company's practices of applying ppi to loans and credit cards.

There are a few reasons that apply to mis-selling, where you given quotes without them??????

Would the ppi cover you if you were ill???? Were you asked about your medical condition?????

Did you need the cover

Was it a front loaded single policy applied to the loan.

I would send a SAR and get hold off all the information they have on you and that should include the credit agreement.

Originally Posted by graceful_willow

the PPI was a front loaded single policy that covers joint life accident and sickness - but my husband works for the nhs (they obviously know it as we were asked about our employment status) and they got benefits that will cover sickness, but not life.

i do remember that we weren't given a quote without it.Not given a choic of quotes without mis-sold the sales lady probably noticed that we were desperate that time. and we weren't told that it was optional good reason for mis-selling(though it states in the application form that we signed). AND we WERE NOT GIVEN a copy of the insurance policy, just a copy of the application form - nothing about what to do if we need to make a claim etc. Great, you paid all of that money and did not know how to put a claim in. Yeh they have a habit of not giving any information of the product that you have just been sold.

is that a solid ground for claiming we've been mis sold?

Send the SAR. It costs £10 and they have 40days + 2days for complying with the request. There are templates in the main bank forum or there is one kicking about this forum. Make sure you ask for all information, including the words payment protection insurance. You should get all information they hold on you and this should include the credit agreement and information on the ppi.

Once sent, start the clock ticking, read around the threads, so you can understand the process of reclaiming it back.

If you need help just ask

Originally Posted by graceful_willow

Received copies of my documents from Citi, have looked through them - PPI indeed missold.

On our declaration, it was confirmed to their staff that we (whole family) got life and accident insurance in place (at the time) and my husband and I are both working and will get full sickpay. But still she sold us Joint Life Accident & Sickness Protection worth £1001.69

How do I go from here?

Looks like the SAR was well worth the money, You now need to send your preliminary letter asking for them to refund the whole ppi and the interest they applied to it and then work out on a spreadsheet the interest that you want from the date the loan was taken to the day they pay it back. Either the statutory 8% or their contractual rate, your call.

If you need help etc just ask

http://www.consumeractiongroup.co.uk...s.html?garpg=5

To calculate the refund your should be able to claim contractual from the start date until the settlement date then 8% statutory from then on until the date of refund.

but if you then took out a futher loan that was used to settle the original and the settlement amount of the original was more than the original PPI amount you can then claim the new loans contractual until that was settled ....and so it goes on.

They may try to fight both of these calculations but just let it run all the way to court as the judge will tell them which it is to be.

pm your info to me and i can fill it in for you

Date agreement signed
Amount of PPI
Apr
If settled then the date it settled
Was t said of with another loan? If yes then all the above for that too.
I can them talk you through what i did.

I would put the claim date on the sheet. Is it in the first "notes" sheet you are entering it?

You can set that to any date. It determines when the refund will be paid out.

If you are at the prelim stage you use the current date (date of your claim) if you are calculating what they owe you then add 7 - 10 days to it to allow for the cheque to appear.

Originally Posted by graceful_willow

ok, i'll do that.

what's the time scale after i send the prelim letter?

Your on a mission now GW, good for you, the timescale is normally 14days.