Thread: Citifinancial Loan PPI claim

Hi
Just letting you know I am just doing a claim to Citi Financial.
When I took the loan in 2005 I visited in person and the man selling me the loan basically told me if I didnt take the PPI I wouldnt get the loan - I was desperate!

I have had a letter back saying they will respond fully within 10 working days.

However, I have the original paperwork so to refresh my memory I had a look at what they made me take out.....

Home emergency plan - i.e. your OWN home - I am a council tenant!!
Critical illness cover - I am covered for this with my work!!

There are a few other 'insurances' I could have signed for but it has been noted on this agreement that I declined!

I wish I knew then what I know now I would have taken pleasure in telling that salesman where to go!!!

I hope they write back being difficult because I am READY to fight!!!

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good luck

I had the same thing with Welcome when I had to unfortunately extend my current loan with them from 12k to 25k. It had to be a joint loan with my wife, and I must admit it did help in the short term. My gripe though is not only that we had to take out insurances for home and health, but that on closer inspection, that each payment had added interest on it, so boosting up the loan repayments. So now I pay £449 a month. That is not right!!

Well Ive had the reply - they dont feel the insurances were mis-sold, havent upheld the complaint blah blah I can contact the Financing and Leasing Association or the Financial Ombudsman Service if Im not satisfied...
About to write my next letter saying not good enough since they have given me the response I was expecting them to!!
Benjy, I did the same thing thinking about it - I took out another loan before the first one was finished for which they included what was left to pay on the first one! Think I will mention that one aswell!

hello fbd,

claim everything you can, loans lead to other loans etc see this link and you will see the problems that can occur.......
alanalana PPI claim against RBS (looking for some help) please

A long thread with a multitude of delays still fighting

yours in reclaiming mis-sold PPI

aa

Morning

Just received a reply from Citi after I wrote to them again pointing out where I had been mis-sold.

They state that the two policies I signed for wouldnt have protected my monthly loan payments.

They also state that the acceptance of a loan is not influenced by not taking any insurance policy...

Ok these policies may not be payment protection insurance but I still feel I should be able to claim these back as I was told by the sales bloke "if you dont take the policy you wont get the loan"

Anyone got any ideas where I go from here?

Thanks fbd x

hello fbd,

Sent a letter stating - hey ho thanks for pointing out that the policies would be completely useless had I ever tried to claim as they wouldnt cover the payments! Stated that I was bullied into taking them and the Customer Services Advisor I saw on that day said I wouldnt get the loan if I didnt take these out!

Received a reply today - they list why the policies werent misold etc etc, however as a gesture of goodwill are willing to refund the premium of £156.00. I have just noticed whilst writing this that that was the cost of the critical illness cover (I sent some docs as evidence and they stated this cost but not the other one)!

Why did I leave my originals in my desk I cant get the info regarding the other policy until Monday

They also havent included any interest but that is probably because I didnt quote any figures!

Once I get the info from my desk I will write excepting the £156.00 in the form of a cheque as part payment but am requesting the premium from the other policy plus interest aswell.

Once I get the info - if I put some figures on here would somebody point me in the right direction for working out the interest please? Or hopefully there will be a really helpful soul on here who would work them out for me???

Also wanted to say when I first took the loan the repayments were £150 a month but then I transfered my debts to a dmp and the reduced payment is now about £56 a month. The APR is astronomical I think its about 47% or something stupid like that - I will check that on Monday also!

I still have outstanding balance on the loan so I guess it would be advisable for them to put in writing what the new balance of the loan would be minus the amount I am claiming for so that I can check that my dmp will be amended as well?!

God is this where it gets confusing?

good Luck

aa

Hello fbd,

I am ok on Einsteins theory of relativity E=Mc2 but your post 10 will need a proper mathematician to answer

If I were to comment it would be inappropriate as I have already messed up a few numbers in my own claim (Lets hope the bank misses it)

aa

Hello fbd,

Congratulations

Enjoy the success. Don't forget to post in PPI successes in the stickies.

aa

Hello, my partner got a loan with the same company in 2005, we were told more or less the same about the PPI and that we were mad if we didn't take it, we were also desperate and ended up taking the loan with a 42%APR.

We recently wrote off to citifinace to find out about getting the PPI back as we felt we were mis sold the insurance, we also rceived a letter stating it was n't mis sold and to basically sod off.

So its worth following it up then and how long did it take in total to get a good result?

Dawn.

Hello fbd,

Thanks aa :grin:

Good luck to you - I am subscribed to your link so will keep track to see how you get on!!

A good thread to read through is alanalana's from above - click on his name and then go to the threads he has started, its a long read but worth it!

Thank you for confidence vote

fos has been in touch and is now dealing with three complaints from me:
1. Failure to comply with the Data Protection Act 1998 (complaint is mainly about the misleading information, delays etc) This is also with the ICO.
2. Complaint for mis-selling 4 PPI with four loans.
3. Complaint for mis-selling 3 PPI with three loans.

FOS requested the mis-selling issue be split into two complaints. One had a goodwill offer and it was final and the other no response withing the statutory 8 week period.

aa