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having listened to phone recordings today that i got from loan company,the lady opererator clearly says "are you happy with the recommended PPI"when she was filling the forms in on the phone does this mean it was advised ppi and should she have gone into more detail before i decided to take it out.thanks
To be honest its hard to say, you have only posted a small section of the discusion.
Have you transcribed the whole conversation, if so could you posted it here then I feel people could advise.
Advice is based on my personal opinion, and what I have learnt from this forum.
If you need legal advice please consider consulting a lawyer.
having listened to phone recordings today that i got from loan company,the lady opererator clearly says "are you happy with the recommended PPI"when she was filling the forms in on the phone does this mean it was advised ppi and should she have gone into more detail before i decided to take it out.thanks
I would suggest this is an advised sale and therfore should be accompanied by a customer care needs and wants checksheet to ensure the product they were selling meets you full needs and requirements
You should demand this checklist when you send a SAR and insist it is presented as proof that the procedures were followed to protect you as a customer.
I have had only on customer care checklist provided for seven loans all with PPI so thereby tells a story they do not want to be asked to provide what they do no have.
Hope this helps to get you started on the road to reclaiming
"A non advised sale is when no personal recomendation is made to the customer.
The customer must, however, still receive sufficient information on the product to enable them to make an informed decision as to whether it meets their own demands and needs.
Example:
The firm offers information on a range of products for the customer to make their own informed decision."
With regard to the example above, I have to say that I have never known a lender to offer me information on a range of products; this might and should include alternative PPI products available in the market place and the comparative costs of these against what they are offering. A responsible lender will have this information. As such, I have never felt that I was making 'an informed choice' about PPI.
When you've listened to the transcript in the light of this information, I for one, would be very interested in hearing whether you think you have been properly advised.
'Fortune favours the brave.'
Any advice given is purely on the basis of my own views and opinions and offered in good faith.
heres the full transcript
your app has been approved just got to go through the final details thats fine.
ok just a couple of scripts i need to read out ok
***** autherised & regulated by fsa and i,m autherised to sell PPI on behalf of ****** yes
however our loans aren,t dependent on you taking out ppi thats fine
fsa rules state that you must declare anything that might affect the ppi,eg any pre heath and any inpending unemployment yes
can i jusk ask you to confirm yours & wifes DOB,address, ************
how much do i want to borrow ££££
what was u hoping to do with that pay cc 2 loans
to get everything into the 1 payment yes
right your gross income is 3333 is there any overtime no
do you get overtime no i,am selfemployed you see
so is that your net no,i think its about ££££££
that was for last year no,it was for the year before cos i,ve not done my books yet
ok thats fine
right i,ve got a list in front of me what you owe ok
(she tells me all that i owe on cc and loans and i was hoping to just keep paying an a&l loan along side this new loan)
right only way i,am going to be able to do it is if you take one out for ££££££,because i cann,t leave you with that much credit how much will £££££££ be
will i would be able to get it down by half of what you are paying now or right
and would i be able to pay lump sums off without any charge
yes no thats no problem at all well i,ll go for that then,cos there seems no end to paying my cc
thats the thing with cc there is no end to it i know
just got to run through some quick questions with you,erm ok,if you did take out our loan,have you taken any insurance policy,that would cover our monthly repayments if you couldn,t carry on working due to accident,sickness no only with the loans i,ve got
so when those loans are paid off you won,t have anything no
right so if you cancel them you won,t have nothing to cover acciddent,sickness no all i,ve got is for my mortgage
yes no problem
right you.ve nothing to cover you for accident,sickness,unemplo yment,life or death i,ve got life cover
your working full time at the moment yes
i know this sounds daft but have you got any saving that you could pay our loan if you needed to no
right i can recommend with the information you,ve previded in the event of a loss of income the ppi plan would assist you with paying your borrowing yes
a copy of these questions you,ve asked will be sent out to you
now £££££ what sort of payment would be good,if i could get it to a ££££££ yeah i,d be happy if you could get it to that
right i can get it to £££££ with the protection on yourself yeah that sounds great
ok
right do you trade under the name of ***** and your a ********* yes
and does your wife work no
right i,am going to break it all downall the costs invovled, right loan for £££££,where going to clear all of your credit and where going to inclued inclued your optional ppi for yourself, yes thats fine
your monthly payments are goint to be ££££££,let me break that down even futher for you,its ££££££ for the loan and £££££ for the insurance, thats for the protection yes
now your protection is different from the others you,ve got at the moment, it covers you for the 1st 5 yrs of the loan yes
if you don,t make a claim in the 5yrs you get the money back in full and thats £££££ really
when you get that back you can pay off a big chuck of the loan yes
yes its just like saving
yes yes its not bad at all
ok over 180 monthe to start with yes
i could make the term longer if you want me to no no i,am happy paying that
all figures given to you inclued insurence premium tax at the current rate so they willn,t change
right just got to ask you are you happy with the quotation and recommendation that you take the ppi yes
right some paper work will come out in the post to you,you need to sign it and send it back to me
right you,ve applied for company ppi and thats an insurance that covers your payments for acciddent,sickness,involu nty unemployment,hospitalisti on,death,doesn,t cover you for any medical condition that you know off,involunty unemployment that you know about,cover last for 1st 5yrs of loan and after this if you keep within the loan t&c and haven,t claimed you can claim a cash back of figure i gave you will you just say i,ve not made a claimed so you can have it back
yes yeah
right if you settle the loan or cancel the insurace before the five yr term you won,t get a full cash back refund,now the cost of the policy is added to the loan amount,full details will be sent out to you,they inclued cancellation rights and how to make a claim,are you happy to get that through the post yes
she gave me her contact details and if there are any quetions give her a ring
advised non advised ppi
"when she was filling the forms in on the phone does this mean it was advised ppi and should she have gone into more detail before i decided to take it out.thanks
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