Thread: Northern rock Loan with PPI or LPI??

Hello mann01 and welcome to the PPI forum.

Hi All,
Need your advice on how to take this forward please.
many thanks.

Background :
I took out a loan of £25000 from Northern Rock and they have put on PPI on the loan, I did tell them at the time that I do not want PPI, they told that if I don’t take the PPI my approved application will need to be put through the system again and the loan may not get approved again,( I am not certain about the comment approved again) also I may need to pay higher interest rate if it was approved. ( This comment is a good reason to quote to the Financial Ombudsman Service for the mis-selling of PPI)

see this..................... ........

For claims before 2005 and the FSA ruling from which campaign
How to tell if you’ve been mis-sold PPI
Quick check: were you mis-sold? - How to tell if you’ve been mis-sold PPI

Another useful site to help you reclaim missold PPI UPDATED 16 JUN 08
Reclaim your PPI premiums - payment protection insurance | This is Money

This is a little snippet from the above link....

Can I reclaim on any PPI policy?
Your claim for compensation is dependent on when you took the insurance. PPI sales only came under the jurisdiction of the FSA on 14 January 2005. Any sales made before then are not covered by the latest rules.
However, it may still be worth complaining to your lender if you feel you have been mis-sold. If you bought before January 2005 it is likely that they will have been covered by a previous regime of rules. This means that the Financial Ombudsman Service will be able to consider these complaints. If you took PPI after January 2005, your claim is subject to the latest rules.

also see this........

links

which contains the above links and much much more long thread but lots of information.

I refused number of time that I do not want the PPI, however due to my circumstance I was pressurised in to taking the loan with PPI. (If you have evidence of this from the sale then you IMHO have a valid reason for mis-selling PPI. ( If you have no evidence then you will need to start the Ball rolling with a Subject access request within the Legal Statue of the Data Protection Act 1998)

have now stopped paying for the last two months Is this because of the PPI and if so do you have letters from Northern Rock with reference to the PPI added to your Loan and their refusal to repay?

I am not quite sure where you are coming from with this post see my posts and highlights above. If you can post a more complete story leaving out all the personal information you may get more advice coming from others.

You will need to prepare fully before your attack. Get the ammunition SAR and ask for everything and I mean everything they hold on you as a data subject.

Then prepare you complaint in a comprehensive manner and then fire the broadside. (Iuse a naval term BROADSIDE) as you should do a search on bankerrhymeswith who is familiar with a good fight.

BRW v A Particularly Nasty Bank

BRW has other threads worth a view as well.

Keep posting and you will surely get advice not always from the sames cagger but perhaps from those in the same boat who have experience in regard to you claim.

aa

Hi All, I'm just about to send the letter to Northern Rock:

TODAY’S DATE
NAME AND ADDRESS
address of the firm that sold you the insurance and address it to the Complaints Manager

Dear Sir/Madam,[/font]

Re: 1234567889 Loan reference / Payment Protection Policy No: 123456

I purchased the above policy from you in 1 Aug 2005 in connection with the loan referenced aboveI believe that I was mis-sold this policy for the reasons given below, and wish you to investigate my complaint according to your normal complaint procedures.


1. I was not told that the insurance was optional.

2. I was led to believe that my application for credit would be rejected if I did not take out the insurance. I did tell advisor that I do not want PPI or any form of loan insurance number of times.

3.The policy exclusions were not explained to me either before or at the time I took out the insurance. I was therefore unable to make an informed decision as to whether this insurance was appropriate for me.

4.It was not explained to me that the policy premium would be paid upfront as a single premium and would be added to my debt and attract interest.

5.The insurance will expire before my loan agreement ends which means I will be paying interest on a policy which is no longer in force. This was not made clear to me at the time the policy was sold to me.

6. I did call you to cancel the Insurance Policy and was told that the approved loan will not be approved without the Insurance policy and pressurizing me accepting that I have no other options.

If my complaint is upheld I require a refund of all premiums paid to the policy, plus any additional interest charged to me because of the PPI/Loan Insurance. I would also like to claim statutory compensation in view of the fact that I have been deprived of the use of this money.

Please now investigate my complaint within the eight weeks allowed to you

Yours faithfully


Does this need to be Signed ????



FULL NAME