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hi, my wife and i have a secured loan which we took out with picture, we were both recently made unemployed so tried to claim the payment protection insurance on our loan however they refused to pay out saying that i was not covered for unemployment as i had been self employed and that they would not pay out for my wife either because she had only been with her current employer for 5 months and that temporary employmrnt wasn't covered either.
we were unable to make our payments for 2 months as a result and they are now demanding that we make a payment of £550 by the 21st of may of we will lose several no claims bonuses we are due from the PPI, the first of whish is £1400 which we are due in august.
i am now working but with all other bills including mays installment i don't see where i will find an extra £550.
i can't believe they wouldn't pay out on the ppi and may now take our no claims money when we haven't made a succesful claim. i am a bit confused and would appreciate some advice. richard.
When the Liberals and Conservatives were in opposition, they both agreed that banks should pay back high bank charges to customers. Nothing seems to have happened since they came into power as a coalition. PPI Insurance has been sorted. Now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.
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Re: help! ppi not paying out, have i been mis-sold?
hi, my wife and i have a secured loan which we took out with picture, we were both recently made unemployed so tried to claim the payment protection insurance on our loan however they refused to pay out saying that i was not covered for unemployment as i had been self employed and that they would not pay out for my wife either because she had only been with her current employer for 5 months and that temporary employmrnt wasn't covered either.
we were unable to make our payments for 2 months as a result and they are now demanding that we make a payment of £550 by the 21st of may of we will lose several no claims bonuses we are due from the ppi, (why continue to pay if you are not covered?) the first of whish is £1400 which we are due in august.
i am now working but with all other bills including mays installment i don't see where i will find an extra £550.
i can't believe they wouldn't pay out on the ppi and may now take our no claims money when we haven't made a succesful claim. i am a bit confused and would appreciate some advice. richard.
This looks like a clear case of mis-selling IMO.
My advice is to start by send a Subject access request with the statutory fee of £10.00. Check the forum stickies for more information and libraries for a SAR template.
They should produce within 40 days:
A true copy of the Consumer Credit Agreement with the terms and conditions applicable to that agreement at the time the loan was taken out.
Copies of all statements up to date,
Copies of all correspondence letter, email.
Copy of the needs and wants questionnaire/customer duty of care questionnaire that they should have completed at the point of sale to ensure the product was suitable for you (clearly it was not).
All other data applicable to you as a data subject that they hold in whatever format paper, electronic, CD, microfische, tapes of transcripts of tapes of telephone conversations.
If you do not get a response within 40 days, bang in a complaint to the Information Commissioner Office.
As you have now found out the PPI is worthless to you and you are inelligible to make a claim, You should consider cancelling.
If you have paid PPI payments for any lenth of time xx months work out what you have paid in premiums including the interest and see how much you have paid.
By cancelling you would:
Cease paying any more PPI premiums. (Saving) Try though to get cover elswhere google or Money Saving Expert will help here.
Be able to claim for mis-selling and ask for all the premiums paid with the interest on those premiums.
If they respond with a refusal or fail to respond at all within 8 weeks you can complain to the Financial Ombudsman Service or Court if you go to court and lose the fos will not take up your claim if you go via the FOS route it will take months but if they do not uphold your complaint you can then proceed to Court to claim mis-selling.
The FOS would more than likely also get you the Statutory 8% interest on top as they did with my own case.
Try and work out firstly if the premiums paid are anything like the no claims bonus you are due.
I do not believe any no claims bonuses would match anything like the amounts of PPI premiums you would pay over the life of the loan. Worth checking this out.
hope this helps
aa
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
Re: help! ppi not paying out, have i been mis-sold?
hi, thanks for your reply. i am not sure exactly how much the PPI is per month as the total ammount for the ppi was £5,988.00 which was just added to the loan at the start and i believe is spread over the life of the loan which is over 240 months. i also think that this only covers us for the first 5 years which it didn't anyway.
Re: help! ppi not paying out, have i been mis-sold?
Were you self employed at the when you took out this loan - also check the exclusions in the policy booklet - if it definatley says no self employed then yes mis-sold.
Had your wife just started a new job - was this supposed to be a permanant contract that was made redundant?
If so they cannot claim temporary contract.
If you don't mind me asking who is the insurer??
I am a layperson and have no legal training but I do have an iota of common sense (sometimes)
Welcome Finance PPI -----> over £3k court case filed SETTLED
Park Motor Finance -----> incorrectly logged default on credit file claim for compensation
Lloyds Tsb ----> plenty of things all filed with Financial Ombudsman or Small Claims ----> settled by paying me full amount sought 02/05/09
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
help! ppi not paying out, have i been mis-sold?
, the first of whish is £1400 which we are due in august.
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