Thread: PPI Reclaim Question....

Hello Chris,

Hi, i took out a personal loan from BOS in december 2001 for £10,000, with £3819.20 added on top for "BOS creditcare silver" their version of PPI.

Now in June 2002 i took out a secured loan loan from BOS, this time for £19,000 to payoff the total outstanding balance (around £15,000) of the orignal loan and get a few extra quid. This loan had no PPI at all.

Is there still a chance of reclaiming the £3819.20 at all? (if you have a valid reason - please see the links below) Im not too clued up on how this works. Thanks.

I will post a few links for you to read. You decide if you have a valid case for mis-selling and if you decide yes you should start with a SAR.

PPI - Some Notes for Claimants..

Another link from PPI thread back in 2007
Can I complain about old PPI policy? | 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.

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

THIS LINK IS IMPORTANT TO YOU ON RECLAIMING IT IS FROM 2001 FROM THE fos
loan payment protection insurance and a quote from this link...

When determining whether a policy is suitable, a seller – whether a lender or an agent for the insurer – must obviously take into consideration any information the prospective policyholder volunteers. However, we do not consider the seller’s duty is limited simply to recording what the borrower discloses. It is only by asking questions that the seller can properly determine suitability. These questions cannot cover every aspect of a borrower’s personal position and should not be expected to do so. To paraphrase the ABI Statement, only those matters deemed to be relevant by the insurer should be the subject of questions.

Template for the SAR is in this link...

Data Protection Act 1998 - Subject access request

I hope this gets you started.

aa

When determining whether a policy is suitable, a seller – whether a lender or an agent for the insurer – must obviously take into consideration any information the prospective policyholder volunteers. However, we do not consider the seller’s duty is limited simply to recording what the borrower discloses. It is only by asking questions that the seller can properly determine suitability. These questions cannot cover every aspect of a borrower’s personal position and should not be expected to do so. To paraphrase the ABI Statement, only those matters deemed to be relevant by the insurer should be the subject of questions.

aa - out of interest where is this quote from??

the quote is from here;

ensuring suitability
Most borrowers are urged to protect their loans by taking out insurance to meet the repayments if they become unable to work. But the people who sell this type of insurance are often not specialists in this field and some have little or no knowledge of the policy terms. Their ‘advice’ will therefore not be of great assistance to borrowers, who may be uncertain what they are paying for and unable to judge whether it is suitable for them.
The Code of the Association of British Insurers (ABI) – shortly to be replaced by the Code of the General Insurance Standards Council (GISC) – requires the seller to ‘ensure as far as possible that the policy proposed is suitable to the needs and resources of the prospective policyholder’. But many of the complaints we receive indicate this has not happened.
When determining whether a policy is suitable, a seller – whether a lender or an agent for the insurer – must obviously take into consideration any information the prospective policyholder volunteers. However, we do not consider the seller’s duty is limited simply to recording what the borrower discloses. It is only by asking questions that the seller can properly determine suitability. These questions cannot cover every aspect of a borrower’s personal position and should not be expected to do so. To paraphrase the ABI Statement, only those matters deemed to be relevant by the insurer should be the subject of questions.
eligibility
If sufficient care were being taken to ensure suitability, we would not be continuing to see complaints from borrowers who have been sold insurance for which they were clearly not eligible. For example, most policies exclude from cover anyone who is not ‘actively working’ on the date of the sale. Take the case of a borrower who is incorrectly sold a policy while on sick leave and later submits a claim, which the insurer refuses to meet. The insurer can leave the borrower in a serious financial predicament if, acknowledging the unsuitable sale, it refunds the premiums. The borrower’s predicament will, of course, be even more serious if his house is at risk. We generally take the view that insurers should meet claims in circumstances.
It is also common for policies to include additional eligibility requirements concerning the insured person’s age and number of hours worked each week. Some policies exclude from cover anyone who is self-employed or employed on a short-term contract. Other insurers deem such borrowers eligible for cover, but restrict the benefits available to them under the policy. The ABI Statement on Payment Protection Insurance requires that

‘details of the main features of the cover as well as important and relevant restrictions will be made available and highlighted at the time the insurance is taken out with full details being sent afterwards’ (our emphasis).

this is the link...
loan payment protection insurance

aa

Amazing thanks