Reclaiming PPI, help please!

[HeatherMc]

I have sent the first letter in recliaming the insurance from my husbands loan. It was sent on September the 28th, and I know they are supposed to send you a response within 14 working days which would make it the 16th of October (I think). Does anyone know how many days I will need to add on for the postal strike?

 

Also, do you think we have a good chance of winning? The person in the branch (it's with Lloyds) told my husband that they wouldn't accept the loan if he didn't take out the insurance with it, even though he told them he didn't want it. He only took it so it would be approved. Also, I was with him while the whole process was going on so I was witness to the mis selling. So have we got a good chance?

[the big g]

Hello HeatherMc,

 

In short, YES but i takes a time for it to be sorted. I felt i had been mis-sold on a loan that was brokered by Loans.co.uk and ended up going to the Financial Ombudsman office for which they agreed with me on the grounds;

The loan period was 10 years but the PPI is only good for 5 years, so the FO said why would somebody take a loan out for 10 years and buy cover for only 5.

Plus also they did not inform me at the time PPI is optional and you can purchase it elsewhere independant.

There are other reasons covering mis-selling and doing a search on this forum you find all the answers you need.

This postal strike is a nightmare i know but they might say 14 days but i think you will find it could 28 days.

it all depends on the terms of your loan, period over ect but as i have said it's not a five minute solution.

 

Hope this helps you and if you need more help just ask.

 

Geoffm.

[hellhasnofury]

Hello HeatherMc,

 

In short, YES but i takes a time for it to be sorted. I felt i had been mis-sold on a loan that was brokered by Loans.co.uk and ended up going to the Financial Ombudsman office for which they agreed with me on the grounds;

The loan period was 10 years but the PPI is only good for 5 years, so the FO said why would somebody take a loan out for 10 years and buy cover for only 5.

Plus also they did not inform me at the time PPI is optional and you can purchase it elsewhere independant.

There are other reasons covering mis-selling and doing a search on this forum you find all the answers you need.

This postal strike is a nightmare i know but they might say 14 days but i think you will find it could 28 days.

it all depends on the terms of your loan, period over ect but as i have said it's not a five minute solution.

 

Hope this helps you and if you need more help just ask.

 

Geoffm.

 

Hello,

 

Sorry to but in but need to ask a question of Geoff, Well done on your success, Can I just ask if the fos stated this comment,

 

Plus also they did not inform me at the time PPI is optional and you can purchase it elsewhere independant

A few people have asked this question, and I have in the past stated that companies do not have to tell you this. I would hate to have given the wrong advise to others.

[Hopeful1]

Hi All - I've pasted below an extract from some info i copied off the site somewhere -I can't remember where from or who the author was. Hope it helps:

 

Have you been Mis Sold PPI. (Some standard Conditions for PPI)

 

a) Payment Protection Insurance cannot be made a condition of obtaining a loan. (This is the most common reason for mis selling)

b) You are permanently resident within the United Kingdom

c) You are Over 18 and Under 65 at the commencement of your loan, and you will not reach the age of 70 during the insured term.

d) You are in Full time employment – Some policies define Full time employment as being working Over 16 Hours per week and that you have been in full time employment for at least 6 Months prior to the start date of the policy.

e) Pre Existing Medical Conditions may also Invalidate your Policy

f) Some policies may cover if you are self employed.. Check your T & C first though.

 

** Latest Additions to be added to above (thanks Todge)**

 

1 You were not in work or self employed at the time of sale

 

2 You were told that you had to take the PPI out at the same time as the loan or not at all

 

3 You were not asked whether you had any other insurance which would cover the loan

 

4 You were not told you could buy PPI elsewhere to cover the loan

 

5 You were sold a policy which had age restrictions which you fell outside of

 

6 You were led to believe that Payment Protection Insurance was compulsory

 

7 You were told that you would stand more chance of getting the loan if you took the Payment Protection Insurance

 

8 It was not explained to you that there were certain exclusions within the policy that could affect you

 

9 You were pressured into buying the PPI

 

10 You paid upfront for the PPI but it was not explained that there were some PPI policies where you could pay monthly

 

11 Your PPI was an upfront premium and you repaid the loan early and received no refund

 

12 You increased your loan and the PPI was increased automatically

 

13 The Terms & Conditions of the small print were not fully explained to you

[the big g]

Hi HHNF,

Hopeful1 is spot on with the 13 listed terms, the FO in his letter stated that the seller needs to inform you can buy PPI elsewhere, if he/she does not they are mis-selling.

When you look at all 13 one would have to admit most loan applicants have been mis-sold.

As always

 

All the best from

 

Geoff.

[hellhasnofury]

Hi HHNF,

Hopeful1 is spot on with the 13 listed terms, the FO in his letter stated that the seller needs to inform you can buy PPI elsewhere, if he/she does not they are mis-selling.

When you look at all 13 one would have to admit most loan applicants have been mis-sold.

As always

 

All the best from

 

Geoff.

 

Many thanks for the advice. I have paid attention now noted:D Hopeful, maybe post this info on the ppi sticky for all to see.

[Hopeful1]

HHNF - Hello!!

 

The above post is jsut an extract, there's more info with it. I can't find the same stuff on this site and i now think i took it from the Martin Lewis site. Would it still be ok to post it on here, or would Martin be cross??!!!!

 

If you think it's ok, should i just add it to the 1st sticky on this forum?

 

[hellhasnofury]

HHNF - Hello!!

 

The above post is jsut an extract, there's more info with it. I can't find the same stuff on this site and i now think i took it from the Martin Lewis site. Would it still be ok to post it on here, or would Martin be cross??!!!!

 

If you think it's ok, should i just add it to the 1st sticky on this forum?

 

 

Hello Hopeful,

 

Martin Who:???: Nah he'll be to busy dicovering ppi is unfair Dorrrrr!!!!!! and he did state to tell everybody, so as long as the Mods don't mind, post away, any information is helpful to us in the ppi war.

[Hopeful1]

The deed is done

[reidnet]

Sorry to Butt in..lol But you will find the full Info here..

 

http://www.consumeractiongroup.co.uk/forum/ppi/61081-ppi-some-notes-claimants.html Post No 1.

 

Its defo not from Martin's site, though have been asked about passing all the Info onto MSE site..lol, which I will get round to sometime soon.

 

Martins Info is a bit misleading too.. Basically he says complain to them first and if no luck complain to the FOS...Yeah if Only..lol

 

It all depends on the date the PPI was taken out if the FOS will even consider your complaint..Trust me Been there done that, got the T shirts..lol

 

 

I am working on some further info to assist anyone that has their complaint rejected by the FOS and may need to take the Court route. I have done a lot of reading up on Court procedures etc but mainly Fast Track.. Small claims is a lot more straightforward.

 

Ian

[almikenina]

is it true that the chance of reclaiming ppi is less if it was taken out before 2005?

my loan was taken out in nov. 2003 for 5 years..the loan was 15000k and the whole thing to be repaid with interest and loan came to 23500..i have a year to go before im free of it.But since i was retired at the time..and also i live abroad..the girl in the bank knew that..she and the manager agreed to let me have the loan if i could give a uk address...which i was able to.

i have asked for the ppi back and im waiting for a reply

Do you think i have a chance or not?

[orfoster]

Hey all,

 

I am helping someone else on PPI at the moment, now they took the loan out in 2003 but they topped the loan up in 2006 meaning a new Agreement was signed so this means the loan was taken in 2006??

[the big g]

is it true that the chance of reclaiming ppi is less if it was taken out before 2005?

my loan was taken out in nov. 2003 for 5 years..the loan was 15000k and the whole thing to be repaid with interest and loan came to 23500..i have a year to go before im free of it.But since i was retired at the time..and also i live abroad..the girl in the bank knew that..she and the manager agreed to let me have the loan if i could give a uk address...which i was able to.

i have asked for the ppi back and im waiting for a reply

Do you think i have a chance or not?

 

My loan was taken out end of 2003 and the FO had no problem with it, i don't think there is a cut off date.

 

Geoff.

[almikenina]

thanks the big g...i am also waiting to hear from them about the insurance on my credit card..the card has been a nightmare..im paying two lots of interest..on it..im over the limit..but still i dont think two lots of interest is fair..is anybody else having this problem...out of a hundred pounds last month i paid interest at one rate and another called merchandise interest. at a higher rate..and then a late payment..and then insurance of about 36 pounds..so nothing went off the debt.

.and ive never used the card for two years..trying to get it down..in spite of paying over a 1000pounds this year alone it has gone up and not down..it gets bigger every month.

its making me ill...ive complained but havent had any word yet...also i live abroad..but my pension ..state and superann goes into lloyds every month..ive been with them for 40 years.

[hellhasnofury]

thanks the big g...i am also waiting to hear from them about the insurance on my credit card..the card has been a nightmare..im paying two lots of interest..on it..im over the limit..but still i dont think two lots of interest is fair..is anybody else having this problem...out of a hundred pounds last month i paid interest at one rate and another called merchandise interest. at a higher rate..and then a late payment..and then insurance of about 36 pounds..so nothing went off the debt.

.and ive never used the card for two years..trying to get it down..in spite of paying over a 1000pounds this year alone it has gone up and not down..it gets bigger every month.

its making me ill...ive complained but havent had any word yet...also i live abroad..but my pension ..state and superann goes into lloyds every month..ive been with them for 40 years.

 

Hello Almik,

 

Can you please start your own thread on the forum, your issues will get lost on this thread and we can offer you more support and advice if we know the full history of the matter.

 

Look forward to helping if we can.