London Mortgage Company

[Notty]

I had a mortgage with this company in 2002. I have never thought anymore about it as I paid it off after a year 2003 and that was it as far as I knew. Yesterday I received a letter from an insurance company that I had never heard of before. It was telling me about the service they offered for their customers with PPI. I thought they were trying to sell me something so I rang them just to check and apparently they told me I had the loan with the London Mortgage Company. I said I had paid it off in 2003. The lady told me to write in as I may get a refund? Dont you think its a bit odd in light of people claiming back ppi. I am not sure if I should write to them or should I do the template letter. I thought if it was before 2003 then you couldnt claim it back?

[GRIFF27]

Notty if the PPI was before 2005 then FOS won't take on your claim but there is no reason why you can't follow proceedures on this site and claim yourself. Who was this insurance company, are they the people who provided the policy for your PPI or are they one of these companies who claim a fee if they get your money back?

[Notty]

Hi Griff

 

It was before 2005 and that is where I am getting confused. Reading the threads on here I thought you couldnt claim if it was before 2005 but from what you say it is the FOS who will not take on your claim? The company who have contacted me I have never heard of. I think they are the ones who supplied the original PPI but to tell you the truth the only paperwork I have is from the London Mortgage company. I wonder if I should just let them have the info they requested and see what happens? Or would it be best to do the S.A.R - (Subject Access Request) letter and see what that comes up with. The lady from the insurance company said I might be due a rebate from the PPI but it just seems odd they have contacted me out of the blue?

[GRIFF27]

I did the SAR to London Mortgage company, It was they who advised me to contact Central Trust, who sold me the policy. You need to fine out who sold the policy to you

[bach]

mistake sorry

[bach]

Hi Notty, was the insurance company that wrote to you by any chance Sterling.

 

I had a secured loan with London Mortgage Company in November 2004 which I cleared in Janurary 2006. I have been fighting for the reimbursment of the PPI since November 2006, they have fobed me of with first it was Norton Finance then it was the broker then it was Sterling Insurance who incidentally I had never heard of until last month, I received a letter from Sterling on Thursday giving me the name and address of the broker so I called him to let him know what was going on after a chat he quoted

 

" LMC fill in the form on your behalf and tick the box as they know that most people wont't query it as most people think it is a stipulation of you accepting the loan "unquote

 

Ialso received a letter from Sterling Insurance on 19th November 07 telling me that a number of important enharncements to the service provided by the PPI policy. Also goes on to say PPI continues to provide me with valuable cover etc etc (is this the same as yours)

 

As I have never heard of them and this is the first letter I have ever received regarding PPI it also quote a policy No which I never knew exisited. I have also found out that I should have had a 40% refund when the loan paid back in January 2006.

But they failed to inform me of this.

 

However I think Iv got them nailed now, Im currently getting my court bundle together, and will be taking London Mortgage Company to Court. As it was they who asumptively sold me PPI by them ticking the PPI box off their own volition, also I had a pre exsisting medial condition which would have made it null an void. The PPI was added at the beginning of the loan, and when I was quoted the repayments they quoted it with the PPI included (assumptivily sold)

 

I will be claiming all of the PPI back. £ 5,600 plus interest.

It has been a long hard battle but Im now well and truly ready for them.

I'll watch your thread with interest, feel free to pm me if you need specfic help with anything.

 

 

Lynn

[Notty]

Hi Bach

 

Yes, it is Sterling. As you say I have never heard of them either. I had forgotten about the London Mortgage loan I had as I paid it off after a year. They havent quoted any insurance number or any other info on my letter though. I have managed to find an old letter from the London Mortgage Company and I have just typed up a letter to Sterling with these details. Also when I paid the loan off. It says exactly the same in my letter about the important enhancements to their service.

 

Do you think I should send the letter to Sterling. When I rang them last week I didnt have a clue what it was all about. The lady I spoke to said I might have some money due back from the ppi but to tell you the truth I cant remember how much it was for. It was just added on to the loan as all ppi seemed to be then. I was thinking of sending this letter and also sending the SAR to London Mortgage company but not sure now if I should?

 

As I remember I was very glad when I paid them the loan as they were a worry with their attitude.

[bach]

Hi,

 

Did you know and agree to taking out PPI were you missold or anythng like that ? or are you trying to get the reimbursment made to you fro paying the loan of early?

[Notty]

Hi Bach

 

They just added it to the loan. These companies would hint (heavily) that if you didnt take out the ppi you wouldnt get the loan. They bascially just put it on there dont they. I didnt know you could pay it monthly either. As usual when you have a poor credit rating you are too scared to ask too much in case you dont get the loan. I suppose it would be easier to just get back wht they owe me for paying it off early but it does really get my goat that they get away with what they have. I was just looking at the SAR letter and I think I might send that. How do you prove that they have mis-sold you a policy when it was nearly five years ago?

[bach]

Hi If they added it to the loan with out your permision, they have assumptively sold you the PPI

There are lots of in and outs to the mis sellling of PPI, but firstly before you can do anything send for S.A.R - (Subject Access Request) and ask for all correspondance transcriptions and in particular all Taped telephone conversation.

 

Send it signed for and include £10 P Order or cheque.

 

Sorry got to go now got 14 people coming for dinner tonight.

But will catch up with you tomorrow

[Notty]

Thanks for your help Lyn. Hope you have a good dinner!

[bach]

Hi Notty, Sorry I had to leave you suddenly yesterday, hope you've decided to send for a SAR . I could have claimed the 40% back, after I found out who the PPI was with, but felt under the circumstances they should have contacted me with the refund when the loan was repaid. Makes you wonder how many of us have money sitting in their pockets unclaimed. My argument is that I should not have had PPI and that is what I will be claiming plus interest, but If I get to Court I will also make sure the Judge knows about the outstanding 40% that should have been repaid back.

 

Also you could make a phone call to LMC and ask for the name of the company who set the loan up for you, once you know who that is you should SAR them to, this will save you time in the long run. Reason I say this, LMC have given me such a run around with who I actually took the loan out with, but Im now very confident to go to Court for LMC.

 

There is loads of info regarding PPI, so read and read while your waiting for SAR.

 

I think you have a good case for miss selling, if they have assumptively added PPI to the loan. And further more ticked the relevent box on your behalf, on their own volition suggesting that if you did'nt sign you would not get the loan.

Did they discuss the terms and conditions with you, or pre exsisting medical condition, self employed, did you have other insurances that would have covered you ?

 

From the broker who aplied for a loan to LMC on my behalf

QUOTE " LMC fill in the form on your behalf and tick the box as they know that most people wont't query it as most people think it is a stipulation of you accepting the loan "unquote

 

"Says he will give me any help I need."

 

These people have been stitching us all up for years using these tactics, Im now in a good position and ready to take them on.

 

Lynn.

[gemini65]

hi lynn

have just been reading your thread with great interest, i'm also battling with a broker, ocean finance, will watch your thread closely.

 

good luck

 

luv gem x x

[bach]

Hi gem, Have you started your own thread, if not please do so and I'll see if I can help in any way. If you have started your own thread can you let me know the title and Ill keep an eye on it.

Lets keep this one clear for Notty, then things don't get confusing.

 

But just interested to know, when you took out your loan did you do it directly with Ocean, or through a mediator. Have you SAR both LMC and Ocean yet ??

 

Lynn

[Notty]

This is a follow on from my first post above.

I had a letter from Sterling insurance. I wrote back to them in November saying "I understand from our telephone conversation there may be an amount of money due to me with regard to the above PPI policy". They eventually contacted me and sent me a cheque for £46.69 in respect of the refund premium due following the early termination of my cover. (Which I didnt even know I had)

 

Now I am sure I should have had more, 40% when a policy is cancelled? Also I never mentioned in my letter to them to cancel the policy - just I wanted to know what it was about.

 

Do you think I should go after LMC and send the S.A.R - (Subject Access Request) or is it too late now they have paid the refunded premium. LMC definately misold me the policy as I was self employed in 2003 and they just added it to the loan.

 

I hope I havent blown it by accepting the £46 refund of premium?

[alanfromderby]

The £46 should not be a problem - I would certainly do a full DSAR, and then take it from there.

[bach]

Hi all, just to fill you in, Having wrote a letter to Sterling on the 4th January 08 asking for 40% of the PPI back plus interest I received a phone call yesterday from Sterling Insurance.

 

Very nice lady said it was not usually practice to refund PPI as I had not informed them that the loan had been paid back after one year approx.But said on this occasion they were prepared to offer 40% but not the interest. So Iv accepted the offer and will take the rest to Court and add the interest on then. The whole thing hinges on the fact that we did'nt know we had PPI untill we S.A.R - (Subject Access Request) them, so how could I possibley cancell the PPI with Sterling if I did,nt know one exsisted.

 

Won £2,440.00

But battle still continues

Lynn

 

Hi Notty

 

I would send a recorded signed for letter, thanking them for the £46 refund but you are entiteled to 40% and as you did not know that you had a policy with then how could you of known that you should have let Sterling know.

 

Lynn

[alanfromderby]

If the policy was missold then you are entitled to 100% plus 8% p/a interest.

[Notty]

Thanks for your replies. Yes, I think it was mis-sold as I am self employed and was in 1993 when they added the PPI without telling me! That was why I had no idea what the letter was about from Sterling. It is odd though that they are suddenly contacting people. I will do the DSAR and try for the lot, about £700 I think added to the £5000 loan. I only had the loan with them for a few months and then I paid it off. Will let you know how I get on. Glad to hear you have got some money back Bach, well done!

[alanfromderby]

If they added the PPI in 1993 then you are entitled to claim 8% p/a on the top of each payment. Also you will need to check if you have paid any interest on the amounts they have charged.

[Notty]

Hi All

 

I sent the SAR to The London Mortgage Company and got a statement back today. It doesnt say what the £5700 loan was made up of. Should it not have been broken down into £5000 loan £700 PPI? Is it usual that they just send a statement? Not sure what to do next any suggestions would be most welcome.

[bach]

Hi Notty,Iv just re read your thread. I understand that you had a mortgage with LMC. and you say they have sent you your SAR you should by rights have all the information regarding the mortgage the statments showing all the monthly payments and how much interest you have paid.

I cant quite understand did you take out a £5000 mortgage, and was this a second mortgage. Are you sure that the £5 700 was not for the PPI

 

Lynn

[nicho1120]

Hi notty I read your thread with interest. I currently have loan with LMC. The ppi amount was £2528 with interest on the term of the loan at £2036. I am 2 years into the 10 year loan. I have wrote to Sterling to cancel the ppi. They have written back to say that the insurance is now cancelled and have sent a cheque for £755. They dont state anything in there terms with regards to what % will be given back as a refund. Do you think this is a fair amount. They have not reduced the loan repayments in anyway. What do you think ???

[Notty]

Hi Bach

 

No the loan was for £5000 and they added £750 for the ppi. I only had the loan 3months and then I paid it off but never got any money back. The £750 was paid up front. I rang the London Mortgage Company and they said they are sending the rest of the documents. We shall see.

[Notty]

Not sure what to do next. I still havent had the rest of the SAR documents only the statement of accounts. I rang them and they said the rest was on the way but that was 2 weeks ago. The 40 days is up on 1st March. Do you think I should do the first letter asking for the £750 back? Should the first letter be to LMC or Sterling or both? A bit confused on this one.