Mis-Sold a PPI by SPPL - Help/Advice needed

[Suzywong]

After listening to the money advice on GMTV one day regarding PPI's and the way they have been sold, I decided to send off for my credit agreement from SPPL. The only reason I did this was because on two or three occasions we have asked for an early redemption figure and on these occasions they have sent back a figure that is way over what we originally borrowed in 2003. We borrowed £20,000 and the figures were in the of £25000. We never seem to be touching the loan or making any difference to it, our mortgage moves twice as fast and everytime we get a statement from SPPL it never seems to change. Anyway after spending lots of time reading various threads on here I have realised that we have definitely gone wrong somewhere. I received the CCA yesterday and it states that our amount of credit is £25800, this I can see now and understand includes the PPI of £5800. We have signed the form at the bottom where crossed but at the top of the form it has 4 tick boxes With single or Joint on top two and then single and joint life or joint and joint life on bottom two. A tick has been put in Joint & Joint Life. Now common sense tells me this is probably the top cover?

Just one other point I was made redundant mid 2004 and we fell behind with the payments so much so that by september sppl were forcing repossesion procedings. We were forced into a position where we had to rob peter to pay paul. But my point is that we were obviously naive and knew nothing about this PPI and at no point were we offered the chance to take advantage of the PPI.

I would appreciate as much help and advice if poss and perhaps someone could point me in the right direction of a letter I could use to write to these people.

[Scrappy01]

Hi

 

This is the template I used, just amend it to suit. I've been successful on a few PPI claim backs, but for the time being its only been small amounts, its proving harder with the larger amounts.

 

[bLUE BRACKETS]: REPLACE WITH THE RELEVANT INFO [RED BRACKETS]: JUST FOR INFO – SO DELETE

 

[insert your name

and address]

[insert date]

[insert name and

address of company

that sold you the

loan/card insurance]

Dear Sir or Madam,

Re: Account number: [insert account number]

I purchased the above policy from you in [insert date] but now believe that I was mis-sold this policy for the following [select from reason / reasons]:

· [use this section if self-employed, unemployed or retired or delete]

This is due to the fact that I [select from was / knew I was soon to be] [select from self employed / unemployed / retired / over the age limit] when I took out the policy and [select from I made this aware to your member of staff / your member of staff did not ask me about my employment status / age] when the policy was sold.

· [use this section if you had an existing medical condition or delete]

This is due to the fact that [select from your member of staff did not ask me about any previous medical conditions / I informed your member of staff that I had previous medical conditions but they did not inform me of the effect this could have on the insurance] when the policy was sold.

· [use this section if you had a general health problem or delete]

This is due to the fact that having now read the terms of the policy I have noticed that the medical condition of [insert condition you hold] is not covered and [select from I informed your member of staff that I had this condition but they did not inform me of the effect this could have on the insurance / your member of staff did not advise me of potential exclusions] when the policy was sold.

· [use this section for lender who has already been fined or delete]

This is due to the fact that you have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests.

· [use this section if you had a single premium policy or delete]

This is due to the fact that I paid a single premium for my policy but did not see it through to the end of it’s initial term after [select from paying back my loan earlier than planned on the [insert date] / cancelling the insurance before the end of my loan agreement on the [insert date] / a change in my circumstances meant I was no longer eligible for the insurance from the [insert date] and I informed you of this at the time].

· [use this section if you have previously failed to cancel your policy or delete]

This is due to the fact that I contacted you on [insert date] and you informed me that I could [select from not cancel the policy / only cancel the policy if I took out a new credit agreement]. As the FSA has now stated ‘no refund’ terms are considered unfair I would like my original cancellation request to be honored [use if relevant or delete and any fees incurred as a result of taking out a new agreement to be refunded].

· [use this section for general mis-selling or delete]

This is due to the fact that I was not given the correct information when the policy was sold to me, as [select from

• your salesperson stated / implied that taking out the policy would assist my credit application.
  
• your salesperson was very pushy in selling me the policy so that I felt I could not say no.
  
• your salesperson did not tell me that the policy was optional [use if relevant or delete and I have since realised that I have alternative insurance cover.
  
• your salesperson stated / implied that taking out the policy was essential for me to get the associated credit [use if relevant or delete even though I informed them that I already had alternative insurance cover].
  
• your salesperson did not give me full information on what the policy would and would not cover [use if relevant or delete for example that the loan only covers/ed the first five years of my loan term].
  
• i am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.
  
• having recently looked at the paperwork for my loan / credit card / store card I have noticed that only [insert name person covered by the policy] is fully covered by the policy and [insert name of person not covered by the policy] is [select from not entitled to claim for all sections of the policy / is not covered at all], when I was informed / led to believe that all parties were equally entitled to the insurance cover.
  
• having recently looked at the paperwork for my loan / credit card / store card I now realise that I have been paying for insurance that I did not know I had taken out so could not have been explained to me.]

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded with eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,

[insert signature]

[insert your name]