Mis sold insurance on loans???

[Guest ian cognito]

Just read an ineresting articly on PPI, not sure if copyright prevents me from posting the contents but here's the link:

 

checkmyfile.com

 

it tells you the facts and figures on the policies and gives many reasons why you may be exempt if you have takn it out without all this explained to you - I come into one of the categories so I shall be looking at claiming mine back.

 

Apologies if it has been posted previously.

[qprouk]

Im in the same boat

 

they have taken £1080

 

I AM IN THE SAME BOAT BUT A LOT MORE COMPLICATED THAN THE NORM

I AM THINKING OF POSTING THIS TO THE INSURANCE BEFORE I TALE ACTION

ANY COMMENTS AND CORRECTIONS WOULD BE APPRECIATED

Since you(MORGAN STANLEY)WERE the company who decided on the PPI insurance and which company you dealt with was entirely your choice (not mine)this was your policy to protect yourselves ,you knowingly penalized the account ,in fact I would go so far as to say you deliberately penalized the account, Additionally you have entered default notices against my credit record. whilst it was still under the payment protection insurance , These defaults occurred merely in respect of unlawful charges levied by you or was the result of impecuniosity’s caused directly by the taking by you of penalty charges which you had applied unlawfully to my account, grossly exorbitant, you have gone so far as to accuse me of possibly claiming on this account before and when I have asked (in writing) to clarify your meaning of this statement ,which you refuse to answer I will still require full disclosure to this statement otherwise it shall be treated as possible libel I also ask that you explain in writing what exactly do you mean when you have reported in my credit card statements (POLICY CANCELLED DUE TO DELINQUENCY) I have not at any time been delinquent during this period all late fees where due to the payments being made by your preferred insurance company Norwich union I have had nothing to due with the payment schedule as well you were aware and you have grossly contravened the ordinary principles of fair dealing as set out within sections 137 - 140 of the Consumer Credit Act 1974.their is possibly a breach of contract on several occasions on your part so this will be looked at and reported to the relevant authorities, Notwithstanding the above, and in the event that a court determines an amount to be outstanding then I shall request the assistance of the court under sections 129 - 136 of the Consumer Credit Act 1974.

,

[andrew1]

I AM IN THE SAME BOAT BUT A LOT MORE COMPLICATED THAN THE NORM

I AM THINKING OF POSTING THIS TO THE INSURANCE BEFORE I TALE ACTION

ANY COMMENTS AND CORRECTIONS WOULD BE APPRECIATED

Since you(MORGAN STANLEY)WERE the company who decided on the PPI insurance and which company you dealt with was entirely your choice (not mine)this was your policy to protect yourselves ,you knowingly penalized the account ,in fact I would go so far as to say you deliberately penalized the account, Additionally you have entered default notices against my credit record. whilst it was still under the payment protection insurance , These defaults occurred merely in respect of unlawful charges levied by you or was the result of impecuniosity’s caused directly by the taking by you of penalty charges which you had applied unlawfully to my account, grossly exorbitant, you have gone so far as to accuse me of possibly claiming on this account before and when I have asked (in writing) to clarify your meaning of this statement ,which you refuse to answer I will still require full disclosure to this statement otherwise it shall be treated as possible libel I also ask that you explain in writing what exactly do you mean when you have reported in my credit card statements (POLICY CANCELLED DUE TO DELINQUENCY) I have not at any time been delinquent during this period all late fees where due to the payments being made by your preferred insurance company Norwich union I have had nothing to due with the payment schedule as well you were aware and you have grossly contravened the ordinary principles of fair dealing as set out within sections 137 - 140 of the Consumer Credit Act 1974.their is possibly a breach of contract on several occasions on your part so this will be looked at and reported to the relevant authorities, Notwithstanding the above, and in the event that a court determines an amount to be outstanding then I shall request the assistance of the court under sections 129 - 136 of the Consumer Credit Act 1974.

,

 

 

With respect, this doesn't read too well and I can't quite get what you are asking them to do. Maybe the transition from your pc to site doesn't carry the full stops, but it is a little difficult to follow and know what you are asking them to do. I'd suggest a little read over it before sending it. There's also a typo (their / there ) which I have highlighted in red above.

[qprouk]

thank you for your reply andrew it is appreciated,trouble with my notes they are just in draft format and i was really thinking allowed ,the problem i have is MORGAN STANLEY signed the PPI documents i have yet to see a copy of the origional documents,but during the 33 months of payments made by the insurance company they missed their payment deadlines meaning i was left to pay the penalties of twenty pounds approximately 20 payment of 20 pounds for late payment MORGAN STANLEY also cancelled the account four times due to the insurance companies failure to pay the account on time, i again was penilised for this 20 pounds on each occasion,i have now been disabled for the last four years and receit of DLA due to my illness i have serious short term memory lapses,i honestley cannot remember what i did this morning ,my long term memory is great i can still remember going to all night discos in the 60/70 so its not to bad not senile yet(lol)

but i have been arguing with MORGAN STANLEY since the PPI insurance was implemented and was told at the time that at the end of the insurance payment they would probably scrap the remaining debt due to my illness..this never happened and during the PPI payment i had also received 12 DCA letter from four different companies.my point is this PPI was paid by me for their benifit i was also being charged on a monthly basis PPI at a variable rate always around 40/50 pound mark i had asked on several occasions for them to suspend these payment this they refused to do ,so with all their charges and penalties the bill is now almost double what it was when i first claimed,they also accused me of making simmallar claims on this account and under my sars request they have not furnished any evidence to prove this fact i have asked them to prove this has happened that i have tried to claim at other times on this account

so when i wrote the draft letter above it was just to pass it through to the likes of yourself who have more knowledge than i have ,and also bearing in mind i have another ticking timebomb with the nat west but it would take a week to write out the circumstances surrounding that case which began in 1993 and it is only three month ago i got a letter asking me to settle this claim 12,5000 but that one can wait considering my solicitor was struck of and the bank manager and assistant manager where moved on the week i lodged my complaint against them they admited libel and laughed at me and offered me to take them to court knowingly that in 1993 joe public would never have stood a chance taking them to court...if you can remember the name PATRICIA GRIFFITHS well i was involved at its inception the BANK ACTION GROUP in 1992/3 at that time after some several months i issued a notice to NAT WEST tahat unless they prosecute me within ten working days/or bring and action against me within that time i deemed that the contract was null and void sadly they did not respond untill some months ago but also they have a deed of assingment against my property thus i am unable to sell my property until that is settled its complicated and the stress of all this was what brought about four heart attacks i wont go on ive said enough and sometimes i really dont make much sense accept to myself

but thanks for your quick response i really appreciate your time already spent on this

patrick

[qprouk]

i also forgot to mention during the PPI insurance payments being met by the insurance company i was issued within eight months of the policy being implemented a default notice due to the insurance company being late in paying,since PPI was set up by MORGAN STANLEY and they selected the insurance company surely they deal with this company on an almost daily basis they could have politely asked the insurance company to cough up ,arent MORGAN STANLEY in breach of contract by issuing the DEFAULT during the PPI repayment schedule ...

[cadencealex]

I was 3 months pregnant when I took a loan out for £2000 with the HSBC - after the PPI it totalled £2683.61.

 

I wasn't told THEN, when signing for the loan that I wouldn't get the loan without it... but at another meeting with my husband at the HSBC (he was taking a small business loan out if I recall) the woman said that your are only likely to get the loan if you take out the PPI. I rememer telling her, the branch manager, at the time that I think that is shocking and she actually agreed with me!

 

I am SURE there is a clause in the PPI about pregnancy or something.. because when taking the loan out in Feb 2005 I remember thinking... well this isn't going to benefit me anyways.. but I wanted the money so just accepted it

 

I was only in part time employment at the time too, and should I have wanted to claim on this , there was no way they would have let me.. as I was working for my husband at the time and would be due on maternity leave....

 

Hmmm... I am going to get a copy of the agreement... because I am angry now.. and they aren't paying the loan amount because there aren't the funds in my bank account... and guess what??? They paid the PPI first - the loan would have been gone now if I hadn't have got that! PLUS I am getting further costs monthly in the form of bank charges.... grrrrrrrrrr

[cadencealex]

Just phoned the HSBC (a young bloke with an attitude problem... who got promptly berated... ) - he told me that you CAN get your money back when you have been mis-sold PPI because it is in the advisors best interests to sell you this to get their targets/commission etc.... and I can log a complaint with him which would be dealt with in 10 days.. I didn't bother, I just requested my original loan agreement to be issued (he said I could collect this from the branch I opened the loan account with, no problems) and he is sending a memo to another office to do this for me....

 

... I won't hold my breath... but he sure was much nicer when he got a telling off for being rude! He told me all calls are recorded too (hmm... to benefit THEM because I'm pretty sure they're not gonna dish out incriminating call logs)!!!

 

Good News I think!

 

A mis-sold policy is one that couldn't benefit the person who takes it out (i.e the unemployed bloke getting one) - and I'll bet it's been done time and time again!

[di0430]

I am also seeking as much info as possible regarding a mis sold insurance policy.

Our comment is also on Financial News, City News, Mortgages, Loans, Savings, Pensions, Market Reports | This is Money where it states 'too late for millions ppi' !! Added in late Oct 2006.

We had a secured loan with nemoloans last Nov 2005 in which the insurance was added automatically then going through the process for an advance we received in July this year, we had realised about stand alone far cheapers insurance and asked for a quote without insurance. They would not do this and said we would really have to carry on the insurance (although classed as a new loan etc) as if we didnt then we would have to borrow more on top of the advance to cover costs for the existing ins cover !!!! We have since had some advice and was informed we should cancel and ask for a full refund immediately, in which we did. We sent a letter dated 24th Sept 2006 to inform them we discovered that we have been mis sold with the insurance and that we would like this cancelled within 7 days and to refund in full. We received a letter back from Nemoloans on the 3rd Oct 2006 to inform us they received our letter on the 27th Sept 2006 which is being investigated and will get back to us within 28 days, and that the insurance is now cancelled. Anyhow in the meantime we were sent the new loan repayments in which the calculations still show the added insurance premiums that we will still be paying for = £10K added on the loan. As we never had a quote without the insurance we worked it out ourselves how much extra of the insurance we were paying a month on top of the loan. The extra without the loan is just under £90 a month. Since the calculation they have only knocked off £15 a month, so instead of paying £514 and the odds a month we will be paying over £498 a month !! In the meantime this is still being investigated. We received the last letter from Nemoloans last week (letter dated 25th Oct 2006) to inform us has 28 days have passed we are entitled to a further 28 days going by the FSA Rules, but will anticipate to send us final decision by next week-which was this week just gone. We have not heard a thing from them about this.

We refuse to speak to them by telephone as we have asked for all correspondence in writing for our records. The loan company have also has us to visit them to resolve this, but stepping on their soil we will be pushed in the back seat on this and will not do this. Please any information and/or advice will be a great help. We were supposed to be dealing with out new mortgage too as our existing deal ends this month in which nemo are aware but we cannot do anything until this is resolved, which means now we will be paying a higher mortgage !! Many thanks and look forward to hearing from you all.

[debtcollector]

Ive just sent the above template to HSBC in the hope of cancelling circa £8 grands worth of ppi over an 8 year period. Im only 9 months into the loan. Will keep you updated...

[di0430]

We received the final decision from Nemo-loans regarding the mis-sold ppi in which they fully deny of this being mis sold.

They even sent the CD recording of telephone calls which are dated from approx April 2006 onwards even though we applied for the advance in January 2006. The recordings were not in a particular order and yet i have not come across mine when i asked about the insurance for a quote without too !!

My husband who then dealt with the quote was recorded which lasted over 20 mins and he asked for a quote without the insurance. The sales adviser said if she was him was to carry the insurance on as we had one with the first loan, or we would have to borrow a further £8k on top of the loan advance to cover the costs of the first loan insurance.

She was very pushy and then we didnt think we had any alternative, even though we were curious what the quote would be without. She kept saying if we didnt take it on we would be paying out more for the loan anyway as we would have to borrow that extra, and our home would be at risk. You can also hear the part when my hubby is saying 'but its optional and there are other cheaper options' ! She was not having it and then stated if we kept it on imagine in 5 yrs we get a lump sum back in return.

In the letter the loan company have stated there was plenty of time to think about not taking the insurance on as we did not proceed with it for a while after, so as we were already existing customers to these anyway we thought 'oh well no mattter what we do even if we did shop around elsewhere it would still work out costly if not more, so we continued in July this year with the advance and accepted the insurance as we didnt think we had any choice although the policy states it optionl. My hubby tried his best to get a quote without and she just would not give one, she just kept going back about 'but if we didnt take it' !!

In the meantime we are waiting for a form to come through from the ombudsman.

Also on the recordings there were 3 missed calls and everyone call was them ringing us to ask about when we were sending in the documents as they were worried that they hadn't received them yet.

(please could someone inform us.....being pressurised to continue with this and if we didnt continue with the insurance-would this be classed as mis-sold)?

Many thanks.

[MICHFERGIE]

Re the PPPI I have spoke to Welcome finnance and they have said they will do a partial refund but not full and it will come off the balance I have demanded I want the refund in cash if they can do partial then they can do full, where do I go to now they are sending me a complaints form.

[di0430]

Hi

Well at this present time, I have sent complaint forms back to the ombudsman, really dont't know how long this will take as such, but i do know it can take up to 6 mths in total.

When i complained by letter dated 24th Sept 2006 to my loan provider of Nemo-loans regarding the mis-sold insurance policy it had taken last week for me to receive their final decision, nothing resolved, so with that decision they sent they also provided a leaflet if i wanted to take this further to the ombudsman.

I had emailed the ombudsman anyway whilst i was waiting for the decision, and was sent forms by them last week, I had sent them back with as much evidence as possible to help support the complaint.

I had also asked nemo-loans on cancellation for a full refund plus any interest added, but like yourself they had deducted off the payments.

My loan is secured, and this was on the loan advance, as we already had insurance added with the first loan we had from them last Nov 2005, they automatically added this to the advance, when asked for a quote, when we asked for a quote without one, (as to our knowledge-new loan and optional insurance as stated in policy booklet and documents), they did not advise it, even when we did mention we would get it covered with a standalone cheaper one, but they would not hear of it, and said if we did not continue with the insurance we would have to borrow a further approx £8k to the loan advance to cover of costs of the first one !!

Weird considering they stated as a new loan they to end the last one, they recalculate it as the first loan ended earlier.

This was also recorded in which i am surprised when nemo sent the decision they had sent this Disk, but when adding it into the CD tower it came up on screen that the recordings were not in any particular order of dates, very jumpy too, and parts of conversation were definately missing.

The main one with the quote lasted approx over 20 mins, in which that was the loan adviser and my hubby, but mine was not found, i had really questioned into this to the loan adviser about the insurance, i dug deep, but as it was only within a few days of when my hubby was talking to her, mine should of been on the recording too !!!

When the ombudsman will hopefully listen to this, they will have to really listen to the part with the quote when my hubby asked for a quote without insurance, as she was cutting in on my hubby, but i could hear it, the loan adviser was saying we would really have to continue with this or borrow more again, and look what we would get back in 5 years if we kept it going and not claim !!! She was pushy and we didnt end up with a quote without, but there was definately parts missing of the conversation too that i really hope the ombudsman will pick up. we then assumed we had no choice down to our circumstances of the first loan insurance.

I was going to also contact my phone provider to ask if they could send statements of all incoming and outgoing calls made to us and nemo from when it all started to see if they mins add up, as all calls recorded were made by them and not us !!

If i were you, try to get as much evidence as possible.

How long ago did you take the loan/ins ?

I expect you may have these, but here are some contact details for you in case you want to get in touch with the ombudsman dept. Here is the website:

Financial Ombudsman Service

or write to:

Financial Ombudsman Service

South Quay Plaza

183 Marsh Wall

London

E14 9SR

Tel 0845 080 1800

email:

[email protected]

What i did at first was email them, they advised me where to go from here like wait for the final decision, so as i was waiting for the final decision i wrote to ombudsman whilst i was awaiting for the final decision as i thought nemo was taking their time, considering they did inform me 28 days i would hear, but never did, but when i did sent the letter off ther final decision arrived was not resolved then asked for complaint forms from the ombudsman.

Was that your final decision you received, or have you actually sent off a letter of complaint to your loan company regarding your insurance ?

If not do that first, make sure you have copies to keep for yourself, and anything they send back keep as your evidence and send off with your complaint form from the ombudsman if it goes this far.

Hopefully your issue will be resolved after you complain to your provider.

There are many people on these forums with same problems, they will also advise you what to do, in the meantime i am hoping mine will be resolved soon too, as this insurance is over £10k, they are still adding this cover to my loan even though i cancelled the insurance !!

Good luck and hope it works out for you.

Di. xx;)

[di0430]

RECEIVED A REPLY FROM OMBUDSMAN DEPT REGARDING THE MIS SOLD PPI, DIDN'T EXPECT A REPLY SO SOON BUT HERE IT IS:

Dear Mr & Mrs xxxxx

Your Complaint about Nemo Personal Finance

Thank you for contacting us.

I am now passing your complaint to our casework area for further consideration. The attached information explains more in detail what will happen next.

One of my colleagues will write to you as soon as possible to keep you informed of how your complaint is progressing. In the meantime if you have further information which might help us, please send it to us quoting our reference number above.

Please note that when the services of a solicitor, accountant or other paid adviser are used to bring a complaint to us, we do not normally award professional fees, in full or part.

Yours Sincerely

Mr xxxxxx xxxxx.

Consumer consultant.

.....................................................................................................

ok, case not resolved as yet, but another step taken. It can take upto 6 mths or so, but hopefully if this can be resolved sooner all the better. I really cannot see a problem due to the recordings taken, but i suppose this may depend on how the case worker see's it. Hopefully it will go our way. I am not going to give up, we were forced into keeping this on or borrow a further £7-£8k extra on top of the advance loan to pay for the existing ins cover, yet classed as a new loan and ins etc.

Will keep you informed. In the meantime, all you fighting for anything, the best of luck.

[Guest willowb]

Good luck honey:) I'm watching with interest.

 

Wxx

[di0430]

Hi

Thank you, I will keep you informed of the process.

I have been informed once the case reaches the Ombudsman staff they are very good at dealing with these issues.

So fingers crossed all will go well !! !!

Have a lot to deal with right now, because where my hubby works there will be redundancies this week, in which he did attend an interview last Friday just in case, and also waiting to hear if he will be successful for a local company for an interview too.

We have 2 kids, and with xmas coming, its a very hard time, with one of my children under special needs where i support him full time.

I just hope the company that sold us the insurance policy can see sense with the way they pressurised and sold us the insurance.

As now we were informed by an adviser this sounds like a mis sold policy and to cancel and to request full refund of the insurance and interest, this was done, we put in a complaint to the firm. They had cancelled, and only reduced it by £15 and with the new loan repayments the insurance is still in with the amount as we cancelled it after the 30 days.

 

We have since had a letter from the company that due to the rise of interest rates, they have now put up the repayments of the loan, so now we are paying a lot more than what we did in the first place with insurance, and even though we planned to remortgage, and get optional cover for this loan, we now cannot afford too, and cannot continue with the remortgage until this is resolved. !!

I have also asked on the complaint form as we feel we were treated unfairly by the company we expect them to compensate us too, because of this not being resolved by them when we complained they have now put us in financial difficulties, also to the our existing mortgage deal that ended last month and where we will be paying now over £56 more a month. So the longer this goes on for the more we will be asking due to the inconvenience they have caused.

I will keep you well informed.............cheers.

[di0430]

Hi folks.

Its been a while that I have added any info on here but have an update regarding my sale of ppi with Nemo.

 

We finally won the battle after this was with the FOS since Nov 2006, it was agreed by the FOS it was mis sold but had taken a good while for the process due to high numbers of complaints of ppi.

 

This January 2008 we were refunded just under £13K from Nemo personal finance,:grin: we had actually paid off the loan with nemo in August 07 due to remortgaging.

 

So from my experience if you think you have a case don't give up, you will get there in the end. .

 

I am now going to try claiming for others but need to get a move on and am aware that maybe then the companies were not then regulated by the FSA........ , but if we don't try then we don't know, so gonna give it a go anyway.

 

Good luck to everyone else on your claims.:grin:

 

Di.

[alanalana]

Well done Di0430:lol:

Have you put this success in the successes thread It may help peeps to see they can win against the huge financial institutions.

 

 

good luck with your future battles

 

aa

[di0430]

Hi aa

 

Thank you very much indeed. .

 

Yes I'm sure I did add to the success thread and will double check on this. .

 

Many thanks againa and from here its onwards and upwards.

 

I would like to wish everyone else who are going through a claim all the very best of luck too, in my opinion you must fight until you win as long as it can take we will get there eventually.

 

Many thanks hun.

 

Di.:grin: