Mis Sold Loan Insurance

A-Vic
A-Vic Expertise GuaranteedRegistered Posts: 6,970
Has anyone come across this or had any dealings with it? any advice on the proceedures needed to re-claim or who you write too?
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Comments

  • jenny3549
    jenny3549 Trusted Regular Registered Posts: 472
    The first thing you would need to do would be to write to your loan provider explaining why you feel it had been mis-sold (ie because you were self employed and it only covered non-self employed etc). They have to come back to you with a response.

    Main advice would be not to use one of these companies that have sprung up claiming to sort it out for you (for a fee). A lot of them are cons and even the ones that are genuine - well, if you have a genuine claim then you don't need them anyway.
  • kerryhill100
    kerryhill100 Well-Known Registered Posts: 121
    I worked for a finance company for 5 years. The start off the process is when the company you want to claim againsts receives a letter from yourself outlining that you feel you were mis sold your policy and that you would like to claim X amount back. All finance house now have a department to deal with this kind of claim and they have a set time frame in which to respond to your claim. it is best to arm your self with as much information as you can regarding your policy total amount price of monthly instalments and the reasons as to why you were mis sold it. In all hoesty they have so many of these claims at the moment the majority dont look that deeply in to them.

    I wrote a letter to my credit card company a few weeks ago as i noticed they had applied PPI to my account without me agreeing to it and within 2 weeks they had cleared my balance!

    Dont use one of these no win no fee claim company's you can do it yourself with out any additional fees.

    Hope this helps.
  • kerryhill100
    kerryhill100 Well-Known Registered Posts: 121
    jenny3549 wrote: »
    The first thing you would need to do would be to write to your loan provider explaining why you feel it had been mis-sold (ie because you were self employed and it only covered non-self employed etc). They have to come back to you with a response.

    Main advice would be not to use one of these companies that have sprung up claiming to sort it out for you (for a fee). A lot of them are cons and even the ones that are genuine - well, if you have a genuine claim then you don't need them anyway.

    sorry you beat me to it!!

    at least we say the same thing!!!

    these claim companies are the new debt management absolute waste of time!!!!!!!
  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    What it was is my other half had an unsecured loan with a certain bank and made the last payment last month after 5 years repayment.

    having just received the final statement it added on £3000 loan cost to coverage insurance - having looked at all the paperwork (other half keeps everything wish some client would be the same) and the copies of signed agreements their is no mention of this sum at all and only shown on the final statement and breakdown of the costs and interest.
  • jenny3549
    jenny3549 Trusted Regular Registered Posts: 472
    sorry you beat me to it!!

    at least we say the same thing!!!

    these claim companies are the new debt management absolute waste of time!!!!!!!

    Agreed! It's a shame because the people who end up using them are usually the ones who can least afford it. They are sharks preying on the vulnerable!
  • blobbyh
    blobbyh Font Of All Knowledge Registered Posts: 2,415
    I tried to make a PPI claim against RBS for my Mint card due to a combined technicality of the insurance with the way they calculated my monthly repayments, meant that my balance still rose each month despite meeting and exceeding my minimum payments. I tried to argue it as being missold since it was of no benefit to me but rather exactly the opposite. I lost hundreds in combined charges and insurance.

    While they conceded the point, they still dismissed it since it was outside the scope of their set criteria. I guess I was just one of many judging by the almost indecent haste with which Mint cards rapidly disappeared from our TV screens.

    So I'm not unhappy to see that the RBS brand is now finally disappearing from the high street, complete ar*esholes.
  • JaffasGirl
    JaffasGirl Trusted Regular Registered Posts: 387
    blobbyh wrote: »
    I tried to make a PPI claim against RBS for my Mint card due to a combined technicality of the insurance with the way they calculated my monthly repayments, meant that my balance still rose each month despite meeting and exceeding my minimum payments. I tried to argue it as being missold since it was of no benefit to me but rather exactly the opposite. I lost hundreds in combined charges and insurance.

    While they conceded the point, they still dismissed it since it was outside the scope of their set criteria. I guess I was just one of many judging by the almost indecent haste with which Mint cards rapidly disappeared from our TV screens.

    So I'm not unhappy to see that the RBS brand is now finally disappearing from the high street, complete ar*esholes.

    this is basically the same situation that my sister is in. She has lowered the limit on her credit card so she doesnt have the chance to spend on it, so she can clear it. She pays more than the minimum each month, but because they dont seem take into consideration PPI, they then decide that after the bill has been sent out she should be paying more, then she gets hit by a 'late payment charge' cause she supposedly didnt pay enough (although she was paying more than what was asked on the statement) and its then going over her credit card limit so is getting another charge for that! i've told her to get rid of PPI, because its only going to make it harder to clear the balance. grrrr, its such a pointless insurance!
  • qwerty
    qwerty Feels At Home Registered Posts: 82
    Have you had a look at Martin Lewis' advice on moneysavingexpert.com?

    http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

    There are template letters to assist with the reclaim, at no cost. And remember, even if the provider does say no, if you are not happy with their excuse you can complain to the Financial Ombudsman Service.
  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    qwerty wrote: »
    Have you had a look at Martin Lewis' advice on moneysavingexpert.com?

    http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

    There are template letters to assist with the reclaim, at no cost. And remember, even if the provider does say no, if you are not happy with their excuse you can complain to the Financial Ombudsman Service.

    Great thanks just what i was after :)
  • blobbyh
    blobbyh Font Of All Knowledge Registered Posts: 2,415
    JaffasGirl wrote: »
    this is basically the same situation that my sister is in. She has lowered the limit on her credit card so she doesnt have the chance to spend on it, so she can clear it. She pays more than the minimum each month, but because they dont seem take into consideration PPI, they then decide that after the bill has been sent out she should be paying more, then she gets hit by a 'late payment charge' cause she supposedly didnt pay enough (although she was paying more than what was asked on the statement) and its then going over her credit card limit so is getting another charge for that! i've told her to get rid of PPI, because its only going to make it harder to clear the balance. grrrr, its such a pointless insurance!

    Yep, that's what was happening to me. 'Minimum' payment of £40 per month, paid £50 and yet my balance still increased because of the PPI and too low a monthly interest rate. Got caught going over my limit and then hit with late payment charges. Reckon I lost well over a thousand pounds in just over two years.

    I should say that it was only RBS that did this - my other cardholders incorporated the PPI into the payment consideration. No wonder RBS went tits up when among other things, tens or hundreds of thousands of stressed out people eventually had no choice but to turn their debts 'toxic'.
  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    well the halifax have now been sent a letter with all the details and copy agreements - and we all know what the answer will be but at least its been started.

    Thanks everyone for your help and will keep you informed and maybe buy you a drink if out comes of it :)
  • qwerty
    qwerty Feels At Home Registered Posts: 82
    Hi A-Vic

    I would recommend you keep a detailed list of the dates items are submitted. After eight weeks if they have not sorted the problem, send a letter to the FOS. Or, if they do reply in the eight weeks (unlikely) and you are not happy, refer the matter straight to the FOS too.

    From people I know who have made a claim, the banks try to hold you off for as long as possible. Once the 8 week mark hits with no reply, as well as the letter to the FOS, send one to the bank informing them that as they have not sorted the matter, you have referred your complaint to the FOS. The people I know who have done this have had an almost immediate reply from the banks settling their claim.

    Anyway, good luck with your claim, and stick at it, from what I hear most people who do are successful!
  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    thanks qwerty will keep that in mind
  • Andypandy
    Andypandy Experienced Mentor Registered Posts: 526
    You could try writing to the Mail On Sunday (or maybe Saturday) aswell - they seem to get good results.
  • Bluewednesday
    Bluewednesday Font Of All Knowledge Registered Posts: 1,624
    I am sure that Martin Lewis's site www.moneysavingexpert.co.uk has all template letters and procedures, I used that to reclaim on endowment policies which was very successful!

    Good luck
  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    Thanks Blue
  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    Update for you all!

    Well how about this people - my other half has received a letter back from the bank stating they apologise and admit to the mis sale of the PPI and are putting together calculations of the amounts added to the loan and will write back with an offer letter within the next 5 days.

    Wow that was really quick but just have to wait and see what they offer now but it is shown clearly in black and white with accumilated interest the total amount taken is £3325.

    will keep you informed :)
  • jenny3549
    jenny3549 Trusted Regular Registered Posts: 472
    A-Vic wrote: »
    Update for you all!

    Well how about this people - my other half has received a letter back from the bank stating they apologise and admit to the mis sale of the PPI and are putting together calculations of the amounts added to the loan and will write back with an offer letter within the next 5 days.

    Wow that was really quick but just have to wait and see what they offer now but it is shown clearly in black and white with accumilated interest the total amount taken is £3325.

    will keep you informed

    Fantastic!!! What a result - you deserve to treat yourself to something nice now......

    :thumbup:
  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    jenny3549 wrote: »
    Fantastic!!! What a result - you deserve to treat yourself to something nice now......

    well there maybe a little eye fluttering happening in manchester at the links of london shop :p - but as said have to wait to see what they come back with too
  • anniem
    anniem Experienced Mentor Pewsey, WiltshireRegistered Posts: 1,326
    WOW! Just want the money from the bank in the bank now! :lol:
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    anniem wrote: »
    WOW! Just want the money from the bank in the bank now! :lol:

    lol what an odd thought
  • anniem
    anniem Experienced Mentor Pewsey, WiltshireRegistered Posts: 1,326
    A-Vic wrote: »
    lol what an odd thought

    YOU SAYIN I'M ODD :lol:
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    anniem wrote: »
    YOU SAYIN I'M ODD :lol:

    strange but never odd lol
  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    narrr
  • anniem
    anniem Experienced Mentor Pewsey, WiltshireRegistered Posts: 1,326
    A-Vic wrote: »
    narrr

    We're all gathered around the same forum .... perhaps a bit like minded????? :-////
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    Can any one give me the RPI for May 2005 to date please
  • mark130273
    mark130273 Font Of All Knowledge Registered Posts: 4,234
    A-Vic wrote: »
    Can any one give me the RPI for May 2005 to date please

    2005 .......why ?
  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    mark130273 wrote: »
    2005 .......why ?

    heres the figures:-

    £2555.63 Insurance Loan (PPI)
    £642.37 Total Charge for Credit for Insurance Loan
    1% Fee charged for the Insurance Loan

    Also they state in the letter the will put back to the position they would have been charged if hadnt been sold in the first place so i thought i would calaculate what the amount is worth in todays money.

    Just to see what they come back with and compair the loan started in 2005
  • mark130273
    mark130273 Font Of All Knowledge Registered Posts: 4,234
    A-Vic wrote: »
    heres the figures:-

    £2555.63 Insurance Loan (PPI)
    £642.37 Total Charge for Credit for Insurance Loan
    1% Fee charged for the Insurance Loan

    Also they state in the letter the will put back to the position they would have been charged if hadnt been sold in the first place so i thought i would calaculate what the amount is worth in todays money.

    Just to see what they come back with and compair the loan started in 2005

    sure this isnt an advanced chartered question !!! lol
  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    well i get it too 3378.28 using 4.8% but have a feeling am way out
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