Reclaiming PPI after Loan paid off

[LippyKid]

I have just managed to pay off a small loan we had with our bank. During this I was advised to stop DD for the PPI and reclaim on it as we had identified a potential mis-selling and comes to roughly £300 but obviously they didn't advise how to do it.
Just wondered if there is template for this? had a look in the template section couldn't see anything but it could be me

Anyway if there isn't is there anything I must make sure I include to push this through?

Many Thanks

[ken100464]

Re: Reclaiming PPI after Loan paid off

Two ways to start this.

You hear of some people just ringing up and the thing is sorted no fuss and nothing more to do. Each bank will have its own dedicated PPI reclaim line now.

Personally if as in alot of times the bank starts to jerk you around just like anything to do with finances you find that that phonecall becomes worth nothing and there is no papertrail.

So I would recommend going to the FOS website download a PPI reclaim form (not the normal complaint form) fill it in thinking carefully of what the reasons why you were miss sold not just why you had it then send via signed for to the bank in questions dedicated PPI address. Again the banks website will have this.

Make sure you keep a copy of the claim form as if the bank decide to reject you will need this copy to go to FOS. Include copies of any proof of the PPI and also any paperwork to back up why you think you were miss sold

If you want to make sure you have the reasons why right run it past Di before you send it off.

Pretty simple and form will take no more than 30 mins of your time tops. Not many jobs that pay £600 an hour so worth your time.

Good luck.

[LippyKid]

Re: Reclaiming PPI after Loan paid off

Thanks Ken

Will do all of the above and will update on here, much obliged.

[Never-In-Doubt]

Re: Reclaiming PPI after Loan paid off

Or, you speak to Di30 on here and she will help

[Never-In-Doubt]

Re: Reclaiming PPI after Loan paid off

PPI FOS complaints pages --> online PPI resource

[di30]

Re: Reclaiming PPI after Loan paid off

Hiya

Shall take a looksie now!

[di30]

Re: Reclaiming PPI after Loan paid off

Hi LippyKid

I take it you were contacted by a claims company??

Glad you came here I would not suggest using them because there are charges at the end or sometimes beforehand, when it's just a matter of sending a letter or reclaim complaint questionnaire with the reasons you have (all free to do).

If you don't mind me asking, what reasons do you think you may have to make a reclaim?

For example: Did they bank/business that set up the finance automatically add the PPI?
Were you unemployed at the time it was sold to you?
Part time hours, less than 18 or 16 hours per week?
Did you have a pre-med condition at the time it was sold to you?
Were you already covered via Sickness by your employer?

The list is endless.......

I see you have been given the link that will send you to a complaint questionnaire, or you can if you prefer write a letter (although most will expect you to use the reclaim questionnaire), it's up to you.


Here below takes you to a template letter to give you an idea, you can of course use, tweak add your reasons etc.....

http://forums.all-about-debt.co.uk/s...ead.php?t=6720

You send to the bank/business who set up your account with PPI, complaints or head office address.
Keep a copy for yourself, and best to use signed for recorded delivery.

They have up to 8 weeks to send a final decision, but you should receive an acknowledgement letter within a week or 2, they should explain of their own procedures as well.

Hope this helps, if you require further help, then please post away, good luck.

[LippyKid]

Re: Reclaiming PPI after Loan paid off

Hi Di

The point of mis-sell is surrounding the application form itself it states at one point on there 'That to be eligible the next three answers have be yes' and one of the boxes ticked by them is ticked no and that is 'Are you contracted to working 16hrs per week etc' which being self-employed I do work more than that however not always a strict contract my wife at that time was unemployed.

Plus one of the other boxes asks whether I'm the first name borrower on the agreement which I am, but only my wife's signature is on it as she was there and I wasn't, and I wasn't required to after the event either.

Phew just thought telling you all that do you think we have a case?

[Never-In-Doubt]

Re: Reclaiming PPI after Loan paid off

Yes you have a case as you were not eligible for it, being you answered no to a question

[LippyKid]

Re: Reclaiming PPI after Loan paid off

Cheers Niddy, I'll get cracking with what Di's advised.

[di30]

Re: Reclaiming PPI after Loan paid off

Hiya

Yes definately!!!

As it was supposed to have been joint, then usually 2 signatures are required as well, with the fact that your wife signed and she was not
working at the time, the PPI would be worthless to your wife.

Good luck.

[LippyKid]

Re: Reclaiming PPI after Loan paid off

Thanks again Di

Have completed the FOS form just in case the bank don't accept your excellent template, so see what happens and I'll post back here.

[di30]

Re: Reclaiming PPI after Loan paid off

I agree by using the form, and that way it should not hold back the investigation, because with some who have sent letters - they are usually sent a form in the post anyway.

Although there are some businesses more lenient than others.

Good luck.

[LippyKid]

Re: Reclaiming PPI after Loan paid off

Update - Received a letter today from RBS stating they have no record of this PPI which surprised me as we took out the loan and PPI with Natwest and then little while later that part of their business was transferred to Aviva and that's who we sent the FOS form to.
So is this just them trying to get out of it because RBS had no knowledge of this the PPI? In all honesty I don't why RBS are even involved??
Not sure what to do now

[ken100464]

Re: Reclaiming PPI after Loan paid off

Sounds abit like these underwriter claims where everyone is trying to blame someone else just to avoid coughing.

For me from your post above and please correct me if I am wrong. You took the loan out with Nat Pest who just happen to be owned by RBS. This part of the business was transferred to Aviva and it was to this company you sent your claim to?

If that is correct then welcome to my first post. Banks jerking you about. Aviva seem to have sent it back to RBS and RBS not thinking its anything to do with them have responded the way they have.

Three ways to deal if I have this right. Snotty letter back to RBS telling them its a Nat Pest loan so would they even think to do the right thing and foward it to one of the millions of right departments in the bank.

Or 2 put another complaint together (Hopefully its just a photocopy of your original if you kept it) plus a covering letter and send the whole lot to Stephen Hestler RBS CEO and tell him his bank is run by muppets and would he like to sort it out on your behalf. Plus a bit extra for you having to deal with his muppets.

Or 3 put the claim together as in two and send to Nat Pest's normal PPI address.

Thats my suggestions if I have the facts above right. Maybe di30 has other idea's

PS dont worry reclaiming takes patience. Muppets work on the premise people give up easily.