Payment protection insurance (PPI)

[Solitaire Events Ltd]

It seems these PPI schemes have been mismanaged and lots of people are claiming money back. Anyone done this yet?

[Daryll]

Indeed I have Daz.

I claimed to have missold a PPI for a £10000 loan via Northern rock.
After 2 exchanges of letters , I had £2500 transfered to my bank account.

Original repayments = £127.00
New Repayments = £88.00.

All information on this and other claims.

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

Cheers

Daryll

[Solitaire Events Ltd]

Did you do this yourself Daryll or use a claims handling firm?

[DeckstarDeluxe]

can you claim for loans that have already been settled??

[Solitaire Events Ltd]

can you claim for loans that have already been settled??

In the last six years, yes.

[Daryll]

Did you do this yourself Daryll or use a claims handling firm?

All by myself mate. ( with a little help from the banking ombudsman )
I sent a pre written letter to NR ( template from the link in my first reply ).
NR denied all claims , but sent my a questionnaire to fill out , also they advised me to get in touch with the banking ombudsman , which I did , enclosing my orignal letter to NR , and a copy of their reply and the filled out questionnaire .
I received a letter from the banking ombudsman , telling me they would contact NR.
A few weeks later I receiver a letter from NR , stating that they still refuted any claim , but told me the money would be in my account by the end of business that day :eek: .
Hope that helps a bit Daz

Daryll

[[email protected]]

Ignore this reply.

I promise to read the thread properly in future..

[DazzyD]

My dad is going through this process now. He took out a loan and was told he had to take PPI with it. He lost his job at christmas but the loan company wouldn't cover his payments. When he asked why they said it was because he worked for an agency (he had done for about 5 years) and the insurance doesn't cover agency staff. So he asked why he had to take out insurance that he could never claim on and the reply was "Erm, well..., Oh..." so now he's claiming back every penny he's paid.

[djgordyp]

can you claim for loans that have already been settled??
Yes. You can also ask for 8% per annum statutory intrest, After all, paying the 8% may be cheaper for them than if you complained to the FOS. A complaint to the FOS will cost the lender £500


In the last six years, yes.

Sorry but that's incorrect Solitare. You can go back much further. The six year rule only comes into play from the date you first became aware of the misselling (your first letter to the lender :) ). I think your getting mixed up with the bank charges situation.
I'm just about to start my own claim. First of all I have to get all the info the bank hold on me.

BTW you can insist that the lender pays you by cheque, the FOS says so.

As for getting a claims company to do it for you. Why pay spmeone when you can do it yourself and keep all your money. In the majority of cases I've read on consumeractiongroup it's usually fairly straightforward.

If I can be of any help, please ask. If I can't answer your query I'll either point you in the right direction or ask my friends at CAG.

[Solitaire Events Ltd]

Sorry but that's incorrect Solitare. You can go back much further. The six year rule only comes into play from the date you first became aware of the misselling (your first letter to the lender :) ). I think your getting mixed up with the bank charges situation.


I don't think I am. I have the letter from the company in front of me and also had a call from them to confirm the date.

[djgordyp]

I still think you're wrong but I'll check it out and get back to you later.

[djgordyp]

Just found this posted on another site. It's an extract from the limitation act 1980
32.--
(1) .... where in the case of any action for which a period of limitation is prescribed by this Act, either-
(a) the action is based upon the fraud of the defendant; or
(b) any fact relevant to the plaintiff's right of action has been deliberately concealed from him by the defendant; or
(c) the action is for relief from the consequences of a mistake;
the period of limitation shall not begin to run until the plaintiff has discovered the fraud, concealment or mistake (as the case may be) or could with reasonable diligence have discovered it. ....
(2) For the purposes of subsection (1) above, deliberate commission of a breach of duty in circumstances in which it is unlikely to be discovered for some time amounts to deliberate concealment of the facts involved in that breach of duty. . . . (5) Sections 14A and 14B of this Act shall not apply to any action to which subsection (1)(b) above applies (and accordingly the period of limitation referred to in that sub-section, in any case to which either of those sections would otherwise apply, is the period applicable under section 2 of this Act).

[Solitaire Events Ltd]

....and this morning I received a cheque, so although I am having to pay a company 25% for sorting this out, I don't mind.

:thumbsup: