Nismo
Member
Registered: 12th Sep 02
User status: Offline
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Anyone on here been successful at a PPI (Payment Protection Insurance) reclaim?
Im an EGG customer and they have been heavily fined for making customers take out PPI on there loans.
I was mis-sold PPI as they would only offer me the loan with the PPI when i took out the credit so I am wrighting to them.
Has anyone followed Martin Lewis guide to a PPI Reclaim?
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
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Eck
Premium Member
Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline
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Did you apply for your loan over the phone, online or in the branch? If you were told you HAD to take the PPI then you will 99.9% get the entire amount refunded. The best way to reclaim though is to phone your Loan company. Raise a complaint for a mis-sell then they will investigate it 
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Nismo
Member
Registered: 12th Sep 02
User status: Offline
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Over the phone and I was told I had to take it.
Ive written a letter today will post it tonight.
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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Fuck me, what about loans that have long since expired but were TOLD you had to have the PPI to have the loan (same as Nismo) and ended up having to pay well over the odds because of this?
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Nismo
Member
Registered: 12th Sep 02
User status: Offline
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Apparantly you can still claim even if the loan expired ages ago!
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Pete_vxl
Member
Registered: 24th Nov 06
Location: Lochgelly, Fife
User status: Offline
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within past 6 years, after that its taken off file.
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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Fucking AYE!! I've kept all the loan agreements as well.
I might just get that LSD a bit earlier 
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Eck
Premium Member
Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline
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quote:
Originally posted by Nismo
Over the phone and I was told I had to take it.
Ive written a letter today will post it tonight.
Well you're onto a winner then as they'll have to trace the call and they'll see that it's a mis-sell so you'll get a refund 
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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I'm deffo entitled to this, I was sold the loan in 2003 and paid off in 2006 but HAD to have PPi on it, I went into the branch and was told that unless I took out PPi I wouldn't get the loan.
Fingers crossed.
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Nismo
Member
Registered: 12th Sep 02
User status: Offline
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Ollie read the link i posted, has all the letters you need to send , you just edit the relivent fields!
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Eck
Premium Member
Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline
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Well if that's the case, then you'll be entitled to it all back! Just keep harassing and moaning and you'll get it!
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Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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Think i'll try this myself, was told I had to take PPI on an old loan
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Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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One of my friends (colour_golden on here) got quite a bit of money back after being in a situation like yours i think.
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StuartVRS
Member
Registered: 9th Feb 03
Location: Bromley Common, Greater London
User status: Offline
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how can you prove that a bank manager who sold you a loan told you that you had to take the insurance out or you wouldnt get the loan. Im intrigued, as i may try this out on an old loan.
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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Because there is no fucking way I would have said yes to what Black Horse charged for their PPi, disgrace.
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Eck
Premium Member
Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline
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quote:
Originally posted by StuartVRS
how can you prove that a bank manager who sold you a loan told you that you had to take the insurance out or you wouldnt get the loan. Im intrigued, as i may try this out on an old loan.
Unfortunately it's far more difficult to get a refund on PPI that has been keyed in a branch as you're correct, no real proof. However over the phone is simple.
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StuartVRS
Member
Registered: 9th Feb 03
Location: Bromley Common, Greater London
User status: Offline
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I may try anyway as like OJC, had i known the full terms and the fact i was not covered for medical reasons and the fact it was deemed compulsory by the slaesman when in fact it wasnt. Nothing to lose in trying.
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colour_golden
Member
Registered: 24th Feb 08
Location: Hull - UK
User status: Offline
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Yes i got my PPI back (£1,800) just before xmas. I just sent the first letter and took out what i didnt need. Basically said that i felt pushed into it and that the person who sold me wasnt financially trained to advise me on this insurance. Got a letter about 1.5 weeks after sending saying they had completed the investigation and would be sending me a cheque.
They cancel your existing loan and setup another for the remainder, minus your PPI, in my case it was £1,699 so the PPI i got back paid off my loan a year early. I paid PPI on a previous loan with Alliance & Leicester to the value of about £900 so im toying with the idea of trying my luck on that one too.
I dont have the letter anymore so i cant post it, sorry.
Good luck
[Edited on 05-01-2009 by colour_golden]
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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I've got the letter in front of me, sending it off tomorrow recorded delivery.
Been reading Moneysavingexpert website and gives you the low down. Quite a few success stories, a few have dragged on but thats only because the banks think people will just give up.
Fingers crossed
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MJFF88
Member
Registered: 30th Apr 08
User status: Offline
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Who wouldn't want PPI though?
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colour_golden
Member
Registered: 24th Feb 08
Location: Hull - UK
User status: Offline
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Me, well not through the loan company anyway they charge stupid amounts. You can get it online for as little as £5 a month
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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I get it through work, I only wouldn't pay if I was unemployed and I get Unemployment Protection through my own company for exactly lke golden has said, £5 a month.
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RyanSxi
Member
Registered: 26th Jul 06
User status: Offline
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Mine try this. Got a loan with A&L 2 years ago but asked for an increase a year ago. Was pushed into getting the insurance as they made it sound like I wouldn't get the loan without it.
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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Yep Ryan, A&L are one of the worst ones for it and are the easiest to get money back from, them & HSBC.
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Nismo
Member
Registered: 12th Sep 02
User status: Offline
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i might try my HSBC one too!
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