PPI advice please

[madmaisie]

I took out a ten year secured loan in 2000 with company called Sterling Credit which finished in 2010. I was more or less forced to have ppi which was a one off payment added to loan. I was never told it was only for first five years so was oblivious to having no cover for the next five years. I do feel quite aggrieved at basically being conned into having something i didnt really want or need. I work for local government and have a generous sickness scheme. Do i have any chance of claiming ppi back given the fact they were a loan company not a bank. I have details of policy but no documents. I do not know who insurers were apart from them being in Ireland. Would appreciate any advice

[di30]

Re: PPI advice please

Hi and welcome

First of all, YES you do have a reason to make a complaint/reclaim in just being sold one of those costly rip off polices.

The fact here is for example, if the loan was say 15 years, the policy would only be covering the loan for 5 of those years, where then after 5 years the policy/ppi would cease, but you would still be repaying the ppi within the loan for the life of the loan.

This type of product is no longer sold.
I take it the policy was not discussed with you, nor the full cost of it?
And for the fact they pressurised you into taking it out as well, all these reasons you can try making a reclaim on the ppi you paid, plus all the relevent interest.

It's good you still have the policy, that will be a great start to making a reclaim.

I take it the account number is enclosed on the policy?
If so you could fire away on a reclaim now if you want to by completing a reclaim complaint questionnaire, these were issued by the Financial ombudsman service (FOS) for customers to make a complaint/reclaim on the PPI.

You will find the link to this below, plus other useful information, and also some useful details on how to calculate - posted by our Turboman on this site.
You will need to pursue the arranger, do you know if these are still an active company?
If the company were not regulated by FSA/GISC, the chances are they will unfortunately try rejecting the complaint, but if this is the case, you can try the underwriter/insurer avenue, the arranger or lender on request should send you the Booklet of the policy details which include details, name of the underwriter/insurer.

The FOS can direct you to this and can write to them on your behalf if it comes to this, and they will also try to find details of the underwriter/insurer, and maybe able to adjudicate/take the complaint on if the underwriter/insurer were regulated, they possibly were, even more so than the broker/lender back then.

However, take one step at a time and we can take you that step at a time once we have completed the first part of the reclaiming.

Remember to also keep a copy of the reclaim complaint questionnaire, this will be in case you need to refer back to it again at some point.

I will also suggest another thing as well, if you want to request for data on the account/paperwork, you can do so by requesting a Subject Access Request (SAR), if you want to do this I will forward you the SAR template letter on a further post, not to confuse matters on this actual one.
With a SAR, they have up to 40 calendar days to comply, and you enclose the one off payment of £10 cheque or postal order.

Details of the reclaim questionnaire here:
http://www.financial-ombudsman.org.u...stionnaire.pdf

This is also available in word on the FOS website, not to confuse with the actual FOS complaints form though.
http://www.financial-ombudsman.org.u...complaints.htm

Other details before you make the reclaim.
http://www.legalbeagles.info/forums/...ASE-READ-FIRST

http://www.legalbeagles.info/forums/...I-Calculations

Hope this helps for now.

I will post the SAR if you require this too, good luck and please ask for further help if required.

[Crowie]

Re: PPI advice please

Hi, funnily enough I've just made a successful claim from NRAM for exactly the same type of 'cover'. I don't really think you need to even bother about whether you were forced into taking the plan out etc. As I've just mentioned on a post I've put up on here, the very fact that the insurance premium was taken out as a lump sum at the start of the loan, and interest payable on it as well is in itself a breach of the consumer credit regulations.

As a result, the policy under cuurrent legislation was automatically mis-sold.

Good luck, and keep us posted...

[madmaisie]

Re: PPI advice please

Hi, funnily enough I've just made a successful claim from NRAM for exactly the same type of 'cover'. I don't really think you need to even bother about whether you were forced into taking the plan out etc. As I've just mentioned on a post I've put up on here, the very fact that the insurance premium was taken out as a lump sum at the start of the loan, and interest payable on it as well is in itself a breach of the consumer credit regulations.

As a result, the policy under cuurrent legislation was automatically mis-sold.

Good luck, and keep us posted...

Thank you both for the advice. On a brighter note just logged a claim on phone with lloyds. I took out a loan in 2002 for £30,000. I was told i had to have ppi because of the size of the loan not that it was optional. It was an over the phone loan with front loaded ppi. Lets see what happens!! Going to lodge one with mbna credit card. I never knowingly had ppi on cards. When i did try and cancel they would only reduce to death cover. Will do sterling one last as more complex. Oh what good fun!

[p boland]

Re: PPI advice please

try bfc insurance limited newmount house, 22/24 mount st, dublin 2 ireland. tel 00353 662 3533. this is the company that sterling used for ppi for my secured loan. best of luck patrick.