Missold Ppi

[sandyRoe]

Is there anything I should add to this letter to my bank?

"Around Oct 2004 I arranged a short-term loan with the Ulster Bank in order to help my niece buy a house.
I am writing to ask if I was missold PPI at that time, and if so, how do I go about claiming it back?

[DTCwordfan]

I would just call them Sandy, I did mine totally by the phone.

Be clear of how they missold it to you.....the best argument being that you didn't need it because of the ways your employer covered you on redundancy, incapacity or death.......why would you need it then?

[slaney]

There is a template letter here, Sandy - don't know if it would be any help
http://www.which.co.uk/campaigns/personal-finance/the-ppi-campaign/claim-back/

[EvianBaby]

Why are you asking them if they missold it? They'll most probably just say no.

[lcg]

don't ask them if you were mis-sold....they will say no! basically, you can assert that it was if you a) had a pre-existing health complaint that would nullify the ppi paying out; b) you were told you had to have it or would not get the loan; or c)were not told of it at the time of signing the loan agreement. (mine were a and b). also, you may find it more useful to use a template letter and get some advice from this site, i did and claimed back my ppi without the help of a company:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

[sandyRoe]

My niece was in the process of selling her house and the people selling the one she wanted to buy were pushing her to complete the sale. I arranged a loan, secured on my house, so that she could get the house she wanted.
I don't even know if I was sold insurance but think the bank wouldn't miss a chance to make money. If I was sold insurance there was clearly no need for it.
I'll phone them in the morning as a first step and see what they say.

[DTCwordfan]

My bank have two different departments, one for credit cards and loans (mine was the latter to finish off a bathroom extension and some other work when we bought a new house), the other for mortgages (no PPI there). As lcg and evian have suggested, you need a core argument, in my case I really didn't need it with all the protection for me that my employer had built into the contract, but the loan was made "conditional" to haing PPI - and strongly suggested that approval would be "easier to approve" with it That remark also came offsite when I bought my bank manager lunch, he having moved coincidentally from Truro to the Big Smoke and taking on the branches near where I worked, I couldn't remember the precise day but did know exactly where the lunch took place as, put it this way, it's rather a landmark site.

[EvianBaby]

Ask them for a copy of the loan agreement and see if it has PPI on it. But don't ask them if it was missold.

If there is PPI on it then look at the money saving expert website to see if it was missold and then follow the instructions on reclaiming.

[Peter Pedant]

.

n the Oxo building ? You're richer than I thought !

PP

[DTCwordfan]

I'd leave out the bit about the bank making money......don't inflame them. What they do is then assess the claim and then look at the length of loan and work out a formula for the PPI off that; most of the paperwork has been long archived and not that easy to get at, so if your amount is say

[DTCwordfan]

I wish PP!

It was one of the London Royal Societies' restaurants.............

[DTCwordfan]

(sidetrack, sorry sandy - Peter - take a look at the owd update, just as to contact......)

[emmie]

i would most definitely phone, but also follow up with a letter detailing what was discussed on the phone. That way you cover yourself, seeing as they could deny speaking with you on the phone, not unheard of.

[EvianBaby]

Sandy, just follow all the advice on this link.

There's a bit to read but it's really very easy.

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

[sandyRoe]

DT, the bit about the money grabbing fatcat bankers was just for like minded comrades here in AB. I'll be more circumspect with any letters to them.

[DTCwordfan]

i am sure you will, sandy. Good luck....don't spend it on owd's, stokey's and sibbo's horse racing tips, though bad they are not. Stokey made me a (relative) package on the National.