Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: pscocoa on 18 March 2013, 16:39:09
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My brother in law has been thinking of making a claim against a bank for PPI.
He bought a car in 2005 and had a loan over 3 years - he is self employed and was told he needed PPI which presumably was added to the amount borrowed.
The loan was repaid and he cannot find paper work although he was able to find bank statments showing the loan repyaments going through. He has written to the bank to see about pursuing the claim. The bank say they destroy records after 6 years so - unlucky.
He acknowledges fully his tardiness on this but it does seem a bit unusual for banks not to have this logged electronically.
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Tell him to inform his bank that he thinks he has a claim and he would like them to look at it again. He can tell his bank that he has a record of his repayments and paperwork to prove that he was self employed at the time, thus rendering the PPI useless.
If they don't agree to re-examine his claim, it's the ombudsman. A lengthy process, I know, but maybe worth it.
Incidentally, two banks (can't remember who) have just been fined for such behaviour.
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http://www.moneysavingexpert.com/
Tell him to have a good read on the website link above, as it will give him all the information and guidance he requres.As long as he has some record of the loan ,pressumably his bank statement will give an account number or reference he should be able to log his complaint.
Most loan ppi wouldnt cover the self employed but some did...remember he has got to be able to demonstrate he was "sold something which wasn,t fit for his needs"..just having it is not adequate proof.If he recalls he was told ..no ppi /no loan then that is a good start.
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Tell him to inform his bank that he thinks he has a claim and he would like them to look at it again. He can tell his bank that he has a record of his repayments and paperwork to prove that he was self employed at the time, thus rendering the PPI useless.
If they don't agree to re-examine his claim, it's the ombudsman. A lengthy process, I know, but maybe worth it.
Incidentally, two banks (can't remember who) have just been fined for such behaviour.
Thanks Steve - in their letter the bank included the ombudsman leaflet and he has done as you say already.
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http://www.moneysavingexpert.com/
Tell him to have a good read on the website link above, as it will give him all the information and guidance he requres.As long as he has some record of the loan ,pressumably his bank statement will give an account number or reference he should be able to log his complaint.
Most loan ppi wouldnt cover the self employed but some did...remember he has got to be able to demonstrate he was "sold something which wasn,t fit for his needs"..just having it is not adequate proof.If he recalls he was told ..no ppi /no loan then that is a good start.
He says he was told he had to have it - will read link later - many thanks
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being self employed means the PPI was mis-sold it shouldn't be sold to self employed
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Problem is no paperwork no claim. If it was more than 6 yrs ago they don't need to release it to you even if they have it but if this deal started in 2006 and lasted for the 3 years he should submit a subject access request ( £10) to the insurer and he should get all the paperwork as the deal was live within the last 6 yrs! Send all letters recorded delivery, they get "lost" otherwise
Self employed should be a no brainer to win the claim :y
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its no excuse for the bank to say ho paperwork no clame thry have records they just cant be arsed to look i did this with Lloyds for one loan had the same answer told them to look again or ekse wich they did and found not only that one but 7 outher loans and a credit card id forgot about nice result
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being self employed means the PPI was mis-sold it shouldn't be sold to self employed
Says who. I had PPI with a bank loan whilst self-employed and successfully made a claim
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The first step is to ask your bank to look at it again. This tells them that you are not going to go away. It also tells them that, should you go to the ombudsman, and it turns out that they should have looked a bit harder, that the ombudsman will take a dim view of it.
If the claim is not clear-cut, it will take time and patience is needed.
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Thanks all - just got home and doing a bit of googling on subject - same bank crops up on this 6 year malarkey - one guy was given the run around but then wrote to Chief Exec - next thing it is sorted out.
So agreed Steve - letter to be sent - just annoyed that we have no paperwork - you expect banks to keep stuff longer especially insurance policies
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The thing to remember is that your brother cannot lose anything. Only gains, and possibly a bit of fun if he's like me, to be had.
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I'm sure that, if the shoe was on the other foot, the paperwork would appear easily enough. ::)
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Dont bother mate-I had one bank owed me £3000 the company said 45% was their take for doing it and if I said no they charge me anyway so I thought stuff it not worth hassle and told them that-after all you dont miss what you havent got eh
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Dont bother mate-I had one bank owed me £3000 the company said 45% was their take for doing it and if I said no they charge me anyway so I thought stuff it not worth hassle and told them that-after all you dont miss what you havent got eh
So you said no to over £1,500.
I want your bank balance. ;D
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That was minmum culd go higher >:( and £1500 dont get a lot these days mate TBH
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As with most of these claims you can do them yourself for the price of a few stamps and an hour or so of your time. :y
If you don,t get anything back then you are hardly worse off,but if you get several grand back thats a real result in my book and pays to keep the car on the road for few more years. ;D
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That was minmum culd go higher >:( and £1500 dont get a lot these days mate TBH
It's more that half of the price for a rather nice Omega advertised on ebay at the moment, or would buy a good one....... ;) ;)
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being self employed means the PPI was mis-sold it shouldn't be sold to self employed
Says who. I had PPI with a bank loan whilst self-employed and successfully made a claim
exactly it was mis-sold by the bank to someone who couldn't use it even if they needed to. It will make the claim stand and paper work is not normally needed if you have some details of the account
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The entire point of PPI being miss-sold was it wasn,t fully explained along with its exclusions .Your claim must state why you feel you were miss-sold it.
Most, but not all, policies didn,t cover Self Employed although exclusions were attached.Without the policy detail it is not possible to guess the conditions but the fact that your were advised you could not have the loan without taking the PPI makes the claim much stronger.
You were not given the opportunity or advise you could get the same level of insurance cover elsewhere, probably cheaper, so in that instance you were "miss-sold " .The fact you were Self Employed is secondary and possibly not grounds for a succesful claim imho.
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it is worth it for the price of a few stamps i got £12500 back and still got more to come it pays off some of my debts and helped my son through collage and my daughter have the wrdding she deserved and a little bit left over for when robert gets maried :y :y
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I set the ball rolling with claim4refunds about 6 months ago for a car loan in June 2006, they sent me a letter a few weeks back saying they were very sorry and could not win my claim as it was too old.