paying for PPI- but no record of policy

[stitch05]

Hi wonder if someone can help?

I took out a car loan last June with PPI. I have my credit agreement which states ‘ monthly insurance premium £xxx per month ’ and the level of cover. This amount has been taken along with the loan repayments each month.

I wanted to check the details of the policy but realised I haven’t received any policy documents etc, so I called the loan company. They said they have no record of my PPI!

They are looking into it and said they will call me back to explain, where do I stand? can I have my money back? any advice appreciated!

[ncf355]

If you were given no advice at the time of what the policy covers (and more to the point what it doesnt!) and also no documentation I'd say you should ask for the premiums back under misselling!

 

 

 

 

 

 

 

 

 

 

 

[stitch05]

Thanks ncf 355, that’s just what I was thinking. I only thought of checking my policy details because I had been reading about people paying for useless PPI s on this forum-but paying for NO COVER takes the biscuit though doesn’t it!!- thanks for your reply!

[reidnet]

If they cannot produce evidence that a Payment Protection Insurance policy does in fact excist and supply you with a copy of the policy, IMHO I would say yes claim back all the premiums paid, and dont forget to add on Interest at the contractual rate on each payment, from the date of each payment.

 

I would also use the Arguemnet, that you paid for protection which they did not supply and of course this could have caused you serious problems should you have been in a position to try and make a claim. It may also be worth a shot at claiming for some compensation for this too.

 

I would also write a letter to the FSA to make them aware of the situation, especially if they have not supplied a PPI policy. The FSA probably wont do much in an Individual case but Im sure the Information will be of Interest to them.

 

Who was the lender in your case ?, Im just compiling as much Information on Mis Sold PPI.

 

The whole PPI from the major lenders stinks, and it is about time that us little consumers stand up against these organisations, They seem to think they are a law unto themselves.

 

Incidentally, The Tonight with Trevor McDonald program are screening a program on Mis Sold and expensive PPI on Friday 12th January 2007.

I took part in that program, with the view to bringing the disgraceful tactics and the high cost of such policies from Major Lenders. I hope that the program will make more consumers aware of this and that hopefully more people will stand up for their rights and fight back.

 

Good Luck in you case. If I can be of any help please do not hesitate to shout.

 

Ian

[stitch05]

Hi, thanks for your reply reidnet,

I have been waiting to hear from the loan company with an explanation before I updated my post…..still waiting…

…fed up waiting so called them…apparently they have to find my application agreement from the archives, so they will get back to me next week!! (Where on earth are they kept? I have visions of an expedition... map......torch…rations...)

The loan is with Sainsbury’s Bank; well it’s actually with a company called Freeway Ltd, who offers the PPI insurance from another company. I have written a letter of complaint to Freeway, asking for a refund of PPI payments, plus interest. I have also written to the FSA.

That’s a good point about compensation, how would I approach this? - I mean how would I reach a sum -or should I leave it to them to come up with an offer?-any advice is much appreciated!

I have set a reminder to watch Tonight with Trevor McDonald on Friday…thanks again!

[reidnet]

Hi,

Just an Idea here..lol Might get shot down in flames but who knows..

 

Re Compensation and how much to try claiming for, How about, Your policy would cover your monthly loan payments up to (normally) 12 Months Max. You could try that and see what reaction you get from them.

I would presume that they would argue that point but it may give you at least a starting point to fight with them ?.

 

Ian

[stitch05]

Thanks reidnet for reply….I watched the Tonight programme 12 Jan; it was very informative, and now you are a celebrity:cool: !

Just to update…

Well I finally received a call-back from company ref. PPi …they said I am paying for maintenance/service charge for my car- and not PPi! I have no idea what the maintenance/service charge is, or received any information about it.

My copy of my finance agreement states ‘Creditcare payments, level of cover, and the ‘amount’ taken. There are details for ‘maintenance/service charge’ but this amount ‘reads ‘£0.’

So basically someone has made a booboo!

She was a little lost for words and couldn’t say anything further until she reads their copy of the agreement (which is odd- and annoying as she was supposed to have gone to the archives for it last week..uumm..)

However she did say that any money owed to me will be refunded…so that just leaves me to add on interest, and amount for compensation…..

[reidnet]

Well whatever they are making the extra protection charges for , I would as them to supply you with a copy of the origianal agreement for the product.

 

Going by the way they are hunting the archives etc , To be honest I think they are using this as a stalling tactic as they cannot find the policies etc.

 

Ian

[stitch05]

thanks Ian, I agree. I have sent a Statutory Request under Sections 77(1) and/or 78(1) of the Consumer Credit Act 1974.

I received another call today, successful return from the archives! After reading the agreement they confirmed it was clerical error on their part that I was sold maintenance/service, instead of insurance.

Am I right in thinking their mistake means the finance agreement is void? I presume I will have to sign a new agreement.

[reidnet]

Ahhh.. A clerical Error that has cost you money over the years, Lets hope you are going to claim it back along with Interest..

 

Ian

[stitch05]

Most definitely! –and then some!

thanks for your reply!