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Thread: Sample Letters for reclaiming PPI

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  1. #1
    Karnevil's Avatar

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    Default Sample Letters for reclaiming PPI

    TO BE UPDATED THESE ARE VERY BASIC STARTER LETTERS


    For if you were forced to take PPI as a condition of your loan.

    Quote Originally Posted by thisismoney
    The Complaints Department
    [Lender’s address]
    [Date]

    Dear Sir/Madam,

    Ref – policy number

    I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

    I took out a £xxx loan/credit card at your [branch name] branch on [date] and also bought a payment protection policy which would cost me an extra £xxx over the life of the loan. [The name of the salesperson who sold me the policy is …] The total amount of my premiums plus interest is £ xxxx.

    When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority’s advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.

    Possible additional paragraphs – include any which apply to you


    [I also told your salesperson that I had adequate insurance cover through a separate income protection policy.]

    [I said I did not need the PPI as my employer provides a generous illness and redundancy package.]

    [You are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in the quoted interest rate, which you did not do.]

    [In forcing me to buy this policy, you have also breached paragraph 8.6 of the Banking Code, to which you are a signatory.]

    I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.


    I am requesting a full refund of all my insurance payments, plus interest, which total [£ xxx].

    If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.

    Yours faithfully,

    [Your signature]

  2. #2
    Karnevil's Avatar

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    Default Re: Sample Letters for reclaiming PPI

    Use this letter if you were mis-sold the policy because you were self-employed, unemployed or retired.

    Quote Originally Posted by thisismoney
    Dear Sir/Madam,

    Ref: [Your PPI policy number]

    I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

    I took out a £xxx loan/credit card at your […. Branch] on [date] and also bought a payment protection policy which would cost me an extra £xxx over the life of the loan. [The name of the salesperson who sold me the policy is ...] The total amount of my premiums plus interest is £ xxxx.

    I am [self-employed/work as a contractor/unemployed/retired] and therefore will not be eligible for any payments from the PPI if I find myself unable to meet my debt repayments.

    Possible additional paragraphs – include the one which applies


    [Your salesperson knew this at the time of sale but did not point out to me that this would make the insurance policy useless to me.]


    or

    [Your salesperson did not check my personal circumstances at the time of sale, which they are under obligation to do. If they had done, they would have realised that a PPI policy was useless to me.]


    Insurers are under an obligation to ensure that the policy they are selling is appropriate to that customer and clearly, as my employment situation means I am unable to claim on the policy, you have not fulfilled this requirement.

    I am requesting a full refund of all my insurance payments, plus interest, which total [£ xxx].

    If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.

    Yours sincerely


    [Your signature]

  3. #3
    Paule's Avatar

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    Default Re: Sample Letters for reclaiming PPI

    This letter is from the CAB website, found by Froggy

    The Complaints Department
    [Lender’s address]
    [Date]

    Dear Sir/Madam,

    Ref: [Your PPI policy number]

    I took out a £xxx loan/credit card/store card from [Insert name of company or store] on [date]. At the same time, I was sold a payment protection policy. [The name of the salesperson who sold me the policy is Insert name] The total amount of my premiums plus interest is £ xxxx.

    I believe I was mis-sold the insurance policy. This is because I [choose the one which applies to you - am self-employed/work as a contractor/am unemployed/am retired/work part-time/am a temporary worker]. Therefore, under the terms of the policy, I will not be covered if I find myself unable to meet my [choose the one which applies to you - loan/credit card/store card repayments].
    Possible additional paragraphs – include the one which applies to you

    [Your salesperson knew this at the time of sale but did not point out to me that I would not be covered by the policy. If they had done this, I would not have taken out the policy.]

    or

    [Your salesperson did not check my personal circumstances at the time of sale, or tell me which circumstances would not be covered by the policy. If they had done this, I would not have taken out the policy.]

    and

    [add any extra information which may help your claim]

    Companies selling insurance policies must make sure that the policy they are selling is suitable for the customer's needs. The policy I was sold is quite clearly unsuitable for me because I [choose the one which applies to you - am self-employed/work as a contractor/am unemployed/am retired/work part-time/am a temporary worker].

    Because I was mis-sold this policy, I wish to cancel it with immediate effect, and request a full refund of all the premiums that I've paid so far, plus interest. This comes to £xxxx.

    If I don't receive a satisfactory response within 28 days, I will refer this matter to the Financial Ombudsman.

    Yours Faithfully
    [Your signature]

  4. #4
    Paule's Avatar

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    Default Re: Sample Letters for reclaiming PPI


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