PPI Reclaiming discussion Part III

dreamer33

pinknico wrote: »

I was just asking as someone on another site took out their policy august 2004 and within 3 weeks of making a complaint First Plus upheld his complaint which I think is unheard of for first plus!

Me thinks they are in trouble with the FSA and FOS:rotfl:

Sounds strange pinknico , our loan was with fp but it was arranged through ff.

scarletto_2

di3004 wrote: »

Hi Scarletto.;)

Your not thick hunni and there is certainly no need to feel stupid.....;)

I have not got a clue myself with calculations - even with a calculator I mess up.......:eek: , lol, but Marshallka here, she is always happy to help out where and when she can, and is superb with figures etc, well I think so anyway.:T

Good luck hun.:D

Di

Aw thanks v much - I really haven't a clue but am determined to get my own back!! This site has been fantastic and really encouraged me to claw back those pennies!! Marshallka gave me some great advise and explained stuff so now have to get it all down in writing and in the post tomorrow...recorded!:D

Thanks again

scarletto_2

marshallka wrote: »

No, the APR is Annual percentage rate and meaning yearly and you had yours for 3 years.

Also the fact that this was as a single premium does have bearing on your claim in that you incurred interest on this payment and was probably not the best/cheapest premium for you.

Most single premiums are sold purely for the profits of the banks and not in the interest of the consumers.

Take a look at the link I provided and find as many reasons as you can from it and make your own letter to say you were missold the premium. Send it recorded delivery and give them 8 weeks for a response.

Good Luck.

Thanks again you've been a great help:T . I don't think I'll ever get my head around APR and interest :eek: but I understand a bit better. I've just finished my letter with 7 points with as much information on them as i could. I'm all ready for the post 1st thing...recorded!:D

I'll let you know when i hear anything.

Take care

dreamer33

Morning everyone

How is everyone today, I'm freezing today

Froggy08

Hi all,

I've received a response to my initial letter sent to Barclays for mis-sold PPI (as per template).

Basically, I took out the loan in June 1998, over 5 years. The PPI was added as a single premium plus interest which totaled £2,884.80 on top of the loan value.

Barclays have responded by stating that

"...as your complaint relates to an issue that dates back more than six years I would consider it to be time barred. it is not unrealistic to expect customers to raise an issue within a reasonable time, after the event has taken place. As your complaint is time barred I have not addressed any of the issues you have raised.

I have checked our records and we do not appear to have an up to date signature or address for you> I would recommend that you call into your local branch and update your details at the earliest convenience." I have no active account with them!

From reading other posts on here I did not think a claim could be time barred especially given that the loan account was still active within the last six years. I also have a copy of the agreement which I enclosed with my initial letter.

Any advice / comments would be appreciated.

Thanks

marshallka

dreamer33 wrote: »

Morning everyone

How is everyone today, I'm freezing today

Hiya Dreamer, I take it you have no news then??

me neither but should hear something this week regarding other two loans with the co-op.

dreamer33

Froggy08 wrote: »

Hi all,

I've received a response to my initial letter sent to Barclays for mis-sold PPI (as per template).

Basically, I took out the loan in June 1998, over 5 years. The PPI was added as a single premium plus interest which totaled £2,884.80 on top of the loan value.

Barclays have responded by stating that

"...as your complaint relates to an issue that dates back more than six years I would consider it to be time barred. it is not unrealistic to expect customers to raise an issue within a reasonable time, after the event has taken place. As your complaint is time barred I have not addressed any of the issues you have raised.

I have checked our records and we do not appear to have an up to date signature or address for you> I would recommend that you call into your local branch and update your details at the earliest convenience." I have no active account with them!

From reading other posts on here I did not think a claim could be time barred especially given that the loan account was still active within the last six years. I also have a copy of the agreement which I enclosed with my initial letter.

Any advice / comments would be appreciated.

Thanks

Hi

The six yr rule is right however there are also limitations with regards to this found this below, it is aimed at mis-sold endowments however think this would also apply to your complaint:


The body responsible for implementing the FSA rules on compensation is the Financial Ombudsman Service. It is the Ombudsman who makes decisions in specific cases when people are unhappy with the way that firms have responded to their complaint.
One obstacle that stands between the complainant and a satisfactory outcome is the fact that complaints must be made within a specified time limit. The rules on limitation are complicated, but the starting point is that a complaint can be ruled out of time unless it is made within six years of the event complained of. This would clearly be unfair in cases where a person only discovers that there is a problem after this period has expired.

To deal with these cases, there is a second rule which says that the limitation 'clock' only starts ticking when someone discovers that there is a problem, and from this point they must make a complaint within three years.
The FSA has been concerned that those who were mis-sold endowments have been slow to complain. At the same time, there has been much debate about how people might come to discover that their mortgage arrangements were not as secure as they had thought. This argument has centred on the so-called "red letters" - warnings sent out by endowment firms to customers saying that their endowments were very unlikely to grow at a rate that would repay the mortgage when the policy matured. In response to this, the FSA changed the terms of the three-year rule earlier this year, in an attempt to ensure that people were not caught unaware by the rules on time barring of endowment mortgage complaints.

I would send another letter again stating cannot time bar it as the time only starts when you realised the problem which is now. Ask them to look into your complaint again or you will have no option to refer it to the financial ombudsman.

Send you letter recorded delivery as proof of delivery. Also state your previous address if any and current.

dreamer33

marshallka wrote: »

Hiya Dreamer, I take it you have no news then??

me neither but should hear something this week regarding other two loans with the co-op.

Hi marshallka

Post man not been yet, don't think I will hear today. The weeks are flying by, hopefully you will hear.

Postman been nothing exciting

clanger69

Hi

Can anyone help me with this query?

My partner was declared bankrupt last year and has since been discharged.

She claimed mis-selling of PPI on a loan she had with Egg. They replied back saying that as a gesture of goodwill they would be refunding the PPI costs( about £330) but would be crediting this to the current debt that she has with them. When she contacted them and said that she had been declared bankrupt and therefore the debt technically had been wrote off they said no it hadn't, and refused to discuss the matter anymore!

Surely this is money that she should have got back whatever debt she had with them,as it wasn't charges that they were refunding but money that she should never have paid?

Has anyone else had this done to them, or are we right in thinking that Egg are just trying it on?

Thanks for any advice given

leanne-74

HI, looking for some help as new to this

Trying to reclaim back my PPI on a loan i took out 4 yrs ago for £4k with LLOYDS TSB. was pretty much forced into the PPI as my partner was out of work at the time - but i dont see any problem in that as i was in a secure job and the loan was soley going to be in my name.

Anyway after reading about this i sent the first template letter for reclaim. Recd a letter yesterday stating that i wasnt mis sold the product and LLOYDS do not lead customer to believe that the unsurance is compulsory. They also state they have a recording of my phone call which confirms the insurance was "optional". Do i fight this and send 2nd letter? ask for copy of recording???? im sure i saw a post on this before with someone being in the same situation but cant find the post! sorry


thansk for any help!