PPI Reclaiming discussion Part III

di3004

marshallka wrote: »

Just received this in reply to my email about Firstplus and the jurisdiction issue..

Dear Mrs

Thank you for your email. There are jurisdictional issues on the complaint, however at present I am unable to discuss the matter further.

I will contact you as soon as I am in a position to do so.

Kind regards

Damn and why ever not ?

di3004

x.xEmmax.x wrote: »

I took out a loan 2 years ago, i was mis sold my ppi as i was not even working at the time.
About 3 months ago i sent off the first template letter to my loan provider, i received a letter back from them a few days ago, the letter is confusing but more or less says that
They agree that i was mis sold the policy and would like to refund me the ppi ans the 8% inteerest! great i thought until i read on. this is what the letter says after they have agreed with me:

It will be necessary to refund the original premium to the loan, plus the interest paid thereon, thus reducing the debt,
I have calculated the balance of your loan after the proposed refund as follows:
Present loan balance: £2383
Less PPi premium: £731
Less PPI Interest paid: £253
Residual balance: £1398

New forms of agreement would the be sent to you for a new loan of approximately £1400 at 20.9%. this would be for a period of 36 months, which is as close as possible to the remaining term of the original loan. The new monthly payment is £51 and the total amount payable is £1853.

Soo if i have read it right they want me to take out a new loan to pay off what i owe, but then be paying approx £500 extra in interest on the new loan?

Obviously if this is right this is NOT what i want to do, i have to contact them back to let them no if i am happy with it, i am writing a letter saying i am happy they agree i was mis sold but i am not happy with the solution proposed. but i do not know how they usually sort out a ppi refund when you are still paying the loan?

Any advice on my situation would be fantastic

Thanks

Hi Emma

Contact them and ask them to send you a hardcopy through the post for as soon as possible on a written calculation breakdown, this can be checked more thoroughly, its up to you, if your still not happy then yes take it to the FOS.
By having the full breakdown, you will know what went where and what is what in case anything is missed here.;)

marshallka

dreamer33 wrote: »

Marshallka on the back of the fp ppi document it states that "the insurers are not members of the GISC? Cassidy Davis

Think you might already know this but have a look anyway:

http://www.lloyds.com/About_Us/What_is_Lloyds/Regulation_of_Lloyds.htm its a link from the cassidy davis website

Yeah so why the flip are the FOS saying there is an issue here



Regulation of Lloyd's

Lloyd's is regulated by the UK Financial Services Authority (FSA), under the Financial Services and Markets Act 2000.

The FSA also regulates Lloyd's managing agents, members' agents and Lloyd's brokers.

The FSA and Lloyd's have common objectives in ensuring that Lloyd's market is appropriately regulated and, to minimise duplication, the FSA has agreed arrangements with Lloyd's for the co-operation on supervision and enforcement.

Darth_chaffinch

pinknico wrote: »

Have you ever done a balance transfer on line?

Nope! Never!

Thanks

marshallka

Darth_chaffinch wrote: »

I do not belive so (was ~2001!) - the thing is PPI only started on the card 3 years after I got it (and I would have never requested it after the application that's for sure!!).
If I did tick the box online I'm guessing that would demolish any case???

You really need to request a SAR here to give you the proof that they put this on without your requesting it.

Its costs you £10 and they have to supply it in 40 days. Send it recorded delivery also..They will know you mean business then.

SAR - SUBJECT ACCESS REQUEST

Dear

Re: Account number:

In the first part under the Data Protection Act 1998:

Under the Data Protection Act 1984 and 1998, and including the right of subject access under these acts, please supply me with a complete list of transactions and charges relating to the above accounts held with you since they were opened.

Additionally where there has been any event in my account history over this period which has required manual intervention by any member of your staff or any other person, I require disclosure of any indication or notes which have either caused or resulted in that manual intervention or other evidence of that manual intervention in relation to my business with you.

If you are unable to supply data relating to manual intervention because there has been no such manual intervention then please be kind as to confirm this in your response to this request.


For the avoidance of any and all doubt, I reiterate:

I hereby request that you supply me with any and all historical data in your possession which, in any way appertains to me, including (but not exhaustively) a copy of the original signed executed agreement; statements of account; duplicate statements and/or print outs of all account transactions; all internal and external correspondence sent or received by you including memo’s, logs, notes, screen prints and transcripts; notes of manual interventions such as telephone attendants' notes, copies of stored telephone conversations, internal and external emails; any other information held on any/all types of media in any relevant filing system (microfiche included).

If you have disclosed any information to a third party (with or without my express permission), will you please include details of this in your reply, along with notes of any legal action passed or pending (to include a true copy of default notices, court orders and the like).

Where any information that you provide includes any charges, for example returned payments, late payment fees, and so forth, would you please advise your breakdown of actual costs (liquidated damages) incurred for each charge, and the Term or Condition on which you rely upon to claim such a charge.





I also require that you forward, within the above mentioned time scale, a true copy of the Terms and Conditions that were in force at the time my account was opened, and any subsequent amendments to those Terms and Conditions.

I enclose the statutory maximum fee of £10.00 to access ALL data held by XXXXX about myself. You should be fully aware of your statutory obligations under the Data Protection Act and that any failure to comply with this request will involve a complaint to the ICO as well as potential legal action.

You have 40 days in which to comply with this request.

This communication has been sent Recorded Delivery so I can ensure compliance on these issues within the legislative timeframes.

Yours Sincerely

pinknico

Have you sent them a letter claiming this back?

Sorry, thanks Marshallka!

Yes send that letter to Egg.

Rollercoaster

Did future sell you this or a broker?

I can't remember as I was busy giving birth in Dec 02, will it make a difference? Also I've done a quick google of Future Mortgages and they've closed down now, does this mean there's no hope now anyway?

pinknico

Marshallka, maybe they mean whos jurisdiction as in which Insurance company should deal with it ,not that its not in their jurisdiction?

Does the FSCS not cover insurance companies in Liquidation?

pinknico

Rollercoaster wrote: »

I can't remember as I was busy giving birth in Dec 02, will it make a difference? Also I've done a quick google of Future Mortgages and they've closed down now, does this mean there's no hope now anyway?

I think they are just not lending anymore. You need to see who sold you the insurance what address do you have on your papers? there is always hope;)
Give me a minute and I will get an address and phone number.:A

di3004

pinknico wrote: »

Marshallka, maybe they mean whos jurisdiction as in which Insurance company should deal with it ,not that its not in their jurisdiction?

Does the FSCS not cover insurance companies in Liquidation?

Hi hun
Yes I think they do.;)