PPI Reclaiming discussion Part III

di3004

Starbug wrote: »

Hello,

I am looking at claiming back the PPI which Welcome Finance clearly miss-sold me. I have filled in the stage one letter but i notice it has no mention of PPI or Insurance, is this correct? Just making sure before i send it off

Thanks.

Hi there good luck with the letter.

Right when you say it mentions nothing about PPI do you mean the template letter?

Just to make sure its the right one.;)

marshallka

:mad: :mad:

I have just received my letter about the redressing of the loans with the co-op and they have calculated the same way as with maxdp. I am so confused with this as I can see what they are saying but tiggrae had told us all how to work the figures out and we have all listened to her.

Also it states in the letter

I appreciate these are lower than the figures calculated by Mrs M, however, all she has done to reach these figures is to deduct the PPI rebate applied at settlement to the total charge for the PPI including the interest. This is incorrect as the refund should be based on the total amount paid to settle the loan opposed to the amount that would have been required to settle it if the PPI had not been included.

Then it goes on to state from THE ADJUDICATOR

The basis of the redress calculation used by the business is fundamentally different from the basis of your calculation. Hoever, it is in line with the redress calculation normally recommended by this service.

If you consider there are reasons why the above difference between what you paid to settle the loan and what you would have paid to settle the loan if the PPI had not been added to the loan amount, should not be used as basis for the redress please let me know, with your reasons.

Now I really think that when tiggrae did the calculations for all of us she did not include that the PPI interest was most likely taken into the settlement figure at settlement....

I don't know what to do now. I need to do some more calculating and how do we know what our settlement would have been without the PPI .


I am £2300 short here from what i was expecting back...

Starbug

di3004 wrote: »

Hi there good luck with the letter.

Right when you say it mentions nothing about PPI do you mean the template letter?

Just to make sure its the right one.;)

Hi, yep i've got the right letter, ppistep1.rtf It just doesnt actually mention the words PPI or Insurance, just policy is mentioned. Just wanted to make sure this is correct!

Chris

di3004

Starbug wrote: »

Hi, yep i've got the right letter, ppistep1.rtf It just doesnt actually mention the words PPI or Insurance, just policy is mentioned. Just wanted to make sure this is correct!

Chris

Hi Chris

I just copied and pasted this from here this site:
First stage letter.;)

[insert your name

and address]

[insert date]

[insert name and
address of company
that sold you the
loan/card insurance]

Dear Sir or Madam,

Account number: [insert account number]

I purchased the above policy from you in [insert date] but now believe that I was mis-sold this policy for the following [select from reason / reasons]:

· [Use this section if self-employed, unemployed or retired or delete]
This is due to the fact that I [select from was / knew I was soon to be] [select from self employed / unemployed / retired / over the age limit] when I took out the policy and [select from I made this aware to your member of staff / your member of staff did not ask me about my employment status / age] when the policy was sold.

· [Use this section if you had an existing medical condition or delete]
This is due to the fact that [select from your member of staff did not ask me about any previous medical conditions / I informed your member of staff that I had previous medical conditions but they did not inform me of the effect this could have on the insurance] when the policy was sold.

· [Use this section if you had a general health problem or delete]
This is due to the fact that having now read the terms of the policy I have noticed that the medical condition of [insert condition you hold] is not covered and [select from I informed your member of staff that I had this condition but they did not inform me of the effect this could have on the insurance / your member of staff did not advise me of potential exclusions] when the policy was sold.

· [Use this section for lender who has already been fined or delete]
This is due to the fact that you have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests.

· [Use this section if you had a single premium policy or delete]
This is due to the fact that I paid a single premium for my policy but did not see it through to the end of it’s initial term after [select from paying back my loan earlier than planned on the [insert date] / cancelling the insurance before the end of my loan agreement on the [insert date] / a change in my circumstances meant I was no longer eligible for the insurance from the [insert date] and I informed you of this at the time].

· [Use this section if you have previously failed to cancel your policy or delete]
This is due to the fact that I contacted you on [insert date] and you informed me that I could [select from not cancel the policy / only cancel the policy if I took out a new credit agreement]. As the FSA has now stated ‘no refund’ terms are considered unfair I would like my original cancellation request to be honored [use if relevant or delete and any fees incurred as a result of taking out a new agreement to be refunded].

· [Use this section for general mis-selling or delete]
This is due to the fact that I was not given the correct information when the policy was sold to me, as [select from

• your salesperson stated / implied that taking out the policy would assist my credit application.
• your salesperson was very pushy in selling me the policy so that I felt I could not say no.
• your salesperson did not tell me that the policy was optional [use if relevant or delete and I have since realised that I have alternative insurance cover].
• your salesperson stated / implied that taking out the policy was essential for me to get the associated credit [use if relevant or delete even though I informed them that I already had alternative insurance cover].
• your salesperson did not give me full information on what the policy would and would not cover [use if relevant or delete for example that the loan only covers/ed the first five years of my loan term].
• i am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.
• having recently looked at the paperwork for my loan / credit card / store card I have noticed that only [insert name person covered by the policy] is fully covered by the policy and [insert name of person not covered by the policy] is [select from not entitled to claim for all sections of the policy / is not covered at all], when I was informed / led to believe that all parties were equally entitled to the insurance cover.
• having recently looked at the paperwork for my loan / credit card / store card I now realise that I have been paying for insurance that I did not know I had taken out so could not have been explained to me.]

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,

[insert your signature]

[insert your name (printed)]

maxdp

marshallka wrote: »

:mad: :mad:

I have just received my letter about the redressing of the loans with the co-op and they have calculated the same way as with maxdp. I am so confused with this as I can see what they are saying but tiggrae had told us all how to work the figures out and we have all listened to her.

Also it states in the letter

I appreciate these are lower than the figures calculated by Mrs M, however, all she has done to reach these figures is to deduct the PPI rebate applied at settlement to the total charge for the PPI including the interest. This is incorrect as the refund should be based on the total amount paid to settle the loan opposed to the amount that would have been required to settle it if the PPI had not been included.

Then it goes on to state from THE ADJUDICATOR

The basis of the redress calculation used by the business is fundamentally different from the basis of your calculation. Hoever, it is in line with the redress calculation normally recommended by this service.

If you consider there are reasons why the above difference between what you paid to settle the loan and what you would have paid to settle the loan if the PPI had not been added to the loan amount, should not be used as basis for the redress please let me know, with your reasons.

Now I really think that when tiggrae did the calculations for all of us she did not include that the PPI interest was most likely taken into the settlement figure at settlement....

I don't know what to do now. I need to do some more calculating and how do we know what our settlement would have been without the PPI .


I am £2300 short here from what i was expecting back...

Hi Marshallka

Sorry you are having problems with them. They put a similar paragraph in a message to me about that is the usual way these claims are settled:rolleyes:.

What are you going to do

di3004

marshallka wrote: »

:mad: :mad:

I have just received my letter about the redressing of the loans with the co-op and they have calculated the same way as with maxdp. I am so confused with this as I can see what they are saying but tiggrae had told us all how to work the figures out and we have all listened to her.

Also it states in the letter

I appreciate these are lower than the figures calculated by Mrs M, however, all she has done to reach these figures is to deduct the PPI rebate applied at settlement to the total charge for the PPI including the interest. This is incorrect as the refund should be based on the total amount paid to settle the loan opposed to the amount that would have been required to settle it if the PPI had not been included.

Then it goes on to state from THE ADJUDICATOR

The basis of the redress calculation used by the business is fundamentally different from the basis of your calculation. Hoever, it is in line with the redress calculation normally recommended by this service.

If you consider there are reasons why the above difference between what you paid to settle the loan and what you would have paid to settle the loan if the PPI had not been added to the loan amount, should not be used as basis for the redress please let me know, with your reasons.

Now I really think that when tiggrae did the calculations for all of us she did not include that the PPI interest was most likely taken into the settlement figure at settlement....

I don't know what to do now. I need to do some more calculating and how do we know what our settlement would have been without the PPI .


I am £2300 short here from what i was expecting back...

Oh golly that is big difference then Marshallka, when you have had a go at re-calculating this yourself let us know.

Starbug

Hi Di,

Yep thats the letter i've got. I am guessing i'd remove most of it though. This is what i currently have, is this ok to send off? I've removed the bits that didnt apply to me.

My Name

My Address

My Post Code

26/11/2008

Welcome Finance
Mere Way
Ruddington Fields Business Park
Ruddington
Nottingham
NG11 6NZ

Dear Sir or Madam,

Account number/Agreement Number: 1514XXX
I purchased the above policy from you in early 2005 but now believe that I was mis-sold this policy for the following;

This is due to the fact that I was not given the correct information when the policy was sold to me, as;

• Your salesperson implied that taking out the policy would assist my credit application.
• Your salesperson was very pushy in selling me the policy so that I felt I could not say no.
• Your salesperson did not tell me that the policy was optional.
• Your salesperson implied that taking out the policy was essential for me to get the associated credit.
• I am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,

[insert your signature]

[insert your name (printed)]



Thanks for all your replies Di

di3004

Starbug wrote: »

Hi Di,

Yep thats the letter i've got. I am guessing i'd remove most of it though. This is what i currently have, is this ok to send off? I've removed the bits that didnt apply to me.

My Name

My Address

My Post Code

26/11/2008

Welcome Finance
Mere Way
Ruddington Fields Business Park
Ruddington
Nottingham
NG11 6NZ

Dear Sir or Madam,

Account number/Agreement Number: 1514XXX
I purchased the above policy from you in early 2005 but now believe that I was mis-sold this policy for the following;

This is due to the fact that I was not given the correct information when the policy was sold to me, as;

• Your salesperson implied that taking out the policy would assist my credit application.
• Your salesperson was very pushy in selling me the policy so that I felt I could not say no.
• Your salesperson did not tell me that the policy was optional.
• Your salesperson implied that taking out the policy was essential for me to get the associated credit.
• I am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,

[insert your signature]

[insert your name (printed)]



Thanks for all your replies Di

Not a problem with pleasure.;)

Great letter and that is fine to go.:T

Keep us updated on this hun, that will be great.

Well done and we look forward to hearing the outcome, hopefully the first response you have will be a good one.:A

Di
x

Starbug

Hi Di,

Thanks, yes i will keep updating! I have been reading here for a year or two now and have just decided to motivate myself into doing something about the money they have had out of me for free. Having given them the car back as well as paying an absolute fortune on an account i kept entirely upto date throughout its duration i think its the least they owe me

masmit

robbiewilliams wrote: »

Yes please do Masmit, will be interested to hear. Glad you're standing up to them. When did you take your loan out with them? Mine's quite old so I think will have my work cut out here but at least they have traced the records. Sounds like they need teaching a lesson!

morning all,
my loans with black horse date back to 2000