PPI Reclaiming discussion Part III

mac666_2

marshallka wrote: »

Sounds good.. Do you still have the receipt and proof of postage too. Perhaps enclose a copy to them..;)

good thinking that person!!:j
thanks for that:D

BABYLOU1008

Hi there,

I am new to this site and I have just found out that it is possible to reclaim mis-sold ppi. I think I may have used this site or one similar a few years ago when I successfully reclaimed bank charges.

I believe my partner and myself may have been mis-sold a PPI from Welcome Finance. Some years ago my partner and I took out a joint loan with Welcome Finance a few times since then we have had top-ups on the loans where they have been re-written and the loan amount increased.

During one of the loans my partner had an accident at work where he had provided with an unsuitable piece of equipment and this resulted in him being very badly burnt and unable to work for several months. We tried to make a claim from the PPI but they wouldnt pay out as they could not establish who was at fault for the accident. Then by the time his employer admitted fault the time to make a claim had lapsed. We fell behind with our payments fora number of months. To help get us back on track an advisor from welcome Finance offered to once again re-write the loan offering us a higher amount to pay off the existing loan and also give us some cash, we foolishly thought this was the answer to our problems and took them up on the offer. We went into the branch to sign the paperwork and they mentioned the PPI, I told them that we were not interested in it as in the previuos case they didnt help us when we needed it, I was told that we needed to take the PPI along with the loan - it was not optional, so we signed all the paperwork.

We continued to pay this loan and one day it occured to me that in all the time we had been with welcome finance they had never sent me a statement of any kind, I called them to enquire about this and they told me that they were under no obligation to send regular statements. I was then told our remaining balance and was absolutley horrified to hear that although we had been making hefty payments for a long time we still owed almost double what we had originally borrowed. I asked for a breakdown of this and they told me interest, PPI etc etc. I asked them to cancel the PPI and they told me there was no point as it was added as a lump sum at the start of the loan so even if I cancelled it the replayments wouldnt be any less nor the amount owed in full.

Last January my husband decided he wanted to learn how to use the computer and internet. He was crusing along fine but in his excitement managed to delete all of our dirct debits via internet banking. I tried many times to contact Welcome and get them to send out a new dd mandate but they never did. Then every now and again they would send us letters or phone us and ask us to make payment, they would always prmise to send out the mandate but it never arrived. My husband then went into the office to sign paperwork but they also needed my signature so he brought it home and I signed it and posted it back to them, they said they never recieved it. In September they sent us documents infroming us that they were taking the case to court, i filled in the court forms informing the court that I was willing to make payments on a regular basis - the court informed me that they had accepted this offer. I have made several more attempts to contact Welcome Finance to make the court agreed payments yet they still have not sent out the DD Mandate. So no payment has been made since december 2007.

So, what I am asking is:

a) Would we still be able to reclaim PPI??
b) Is it right that they are not required to send any statements ????
c) Am I in breach of a court order by not making the payments if the company is making it difficult for me to do so???

I apologise for the length of my post but I thought it would be better to provide as much information as possible when looking for any advice.

Many thanks in advance

marshallka

Found it at last on a document from HMRC

Ex-gratia or voluntary payment: It is sometimes suggested
that an interest addition is not taxable because it, or the
compensation on which it is calculated, is paid “ex-gratia” or
voluntarily. We accept that a truly voluntary payment cannot
be interest, even if described as such, because the essential
feature of an entitlement to it is absent. In practice, however,
we consider it will be extremely rare for any payment arising
from claims that a financial product has been mis-sold to be
truly voluntary, since the redress is given in consideration of
the complainant giving up a right of action.


It seems all other statutory interest received is taxable. I think the FOS should address this to people before people are met with huge tax bills and also fines etc..


http://www.hmrc.gov.uk/bulletins/tb72.pdf

My redress from the Co-op is purely GOODWILL and although they state that the statutory interest is not taxed but that I should pay over the tax to HMRC the above says different. They have even put in backets after each statutory interest amount the amount of tax due on it and its 20% of the money received for this interest. It was "described as such" in my redress but cannot really be interest????

I have now emailed the above to the adjudicator just for clarification.

gowfer

Hi there. Currently in the process of reclaiming two sets of PPI from A&L within the dates they have already been fined for. I have registered my complaint over the phone and they said it was being looked at and i have the complaints reference number. Im considering sending the letters as well.

Will this make any difference?

Its been 3 weeks already and ive phoned every week to check as the girl on the phone said it wouldnt take the 56 days as they had a lot of people looking in to them.

Any advice appreciated or am i just being impatient!

Was hoping for the cash for christmas, guess not!

marshallka

gowfer wrote: »

Hi there. Currently in the process of reclaiming two sets of PPI from A&L within the dates they have already been fined for. I have registered my complaint over the phone and they said it was being looked at and i have the complaints reference number. Im considering sending the letters as well.

Will this make any difference?

Its been 3 weeks already and ive phoned every week to check as the girl on the phone said it wouldnt take the 56 days as they had a lot of people looking in to them.

Any advice appreciated or am i just being impatient!

Was hoping for the cash for christmas, guess not!

Have you only rang them about this complaint:eek: .

I would now get a letter in as well as EVERYTHING should be in writing and you have to give them 8 weeks. Also send it all recorded delivery.

I take it they were also telephone sales??? That was all A&L were fined for and within 2005 and 2007 so I also assume these were within these dates...

I would now send a letter putting the reference number on it that you were given over the phone and get something from them in writing so you have proof.

Just take a look at the link here and see what you can add and delete from the template letter. Its always best to do your own from this. There are lots of reason on there for the misselling so pick out the ones that are applicable to yours.

You then write to the firm that actually made the sale of the PPI to you if this is different from the lender and don't forget to send this recorded delivery so you always a proof and dates etc.

After that you have to give them 8 weeks for a full and final response. In this time it is usual to get a response of "sorry we sold this to you fairly" but you then respond to this and reiterate your complaint again. The next time they write they either give you a final response which you would need in order to take this complaint to the FOS or offer to settle.

http://www.moneysavingexpert.com/rec...urance#reclaim


Good luck

marshallka

BABYLOU1008 wrote: »

Hi there,

I am new to this site and I have just found out that it is possible to reclaim mis-sold ppi. I think I may have used this site or one similar a few years ago when I successfully reclaimed bank charges.

I believe my partner and myself may have been mis-sold a PPI from Welcome Finance. Some years ago my partner and I took out a joint loan with Welcome Finance a few times since then we have had top-ups on the loans where they have been re-written and the loan amount increased.

During one of the loans my partner had an accident at work where he had provided with an unsuitable piece of equipment and this resulted in him being very badly burnt and unable to work for several months. We tried to make a claim from the PPI but they wouldnt pay out as they could not establish who was at fault for the accident. Then by the time his employer admitted fault the time to make a claim had lapsed. We fell behind with our payments fora number of months. To help get us back on track an advisor from welcome Finance offered to once again re-write the loan offering us a higher amount to pay off the existing loan and also give us some cash, we foolishly thought this was the answer to our problems and took them up on the offer. We went into the branch to sign the paperwork and they mentioned the PPI, I told them that we were not interested in it as in the previuos case they didnt help us when we needed it, I was told that we needed to take the PPI along with the loan - it was not optional, so we signed all the paperwork.

We continued to pay this loan and one day it occured to me that in all the time we had been with welcome finance they had never sent me a statement of any kind, I called them to enquire about this and they told me that they were under no obligation to send regular statements. I was then told our remaining balance and was absolutley horrified to hear that although we had been making hefty payments for a long time we still owed almost double what we had originally borrowed. I asked for a breakdown of this and they told me interest, PPI etc etc. I asked them to cancel the PPI and they told me there was no point as it was added as a lump sum at the start of the loan so even if I cancelled it the replayments wouldnt be any less nor the amount owed in full.

Last January my husband decided he wanted to learn how to use the computer and internet. He was crusing along fine but in his excitement managed to delete all of our dirct debits via internet banking. I tried many times to contact Welcome and get them to send out a new dd mandate but they never did. Then every now and again they would send us letters or phone us and ask us to make payment, they would always prmise to send out the mandate but it never arrived. My husband then went into the office to sign paperwork but they also needed my signature so he brought it home and I signed it and posted it back to them, they said they never recieved it. In September they sent us documents infroming us that they were taking the case to court, i filled in the court forms informing the court that I was willing to make payments on a regular basis - the court informed me that they had accepted this offer. I have made several more attempts to contact Welcome Finance to make the court agreed payments yet they still have not sent out the DD Mandate. So no payment has been made since december 2007.

So, what I am asking is:

a) Would we still be able to reclaim PPI??
b) Is it right that they are not required to send any statements ????
c) Am I in breach of a court order by not making the payments if the company is making it difficult for me to do so???

I apologise for the length of my post but I thought it would be better to provide as much information as possible when looking for any advice.

Many thanks in advance

I cannot understand how your husband deleted the payment mandate to Welcome in the first place...

Normally you would have telephone or write to the bank to do this??

Also I take it you have not made any repayments for some time??

COuld you not have sent some payments to them recorded delivery in the form of cheques or even a direct payment from your bank?

This one is a difficult one as you need proof of all these things here. Do you have any kind of proof of trying to contact them at all.

The PPI seems to have been missold but seems like a difficult one here. You could always try!!
Just take a look at the link here and see what you can add and delete from the template letter. Its always best to do your own from this. There are lots of reason on there for the misselling so pick out the ones that are applicable to yours.

You then write to the firm that actually made the sale of the PPI to you if this is different from the lender and don't forget to send this recorded delivery so you always a proof and dates etc.

After that you have to give them 8 weeks for a full and final response. In this time it is usual to get a response of "sorry we sold this to you fairly" but you then respond to this and reiterate your complaint again. The next time they write they either give you a final response which you would need in order to take this complaint to the FOS or offer to settle.

http://www.moneysavingexpert.com/rec...urance#reclaim


Good luck

marshallka

woodybuzz wrote: »

Right - eyes down!

Loan of £15,000 taken out in June 05.
1 pyt of £230.31 + 83 of £231.03 - APR 7.9% - total charge for credit £4405.80
Total amount payable = £19405.80

Bloody PPI Premium £4232.40
1 pyt of £65.82 +83 of £65.14 - APR 7.9% total charge for credit £1242.44
Total amount payable = £5472.44

43 payments have been made to date.

Refund offered is £2801.70 + "taxable" interest of £392.95 = £3194.65

Big Question is how much is left to pay over the remaining 41 pyts at 7.9%??

All help & guidance appreciated!

They are refunding you straight by taking the 5472.44 being the PPI and interest and then dividing it by 84 and then timesing it by 43 which comes to the amount of the refund offered.

There is then £9471.89 left on the loan and interest without the PPI (this is by doing the same with the loan amount) so if that is now over 41 payments and the same APR(?????) it should be £231.02 per month...

becsblade

Hi everyone, I wrote on this site a few months ago about ppi charges on my husbands credit card. I wrote to the bank, LLoydstsb, who sent me a copy of the original agreement with the box ticked agreeing to ppi. Unfortunately due to personal circumstances I didnt send my second letter but have again wrote to them explaining the circumstances and asking again for a refund of ppi payments. They have sent their final response, a very nice apologetic one, saying it is ultimately my reponsibility and I should have read the terms and conditions. We have had this credit card with lloyds for 20 years. My husband was employed when we got the credit card for the first 8yrs but took redundancy and has not worked due to ill health for the past 12yrs. We have never made or attempted to make a claim on the insurance even though my husband has been in hospital a couple of times. I have to confess it has been total ignorance as the reason for paying the ppi for 20yrs and I only cancelled it about 10mnths ago as my son told me it was not compulsory. In their letter the bank says ""on the copy of your application form you can see that the form contains a negative option box under the heading Payment Insurance. You have not ticked the box."" I think this means that the ppi was included on the form and only removed if we ticked the box to say no thanks to ppi. Would this help if I made a complaint? Over the twenty years I would think the ppi payments would be quiet substantial and the bank would definately not want to consider repaying the ppi. Also can I make a complaint on-line or do I have to put it in writing and if you think it is worth complaining would you send for copies of previous statements to get a head start. Sorry its so long. thanks for your help.

marshallka

becsblade wrote: »

Hi everyone, I wrote on this site a few months ago about ppi charges on my husbands credit card. I wrote to the bank, LLoydstsb, who sent me a copy of the original agreement with the box ticked agreeing to ppi. Unfortunately due to personal circumstances I didnt send my second letter but have again wrote to them explaining the circumstances and asking again for a refund of ppi payments. They have sent their final response, a very nice apologetic one, saying it is ultimately my reponsibility and I should have read the terms and conditions. We have had this credit card with lloyds for 20 years. My husband was employed when we got the credit card for the first 8yrs but took redundancy and has not worked due to ill health for the past 12yrs. We have never made or attempted to make a claim on the insurance even though my husband has been in hospital a couple of times. I have to confess it has been total ignorance as the reason for paying the ppi for 20yrs and I only cancelled it about 10mnths ago as my son told me it was not compulsory. In their letter the bank says ""on the copy of your application form you can see that the form contains a negative option box under the heading Payment Insurance. You have not ticked the box."" I think this means that the ppi was included on the form and only removed if we ticked the box to say no thanks to ppi. Would this help if I made a complaint? Over the twenty years I would think the ppi payments would be quiet substantial and the bank would definately not want to consider repaying the ppi. Also can I make a complaint on-line or do I have to put it in writing and if you think it is worth complaining would you send for copies of previous statements to get a head start. Sorry its so long. thanks for your help.

I think it would be best to ring the FOS helpline to see if they can look into this being 20 years ago. I have never heard of them being able to go back this far although I would imagine that Lloyds were members of the old Banking Ombudsman Scheme its still a long time ago. I am sorry to put a downer on this but like I say it can be very stressful doing all this and finding out that you cannot use the courts or the FOS to make the claim/complaint.

Let us know what you say as this may help us to help others..

Richard_Kenyon

wasn,t sure how to deal with this but was advised to e-mail my name and contact number to [EMAIL="info@my-financeuk.com"]info@my-financeuk.com[/EMAIL]. they rang me back and put me intouch with a company who are dealing with my claim. Its very simple and if true i stand to get all my ppi payments back plus interest but just feel that its one of those too good to be true things. time will tell.