PPI Reclaiming discussion Part III

Fossildog

Hi, when I was sold my PPI I was told (and I remember this clearly) that I could stop it at any time with no financial penalty. I asked the question a couple of times during the sales pitch. Now it turned out it was all paid upfront with no refund available. Is this classed as being missold and do I have a good chance of reclaiming all the PPI amount plus interest and stat interest at 8%?

marshallka

maisieellen wrote: »

Hi I have tried to reclaim PPI on a credit card from Capital One. It was taken out in October 2004 and I have since read that they were not regulated by the FSA for insurance operations until January 2005. Does this mean that I cant reclaim it? They wrote back saying they had followed correct procedures.It was sold to me over the phone when I activated the card not when I applied for it and I must admit I cant really remember what was said. Can anybody help?

I would imagine that capital one were a bank were they now so they would be most likely be regulated and also they were most probably members of the GISC also.

marshallka

Fossildog wrote: »

Hi, when I was sold my PPI I was told (and I remember this clearly) that I could stop it at any time with no financial penalty. I asked the question a couple of times during the sales pitch. Now it turned out it was all paid upfront with no refund available. Is this classed as being missold and do I have a good chance of reclaiming all the PPI amount plus interest and stat interest at 8%?

Yes...

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

maxdp

marshallka wrote: »

An even easier method here using my co-op one

Total you paid including PPI to date of settlement £10143.08 (actual settlement or 8956.21 plus the repayments of (237.38 x 5) 1186.90 = 10143.11)


Total you would have paid without the PPI £9598.02 (8597.52 settlement from the above calculator as if I never had the PPI + (5 x 193 as the rest of the repayment was to pay the PPI) 965 = 9562.52)
The difference £545.06 then they add the statutory interest simple method onto that.

I admit they are a little wrong on this settlement of about £35 but they did not have the statements and nor did I but I had a settlement letter to go by..

I know just when I think I got it it changes I get very confused cause mine do not seem to go the same route. At least the lady was helped. Thought if I put something up I knew you would see. Cannot get away with anything:rotfl::rotfl:

Anyway thank you Marshallka for helping out as always. Lots of love and goodnight.

Only been on here half an hour today been busy:eek:

maxdp

maggie110 wrote: »

Marshallka - Thank you very much that is alot more than i thought ! as soon as i get the figures from them i shall post them up so they can be checked !:beer: :T

Maxdp- Thank you very much for trying :beer: :T !


This site is great with out it i would never have thought to try to get my missold PPI back :xmassign: everyone !

You are welcome was just trying to get an answer for you and our Marshallka is Queen of Calculations:D

maggie110

marshallka wrote: »

I haven't worked you any figures out yet . I have shown you mine from the FOs on my co-op one and maxdp has given it a go but please understand I cannot work them out until I know what year the loan was etc and also how much was rebated in the interest rebate etc...and how much you paid at settlement and how many months to settlement

OOps sorry !

The loan was taken out in Oct 2003

Finished Oct 2008

No penaltys etc no missed or late payments.

No final settlement of the loan just the normal payment as the final one.

First letter wrote to ask for the PPI was Oct 2007, Various letters have come and gone with no joy so i asked the FOS to take it on which they did in Feb 2008 and i had the letter the other day say that the Royal Bank of Scotland would refund using the A,B,C method.

Thats the last letter i had from FOS. They also said that i should recieve a payment in 6-8 weeks if not to contact them.

Sorry i dont know what eles to add im not too good with stuff like this !

robbiewilliams

di3004 wrote: »

Not too bad thanks hun.;)

Damn! so nothing interesting in the transcript of telephone calls then on PPI ?

Its so frustrating not having any paperwork.

Did you say you have wrote to them again about this or rang them?
If you rang them what did they exactly say?

Hi
No the record of phone calls was a waste of time. Definitely do not have any paperwork, we have recently moved house so have been through everything. I rang after their pathetic response to my SAR request and they promised to send docs, which leads me to believe this is yet again stalling tactics on their behalf. Am wondering if it is worth me lodging the complaint anyway. But then this is Welcome in 2001, have I got a hope in hells chance?

di3004

robbiewilliams wrote: »

Hi
No the record of phone calls was a waste of time. Definitely do not have any paperwork, we have recently moved house so have been through everything. I rang after their pathetic response to my SAR request and they promised to send docs, which leads me to believe this is yet again stalling tactics on their behalf. Am wondering if it is worth me lodging the complaint anyway. But then this is Welcome in 2001, have I got a hope in hells chance?

Hi there hun
So they said on the phone when you first contacted them that they had docs to send you, am I right ?

So just to remind me this was only recently I believe that you requested for the SAR?
I would give them the legal time they have hun which is 40 days from the day they have the letter to get back with the documents, just in case they have some and plan to send them out at a later date.

Did you also put a request in writing for the SAR?
Thanks hun, just need to be sure on a few things first, with my SAR especially with Lloyds TSB it had taken exactly the 40 days for me to receive the documentation of the SAR.
In fact I only received further paperwork over a week ago after receiving wads of SAR a few months ago......Lloyds again lol.

See what happens by the 40 days and we shall have a think on here hun.
Just keep us posted as you have been doing.;) :A

Di
xx

shell64

snowny can u let me no how u get on capital one have just sent out the same letter to me

marshallka

maxdp wrote: »

I know just when I think I got it it changes I get very confused cause mine do not seem to go the same route. At least the lady was helped. Thought if I put something up I knew you would see. Cannot get away with anything:rotfl::rotfl:

Anyway thank you Marshallka for helping out as always. Lots of love and goodnight.

Only been on here half an hour today been busy:eek:

Have you done your VAT and Books maxdp, you asked me to nag you didn't you???

xx