PPI Reclaiming discussion Part III

Froggy08

Hi,

I'm also contemplating a further claim against Barlcays.

I was sold PPI against a loan. Whilst a company director, our company was wound up due to bad debts from clients and the effect this had on our cashflow.

I had to spend approx six months working for the company through the process of winding the compnay up, all without any income.

I tried to claim against my PPI policy but was informed that my circumstances were not covered.

I had to pursue this for over a year and after threating legal action I eventually received a payment of approx 35% (£800) of what I should have been entitled to. The payment was offered as a goodwill gesture only by Barclays and not under the conditions of the PPI policy.

Do I still have grounds for reclaiming mis-sold PPI ??

Thanks in advance.

marshallka

Froggy08 wrote: »

Hi All,

I'm currently pursuing Barclays for mis-sold PPI on a loan I had in the past.

The loan was taken out in June 1998, over 5 years, therefore was to be paid off in June 2003. I had financial problems in 2002 / 2003 which affected my ability to pay the full payments. As such the loan was restructured and paid off in full in January 2005.

An upfront single premium PPI cost of £ 2,885.00 (£2,020.00 plus interest) was applied to the loan.

I wrote to Barlcays on 11/11/08 requesting refund and received a response stating my claim was time barred as over six years old. I responsed 17/11/08 stating:

I note you comments that you consider this matter to be timed barred.
I disagree with your stance on the basis of;

The loan was still active within the previous six years. The loan was not settled until January / February 2005

I am advised that the FSA’s ruling on such matters is that the six year rule only commences from the date at which a person becomes aware of an issue. As such the person then has 3 years from this point to submit a complaint

I have only very recently been made aware of the practice of mis-sold / inappropriate PPI policies following recent media coverage.

My complaint is not time barred as the period available for complaint only starts from when I realised the problem, which in this case is 9th November 2008

I've now received a further letter from Barclays (Head Office Customer Relations) stating;

I regret to advise you that I believe your complaint falls outside of our scope for investigation as, where a complaint relates to an alleged breach of duty outside the last six years, it is considered time barred under the statute of limitations.

It is not unrealistic to expect a customer to raise an issue within a reasonable length of time after the event has taken place. By delaying your compalint the integrity of an investigation has been compromised and our position prejudiced."

It's basically the same as their fist response and does not consider any of the items I put in my second letter.

They have suggested that if I'm not happy then to refer to Fininacial Ombudsman Service for review but also state that " I am obliged to advise that the complaint may fall outside of the services terms of reference as they cannot normally deal with a complaint if it is brought to them after more than six years".

Any ideas on the next step??

Do I go straight to FOS??

Thanks,
[

I had this with the co-op as they stated that i should have been reasonably aware within 3 years and it was over 6 years (on one of the loans I had) so they considered my complaint too late. I then took this to the Ombudsman and low and behold they made an offer to pay as goodwill. I have just received my money too yesterday so I would now take this complaint to the Ombudsman as they DO look at it as "when you became aware"..

marshallka

Froggy08 wrote: »

Hi,

I'm also contemplating a further claim against Barlcays.

I was sold PPI against a loan. Whilst a company director, our company was wound up due to bad debts from clients and the effect this had on our cashflow.

I had to spend approx six months working for the company through the process of winding the compnay up, all without any income.

I tried to claim against my PPI policy but was informed that my circumstances were not covered.

I had to pursue this for over a year and after threating legal action I eventually received a payment of approx 35% (£800) of what I should have been entitled to. The payment was offered as a goodwill gesture only by Barclays and not under the conditions of the PPI policy.

Do I still have grounds for reclaiming mis-sold PPI ??

Thanks in advance.

As I believe if you have made a claim against the policy then you have no grounds for misselling on it but as this was a "goodwill" payment perhaps its not classed as a claim and therefore I would still try on this.

bathgatebuyer

sue149 wrote: »

just too let anyone that is waiting for ther a nd l cheques i recieved mine this morning its only took about 2 weeks since the first letter was sent out

Stunningly quick result! Well done! :j

(Don't fancy writing a letter to nasty Sainsburys to sort them out for me, do you )

bathgatebuyer

I would certainly still try and claim even if you have tried to claim during the course of the PPI cover. After all, circumstances can change during the course of cover, that is, you may become a contractor, end up on a fixed-term contract, change employer (thereby causing problems if there's a minimum term of employment), or develop a medical condition that would exclude from making a future claim against the policy.

One of the main reasons for reclaiming is that if the terms and conditions were not made aware to you - certainly in my case, one of my policies paid out, but luckily the point I needed to claim was during the only year of a 6 year policy that I would ahve been eligible to pay. For this payment of £16, I had paid £1200 worth of premiums! Had the terms and conditions been provided to me at the start of the agreement, I would recognsed that I would not have been eligible primarily because of a pre-existing medical condition, but fortunately, at the time of that successful claim, it was related to employment cover rather than for a medical reason the claim was submitted.

I'm not making myself clear really, but even if you make a claim at any point, there may still be huge periods of time during your cover that you would have been ineligible and I would still ask for it back - in my case, I have asked for the premiums back for the periods when by nature of my employment conditions, I was not eligible.

(After reading it back, I'm still not clear what I mean!)

ric76

have just looked at one of the threads,and somewhere somebody has written that if you are having to refinance an excisting loan to get rid of ppi then they should give you the same rate or lower,is this by law or just something that we think is right on there part, would like to know as my payments went down £25 overall but is still £30 more expensive that the actual loan qoute without the ppi =loan=245 with ppi£299 refinanced without ppi £275. is this right

marshallka

ric76 wrote: »

have just looked at one of the threads,and somewhere somebody has written that if you are having to refinance an excisting loan to get rid of ppi then they should give you the same rate or lower,is this by law or just something that we think is right on there part, would like to know as my payments went down £25 overall but is still £30 more expensive that the actual loan qoute without the ppi =loan=245 with ppi£299 refinanced without ppi £275. is this right

Its not law but its something that the FSA state in that if you cancel the PPI then you should be treated fairly and given a fair refund, also the loan should not be of a higher APR than the original loan (if it is it is not treating you fairly). If this is not the case you are free to argue this and also take the complaint to the Ombudsman if they are under the jurisdiction of them. I would contact the OFT or trading standards and also tell them you are doing this.

On the This is money website here it states


• If you were sold a 'single premium' policy – where the whole cost of the loan is paid for up front with money that is also borrowed at the same interest rate as the loan – you should at least be able to get a refund by cancelling the PPI. If you cancelled or repaid the loan early, but were unable to cancel the PPI, then you can claim for a refund. If the refund you were offered was only a fraction of the cost you paid, you can claim to get a fair refund. If you were able to cancel the insurance, but the loan was redrawn at less favourable rates, you can also claim money back.
http://www.thisismoney.co.uk/campaigns/loansinsu/article.html?in_article_id=416760&in_page_id=506&expand=true

http://www.competition-commission.org.uk/inquiries/ref2007/ppi/pdf/provisional_decision_remedies_app10.pdf

http://www.which.co.uk/advice/cancelling-your-ppi-policy/index.jsp

http://www.fsa.gov.uk/pages/Doing/Regulated/consumer/tackle/ppi.shtml

ToonExile

Thanks, I did not use a broker but one of the letters on this website as the basis for mine. Worked a treat. First letter sent in October settled last week.

marshallka

ToonExile wrote: »

Thanks, I did not use a broker but one of the letters on this website as the basis for mine. Worked a treat. First letter sent in October settled last week.

That is so quick and very well done. I have been a part of this thread for ages now and never seen anyone win with firstplus just like that. Its incredible. :T

di3004

Sorry to miss you again Marshallka.....:o , will try to catch you if not later then in my break tomorrow.:D .xx