PPI Reclaiming discussion Part III

di3004

marshallka wrote: »

No and I actually tell them this in a phone call in 2003.... or anything about the settlement etc...I received nothing at all and all I remember is asking firstplus about it (not the broker).They have sent the phone call document where I state I received nothing at all about any insurance when we took the loan out and also about use of rule 78 in settlement.

I was informed by HFC this was worked out by using the rule of 78 when this was settled in Nov 2005, so they seem to know what is what !
Although they claim not to be responsible !

So that PPI document I requested, what should I expect to see in that?

di3004

Just came across the settlement figure for Nemo last August 2007.

The amount required to repay your existing loan is as follows:
Total amount repayable under the agreement = £66,791.38

Plus Security release fee = £175.00

Total amount payable by you to settle = £66,966.38 :eek:

Then when this was settled by the FOS we received back PPI refund of=
£12772.32

di3004

This was the letter response from HFC in November

27 November 2008

Dear Mr & Mrs xxxxx

Reference account number xxxxxxxx

Thank you for your email to Mr J S dated 26 November 2008.
I am sorry to learn of your continued dissatisfaction. In accordance with the bank's complaints policy, your details have been forwarded to me for my independent review.

I would like to confirm that the rebate you were given for your insurance upon settlement of you loan was £1,533.69. This was calculated using an industry standard method in banking known as the "Rule of 78". I have enclosed a document explaining how the Rule of 78 is calculated, which was also included in your borrowers guide leaflet presented to you upon completion of your loan with Endeavour Personal Finance
(EPF).

Following a further review of the points raised, I must inform you that EPF's position regarding your complaint remains as stated in previous correspondence issued to you on 12 August 2008 and therefore I have nothing further to add to this matter.

I must advise that you have now exhausted EPF's internal complaint procedure and no further correspondence will be entered into regarding this matter.
Any correspondence received from you concerning this matter will be read and filed but not responded to.

Your comments regarding the Financial Ombudsman Service have been noted: however EPF did not fall under the jurisdiction of the Financial Ombudsman Service prior to 6 April 2007.
As your complaint relates to an issue that occured prior to this date, we believe they may not be able to adjudicate on this matter.
It is important to clarify that whilst HFC Bank owns EPF, the products offered under each brand are different and as such, are subject to differing arbitation services.

Yours sincerely

Department manager
Central complaints Consumer Finance.

moonflower_2

Hi every one I am a lurker,and would like to join the thread.
I am trying to claim back my PPI's from various people.

I wrote to HFC on 10th November,I have still heard not back.I have now sent the second letter.

How have other people faired with HFC! Any advice welcome.

Thanks

trini

marshallka wrote: »

Going by that they are putting you back into the position as if you never had the PPI so I would sign and also add on the signature perhaps that you expect the 8% statutory interest too. If this is then wrong its something that you could take to the Ombudsman to look into for you as you have it in writing that they are supposedly putting you back into this position. They would not dare to state this and and then not do it as they know that again this is another complaint.;)

Thank you for this why the hell they don't just write in plain English I do not understand. Hope everyone else gets some good news soon.

I will put a covering letter in with the acceptance declaration as they say I am not to deface the acceptance declaration in any way.

marshallka

di3004 wrote: »

This was the letter response from HFC in November

27 November 2008

Dear Mr & Mrs xxxxx

Reference account number xxxxxxxx

Thank you for your email to Mr J S dated 26 November 2008.
I am sorry to learn of your continued dissatisfaction. In accordance with the bank's complaints policy, your details have been forwarded to me for my independent review.

I would like to confirm that the rebate you were given for your insurance upon settlement of you loan was £1,533.69. This was calculated using an industry standard method in banking known as the "Rule of 78". I have enclosed a document explaining how the Rule of 78 is calculated, which was also included in your borrowers guide leaflet presented to you upon completion of your loan with Endeavour Personal Finance
(EPF).

Following a further review of the points raised, I must inform you that EPF's position regarding your complaint remains as stated in previous correspondence issued to you on 12 August 2008 and therefore I have nothing further to add to this matter.

I must advise that you have now exhausted EPF's internal complaint procedure and no further correspondence will be entered into regarding this matter.
Any correspondence received from you concerning this matter will be read and filed but not responded to.

Your comments regarding the Financial Ombudsman Service have been noted: however EPF did not fall under the jurisdiction of the Financial Ombudsman Service prior to 6 April 2007.
As your complaint relates to an issue that occured prior to this date, we believe they may not be able to adjudicate on this matter.
It is important to clarify that whilst HFC Bank owns EPF, the products offered under each brand are different and as such, are subject to differing arbitation services.

Yours sincerely

Department manager
Central complaints Consumer Finance.

Both you and the FOS need to know who the underwriters of the insurance were and that is who is responsible. You need that document for proof.

marshallka

moonflower wrote: »

Hi every one I am a lurker,and would like to join the thread.
I am trying to claim back my PPI's from various people.

I wrote to HFC on 10th November,I have still heard not back.I have now sent the second letter.

How have other people faired with HFC! Any advice welcome.

Thanks

If you type HFC in the search this thread at the top of the page and also on the PPI Success and Failure thread then it will give you some idea of the complaints with HFC and the sorts of responses that people have had.

Good luck

di3004

marshallka wrote: »

Both you and the FOS need to know who the underwriters of the insurance were and that is who is responsible. You need that document for proof.

Exactly !
I just been onto Google search engine and come across this on pdf:
PPI Inquiry: Provision Findings.
You may also find this on here:
www.competition-commission.org.uk
they have a search box and just add that above of PPI inquiry and so on.

This is what I found on pdf:

HFC Bank Limited (HFC) distributes SMPPI, PLPPI and Retail Credit PPI through the brands:
"Beneficial Finance"
Via branches
"Sterling Credit" and Endeavour Personal Finance by telephone, internet or brokers, and through arrangements with retail partners.

HSCB, M&S Money and First Direct branded PPI was largely underwritten by 3rd parties but a limited portion was underwritten in-house.
The majority of HFC's PPI business was underwritten in-house until the sale of Hamilton Life Assurance to Aviva.
Life choices is underwritten in-house.

di3004

marshallka wrote: »

Both you and the FOS need to know who the underwriters of the insurance were and that is who is responsible. You need that document for proof.

So that document I requested then should detail who is responsible then I take it ?

Maybe that is why they are not in a hurry to post this perhaps..... .

I could try posting over at the CAG to see if anyone else had these in the same year, depending who arranged it though I suppose.....

di3004

Some interesting info on here:

http://www.competition-commission.org.uk/inquiries/ref2007/ppi/index.htm

And here

http://www.competition-commission.org.uk/inquiries/index.htm
investigations on companies and so on, it may be interesting.