PPI Reclaiming discussion Part III

marshallka

Just found some GISC code provisions

The GISC Code provisions included:
“3.
We will give you enough information and help so you can make an
informed decision before you make a final commitment to buy your
insurance policy.”
“3.2 We will make sure, as far as possible, that the products and services we
offer you will match your requirements …
o
If it is practical, we will identify your needs by getting relevant
information from you.
o
We will offer you products and services to meet your needs, and match
any requirements you have.
o
If we cannot match your requirements, we will explain the differences in
the product or service that we can offer you.
o
If it is not practical to match all your requirements, we will give you
enough information so you can make an informed decision about
your insurance.”
“3.3 We will explain all the main features of the products and services that we
offer, including …
o
any significant or unusual restrictions or exclusions;
o
any significant conditions or obligations which you must meet.”
“3.4 We will give you full details of the costs of your insurance.”
“3.5 If we give you any advice or recommendations, we will:
o
only discuss or advise on matters that we have knowledge of;
o
make sure that any advice we give you or recommendations we make
are aimed at meeting your interests; and
o
not make any misleading claims for the products or services we offer or
make any unfair criticisms about products and services that are offered
by anyone else

And then the ABI here

The Association of British Insurers (ABI) codes (which pre-dated GISC) also set out
relevant requirements. For example the ABI General Insurance Business Code of
Practice for all Intermediaries (1989) (the ABI Code) said that it “shall be an
overriding obligation of an intermediary at all times to conduct business with utmost
good faith and integrity.”
The ABI Code stated as one of its general sales principles that the intermediary shall
“ensure as far as possible that the policy proposed is suitable to the needs of the
prospective policyholder.” It also included requirements about “Explanation of the
Contract”. It said the intermediary shall “explain all the essential provisions of he
cover afforded by the policy or policies he is recommending so as to ensure as far as
is possible that the prospective policyholder understands what he is buying; [and]
draw attention to any restrictions and exclusions applying to the policy

di3004

Hi Maxdp

Glad your feeling better hun, surprising what a relax in a hot tub can do to release the stresses of the day, I use bottles of Radox......:o , bet there is loads wrapped up for me for xmas pressies again this year from my youngest lol, last year he wrapped up 12 bottles of these.......:eek: , I thought he thought I was smelly.......:o lmao.......:D .

marshallka

maxdp wrote: »

Just had bath feel better now.

Marshallka

That was what I was meaning with my MBNA Credit card charges that they paid back to be. I got about 500 more back (I think) that I was expecting using the bank calculator.




I am writing further to our conversation today.

As requested, please find attached a breakdown of the PPC premiums charged to your account along with the associated interest. To confirm, the PPC refund which has been credited to your account is £1767.33 along with associated interest totalling £1164.46.


Date PPC premium Interest
01/11/03 £30.19 £0.57
01/12/03 £28.94 £1.12
01/01/04 £28.72 £1.68
01/02/04 £28.64 £2.25
01/03/04 £28.57 £2.82
01/04/04 £28.71 £3.41
01/05/04 £28.82 £4.02
01/06/04 £35.29 £4.75
01/07/04 £36.30 £5.52
01/08/04 £34.63 £6.28
01/09/04 £34.60 £7.04
01/10/04 £35.51 £7.84
01/11/04 £33.79 £8.62
01/12/04 £34.66 £9.43
01/01/05 £33.12 £10.23
01/02/05 £33.03 £11.04
01/03/05 £33.19 £12.58
01/04/05 £33.13 £13.52
01/05/05 £33.02 £14.49
01/06/05 £32.97 £15.48
01/07/05 £32.85 £16.48
01/08/05 £32.82 £17.50
01/09/05 £32.66 £18.54
01/10/05 £32.58 £19.60
01/11/05 £32.48 £20.68
01/12/05 £32.34 £21.78
01/01/06 £32.25 £22.90
01/02/06 £41.23 £24.24
01/03/06 £41.01 £24.57
01/04/06 £40.56 £25.92
01/05/06 £41.86 £27.33
01/06/06 £40.33 £28.74
01/07/06 £40.18 £30.17
01/08/06 £40.13 £31.62
01/09/06 £40.01 £33.11
01/10/06 £39.85 £34.62
01/11/06 £39.97 £38.47
01/12/06 £39.54 £40.19
01/01/07 £39.55 £41.09
01/02/07 £42.09 £42.93
01/03/07 £41.71 £43.59
01/04/07 £41.27 £45.47
01/05/07 £41.21 £47.38
01/06/07 £40.79 £49.33
01/07/07 £40.59 £51.31
01/08/07 £40.52 £53.34
01/09/07 £40.42 £55.41
01/10/07 £40.47 £56.66
01/11/07 £40.23 £58.80
Total £1,767.33 £1,164.46


See what I mean that was what I was trying to explain when I originally posted it. It was much more than one would normally work out.

Yeah there is a difference in these compound and simple interest calculations and it is that compound interest works out more...;)

The bank charges calculator works on simple interest.

di3004

marshallka wrote: »

Just found some GISC code provisions

The GISC Code provisions included:
“3.
We will give you enough information and help so you can make an
informed decision before you make a final commitment to buy your
insurance policy.”
“3.2 We will make sure, as far as possible, that the products and services we
offer you will match your requirements …
o
If it is practical, we will identify your needs by getting relevant
information from you.
o
We will offer you products and services to meet your needs, and match
any requirements you have.
o
If we cannot match your requirements, we will explain the differences in
the product or service that we can offer you.
o
If it is not practical to match all your requirements, we will give you
enough information so you can make an informed decision about
your insurance.”
“3.3 We will explain all the main features of the products and services that we
offer, including …
o
any significant or unusual restrictions or exclusions;
o
any significant conditions or obligations which you must meet.”
“3.4 We will give you full details of the costs of your insurance.”
“3.5 If we give you any advice or recommendations, we will:
o
only discuss or advise on matters that we have knowledge of;
o
make sure that any advice we give you or recommendations we make
are aimed at meeting your interests; and
o
not make any misleading claims for the products or services we offer or
make any unfair criticisms about products and services that are offered
by anyone else

Great Marshallka, well done.:T

Nice to have something to read on this. Cheers.:beer:

marshallka

This extract is taken from the Ombudsman case of misselling of insurance here and in it it states the following


http://www.financial-ombudsman.org.uk/publications/technical_notes/omb-decision-B.pdf


The “keyfacts” document is a closely written leaflet of eight pages of text. Towards
the end of page six, the document says: “7. Early Termination of Policy”. This notes:
“Your policy will automatically terminate if your agreement ends. After the initial
cooling off period we will only refund part of your premium. We will not calculate any
refund on a pro-rata basis because most of the premium is apportioned to the earlier
part of the term when most of the risk is borne. The premium refund will be calculated
according to the premium refund rates applicable at that time and will be substantially
less that the amount you originally paid.”



Whilst not perhaps of direct relevance to this decision, I would note in passing that
this provision seems, as expressed, likely to be contrary to the requirements of the
Unfair Terms in Consumer Contracts Regulations – as it gives the insurer a wide-
ranging and ill-defined discretion. I note that the Financial Services Authority has
made a number of decisions on similar points. Certainly, it is in my view a significant
and onerous term. But it was not highlighted in the documentation in a way that was
likely to bring it to the attention of Mr and Mrs B

I think then that the Ombudsman would look at unfair rebates even if they are against the Insurer as they are extracting the details here from the PPI document....

I shall quote this when making my complaint to the Ombudsman about my rebate with firstplus and also state this as well from their policy... can't have one rule for one and not for another....;)

Termination of Cover and Benefit
If you cancel your policy before its normal expiry date you will receive a rebate of your premium provided you have not made a successful claim. Your insurers will not calculate your rebate proportionally, rather under the Rule of 78 set out in the Consumer Credit Act 1974.

di3004

marshallka wrote: »

This extract is taken from the Ombudsman case of misselling of insurance here and in it it states the following


http://www.financial-ombudsman.org.uk/publications/technical_notes/omb-decision-B.pdf


The “keyfacts” document is a closely written leaflet of eight pages of text. Towards
the end of page six, the document says: “7. Early Termination of Policy”. This notes:
“Your policy will automatically terminate if your agreement ends. After the initial
cooling off period we will only refund part of your premium. We will not calculate any
refund on a pro-rata basis because most of the premium is apportioned to the earlier
part of the term when most of the risk is borne. The premium refund will be calculated
according to the premium refund rates applicable at that time and will be substantially
less that the amount you originally paid.”



Whilst not perhaps of direct relevance to this decision, I would note in passing that
this provision seems, as expressed, likely to be contrary to the requirements of the
Unfair Terms in Consumer Contracts Regulations – as it gives the insurer a wide-
ranging and ill-defined discretion. I note that the Financial Services Authority has
made a number of decisions on similar points. Certainly, it is in my view a significant
and onerous term. But it was not highlighted in the documentation in a way that was
likely to bring it to the attention of Mr and Mrs B

I think then that the Ombudsman would look at unfair rebates even if they are against the Insurer as they are extracting the details here from the PPI document....

I shall quote this when making my complaint to the Ombudsman about my rebate with firstplus and also state this as well from their policy... can't have one rule for one and not for another....;)

Termination of Cover and Benefit
If you cancel your policy before its normal expiry date you will receive a rebate of your premium provided you have not made a successful claim. Your insurers will not calculate your rebate proportionally, rather under the Rule of 78 set out in the Consumer Credit Act 1974.

Hey thats a great idea, well thought of Marshallka, it should help.:T

That was a good read that.;)

marshallka

Emailed you maxdp...

marshallka

I take it maxdp has signed off now???

Going to go myself soon and try and get an hour in between the coughing. :mad: I Have now taken to sleeping upright...:eek: . Going to take a while getting used to lying down again and my neck is killing too but at least it eases the cough...;)

pixiechick99

marshallka wrote: »

If you were not told that pre existing conditions were excluded and your terms and conditions say this then you may have been missold and you can make a complaint.

Hi there,
Thing is, I can't actually remember if I was told about pre-existing conditions during the application at the bank. I've dug out all the paperwork I have, but there's no mention of this of course - would they have it written down that it was discussed or not?
Thanks for the reply;)

di3004

marshallka wrote: »

I take it maxdp has signed off now???

Going to go myself soon and try and get an hour in between the coughing. :mad: I Have now taken to sleeping upright...:eek: . Going to take a while getting used to lying down again and my neck is killing too but at least it eases the cough...;)[/quote

Yep I think Maxdp have signed off for now.

I'm feeling very tired as well, I may call it a night soon as well.;)

Blimey I bet your neck does hurt sleeping sat up all the time.....:eek: , I feel for you, but I know sometimes though I know you have no choice, as you have to try to get to sleep at some point..... , hope this horribly nasty cough goes real soon and hope your neck improves.:A xx