PPI Reclaiming discussion Part III

marshallka

di3004 wrote: »

Just checked in the terms and conds and it does not mention anything like society's discretion, and going by what it reads we are eligible......

Did they state a reason why Di??? Also could you do what we have done for the last few (quite a few actually:o ) months and offer just the interest. We may be able to go onto repayments after Christmas if we are good with the other bills...and with the interest rate reduction..

di3004

marshallka wrote: »

Did they state a reason why Di??? Also could you do what we have done for the last few (quite a few actually:o ) months and offer just the interest. We may be able to go onto repayments after Christmas if we are good with the other bills...and with the interest rate reduction..

Husband went on the phone and they just said something about the percentage ??? I said to hubby he should have asked what they meant, so we rang a guy in the bank in hoping we can speak to the one who arranged the mortgage but unfortunately he does not return until the 29th Dec, could see what he has to say but we are not getting any sense from these really.....over the phone

When talking to them in the bank, they could not understand it either, but could not deal with it, they said there had to be someone there who was qualified to look into it ??

trini

Can anyone tell me when sales of PPI became regulated?

marshallka

trini wrote: »

Can anyone tell me when sales of PPI became regulated?

14th January, 2005 by the FSA or if they were members of the GISC before or part of the 8 other schemes of the Ombudsman service. (they can sometimes look into these complaints too)

The new Financial Services Ombudsman Scheme will bring together The Banking Ombudsman; The Building Societies Ombudsman; The Investment Ombudsman; The Insurance Ombudsman; The PIA Ombudsman Bureau; The Personal Insurance Arbitration Service; The SFA Complaints Bureau and Arbitration Service;

trini

di3004 wrote: »

Husband went on the phone and they just said something about the percentage ??? I said to hubby he should have asked what they meant, so we rang a guy in the bank in hoping we can speak to the one who arranged the mortgage but unfortunately he does not return until the 29th Dec, could see what he has to say but we are not getting any sense from these really.....over the phone

When talking to them in the bank, they could not understand it either, but could not deal with it, they said there had to be someone there who was qualified to look into it ??

Hi Di,

Ring head office specifically the mortgage department and ask to speak to the team that deal with the flexible features on the account. If it is stated in your terms and conditions there is no way they can refuse it. I presume you're aware the interest is still added to the account for the month. In our company if the customer has a flexible mortgage and has made 9 full monthly payments on time there is no way we can refuse a payment holiday to the account.

trini

marshallka wrote: »

14th January, 2005

Thanks so if I was sold this in October 2002 by a salesperson in the street with a clipboard when I took out my credit card I cannot state mis selling due to her not being trained?

I do not even recall taking out PPI with the credit card and certainly don't remember receiving any docs re this.

I complained to Goldfish that sales person was not trained, they did not ask about medical background and I did not know what the policy did and did not cover. Goldfish ended up closing down before this was resolved so I had to pass the complaint to Barclaycard (on behalf of Goldfish as they bought them out) and they have sent me a letter pretty much immediately saying the policy was not mis sold - I received docs, cancellation info etc and they will not look into this further and to go to FOS.

trini

Do they not need to have proof that these docs were sent or can they just say that it would be company policy to send them and if I didn't received them tough?

di3004

trini wrote: »

Hi Di,

Ring head office specifically the mortgage department and ask to speak to the team that deal with the flexible features on the account. If it is stated in your terms and conditions there is no way they can refuse it. I presume you're aware the interest is still added to the account for the month. In our company if the customer has a flexible mortgage and has made 9 full monthly payments on time there is no way we can refuse a payment holiday to the account.

Thanks hun for your info here, much appreciated.;)

According to our policy it states as long as you have made 6 months of mortgage payments and never missed a payment, which we have never missed a payment, never been in arrears, so I do not understand..... , tried ringing again and as soon as you get through the line is going blank, hope they have not finished up yet for the hols.....:rolleyes: .

We remortgaged to go over to Chelt & Glos last August 2007 and that is well over a year, I would say 16th months now......
Thanks hun so much.;) x

marshallka

di3004 wrote: »

Husband went on the phone and they just said something about the percentage ??? I said to hubby he should have asked what they meant, so we rang a guy in the bank in hoping we can speak to the one who arranged the mortgage but unfortunately he does not return until the 29th Dec, could see what he has to say but we are not getting any sense from these really.....over the phone

When talking to them in the bank, they could not understand it either, but could not deal with it, they said there had to be someone there who was qualified to look into it ??

Its most probably cause of the houses falling in prices and then you are over the limited in the LTV now for having repayment holidays. If say your actual loan to value for your mortgage is now 90% (but at the time of taking the mortgage out it was 75%) cause of falling house prices then its too much of a risk letting you have a holiday.
Di here is an example of this in some other terms and conditions. It states about the LTV

[FONT=Arial, Helvetica]To qualify for a payment holiday you need to have had your mortgage for at least three months and be up-to-date on your payments.[/FONT]
[FONT=Arial, Helvetica]Although we try and help as many customers are possible, there will be some cases where a payment holiday may not be available to you. These can include the following:[/FONT]
[FONT=Arial, Helvetica]If you have a second charge on your property[/FONT]
[FONT=Arial, Helvetica]If you have had previous payment holidays totalling six months[/FONT]
[FONT=Arial, Helvetica]If your loan-to-valuation exceeds our criteria[/FONT]

di3004

marshallka wrote: »

Its most probably cause of the houses falling in prices and then you are over the limited in the LTV now for having repayment holidays. If say your actual loan to value for your mortgage is now 90% cause of falling house prices then its too much of a risk letting you have a holiday.

Shouldn't they confirm this to you though by letter? Such as let you know the change of the policy details, t&c'S etc ??

Ours is a fixed rate for 3 years and we can even make overpayments etc without being penalised, flexible but always just kept to the same payment arranged.....
Will check on this but I know its was the min of 90% when we taken this out.