PPI Reclaiming discussion Part III

di3004

On that Credit Agreement I posted to you I have just came across their copy, mine and hubby's signature is not on this one, its identical more or less but with their signature and it states this:

YOUR RIGHT TO WITHDRAW

THIS IS A COPY OF YOUR PROPOSED CREDIT AGREEMENT WHICH IS TO BE SECURED ON LAND. IT HAS BEEN GIVEN TO YOU NOW THAT YOU MAY HAVE AT LEAST A WEEK TO CONSIDER ITS TERMS BEFORE THE ACTUAL AGREEMENT IS SENT TO YOU FOR YOUR SIGNATURE.
YOU SHOULD READ IT CAREFULLY. IF YOU DO NOT UNDERSTAND, YOU MAY NEED TO SEEK PROFESSIONAL ADVICE.
IF YOU DO NOT WANT TO GO AHEAD WITH IT YOU NEED NOT DO SO.

IF YOU DECIDE NOT TO GO AHEAD WITH THE AGREEMENT YOU SHOULD INFORM US, OR IF YOU PREFER ANY SUPPLIER OR BROKER INVOLVED IN THE NEGOTIATIONS.
YOU CAN DO THIS IN WRITING OR ORALLY FOR EXAMPLE BY TELEPHONE. IF THE AGREEMENT ARRIVES FOR SIGNATURE AND YOU HAVE DECIDED NOT TO GO AHEAD DO NOT SIGN IT.
THEN YOU WILL NOT BE BOUND BY THE AGREEMENT.

Katie82_2

Hi, this is my first time writing on this forum and I was hoping for some advice?

I took out a loan in 2003 with Littlewoods Personal Finance (although it has been "sold on" twice and is now with FCS) the loan had PPI but at the time I was unemployed as I'd just had my first child. I remember telling the advisor this on the phone and that I didn't think the PPI would apply to my circumstances. She was a little pushy and it was added on any way. I paid off the loan earlier this year as an early settlement as I didn't like dealing with FCS any more. Would I be eligible to claim back the PPI ? Thanks in advance for any help.

di3004

Endeavour Settlement Figure
balance of account outstanding as at 4th October 2005

BALANCE - £23561.73

ADD INTEREST TO THE DATE OF SETTLEMENT - £374.71

ADD FUTURE CHARGES - £40,514.39

TOTAL AMOUNT PAYABLE BEFORE DEDUCTING REBATE - £64450.83

LESS AMOUNT OF REBATE (INCLUDING INS IF APPLICABLE - £40,924.79

SUB TOTAL PRIOR TO LEGAL FEES - £23526.04

ADD LEGAL FEE - £23646.04

.......................................................................................................................
If the account is not settled by the 30 Nov 2005 you will need to request a revised settlement figure.

The settlement date used in calculation of the rebate is 30th Nov 2005.
It has been calculated in accordance with Regulation 3 of the Consumer Credit (Settlement Information) Regulations 1983.

The amount of the insurance rebate has been calculated having regard to the Consumer Credit (Rebate on Early Settlement) Regulations 1983.

Upon receipt of sufficient cleared funds our Charge(s) will be released within 28 working days and all documents will be forwarded to the appropriate parties in due course.

General information about the operation of the Consumer Credit Act 1974 and Regulations made under it is made available by the Office of fair trading, Fleetbank House 2-6 Salisbury Square, London EC4Y 8JX or you may wish to visit the Finance and Leasinf Association at:
www.fla.org.uk
Advice can also be obtained by contacting the local trading standards department or the nearest Citizens Advice Bureau.

...............................................................................................................................
LOAN AMOUNT £21,000
SINGLE PPI £2835.00
TOTAL LOAN £23835.00

£208.51 A MONTH
LOAN 300 MONTHS APR 9.9%

INTEREST RATE 9.52% PER ANNUM, FIXED FOR THE FIRST 12 MONTHS.

LOAN TAKEN OUT JULY 2004 AND SETTLED NOV 2005.
...............................................................................................................................

di3004

Katie82 wrote: »

Hi, this is my first time writing on this forum and I was hoping for some advice?

I took out a loan in 2003 with Littlewoods Personal Finance (although it has been "sold on" twice and is now with FCS) the loan had PPI but at the time I was unemployed as I'd just had my first child. I remember telling the advisor this on the phone and that I didn't think the PPI would apply to my circumstances. She was a little pushy and it was added on any way. I paid off the loan earlier this year as an early settlement as I didn't like dealing with FCS any more. Would I be eligible to claim back the PPI ? Thanks in advance for any help.

Hello there and welcome.;)

I see your point here hun and think you do have cause to try to reclaim and complain, although I am not sure if these were regulated or covered by GISC then prior to the FSA who had taken over in Jan 14th 2005, however I am sure someone will be able to clarify this on here for you.

What this means is, if your case was unsuccessful with them where they did not uphold your complaint in your favour, the financial ombudsman will only investigate complaints if they were covered by these regulators, but again I am sure someone will be able to confirm this.

You can still try to reclaim from them, give it a go and we shall take it from there, check this link out here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

The link added will give you further info on ppi, and there is also a template letter you can use, but add your own reasons and as much info as possible to back your case.

They have 8 weeks to respond in full.
Post by recorded delivery for your proof and to keep a check on the timescales they have.

If you keep us posted on this situation, more help can be given to help you move on to the next step if unsuccessful.

Good luck.;)

Di
x

pinknico

Everybody ready for the postman?:D


Loved that post where they won with FirstPlus just because the policy was 5 years only. Hope the FSCS have the same rules as the FOS :rolleyes:

showergirl

I am feeling very nervous at the moment. It is now 7 weeks since I made a claim with Tesco, they have until next week to reply. I am hoping that the letter from the ombudsman will help. Will let you know if I hear anything. Good luck to everyone who has a claim. Lets hope 2009 will hold good news for everyone.

marshallka

di3004 wrote: »

On that Credit Agreement I posted to you I have just came across their copy, mine and hubby's signature is not on this one, its identical more or less but with their signature and it states this:

YOUR RIGHT TO WITHDRAW

THIS IS A COPY OF YOUR PROPOSED CREDIT AGREEMENT WHICH IS TO BE SECURED ON LAND. IT HAS BEEN GIVEN TO YOU NOW THAT YOU MAY HAVE AT LEAST A WEEK TO CONSIDER ITS TERMS BEFORE THE ACTUAL AGREEMENT IS SENT TO YOU FOR YOUR SIGNATURE.
YOU SHOULD READ IT CAREFULLY. IF YOU DO NOT UNDERSTAND, YOU MAY NEED TO SEEK PROFESSIONAL ADVICE.
IF YOU DO NOT WANT TO GO AHEAD WITH IT YOU NEED NOT DO SO.

IF YOU DECIDE NOT TO GO AHEAD WITH THE AGREEMENT YOU SHOULD INFORM US, OR IF YOU PREFER ANY SUPPLIER OR BROKER INVOLVED IN THE NEGOTIATIONS.
YOU CAN DO THIS IN WRITING OR ORALLY FOR EXAMPLE BY TELEPHONE. IF THE AGREEMENT ARRIVES FOR SIGNATURE AND YOU HAVE DECIDED NOT TO GO AHEAD DO NOT SIGN IT.
THEN YOU WILL NOT BE BOUND BY THE AGREEMENT.

Di, you sent me a copy of the agreement and on the back was written

I have looked at the back of the agreement and it states that where payment protection insurance has been selected this document proof to confirm that you have received the details of the payment protection insurance and are aware that a copy of the policy setting out all terms and conditions is available on request...

marshallka

showergirl wrote: »

I am feeling very nervous at the moment. It is now 7 weeks since I made a claim with Tesco, they have until next week to reply. I am hoping that the letter from the ombudsman will help. Will let you know if I hear anything. Good luck to everyone who has a claim. Lets hope 2009 will hold good news for everyone.

Let us know showergirl and lets hope this is good news for you...;)

marshallka

pinknico wrote: »

Everybody ready for the postman?:D


Loved that post where they won with FirstPlus just because the policy was 5 years only. Hope the FSCS have the same rules as the FOS :rolleyes:

Yeah me too Pinknico, its just a pity they can not do this with older policies the same and bring some other rules into the jurisdiction of the Ombudsman...:rolleyes: .

Good luck with the FSCS..:D

marshallka

Di, this is a post of yours here

The Consumer Credit Act 1974 covers this agreement and lays down certain requirements for your protection which must be satisfied within the agreement is made.
If they are not, we cannot enforce the agreement against you without a court order.

INSURANCE:
Where payment protection insurance has been selected, this document constitutes a proposed confirm that you have received details of the PPI and are aware that a copy of the policy, setting out all the terms and conditions, is available on request.
The insurers are not obliged to accept the proposal.
If the insurers do not accept the proposed premium specified in the Schedule overleaf will be cancelled and the Total Loan Amount and instalments will be reduced accordingly.
If the insurers do not accept the proposal , following execution agreement by us, the insurers will issue a policy document to you.
Under the term and conditions of the policy, payment by the insurers of any benefit will be made to the lender and will be used to discharge all or as much as possible of the Total loan amount other sums in relation to it.

WARNING:
If you fail to disclose any material facts that the insurers regard as likely to influence assessment and acceptance of the proposal, the insurance may be declared void at at (cannot see that word) insurers.
if you are unsure as to whether or not facts are material, you should disclose them.