PPI Reclaiming discussion Part III

MILKYBHOYO

pinknico wrote: »

Brilliant news well done!! How were you mis sold?

The person doing the investigation states on the response letter that, "I am not satisfied that you were given all the relevant information at the time of the sale and am therefore upholding your complaint." or pretty much words to that effect.

I done nothing special, using the template letter from this site. Sending everything recorded delivery, requesting a SAR. The SAR did seem to be missing a lot of information though....:money: which did make me a bit suspicious.

marshallka

MILKYBHOYO wrote: »

The person doing the investigation states on the response letter that, "I am not satisfied that you were given all the relevant information at the time of the sale and am therefore upholding your complaint." or pretty much words to that effect.

I done nothing special, using the template letter from this site. Sending everything recorded delivery, requesting a SAR. The SAR did seem to be missing a lot of information though....:money: which did make me a bit suspicious.

This is one that was against Firstplus themselves and not through a broker. I think they have that many complaints at the FOS now they are changing their tactics for some reason!!!

Anne.Jade

Hi Gals

Just phoned the FOS to ask about the "FirstPlus as one" thing. The girl said "No I haven't heard that!". She said as far as she is aware they are dealing with claims on an individual basis. I asked if FP were being investigated and she said "Not as far as I know".

marshallka

Anne.Jade wrote: »

Hi Gals

Just phoned the FOS to ask about the "FirstPlus as one" thing. The girl said "No I haven't heard that!". She said as far as she is aware they are dealing with claims on an individual basis. I asked if FP were being investigated and she said "Not as far as I know".

Glas you have confirmed this information Anne Jade. I thought it strange as no-one else knew !!!

pinknico

JaneH wrote: »

T his is a re-post - think I originally put it in the wrong place Sorry
Having successfully made bank charges reclaims with MSE help and I am now trying to help a friend reclaim some PPI.
We sent of a later stating he had been mis-sold the policy but got a polite refusal letter back. We were going to leave it at that but I have since watched Martins TV programme on this very subject and I feel even more strongly that my friend could have a claim. However there are a few things that I am not sure about before we go further.
We have, in the meantime, requested all the original details from the bank.
The loan was taken in July 2007 having visiting his local branch.
He was told, verbally, that he was unlikely to be accepted for the loan unless he took the PPI. He said he didn’t want it and had never had it in the past either – this included previous loans with the bank. He is a serving member of the armed forces and has never felt the need for this insurance. However because of he was told that it was a condition of being accepted he reluctantly “ticked the box” on the computer generated form.
The loan was a “buy now, pay later” loan so the first payment wasn’t made until 1st November 2007.
The PPI was a single premium one added to the loan at the start.
He has also had one payment holiday in May 2008.
His loan was for 7 years and I understand that these policies are only usually for 5 years – another reason, I believe, he could have been mis-sold.
Firstly – Should we continue to try and claim?
Secondly – If we can claim I would like to try and calculate what he can claim back plus the interest that might be due to him however because of the delayed start to repayments, the payment holiday and the fact that it was a single premium policy added to the original loan I really don’t know where to start.
Thirdly – We have now (October 2008) managed to cancel the policy. Lloyds did this by way of closing down the originally loan and restarting it under a new reference number. They also made payment to him of £655 into his bank account – does this sound right?
Any advice greatly received.
Thanks

Still continue with the claim ,all you have to say is that it was insisted he take the PPI , he didnt want it as he was in the armed forces and would have been covered anyway. If they say no a second time contact the FOS and let them investigate. But dont give up.
If you win post the figures up here Marshallka is a genius with figures and should help you.
To me this is total mis selling.
Did they give reasons for the no.

pinknico

marshallka wrote: »

This is one that was against Firstplus themselves and not through a broker. I think they have that many complaints at the FOS now they are changing their tactics for some reason!!!

Yes they seem to be caving in quick with some. I wonder why.

Anne.Jade

pinknico wrote: »

Yes they seem to be caving in quick with some. I wonder why.

Martin said that on the telly the other week, he said it is getting easier to claim now. Probably cos most of them have been caught!!:money:

marshallka

An example of the FSA and unfair terms in contracts...

Old term

'If after reading this Policy You do not want to continue with this insurance call 0800 062 621 within 30 days of receiving this Policy, We will cancel Your insurance cover. If you have not made a claim We will refund any premiums paid. If You cancel Your Policy after more than 30 days no refund of premiums will be paid.'


New term

'If You wish to cancel Your policy after 30 days from receiving these policy conditions You must give 30 days notice. If You do this or You repay Your loan early We may give You a refund of part of the premium. We work out refunds using an actuarial method. This has the effect of apportioning more of Your premium to the early part of the policy term when We bear most of the risk and costs. This is because many of Our costs are incurred at the beginning of the policy and because the amount We might have to pay out for a claim is greater at the beginning of the policy than at the end.'



By the looks of this they are agreeing that the rule of 78 is ok to use in rebate of insurance but at least it is explained above


Mine just said


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.


We had no idea what this method of rebate was... also Firstplus do not rebate on the whole amount.. it goes down each month etc....

And most of all there was NO CANCELLATION period of the normal 14 or 30 days at all....totally unfair:mad:

marshallka

Anne.Jade wrote: »

Martin said that on the telly the other week, he said it is getting easier to claim now. Probably cos most of them have been caught!!:money:

Not for all though!!!:mad:

dreamer33

Just been looking on the success/failure posts.

Left a post could not believe what was being said.