PPI Reclaiming discussion Part III

marshallka

Also pm'd ya back..

marshallka

This is from some news on the FSA website and it says about unfair terms in mortgage contracts and what they regards as unfair...

Regulation 5 is always our starting point and when we apply the fairness test, we consider the overall fairness of the particular term in the context of the contract as a whole. For instance, an unfair term in a mortgage contract might cause greater detriment to the consumer if he is unable to avoid the term by withdrawing from the contract because of various applicable fees and, possibly, an early redemption charge. By contrast, a similar term in, for example, a contract for an instant access savings account might cause little or no detriment as the consumer can walk away from it more easily.

I assume this would come in on single premiums as to walk away we get very little back and left with a hefty penalty for doing it.

It also says here

Turning now to Regulation 7(1) (slide e). It states that a firm "shall ensure that any written term of a contract is expressed in plain, intelligible language."
It might serve as a useful reminder that if a term is not drafted in plain, intelligible language and there is doubt as to its meaning, then under Regulation 7(2) it is to be interpreted in the way most favourable to the consumer. It is, therefore, undoubtedly in firms’ interests to ensure that their contract terms are clear and unambiguous.

So if your term is unfair and the authorities agree then this is favourable to the consumer...

http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2009/0113_kw.shtml

EssexHebridean

OK - one final bit of advice please if you could. As I mentioned earlier I have to write back to NR now to get them to recalculate the PPI figure - the letter I propose sending runs as follows:

Thank you for your letter dated 13th January, in which you confirm that I was mis-sold the PPI with the above loan.

You mention an amount still outstanding on my loan - however this loan was paid off in full in early December 2008, therefore I believe that your figure of £397.15 for the PPI to be refunded to me is incorrect. I would be grateful if you could recalculate and send me a revised figure - obviously at this time I am not able to sign the acceptance declaration.

I look forward to hearing further from you.

If anyone has any comments or suggestions I would be grateful.

marshallka

Some news here on the FSA about the FSCS

http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/003.shtml


http://www.fsa.gov.uk/pubs/consumer-research/crpr75.pdf

marshallka

This was from the November Ombudsman News. Don't know if anyone posted it so apologies if you did but can't wait for this one;)




ombudsman focus: publishing complaint data

Last month we set out our plans for publishing information – for the first time – on the complaints we handle about named individual firms. In this ombudsman focus we answer the questions we’ve been asked most frequently about these plans – and about what publishing this information will involve.


Then it goes on to say

when will the information about named firms first become available?

Our case-handling system was not originally set up to produce statistical data for external use, and we would not want to publish data before putting in place some changes to our systems (including verification procedures). Depending on the answers to some of the remaining practical issues, the first information we publish about named firms could relate to either the first or the second half of 2009.


http://www.financial-ombudsman.org.uk/publications/ombudsman-news/73/73-ombudsman-focus.htm

marshallka

EssexHebridean wrote: »

OK - one final bit of advice please if you could. As I mentioned earlier I have to write back to NR now to get them to recalculate the PPI figure - the letter I propose sending runs as follows:

Thank you for your letter dated 13th January, in which you confirm that I was mis-sold the PPI with the above loan.

You mention an amount still outstanding on my loan - however this loan was paid off in full in early December 2008, therefore I believe that your figure of £397.15 for the PPI to be refunded to me is incorrect. I would be grateful if you could recalculate and send me a revised figure - obviously at this time I am not able to sign the acceptance declaration.

I look forward to hearing further from you.

If anyone has any comments or suggestions I would be grateful.

You seem to have covered yourself well here. I hope it gets a result...;)

di3004

Hi everyone.

Dan had a lovely time.;)

Before he came home I chilled, enjoyed the KFC, then dropped off to sleep......:o , think I needed it though lol......:D .

Lots of pages gone by again.....:eek:

marshallka

This is excellent reading


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

di3004

maxdp wrote: »

Hi Boo. Just read through some posts and saw that you were claiming against MBNA have got two gone to the FOS 1 settled before it was investigated, PPI was supposedly ticked:rolleyes: but self employed so they settled that. Other was sold over phone, again supposedly and it is just going to an adjudicator. Both these were Credit card PPI with A and L (taken over by MBNA).

Di Hope you son is having a fabulous birthday.:beer:

Dreamer sorry you have such a s//t time at the moment.

Marshallka. Hi;)

Pinknico. Hope you are OK

Incipidence(is that right) Nice to see you one here and thanks for helping.:D

Calculator - glad you are also helping all these lovely people on here.;)

Calculator, also known as Turbo on other sites, is such a helpful guy, and QUEEN mad too.......:j , just mention Freddie Mercury and your a pal for life.......:D .

EssexHebridean

marshallka wrote: »

You seem to have covered yourself well here. I hope it gets a result...;)

Thanks - I will let you know! They don't really have any ground to argue on now they have admitted mis-selling!