PPI Reclaiming Discussion part 4

robbedofmymoney

di3004 wrote: »

Now that's an easy solution then Robbed, you can leave the golf clubs behind lmao :rotfl::rotfl::rotfl:, only joking :rotfl::D enjoy:beer:XX

yeah.............swap em for the nightclubs.:rotfl::rotfl::rotfl::rotfl:

Flamingo80

Flamingo80 wrote: »

Have received a reply from Nationwide today saying that they are investigating my complaint and hope to get back to me by 1st September.

Fingers crossed. :undecided

Nothing yet :whistle:

I'll give 'em the benefit of the doubt until the end of the week, what should I do then? Follow-up letter?

di3004

Flamingo80 wrote: »

Nothing yet :whistle:

I'll give 'em the benefit of the doubt until the end of the week, what should I do then? Follow-up letter?

Hiya

Yeah chase them up for an update, you could give a quick ring to check on this first, but also tell them you would appreciate all correspondence in writing too, good luck.;)

wacky6

Hi does anyone know the answer to this, my credit card was with Alliance and leciester which was taken over by MBNA. I have PPI on this card so do I write to MBNA (if so does anyone know the address or A&L of which I have the address?
Also how helpfull have this companies been in paying back PPI?

Rockbird_2

Rockbird wrote: »

Thanks for that, but I'm still not so sure! If my minimum payment that I have to pay includes a PPI amount and I pay the whole minimum payment, then if I had not had the PPI, the amount I paid would take more off the balance.

Just having dug out an old statement from April, I can give and example:

Balance previous statement £6595.25
Payment received £200.00 cr
Payment protection Cover on balance of £6595.25 £52.51
Interest charged £129.50
New balance this sheet £6577.26
Payment due date 12 May 10
Available to spend £122.74
Minimum payment £187.01
New balance this statement £6577.26

There it all is, listed in black and white - so I made a payment of £190 and £52.51 of that will have paid the PPC (PPI). So, instead of reducing the balance of the credit card loan by £190, it was only reduced by £137.49.

This is NOT putting me back in the position I would have been in if PPI had not been included. Admittedly, if the PPI was not on there in the first place, then the minimum payment required would have probably been less and I may have paid less back each month, but that doesn't alter the fact that I paid at least what I was being asked to pay each month and my balance was hardly reducing because of this - plus, of course, I was mis-sold the PPI in the first place.

That's my logic, anyway. Though I did say I didn't have a head for figures - especially at this time of the morning...!

Hi there

Further to my previous post above, I've received and returned a form from the FOS, together with copies of the breakdown and last letter I received from MBNA. This was done on 23rd August and I got a certificate of posting.

Would it be out of order for me to contact them to make sure they've received my form? I haven't received an acknowledgement from them, but equally don't want to chase them up if it's too soon to. I'm sitting here wondering what's going on...!

Ian4

Hi Di3004,

In reference to my earlier post, I received the response today from Lloyds, I'll type out the letter below:

"Thank you for contacting me about your concern regarding you Credit Card Payment Protection Insurance Policy". I have carried out a detailed review of your complaint so that I can issue a final decision letter in which a full explanation is provided.
It is important for me to inform you, that my decision has been made on behalf of Lloyds TSB Bank PLC.

You have stated that you would like us to refund all of the Payment Protection Insurance premiums charged to your account because you feel you were mis-sold this insurance. If we have misunderstood your complaint please let us know.

Your Concern:
You have stated you were mis told the Payment Protection Insurance Policy was necessary for cover for illness but you were not asked questions regarding your exisiting employer benefits and cover.

My Findings:
The Payment Protection Insurance cover was sold before the Financial Services Authortiy Insurance Conduct of Business Rules started to apply on 14 January 2005. Until then it was not a specific requirement to discuss exisiting insurance arrangements. The prevailing process covering Lloyds TSB at the time the PPC was sold, required our advisors to probe customers financial circumstances, ascertaining how they would cope financially in the event of accident/sickness/unemployment/death to cover their commitments.
If you had received benefits from other sources such as employer benefits, income protection or any other forms of income, it would not have affected your ability to make a claim under this policy. I also believe it is reasonable to assume that had you held any such similar benefits then you would have raised this with us at the time.

Your Concern:
You have stated you were not aware the Payment Protection Insurance policy was optional.

My Findings:
Lloyds TSB as a matter of practice does not make the purchase of insurance compulsory in order to receive a credit card. Your application for a credit card would not be compromised by the absence of cover.
Lloyds TSB through its processes, practices and documents took steps to ensure you were fully aware of the optional nature of the cover.
In addition to the information provided in the branch, the payment protection cover policy document which you would have received in the post subsequent to your purchase:
1. Made it clear that the policy was optional.
2. Set out the benefits available under the policy and how they would change during the period of cover.
3. Listed all significant or unusual exclusions or limitations of the policy.
4. Set out your rights to cancel the policy within the cooling off period (with refund of premium paid).
5. Gave information on how to cancel the policy at any point after the cooling off period (no refund of premium paid to date).

We have issued our final response, but please be aware that as we have not received your completed FOS questionnaire, this has been based in the information you have provided to date. Should you wish to escalate this complaint to the FOS, they may require you to complete their FOS questionnaire.

Decision:
Having reviewed your details, I have found no evidence to show that you were ineligible for the cover, or that it was unsuitable for you, based on your cirumstances. I do not, therefore, feel that there are any grounds to refund the premiums you have paid.

I am sorry that my decision was not more favourable to your complaint. I have made this decision based on all the information available. Should you have further evidence to support your case that you believe should be considered please contact me to discuss this further. If the new evidence available could influence my decision then your case may be reviewed again.

You should be aware that this is our final response and as such your complaint will now be closed. However should you wish for the FOS to independently review your complaint, you must refer the matter to them within six months of the date of this letter, after which date your right to refer the complaint to FOS will have expired."


Any thoughts?

Thanks again for your help

Ian

Ian4

I forgot to say in my previous posts, I don't have an exact amount on the total PPI premiums I have paid, at a guess it is approx £4000.00. I only have a limited number of credit card statements.

bugsy161

Ian4 wrote: »

I forgot to say in my previous posts, I don't have an exact amount on the total PPI premiums I have paid, at a guess it is approx £4000.00. I only have a limited number of credit card statements.

Hi Ian,

I complained to Lloyds about mis sold PPI on my credit card and they pretty much sent the same response, quoting how things had change in 2005 and their system was much better after then!!!!!
I think that it a cheek for Lloyds to assume that you would have raised the point about cover at work. The fact of the matter is that you probably did, and no one listened. The cancellation rights is irrelevant as you were sold something you didnt want and didnt need.
My PPI was sold to me back in 1987 so I complained again about their ruling and, they admitted they got the dates wrong but still refused to uphold the complaint.
It is amusing to see that they use the same format of response with a few re arranged phrases, trying to fill in the gaps as they lose each case with the FOS.
I went to the FOS and won, and, bearing in mind that over 90% of complaints about Lloyds PPI are being upheld by the FOS, dont give up.
Lloyds are renowned for the 'fob off' letters so just take it with a pinch of salt. They know that only 6% of the public will pursue their complaint with the FOS so make sure that you are one of the 6%.
If you win you will get all the premiums back, at compounded interest and simple 8% interest on any positive balance. In my case the account had to re worked after the PPI plus interest had been removed and what I paid then had to be re taken off.

CherryPie

Afternoon!

Can anyone tell me what address do I send correspondance to for MBNA. It's a long story but it's to do with a claim and they're trying to tell me I'm not covered. So I'd like a copy of my original application and PPI policy.

I've got the letters ready to go but not sure where to send them.

Thanks in advance

:beer:

di3004

Ian, cherrypie I will be back soon to look though.;)