PPI Reclaiming Discussion part 4

fsaxom

Hi, it just says protected payments plan premium and the amount.

fsaxom

hi amersall,
The letter from Cardif Pinnacle saying the cover had ended says (policy to cover loan with GE Money against Accident,Sickness,Unemployment,Carers cover).
the loan was a re-mortgage.

PPI_Technichal_Expert

fsaxom wrote: »

Hi PPI_Technichal_Expert,
Thanks for reply,
Got letter from Cardif pinnacle saying cover had ended so think insurance is with them but been dealing with central capital as think they set up loan with first national (GE Money). Sorry dont have T&C or much paper work only have 1 sheet which is credit agreement that doesnt mention anything about only being coverd for five years but am sure i heard her say this in recording but NEVER mentioned anything about how much it was and that would be paying interest for full loan term she only quotes monthly cost including PPI.
Sorry what do you mean by pro rata rebate?
do you think i should ask for copy of T&C before i proceed any further?

Ok cool well central capital will be the broker so the case will be about them. I listen to central capital call recordings every week and I have only ever heard a couple which were actually to the standard they should be at. If there's a way of posting the call recording all emailing it or something itd be happy to listen to it and tell you if you have a case....but since it was central capital my instic is u have.

Well if you were consolidating debt then central capital should have known that you were likely to re finance prior to the expiry of the loan term. This is usually highly significant as a lot of lenders recommended policies which did not offer a pro rata rebate.

Let me explain the pro rata rebate. As you purcahsed ur PPI as a single premium, it was added to your loan upfront. Now if u cancel your loan early to refinance then you should be entitled to a refund of the reamining ppi. The way the ombudsman view this is that a consumer should have been offered a refund that is proportionate to the amount of time left on the policy. However, what I bet your terms and conditions state is that if you cancel your loan early then you are entitled to a non proportionate rebate. As a result of this, if they recommended the policy for you and you were consolidating debt then this is an extrtemely strong missale and is in fact the strongest point for upholds in my experience.

If you phone central trust they will be able to tell you if your policy offered a proportionate or non proportionate rebate. What stage are you at with your claim? As when it goes to ombudsman all the policy terms etc will go to an adjudicator. Cheers

amersall

fsaxom wrote: »

Hi, it just says protected payments plan premium and the amount.

There not even showing that on site now. In any event, times the loan payment by 12. That is what you would get for unemployment, that does not even come close to the ppi you will be paying back over the term!!!!. The only "good" and i say "good" very loosely:mad: about this frontloaded ppi is,it is a good thing if you die within the first 5 years:eek:
Do not even use the claiming part in your letter, the other reasons you have merit a mis sell. Good luck with this and keep us posted.

amersall

http://www.financial-ombudsman.org.uk/publications/factsheets/payment-protection-insurance.pdf
Top right hand side. And a large % of these frontloaded claims are upheld.

fsaxom

Hi PPI_Technichal_Expert,
the loan was a re-mortgage loan to consolidate debts which he still has running now just over 5 years as i said we just received letter informing us PPI cover had ended thats how we became aware of it and decided to challenge it.
have sent questionare and got response rejecting our claim, about to send 2nd letter asking to reconsider on points currently talking about.
Thanks

di3004

Going back to one of my recordings via Nemo, it was all there, so we were very lucky really, so we passed the disk on to the FOS who listened to this, talking about being pushy, the staff from nemo said we had to take out the ppi it was strongly recommended, we even said about going elsewhere for the insurance as we did find it too steep with them, they said no it was their insurance or no loan, all plain and clear.;) (this was on the loan advance).

PPI_Technichal_Expert

fsaxom wrote: »

Hi PPI_Technichal_Expert,
the loan was a re-mortgage loan to consolidate debts which he still has running now just over 5 years as i said we just received letter informing us PPI cover had ended thats how we became aware of it and decided to challenge it.
have sent questionare and got response rejecting our claim, about to send 2nd letter asking to reconsider on points currently talking about.
Thanks

Central trust are one of the worst for paying out on claims so it doesn't surprise me they rejected your first complaint. Its definitely worth ringing them to see if you were entitled to a proportionate rebate because if you wernt then that is the strongest point you could make. If they reject your complaint then take it to fos because central capital are probably the worst along with alliance and leicester pre 2008 for phone sales. Cheers

fsaxom

thanks PPI_Technichal_Expert,
will get hubby to phone when he gets up and add this to my letter.

PPI_Technichal_Expert

fsaxom wrote: »

thanks PPI_Technichal_Expert,
will get hubby to phone when he gets up and add this to my letter.

Excellent let me know what they say. If your not entitled to a proportionate rebate let me know and I will send a good paragraph to include in your letter. Cheers