PPI Reclaiming Discussion part 4

MrsShazbat

I'm way behind and this thread is moving too fast for me to find what I'm looking for - are their forms on the website for me to go to the ombudsman or do I just write to them now that Capital One have said they won't be reimbursing me?

Cheers

cappo

MrsShazbat wrote: »

I'm way behind and this thread is moving too fast for me to find what I'm looking for - are their forms on the website for me to go to the ombudsman or do I just write to them now that Capital One have said they won't be reimbursing me?

Cheers

Hi if capital one have given you a final response download a copy of the ppi questionaire and fos form from the fos website, send it in with your final response from capital one and go from there,be prepared and take time when you submit your complaint the fos are very picky over complaints re this lender and unfortunately many get rejected,mine did and is now being progressed to an ombudsman,as a matter of interest when did you take out your card? good luck

amersall

ollie890 wrote: »

Hi All,

Have been following this board for a while and need some advice regarding my claim against Norton Finance.

I took out a joint secured loan with my mother in August 2007. The loan agreement was sent to me through the post and had a single premium PPI policy added in the loan figures. There was a seperate box which asked me to tick for optional PPI. I left this box blank. There was also somewhere to sign and there once an instruction in pencil for 'my only sign here' which i did.

I noticed when I received my annual statement that PPI was included in the loan so put my complaint into Norton Finance. I have received their final response which basically say's that although the box isn't ticked I had signed the demands and needs statement so therefore I had accepted the insurance. I had indeed signed the demands and needs but so had my mother who was not covered on this policy.

I actually won a case a couple of years ago against GE capital who had taken me to court for defaulting on my car repayments. This loan included PPI but rather that ticking the box I had crossed it. The judge who heard the case said it was clear I didn't want the insurance so reduced the amount I had to pay them.

Do you think I should pass my complaint to the FOS and wait how ever long that will take or would you go through money claim online even though the I could end up paying the cost if I lose.

Any advice is much appreciated.

Norton finance did mis sell this ppi to you,this has a very good chance of winning as it is front loaded,how long ago were you rejected by Norton,and did they give you a final response?.
If they did,then you need to write to FOS,use the template letter on here
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step4

This is what you have to put.
We/I believe we were mis sold the ppi on the above account number.
1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/I were not told that the ppi only covered us for 5 years, but the ppi would still be on the loan to term end with interest.

3) We/I were told that if we did not make a claim on the ppi ,after 5 years we would recieve the ppi as cashback, and to look on this as savings plan.. But were not told that the ppi would be on the loan to term end with interest and the cashback of ppi would not include the interest that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
a) A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy;
b) Restructuring of the loan going forward so that the amount owed, the monthly repayments, the term and the charges reflect those that would have applied, if the original loan had been sold without the PPI policy.
c) In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Firstplus pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included on the aforementioned loan.

All this will cost you is a recorded delivery postage,and that is what a claims co will do and charge you 30% to do this!!!!.
Put what i have said here and give them 8 weeks to reply.

amersall

And claims companies will not get you a result any faster than you Or the FOS.

di3004

ollie890 wrote: »

Hi All,

Have been following this board for a while and need some advice regarding my claim against Norton Finance.

I took out a joint secured loan with my mother in August 2007. The loan agreement was sent to me through the post and had a single premium PPI policy added in the loan figures. There was a seperate box which asked me to tick for optional PPI. I left this box blank. There was also somewhere to sign and there once an instruction in pencil for 'my only sign here' which i did.

I noticed when I received my annual statement that PPI was included in the loan so put my complaint into Norton Finance. I have received their final response which basically say's that although the box isn't ticked I had signed the demands and needs statement so therefore I had accepted the insurance. I had indeed signed the demands and needs but so had my mother who was not covered on this policy.

I actually won a case a couple of years ago against GE capital who had taken me to court for defaulting on my car repayments. This loan included PPI but rather that ticking the box I had crossed it. The judge who heard the case said it was clear I didn't want the insurance so reduced the amount I had to pay them.

Do you think I should pass my complaint to the FOS and wait how ever long that will take or would you go through money claim online even though the I could end up paying the cost if I lose.

Any advice is much appreciated.

Well done on your GE reclaim.:beer:

And I also agree with the others too, having a go yourself would mean you would get to keep your money if successful, and less paperwork too.
However if this wasn't the final decision made by Norton, write to them again and tell them you do not agree with the decision they made, the point here is you did not opt for PPI, and you were told you had to sign the demands and needs as this was all part of the loan, and little did they tell you it was in relation of the ppi as well, tell them you only signed where you were told to sign to get the loan.

But otherwise move on to the FOS now, especially if they have given the final decision and enclosed details of the FOS.
Good luck.

di3004

MrsShazbat wrote: »

I'm way behind and this thread is moving too fast for me to find what I'm looking for - are their forms on the website for me to go to the ombudsman or do I just write to them now that Capital One have said they won't be reimbursing me?

Cheers

Hi there

If you've already gone down the complaint directly with the bank/business and they have issued you with the final decision, they should enclose details of the FOS if this is the case, to let you know if your eligible to go this direction or not.
More details below on how to make a complaint to the FOS, you can ring them, or download the complaint form on the FOS website, good luck.
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

http://www.financial-ombudsman.org.uk/contact/index.html

amersall

MrsShazbat wrote: »

I'm way behind and this thread is moving too fast for me to find what I'm looking for - are their forms on the website for me to go to the ombudsman or do I just write to them now that Capital One have said they won't be reimbursing me?

Cheers

http://www.moneysavingexpert.com/rec...nsurance#step4

cappo

now picked up some info on the independent newspaper site re the new regulator the fca



http://www.independent.co.uk/news/business/news/regulator-will-not-have-a-quiet-life-warns-mp-2315550.html

ImmortalQueen

mandy1cat wrote: »

Had an copy of offer yesterday via email but it did not have the breakdown figures in it. However in the letter it says:

"In addition to the above we will also add consolidated interest accrued which will be credited to you on acceptance, although generally this is relatively small compared to the above offer"

Blah, blah, blah

"The offer we are making takes into account the PPI premium(s) you have paid plus the interest applied to them. In addition, we have applied an additional 8% compensatory interest from 24 November 2010, the date we should have initially received your complaint.

We believe this will return you fully to the position you would have been in had the PPI never been applied to your account."

Does anyone understand this and, if so, am I right in thinking they are only adding 8% from 24/11/10 until they receive the acceptance? Shouldn't the 8% be added to each individual PPI payment from the date it was made until now or did I dream that up?

Hi mandy1cat,

Congratulations on getting back what you're owed :beer:
But I can add a cautionary note??

Please please please get a breakdown of what the bank are going to to do for you and make sure they state if the money they're giving you is to be paid by you to pay back the PPI to bring the loan back to the original amount. Get statements and fight for them to be changed to show any changes. Tick off everything they do when they achieve it to your satisfaction

As you know, Niggly, Amersall, di3004 & Cappo all helped my friend and I to finally reach the conclusion that in spite of what the bank telling us they were going to do in the letter, they didn't tell us if the money was meant to pay back the PPI and the PPI wasn't removed. My friend is still paying, (but we're waiting to hear from the bank).

Hope it all works out well for you
xx

cappo

ImmortalQueen wrote: »

Hi mandy1cat,

Congratulations on getting back what you're owed :beer:
But I can add a cautionary note??

Please please please get a breakdown of what the bank are going to to do for you and make sure they state if the money they're giving you is to be paid by you to pay back the PPI to bring the loan back to the original amount. Get statements and fight for them to be changed to show any changes. Tick off everything they do when they achieve it to your satisfaction

As you know, Niggly, Amersall, di3004 & Cappo all helped my friend and I to finally reach the conclusion that in spite of what the bank telling us they were going to do in the letter, they didn't tell us if the money was meant to pay back the PPI and the PPI wasn't removed. My friend is still paying, (but we're waiting to hear from the bank).

Hope it all works out well for you
xx

We're all happy to do what we can for you immortal and mandy and i'm sure my fellow cohorts would agree it's a pleasure:)