PPI Reclaiming Discussion part 4

di3004

cclissold wrote: »

Me neither. Might sleep under the bed tonight!! By the way congrats on having such a beautiful country. Hubby drove us through there from Newport via cardiff then all the way up on the A470 up to Llanndudno a couple of weeks ago to visit relatives. The scenary was breathtaking especially over the brecon beacons. We even said we could live there if we could afford to move. Spectacular!

C.x

LOL , me too, and just outside of our property there are very tall trees, I am petrified if these come down lol/
Aww thank you, yes not a bad place to live, although I would love to live in the South West of the country, Cornwall etc.

Glad you had a nice time, Brecon Beacons is lovely xx:A;)

di3004

peediedj wrote: »

1 with bank a few were with a subsiduary of bos so what do i do now?

For the bank, I would call into your local one who may check the details for you by just using your bank account number.

I would also write to BOS and ask if they hold any details of any of the loans, or another way would be to send them a Subject Access Request (SAR), there is a template letter for this below link, they have 40 calendar days to comply and send all data they still hold on all your accounts, if no account number then try giving them as much details as possible in order to make it easier to track down your accounts, one SAR is sufficient for BOS and the one off payment of £10 cheque or postal order.
They should defo hold data going back to at least the last 6 years, so if any of them were active then at least you will still get hold of the ppi details amongst the paperwork, some will go back to even years prior to the last 6 years.

https://forums.moneysavingexpert.com/discussion/1475553

Hope this helps.;)

cclissold

di3004 wrote: »

LOL , me too, and just outside of our property there are very tall trees, I am petrified if these come down lol/
Aww thank you, yes not a bad place to live, although I would love to live in the South West of the country, Cornwall etc.

Glad you had a nice time, Brecon Beacons is lovely xx:A;)

It is always raining in Cornwall. No decent shops either - Have to go to Plymouth for serious shopping. Beaches are good tho. Last 3 years we havent had a summer!!!

C.x

di3004

cclissold wrote: »

It is always raining in Cornwall. No decent shops either - Have to go to Plymouth for serious shopping. Beaches are good tho. Last 3 years we havent had a summer!!!

C.x

I love Cornwall rain or shine, especially Newquay.;)

My sister lives in the Liskeard part of Cornwall.

The weather is getting worse every year isn't it? :eek: xx

cclissold

di3004 wrote: »

I love Cornwall rain or shine, especially Newquay.;)

My sister lives in the Liskeard part of Cornwall.

The weather is getting worse every year isn't it? :eek: xx

We are right down in Redruth. Weather is pretty rubbish these days unfortunately. OMG - the wind is getting worse. Might have to shut the back door in a min to block out the noise. Must get my "tigers" in first. Silly boys are always out in the rain. Suppose I better go and watch xfactor with small adult now. Deep joy!! Take care.

C.x

peediedj

di3004 wrote: »

For the bank, I would call into your local one who may check the details for you by just using your bank account number.

I would also write to BOS and ask if they hold any details of any of the loans, or another way would be to send them a Subject Access Request (SAR), there is a template letter for this below link, they have 40 calendar days to comply and send all data they still hold on all your accounts, if no account number then try giving them as much details as possible in order to make it easier to track down your accounts, one SAR is sufficient for BOS and the one off payment of £10 cheque or postal order.
They should defo hold data going back to at least the last 6 years, so if any of them were active then at least you will still get hold of the ppi details amongst the paperwork, some will go back to even years prior to the last 6 years.

https://forums.moneysavingexpert.com/discussion/1475553

Hope this helps.;)

ok thanks will try that

di3004

cclissold wrote: »

We are right down in Redruth. Weather is pretty rubbish these days unfortunately. OMG - the wind is getting worse. Might have to shut the back door in a min to block out the noise. Must get my "tigers" in first. Silly boys are always out in the rain. Suppose I better go and watch xfactor with small adult now. Deep joy!! Take care.

C.x

Very nice.

LOL, good luck then with this bad weather.:eek: take care x;)

Red_peppers

Niggly wrote: »

You are SELF EMPLOYED. You can not claim under the FP policy for redundancy. It states that the insured has adequete cover to pay the loan for 12 months and you have policies elsewhere.

Do the letter. Add in the fact you are self employed and that the payments are covered for one year due to policies. Therefore the cost of the cover with interest is greater than the the actual benefits that can be claimed.

Cant believe I am reading this (sorry temporary amnesia its FP)

Copy in FOS and get them on side.

The fact you didnt mention anything in your complaint about it being SP isnt relevent. FP have duty under the root cause guidence notes issued by the FOS to look at this as so many people have complained in the past.

They are taking too narrow an interpretation.........etc etc see magpiecottage has covered this.

Thanks Niggly your help is great.

So my letter should read

Dear Blah Blah Blah

Policy Number xxxxxxx

Thankyou for your letter dated 09/09/2011

We want this complaint reconsidered because we don't believe you have investigated the complaint properly, and it seems you have not considered everything.

We believe we were mis sold the ppi on the above account number.
1)We 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 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 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 believe we were not given enough information on this ppi to make an informed decision. Had we 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 our circumstances we will require you to rearrange the loan as if PPI had never been included on the above loan.


We would like to add that we are self employed and that the payments are covered for one year due to policies, as determined in your demands and needs statement. Therefore, the cost of the cover with interest is greater than the actual benefits that can be claimed.

These policies are 'frowned upon' and are worthless after 5 years.

We will take this further with the FOS after 14 days.

Love from Red peppers
x:D

Any other help is most appreciated, please edit and add as you all see necessary.

Would there be any way to fit in what magpiecottage wrote about - ie narrow interpretation etc.


Also, in the letter from FP it says

' Having conducted a complete review of the sale of your PPI based on the records we have and information we have accessed in the course of our investigations. We have found there is no evidence that the policy was mis sold and are therefore not able to uphold to uphold your complaint.

Should you feel that our records are innaccurate, please provide us with copies of the appropriate evidence (eg. passport, birth certificates, bank statements, utility bills etc) and we will be happy to review the case again.

This communication should be viewed as our Final Response in relation to this matter...'

So is it a final response or not???


Sorry for going on a bit - I might need my own thread!!!
:A

di3004

Red_peppers wrote: »

Thanks Niggly your help is great.

So my letter should read

Dear Blah Blah Blah

Policy Number xxxxxxx

Thankyou for your letter dated 09/09/2011


I am requesting that you review my complaint again with my reasons given below. I feel you have overlooked my complaint and not considered all my reasons on my reclaim, and will appreciate this investigated thorougly and take all of my reasons into account of why I believe the Payment Protection Policy was mis sold to me (or us).

We believe we were mis sold the ppi on the above account number.
1)We 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 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.These type of policies are frowned upon and worthless after 5 years, and they are no longer selling this type of product alongside with loans, this is very costly and I feel deprived of my money paying for this product.

3) We 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 believe we were not given enough information on this ppi to make an informed decision. Had we 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 our circumstances we will require you to rearrange the loan as if PPI had never been included on the above loan.


We would like to add that we are self employed and that the payments are covered for one year due to policies, as determined in your demands and needs statement. Therefore, the cost of the cover with interest is greater than the actual benefits that can be claimed.



We will take this further with the FOS after 14 days.

Love from Red peppers
x:D

Any other help is most appreciated, please edit and add as you all see necessary.

Would there be any way to fit in what magpiecottage wrote about - ie narrow interpretation etc.


Also, in the letter from FP it says

' Having conducted a complete review of the sale of your PPI based on the records we have and information we have accessed in the course of our investigations. We have found there is no evidence that the policy was mis sold and are therefore not able to uphold to uphold your complaint.

Should you feel that our records are innaccurate, please provide us with copies of the appropriate evidence (eg. passport, birth certificates, bank statements, utility bills etc) and we will be happy to review the case again.

This communication should be viewed as our Final Response in relation to this matter...'

So is it a final response or not???


Sorry for going on a bit - I might need my own thread!!!
:A

Brilliant.:T

Have added some changes if you don't mind, and hope it helps, it looks final but unless you come up with further info, like you have done they will review.;)


Just realised this loan is for a joint application, so if this is the case and they only covered the first person, make it clear this is not fair practice where the 2nd applicant is made to sign for both loan and the "PPI" if the as its leaving the 2nd applicant also responsible for the whole amount of loan and ppi where not protected.

cappo

di3004 wrote: »

LOL , me too, and just outside of our property there are very tall trees, I am petrified if these come down lol/
Aww thank you, yes not a bad place to live, although I would love to live in the South West of the country, Cornwall etc.

Glad you had a nice time, Brecon Beacons is lovely xx:A;)

yes just don't watch torchwood none of you would go there then lol, hope you've all had a good weekend. steve