PPI Reclaiming Discussion part 4

jackaboy19

lisajaynec wrote: »

Santander CEO Email address ceo@santander.co.uk
although not had a reply from an email sent last week
Lisa

Thanks Lisa, much appreciated. :T

robbiethered

Hi , I wonder if you could give me some advice ? In 2002 I took out a loan with GE Capital Woodchester (G E Money) on a 5 year agreement paying back £156 per month . My credit protection insurance premium was £14.12p per month which I believe was a mis-sell for a couple of reasons.
In 2006 I had a letter from G E Money asking me to expand my existing loan for the same monthly payment , which I did as I wanted to buy a new car . This loan will be finishing this month .
GE Capital Woodchester (GE Money) was taken over by Santander to whom I have been making my monthly payments, so I contacted them recently re this mis-sell and they sent me a letter saying that the policy was not purchased with them . Where do I go from here ? Any advice would be appreciated . Thanks .

JennyJenJen

JennyJenJen wrote: »

Hi Everyone

Hoping for some help if possible from those in the know please!!

I made a PPI complaint to Egg about 3 loans (each one paid off by consolidation with the next) eventually ending up with

Loan amount £20k
PPI £4088 (have left the figs at work but this is close)
Monthly Installment £366.44 (again pence is approximate, its definitely £366)
APR 6.73%
Term 84 months starting 6/6/6

Took a payment holiday of 3 months in June, July and August 07 so the loan is now due to finish September 2013.

I am coming up to 8 weeks with Egg so gave them a call today to see where they are up to and was told that they had contacted Moorgate (who they have sold my loan to - not a debt collection thing, just their sale of loan business) to request the interest figures on my current loan. I asked whether this meant it had been upheld and she said she assumed so as they wouldnt need the interest figures otherwise. Which does make sense but is obviously not official confirmation! Got my fingers crossed to hear something positive soon!

On the basis of the above info, can anyone give me an approximation of how much I am likely to get back please? Am happy not to take the first 2 into consideration (and they were both internet apps I think so may be rejected) and to go on the approximate figs above as anyhting else will be a brilliant bonus!

Thank you

Just bumping this up in the hope of some help please!

irnbru74

Hi,
Can anyone tell me if this email looks okay or have I written a lot of rubbish?


Dear Sir or Madam,

I am writing to redress your response and to add further reasons to complaint.

After reading system notes, I can find no evidence that will convince me otherwise that I was missold PPI.

I am still of the belief that your advisor led me to believe that by purchasing PPI, that it would help secure loan and that is why I chose cheapest option. (if you read on you will find out more on why I believe I was missold this policy)

As there are no transcripts/recordings of our phone call and there are only system notes available, your firm has no actual way of disputing my recollection of events, as you have no way in knowing which way this information regarding securing loan /and purchasing PPI was communicated to me.

FSA 3.3.9.G
In determining a particular complaint, the firm should (unless there are reasons not to because of quality and plausibility of the respective evidence) give more weight to any specific evidence of what happened during the sale (including relevant documentation and oral testimony) than general evidence of selling practices at the time such as training instructions or sales scripts or relevant audit or compliance reports on these practices.


In your letter you have referred to the fact that I have signed both boxes to agree to take out PPI and as a result confirmed that I opted to purchase PPI.

FSA 3.35G The firm should not reject a complainants account of events solely on the basis that the complainant signed documentation.

Your response contradicts guidance given by the FSA as you are basing decisions on this.


As part of my original complaint I did not question that I had agreed to take policy out, I am questioning the way in which the policy was sold to me.
furthermore, I am still of the opinion I was pressurised, into taking it out to secure loan.


I wish to raise new points of complaint not raised in initial letter -

1 Your advisor went through a complete vet as you call it - I was asked a number of questions with regard to employment, sickness benefit, life insurance.
The outcome of this was your advisor was well aware of my place of employment ie a public sector worker in the NHS and that I had full sickness benefit (6 months full/6 months half pay) and on top of this I had full life insurance with critical illness cover - all of the above far outweighing the benefits of your PPI policy which you recommended to me - According to the FOS you are therefore under a duty to take all reasonable steps to ensure recommendation is suitable. I believe your firm did not demonstrate due care to my needs when recommending this policy as it is patently obvious that I had no need for it.
Your demands and needs statement contradicts the information that was given to your advisor,
please see your demands and needs statement. -
What cover do you have currently in place to protect yourself and this agreement - NONE.

The insurance Conduct of Business rules ICOB43, ICOB44, ICOB53 and in particular ICOB4.31R
requires that an insurance intermediary must take reasonable steps to ensure that if any personal recommendation to a customer to buy or sell a non investment insurance contract, the personal recommendation is suitable for the customers demands and needs at the time the personal recommendation is made.

2 The PPI was a single premium insurance, I feel that I wasn't given enough information to make an informed decision to the true cost of this PPI, the fact that the interest on thePPI would be payable for the whole term of the loan. ie that this insurance was put on at the start of the loan and accrued interest over the loan term,I think this is unfair as it is in effect another loan. It didn't represent value for money and was a unnecessary addition to the loan which was neither wanted or needed.

The FSA 3.6 Determining the effect of a breach or failing
(12) in a sale of a single premium [FONT=TimesNewRoman,Italic]payment protection contract[/FONT], failed to disclose to the complainant, in good time before the sale was concluded,and in a way that was fair, clear and not misleading:
(a) that the premium would be added to the amount provided under the credit agreement, that interest would be payable on the premium and the amount of that interest.


I respectfully ask that you reply to me in the first instance, acknowledging receipt of this email and that you reply to me in regard to complaint within 14 days.

dilus

Doesn't sound like rubbish to me irnbru74, all valid points, go for it and good luck

cagey26

Hi All,
I've been really inspired by all of the messages posted and I have this week submitted by special delivery, 5 letters and associated FOS questionnaires and copied documentation to Barclays, to complain about PPI misselling.

I had a prolonged period of financial mismanagement that I can only blame myself, that resulted in 2 Barclaycard cc's with high balances (c.£10k on each until the last 18 mths, when I have been bringing it down - currently £8k left across the 2) both with PPI; 2 Barclaycard Masterloans with PPI; and one Barclayloan with PPI.

The cards (1 visa and 1 mastercard) were taken out after I started my first job after Uni in 1996 - I somehow got talked into 2 cards by the 'graduate banker' in branch, rather than the 1, and he filled in all of the forms for me to sign. I remember the meeting clearly as I had never applied for credit before and had never been to see the bank without my Dad (I know that's really pathetic!) - I was petrified I'd be refused and I needed the card for work (travel and accommodation costs had to be paid upfront before reimbursement). There was definitely no mention of PPI by any name during the meeting, let alone a discussion about whether I needed it, and yet I ended up with it. At first the cards were paid off in full each month, so the PPI wasn't noticed. Obviously I did notice it on the statements as my outstanding balance grew, but I was genuinely scared to cancel it until fairly recently, because I didn't want to rock the boat with them and for them then to demand immediate full repayment. I thought it was a condition of my continued credit given the high balances. I know that was naive now.

The 3 loans were just plain stupid, but seemed the best option at the time. Hindsight is a wonderful thing I suppose! I eventually got to the end of them in the agreed timescales with no defaults. They were all arranged by phone and the only option I was given on the phone (each time) was for loans with PPI included (single premium). No discussion of wants/needs/circumstances/pre-existing conditions/exclusions re the PPI etc and I was categorically told it would benefit my application in terms of approval and rate to have a 'protected' loan. The paperwork arrived each time after the phone-call pre-completed and requiring only a signature and a DD form to complete - the Masterloan paperwork actually stated specifically that you must not change anything or it!
The details of the loans are below:

Loan 1
Started: June 2002
Loan Sum: £13,150
PPI Premium: £2,793.27
PPI Interest: £962.73
Term: 60 mths
Finished: June 2007

Loan 2
Started: December 2002
Loan Sum: £15,000
PPI Premium: £4,098.00
PPI Interest: £1,710.13
Term: 84 mths
Finished: January 2010

Loan 3
Started: May 2005
Loan Sum: £13,500
PPI Premium: £2,660.50
PPI Interest: £700.70
Term: 60 mths
Finished: May 2009

Seeing it written like that makes me acutely embarrassed for my stupidity in having the loans in the first place, let alone being bamboozled into unnecessary insurance payments!

Anyway...a long post sorry, but can I say a really big thank you to the MSE website and the numerous forumites whose resources and advice/information posted here have been invaluable in giving me the confidence to submit a complaint.

So it's fingers crossed and settling in for what I assume will be a long wait now.

Cheers guys

KG

johunter

johunter wrote: »

I've just rang Barclays to complain about them sending out correspondence concerning my PPI claim addressed to my daughter who has the same initial as me and the nice woman on the phone told me I should have received a letter by now that was sent out on the 1st September informing me that they have decided in my favour. She read parts of the letter out to me over the phone and the gist of it is that since they have decided in my favour they have calculated that they will repay me £5,633.34p :j . This is on a £5,000 and a £10,000 loan I had with Barclays. The only downside (her words) is that I could have to wait up to 40 days for the payment of what is owed to me. She said she would resend the letter out to me and I would receive an acceptance letter nearer to the date of payment.

I'm quite pleased with this decision as I was honestly expecting them to decline my claim due to the fact that I had no other means of repaying the loans should anything happen to me.

Finally received my letter yesterday (which had originally been posted out on the 1st of Sep) & the figures quoted are just an estimate. The letter then goes onto say I should receive my final offer & acceptance form within 40 working days (8 weeks) taking the total time it will have taken them to deal with my claim to 24 weeks + whatever length of time it takes them to then transfer the money into my account. As there is still an outstanding balance on the loan they also have to arrange a new loan agreement for me to sign for that remainder.

Oh they also say as a gesture of good will they 'will pay the 8% interest up until they 40 working days' ...... erm shouldn't I be entitled to this anyway?

I'm hoping this is all done & dusted before Christmas

alfieboy

good luck to everyone today :j
i have posted on here before and got some great advice from Di - still awaiting a decision from MBNA fingers crossed. I wondered if anyone could give me some advice, i lodged a complaint with firstplus last week, not a problem with having the ppi but i was not aware i would be paying interest on it for the duration of the loan (25yrs) they have replied saying i went through bespokefinance who ceased trading i wll have to contact FSCS ? Any help would be greatly appreciated ,
also is it me or are lloyds and Barclays really taking things to the wire ? spoke to lloyds yesterday 13 weeks in to a complaint to be told no news but they have never missed there 16 week target, but havent started mine yet ?
i also read here yesterday Barclaycard are struggling is this the case ?

cappo

amersall wrote: »

No apology needed,you were right the first time
:rotfl::p
Capping......The top part, or pileus, of a mushroom.:rotfl:;)

Your a !!!!!! lol

cappo

Red_peppers wrote: »

Hello everyone,

After my knock back from First Plus I posted the fabulous letter, written with plenty of help from you all, on Tuesday. It was signed for yesterday morning. Do you think it's too early to email the CEO or not?

Thanks Helen

never to soon