PPI Reclaiming Discussion part 4

justinntime

Morning All....


Just been on the phone to Lloyds about my 2 upheld claims...They received my acceptance letter on the 17th August...the guy said my offer will be with me ' any day now ' I asked how he knew that and he said they are working in date order of acceptance letters received and up to now they are on 16th August....fingers crossed its the amount I'm expecting....


Good Luck All

dba_2

Hi
Im just wondering how others would proceed. I wrote to Lloyds on 10 May regarding the way in which PPI was sold on my credit card. On the 29 August (two days before the 16 week deadline) I recieve an offer of full premium refund plus 8% simple. The offer doesnt include any compensation for the fact I was missold the policy and indeed suffered financial hardship of making PPI payments.
Some claims management companies want in excess of 25% commission despite the fact Ive got a letter of offer/ theyve admitted misselling the policy.

Realistically the FOS arent going to award any compensation are they? The premiums paid over the last 38 months sum around £500, although I may write to them with a £10 cheque and request full access to my file.

How would others proceed from now?

scook2011

robbiethered wrote: »

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 .

Hi Robbie,

I'm in the same position, I have sent my complaints to Santander, GE Money but both are denying liability................I'll be really interested to see if anyone has any further info!

S

amersall

sara111 wrote: »

Hi

I took out a professional loan when I was doing my degree and started making payments when I started to work. Does anyone know if these loans had a ppi??? I have since paid the loan off but think if it did the I was mis-sold as I graduated as a doctor and pay my own insurance for loss of job/sickness etc anyway.

Thanks
S

What year was this and who was it with?.

amersall

scook2011 wrote: »

Hi Robbie,

I'm in the same position, I have sent my complaints to Santander, GE Money but both are denying liability................I'll be really interested to see if anyone has any further info!

S

You could both try for the insurer,find out who they are,give FOS a ring and see if they were regulated,if they were put a claim into them.

amersall

dba wrote: »

Hi
Im just wondering how others would proceed. I wrote to Lloyds on 10 May regarding the way in which PPI was sold on my credit card. On the 29 August (two days before the 16 week deadline) I recieve an offer of full premium refund plus 8% simple. The offer doesnt include any compensation for the fact I was missold the policy and indeed suffered financial hardship of making PPI payments.
Some claims management companies want in excess of 25% commission despite the fact Ive got a letter of offer/ theyve admitted misselling the policy.

Realistically the FOS arent going to award any compensation are they? The premiums paid over the last 38 months sum around £500, although I may write to them with a £10 cheque and request full access to my file.

How would others proceed from now?

What years have they paid you from and to?.
They are giving you the correct redress so you will not be entitled to any extra,unless they have not paid you for the years you paid ppi and have only paid you for say the past 6 years,unless you have proof of ppi you paid before the dates they are refunding you.

You could SAR, but it may not be worth it,depending on when you took the card out.

It may be worth a try to get any late fees back regarding this card,it is worth a try,if it put you in financial hardship.

amersall

alfieboy wrote: »

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 ?

Hi there, if this loan was post january 2005 then you can ring FSCS
http://www.fscs.org.uk/contact-us/
They will send you the paperwork to fill in,if they deal with this for you,when you gat paid out,ask about cancelling the ppi and having this paid back to you.

If it was pre jan 2005,then you may have to go for the insurer,give FOS a ring
http://www.financial-ombudsman.org.uk/contact/index.html
And ask if this is possible.

amersall

cappo wrote: »

Your a !!!!!! lol

Ooh never been called a !!!!!! before
is that mushroom speak? :rotfl:

amersall

irnbru74 wrote: »

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.

:T:T:T That is good :D

amersall

robbiethered wrote: »

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 .

Hi there, you need to ring Santander back and ask who sold the policy.
You then need to ring FOS
http://www.financial-ombudsman.org.uk/contact/index.html
ask if they were regulated and to put a claim into them.