PPI Reclaiming Discussion part 4

RuthnJasper

RuthnJasper wrote: »

Well, further to my sending the above, today I received the following:

Thank you for contacting us.... etc.

In view of what you have pointed out, we have begun to reinvestigate your case; we will write to you again when this process is complete. We will send you this more detailed response within two working weeks from the date of this letter.

Once again, thank you for... etc.

Hey-ho - more waiting then! At least they haven't dismissed me out of hand...!

Keep smiling!

R xx

Received M&S Money's response yesterday. No further details, just that they are upholding their original decision that my PPI claim is invalid. :mad:

Guess the FSO is my only hope now... does anyone have any tips or advice?

Thanks ever so much.

Ruth xxx

beamerguy

RuthnJasper wrote: »

Received M&S Money's response yesterday. No further details, just that they are upholding their original decision that my PPI claim is invalid. :mad:

Guess the FSO is my only hope now... does anyone have any tips or advice?

Thanks ever so much.

Ruth xxx

Hi Ruth before the FOS, TELL US more about this, what was your reason for a claim and what did they say when it was rejected

amersall

gingamonkey wrote: »

Still within the first 5 years - We took the loan out in 2008.

Thanks for all the replies, looks like any refund would come off the loan balance then.

Shame, as I could do with the cold, hard cash at the moment.....but at this stage, I don't really care as long as I get a positive result!

Fingers crossed! :A

You will get the ppi you have paid to date back to you with the 8%,the only amount that will come off your loan is the total ppi that was put on there,only if you have arrears do Barclays take these off the redress they pay to you.

RuthnJasper

beamerguy wrote: »

Hi Ruth before the FOS, TELL US more about this, what was your reason for a claim and what did they say when it was rejected

Thanks beamerguy - paperwork is at home, will will post the full details tonight.

xx

Edit - this is what they said in their original response:
"The allegations set out in your letter are as follows:
You don't recall any negative aspects of PPI being outlined to you.
You felt strongly encouraged to sign up for the credit card.
You also recall being strongly advised to take out PPI "just in case”.

I have now finished my investigation into your complaint and have confirmed my findings below:

PPI is offered to customers to cover their monthly repayments should the unexpected happen, such as accidents, sickness and involuntary redundancy/unemployment.
As you completed the application in store in your own time, M&S Money were not present so no advice could have been given to you about the merits of this policy. Therefore all your points about the lack of advice and information given are refuted on this basis.
The sale of this Insurance is deemed as "non-advised", as M&S Money did not employ appointed representatives in M&S stores at that time.
Details regarding the PPI and the account terms and conditions were attached to the application form.
Policy documents were issued to you detailing the benefits, exclusions and cancellation rights. These should have been consulted to ensure the cover was suitable.
By signing the overall credit agreement, you confirmed that you were happy with contents of the application form and the accounts terms and conditions.
Customers can submit a claim on their policy until it is cancelled or the account is closed.
The policy was charged on a monthly basis for over 10 years and clearly detailed on your monthly statements. You could have contacted us at any time to query or cancel this policy.
We wrote to you during September 2003 to inform you that we were transferring your Chargecard account to a MasterCard account. This letter also included details about the transfer of the PPI policy.
We again wrote to you in January 2007 to make you aware of some changes to your PPI policy. You did not contact us at this time to question or cancel the policy.

Due to the reasons stated above, I reject your complaint that this policy was mis-sold to you and will not be offering you a refund of this policy."

I claimed because I cannot remember the inplications being outlined to me when the card was being promoted and the box on the form (which I strongly believe, though cannot prove, was pre-ticked by a member of in-store staff) states "We strongly recommend that you take out this cover". I was too young and naive to realise what it meant at the time... suffering for it now though... :-(

No further explanation was offered in the letter received yesterday though - just that their "further investigations" were complete and that they upheld their earlier decision...

Thanks. R xx

gingamonkey

amersall wrote: »

You will get the ppi you have paid to date back to you with the 8%,the only amount that will come off your loan is the total ppi that was put on there,only if you have arrears do Barclays take these off the redress they pay to you.

I'm a little confused now, sorry amersall!

Are you basically saying that 2 things would happen if my claim succeeds (I've never been in arrears on this loan) :

- They will remove anything to do with PPI from my loan (ie. PPI amount + PPI interest charges). My loan would potentially just consist of my outstanding loan amount plus interest. My monthly payments would then drop to take into account the removal of PPI.

- Any PPI payments made to date (including 8% interest), would be paid back to ME, not taken off the balance of the secure loan?

Sorry, I think I've probably just misunderstood you!

beamerguy

RuthnJasper wrote: »

Thanks beamerguy - paperwork is at home, will will post the full details tonight.

xx

Edit - this is what they said in their original response:
"The allegations set out in your letter are as follows:
You don't recall any negative aspects of PPI being outlined to you.
You felt strongly encouraged to sign up for the credit card.
You also recall being strongly advised to take out PPI "just in case”.

I have now finished my investigation into your complaint and have confirmed my findings below:

PPI is offered to customers to cover their monthly repayments should the unexpected happen, such as accidents, sickness and involuntary redundancy/unemployment.
As you completed the application in store in your own time, M&S Money were not present so no advice could have been given to you about the merits of this policy. Therefore all your points about the lack of advice and information given are refuted on this basis.
The sale of this Insurance is deemed as "non-advised", as M&S Money did not employ appointed representatives in M&S stores at that time.
Details regarding the PPI and the account terms and conditions were attached to the application form.
Policy documents were issued to you detailing the benefits, exclusions and cancellation rights. These should have been consulted to ensure the cover was suitable.
By signing the overall credit agreement, you confirmed that you were happy with contents of the application form and the accounts terms and conditions.
Customers can submit a claim on their policy until it is cancelled or the account is closed.
The policy was charged on a monthly basis for over 10 years and clearly detailed on your monthly statements. You could have contacted us at any time to query or cancel this policy.
We wrote to you during September 2003 to inform you that we were transferring your Chargecard account to a MasterCard account. This letter also included details about the transfer of the PPI policy.
We again wrote to you in January 2007 to make you aware of some changes to your PPI policy. You did not contact us at this time to question or cancel the policy.

Due to the reasons stated above, I reject your complaint that this policy was mis-sold to you and will not be offering you a refund of this policy."

I claimed because I cannot remember the inplications being outlined to me when the card was being promoted and the box on the form (which I strongly believe, though cannot prove, was pre-ticked by a member of in-store staff) states "We strongly recommend that you take out this cover". I was too young and naive to realise what it meant at the time... suffering for it now though... :-(

No further explanation was offered in the letter received yesterday though - just that their "further investigations" were complete and that they upheld their earlier decision...

Thanks. R xx

AH yes I remember now, PM me with your email address and I will do a letter for you

amersall

gingamonkey wrote: »

I'm a little confused now, sorry amersall!

Are you basically saying that 2 things would happen if my claim succeeds (I've never been in arrears on this loan) :

- They will remove anything to do with PPI from my loan (ie. PPI amount + PPI interest charges). You get the ppi total taken off your balance,not the interest.My loan would potentially just consist of my outstanding loan amount plus interest.This is correct My monthly payments would then drop to take into account the removal of PPI.Again,yes.

- Any PPI payments made to date (including 8% interest), would be paid back to ME, not taken off the balance of the secure loan?
Yes,you get the premiums you paid to date back with the interest associated with these for the months you paid.
This is the correct FOS redress for a mis sell.
Sorry, I think I've probably just misunderstood you!

The main benefit here is you will save thousands of pounds in interest alone over the remaining term of the loan,what a bonus?.

cappo

RuthnJasper wrote: »

Thanks beamerguy - paperwork is at home, will will post the full details tonight.

xx

Edit - this is what they said in their original response:
"The allegations set out in your letter are as follows:
You don't recall any negative aspects of PPI being outlined to you.
You felt strongly encouraged to sign up for the credit card.
You also recall being strongly advised to take out PPI "just in case”.

I have now finished my investigation into your complaint and have confirmed my findings below:

PPI is offered to customers to cover their monthly repayments should the unexpected happen, such as accidents, sickness and involuntary redundancy/unemployment.
As you completed the application in store in your own time, M&S Money were not present so no advice could have been given to you about the merits of this policy. Therefore all your points about the lack of advice and information given are refuted on this basis.
The sale of this Insurance is deemed as "non-advised", as M&S Money did not employ appointed representatives in M&S stores at that time.
Details regarding the PPI and the account terms and conditions were attached to the application form.
Policy documents were issued to you detailing the benefits, exclusions and cancellation rights. These should have been consulted to ensure the cover was suitable.
By signing the overall credit agreement, you confirmed that you were happy with contents of the application form and the accounts terms and conditions.
Customers can submit a claim on their policy until it is cancelled or the account is closed.
The policy was charged on a monthly basis for over 10 years and clearly detailed on your monthly statements. You could have contacted us at any time to query or cancel this policy.
We wrote to you during September 2003 to inform you that we were transferring your Chargecard account to a MasterCard account. This letter also included details about the transfer of the PPI policy.
We again wrote to you in January 2007 to make you aware of some changes to your PPI policy. You did not contact us at this time to question or cancel the policy.

Due to the reasons stated above, I reject your complaint that this policy was mis-sold to you and will not be offering you a refund of this policy."

I claimed because I cannot remember the inplications being outlined to me when the card was being promoted and the box on the form (which I strongly believe, though cannot prove, was pre-ticked by a member of in-store staff) states "We strongly recommend that you take out this cover". I was too young and naive to realise what it meant at the time... suffering for it now though... :-(

No further explanation was offered in the letter received yesterday though - just that their "further investigations" were complete and that they upheld their earlier decision...

Thanks. R xx

Hi ruth have you thought about emailing hsbc's ceo they own the insurance side of m&s i believe

amersall

Yoo Hoo Cappo

RuthnJasper

cappo wrote: »

Hi ruth have you thought about emailing hsbc's ceo they own the insurance side of m&s i believe

Thanks Cappo - will also try that! xx