PPI Reclaiming Discussion part 4

beamerguy

Red_peppers wrote: »

well done to all winners

My husband had a loan with intelligent finance which included ASU cover.

As he is a self employed business owner we thought this was not necessary.
In May / June I sent off a complaint to them and in sept received a letter not upholding the complaint, but not giving reasons why, but if he had anymore info to add let them know and they would re assess.

I wrote back to them and asked for them to look at it again and to give reasons for their decision, re emphasising the self employment.

In October received a letter saying original letter was a final response go to the FOS, still with no reasons given.

So I wrote another letter and sent it to the CEO of Lloyds, asking why did they ask for further info if they were just going to ignore it and stick by their decision.

I have just filled in the FOS paperwork ready to send when a letter arrives from Intelligent Finance in reference to contacting the CEO.

They are adamant that my husband was covered under the insurance and enclosed a copy of the summery.
It states: you are eligible for ASU cover if you are aged between 18 -65, are in full time employment or self-employment and have been for at least 6 months.

They have offered £50 in recognition of the inconvenience for them not giving a clear explanation of the reasons behind their decision.

So should I shred the FOS letters and chalk it up to experience?

Thanks Red

Thanks Beamer for having a look.
As you can imagine these are edited highlights.
After I sent the letter back following the rejection, my husband rang them to ask if they had received it. The lady on the phone said 'yes' but your complaint is closed.' She asked the reasons for complaint and when he mentioned he was self employed she replied ' well you should have told us that when you applied'. My husband said 'well yes I did it's on the application'. So she said it would be reopened.
Then a couple of days later we received the letter saying NO.

Basically does ASU insurance cover self employment?

ASU is a payment protection insurance similar to a PPI.

When you say it was included with the loan, did you agree to that, how much did they charge for this as it would never be free.
Did an advisor ever go through the policy with you to ensure it was applicable to your circumstances. Does the cover for self employed fully cover you

amersall

gingamonkey wrote: »

Thanks for the reply Cappo. I have a few questions:

Do you think it is just Barclays playing hardball or are my chances of claiming it back slim?

Are my reasons above valid reasons for claiming back my PPI?

Where do I go from here? Do I need to try Barclays again first, or go directly to the FOS now?

If I go to the FOS, what's the procedure for complaining to them and what sort of timeline is involved with this?

Thanks in advance.
Gingamonkey

This is a win and the reasons are valid,do what i said in previous post,frontloaded ppi is a no no and the FOS dont look too kindly on these.

beamerguy

amersall wrote: »

THIS IS WAR :mad::mad::mad::mad:
DONT WAIT FOR THE TELEPHONE CALLS,YOU WONT HAVE A TELEPHONE CALL TELLING YOU THAT THE PPI WILL COST £XX OVER THE TERM OF THE LOAN INCLUDING INTEREST,TRUST ME ON THIS
write to Barclays ,tell them you are not accepting their decision as you were mis sold this ppi.

then put this.
We believe we were mis sold the ppi on the above account number.
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,we were told the ppi amount but not the exact cost and you would like the telephone call that has the salesperson explaining this ppi cost in full.

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.We would like the telephone call to verify this was said to us.


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 you pay this 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.
If this is not resolved,you will take this to the FOS.


Send this to FP and copy this and the response you have from Barclays send to

[EMAIL="robert.diamond@barclaysplc.com"]robert.diamond@barclaysplc.com[/EMAIL]

YES, good letter. BARLAYS BANK ARE FAST BECOMING A BAD BANK
Where is Robert Diamond ?
The excuses coming out of Barclays recently is very worrying, are they going the same way of Lloyds ? IE: CANNOT AFFORD TO REPAY ?

amersall

gingamonkey wrote: »

Thanks for the reply Cappo. I have a few questions:

Do you think it is just Barclays playing hardball or are my chances of claiming it back slim?

Are my reasons above valid reasons for claiming back my PPI?

Where do I go from here? Do I need to try Barclays again first, or go directly to the FOS now?

If I go to the FOS, what's the procedure for complaining to them and what sort of timeline is involved with this?

Thanks in advance.
Gingamonkey

Hi,before you do the letter i have posted on here,what did they say about having the ppi back after the 5 years when you applied for the loan?.

gingamonkey

amersall wrote: »

Hi,before you do the letter i have posted on here,what did they say about having the ppi back after the 5 years when you applied for the loan?.

Hi Amersall,

Firstly, thanks SO MUCH for your help with this.... Really giving me the will to go on!

Regarding the PPI 5 year thing... THAT is how they sugarcoated it to me.

I am currently 3 years into a 20 year secure loan. The salesman on the phone emphasised that if I didn't claim or go into arrears within the first 5 years, I would get a 'full' refund of just over £12,000 for the unused PPI.

What he DIDN'T emphasise (though I believe he probably did mention it when reeling off terms and conditions speel), was the fact that I'd be paying a further £18,000 over the following 15 years, in INTEREST PAYMENTS for PPI ALONE, equating to around £125 per month until 2028!!

cappo

gingamonkey wrote: »

Thanks for the reply Cappo. I have a few questions:

Do you think it is just Barclays playing hardball or are my chances of claiming it back slim?

Are my reasons above valid reasons for claiming back my PPI?

Where do I go from here? Do I need to try Barclays again first, or go directly to the FOS now?

If I go to the FOS, what's the procedure for complaining to them and what sort of timeline is involved with this?

Thanks in advance.
Gingamonkey

firstly i think your chances are very good and you should pursue this, you certainly seem to have good enough reasons to claim, did you get a final response? if so fos it, i've been given timescales of 8 weeks from the uphold to calculate and payout

gingamonkey

cappo wrote: »

firstly i think your chances are very good and you should pursue this, you certainly seem to have good enough reasons to claim, did you get a final response? if so fos it, i've been given timescales of 8 weeks from the uphold to calculate and payout

Yes, this letter was a final response.

It stated "This communication should be viewed as our final response in relation to this matter however, if you remain dissatisfied, you do have the option to ask the Financial Ombudsman Service to review your complaint"

Do I write Amersall's letter to Barclays as well as get in touch with the FOS now, or do I hold off on the FOS until I've tried Barclays one more time?

Also, is it really worth contacting Bobby Diamond? The people in charge are of these banks are one of the key reasons our country is in such a state, and I can't really see that he's going to give two hoots about my claim! It would probably just be 'filed' away. :mad:

Thanks guys!

beamerguy

gingamonkey wrote: »

Yes, this letter was a final response.

It stated "This communication should be viewed as our final response in relation to this matter however, if you remain dissatisfied, you do have the option to ask the Financial Ombudsman Service to review your complaint"

Do I write Amersall's letter to Barclays as well as get in touch with the FOS now, or do I hold off on the FOS until I've tried Barclays one more time?

Also, is it really worth contacting Bobby Diamond? The people in charge are of these banks are one of the key reasons our country is in such a state, and I can't really see that he's going to give two hoots about my claim! It would probably just be 'filed' away. :mad:

Thanks guys!

Just keep hitting Barclays ..... send that letter and keep the pressure on them. There is no reason not to send to the FOS as well.

Love the way you call him bobby, send him this link

http://www.youtube.com/watch?gl=GB&v=EEcTOOIp8nk

Red_peppers

beamerguy wrote: »

ASU is a payment protection insurance similar to a PPI.

When you say it was included with the loan, did you agree to that, how much did they charge for this as it would never be free.
Did an advisor ever go through the policy with you to ensure it was applicable to your circumstances. Does the cover for self employed fully cover you

I will look at the paper work in the morning .

We thought the loan was applied for by telephone but according to the paperwork it was done online. So, I think they must have done a call back when it was all ready to go, before PPI..

Thanks

Red_peppers

Red_peppers wrote: »

I will look at the paper work in the morning .

We thought the loan was applied for by telephone but according to the paperwork it was done online. So, I think they must have done a call back when it was all ready to go, before PPI..

Thanks

Unless we had made a claim I'm not sure how we could prove it was applicable.

We both are partners self employed running our own business, employing staff.

Any help positive or negative is fine n
Thank you
Xxx