PPI Reclaiming Discussion part 4

beamerguy

sarahlous82 wrote: »

i have just managed to get through to Barclays without being cut off! They have advised me that they are running approx 10 working days over the 40 day limit. i have been advised that they will be paying out an extra 8% interest per day until the claim is paid!

so lets see how long this will take im currently on my 7th late working day!

Personally I do not believe that, this is just a ploy to not pay out money.

When Bob Diamond announced his "no quibble refund", most of us trusted him with faith. Barclays however have become a bank NOT TO DEAL WITH IN THE FUTURE.

The BIG BOYS had better watch out now, there is a wolf on your tail
VIRGIN MONEY >>> RICHARD BRANSON


Branson will lick you into shape
http://www.moneysavingexpert.com/news/banking/2011/11/virgin-money-to-buy-northern-rock-for-747m?utm_source=forum&utm_medium=sidebar&utm_campaign=box

rolowinch

Hi everyone, I have received a letter today from GE Money stating that they are not upholding our claim for missold PPI. They have sent documentation which apparently the person on the end of the telpohne completed when we took the loan out. It clearly states that I receive 6 months full sickness pay and I also have a death in service benefit and that I don't need this, then on the next page it shows where they have added 3* cover for me totalling £2300!!! It also states that my husband receives 6 months half pay for sickness and that we didn't know if he had a death in service benefit and they have added 5* cover for him at a cost of £3000. On top of this they have sent some photocopied documentation "Needs Statement" which is dated 15th January 2006, detailing the PPI policy.....We didn't take out the loan until 8th February 2007!!!!!
In with this information it says that the Policy is only for 60 months...we were not aware of this....the loan term is 168months. It then goes on to say that interest on the policy is payable over the full term of the loan!!!!
They have sent copies of the documentation which we have signed, stating that we clearly knew that the PPI was optional, however the documentation has had the boxes ticked and the form already filled in by someone and it had "x"s simply in the spot for us to sign and on one form someone from GE has marked next to a box where its says PPI "tick this box and sign".

I know this all sounds long winded but i would appreciate some advice as to where we go from here. Do members think we have been missold.?.....We do, we were told we needed it to get the loan and that the interest rate would be lower.

Thank you for your time.

paid_too_much

rolowinch wrote: »

Hi everyone, I have received a letter today from GE Money stating that they are not upholding our claim for missold PPI. They have sent documentation which apparently the person on the end of the telpohne completed when we took the loan out. It clearly states that I receive 6 months full sickness pay and I also have a death in service benefit and that I don't need this, then on the next page it shows where they have added 3* cover for me totalling £2300!!! It also states that my husband receives 6 months half pay for sickness and that we didn't know if he had a death in service benefit and they have added 5* cover for him at a cost of £3000. On top of this they have sent some photocopied documentation "Needs Statement" which is dated 15th January 2006, detailing the PPI policy.....We didn't take out the loan until 8th February 2007!!!!!
In with this information it says that the Policy is only for 60 months...we were not aware of this....the loan term is 168months. It then goes on to say that interest on the policy is payable over the full term of the loan!!!!
They have sent copies of the documentation which we have signed, stating that we clearly knew that the PPI was optional, however the documentation has had the boxes ticked and the form already filled in by someone and it had "x"s simply in the spot for us to sign and on one form someone from GE has marked next to a box where its says PPI "tick this box and sign".

I know this all sounds long winded but i would appreciate some advice as to where we go from here. Do members think we have been missold.?.....We do, we were told we needed it to get the loan and that the interest rate would be lower.

Thank you for your time.

definately send them a letter stating all of the above and requesting a full refund plus interest, good luck and let us know how you get on:)

amersall

Send a letter back and tell them you are not happy with the response,this is a frontloaded ppi and the FOS dont look too kindly on these ppi,if they do not reconsider you will send this to FOS.
Put also what you have posted here regarding the "errors and see what happens,what were the reasons you used for mis sell?.

amersall

Have they said "final response",if they have send copies to FOS as well,if it is not "final" send it to them.

Send this (adjust to your loan circumstances) add what i said in previous post.

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

beamerguy

VIRGIN MONEY

On the subject of Virgin Money, I do hope Richard Branson fully understands the implications of banking and the demands of the public.

One bad move could actually ruin VIRGIN MEDIA -- VIRGIN AIR -- VIRGIN TRAINS.

It's like .. would we trust BarclaysAir, HalifaxAir, RBS-Air ETC ETC

Imagine Barclays-AIR ???? Perish the thought running 10 days behind and always late.

lisajaynec

Hi Can anyone help with this please
Thanks Lisa


Quote:
Originally Posted by lisajaynec
The letter says she applied in feb 2002
During the internet sales process info re PPI appeared on a separate screen to your card application. it would have been clear from this seperate screen that ppi was a distinct product from the cc.
this option to tick the box would have made it clear that you could choose to have it or not. given that you ticked the box, i am satisfied that you actively chose to purchase ppi and that it was optional when you did so.
Then it goes on to say that you were eligible as you were 18-70 in full time employment and lived in uk. then says i have reached the view that given the circumstances the ppi policy you purchased provided cover which would have been beneficial to you.
Then it goes on sorry to disappoint you...................
then fos

Firstly she was employed and had sickness cover by her employer, she lived with her partner (who she is now married to) who was also in full-time employment and they have no dependants.
She staes that the internet box was pre ticked....but cant prove it, so thought it was compulsory for the card
But MBNA sent out a photocopy of the form to sign which she did sign and returned confirming ppi.....

She was going to leave it but I think its worth another go and then off to FOS if no joy. Any help gratefully received
Thanks
Further information is that she thinks she received the policy but hasn't got it now and never claimed on it. She says that the form was
pre-ticked but with pen as its different to how her hubby writes ticks. The copy that they sent her had the ticks already on and also crosses of where to sign-which he signed and returned.
Any help writing a letter or pointers even would be gratefully received
Thanks
Lisa

rolowinch

amersall wrote: »

Have they said "final response",if they have send copies to FOS as well,if it is not "final" send it to them.

Send this (adjust to your loan circumstances) add what i said in previous post.

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

Wow..thank you so much for this. They have said that this is their final response. I will send them a letter detailing all of the above and send a copy to the FOS. This policy was never explained to us and if we were to have chosen a policy we would never have chosen something that only covered us for 5 years of a 14 year loan! "Optional" was not discussed "Needed" and "neccessary" were the terms used. It was not explained that we could look for any cover overselves with any other providers. this policy was not fit for purpose.

Thanks again for all your help

cappo

beamerguy wrote: »

VIRGIN MONEY

On the subject of Virgin Money, I do hope Richard Branson fully understands the implications of banking and the demands of the public.

One bad move could actually ruin VIRGIN MEDIA -- VIRGIN AIR -- VIRGIN TRAINS.

It's like .. would we trust BarclaysAir, HalifaxAir, RBS-Air ETC ETC

Imagine Barclays-AIR ???? Perish the thought running 10 days behind and always late.

Ha Ha i'm sure old bob would be the pilot on a road to nowhere as you say the passengers would be there but old bob would let them down.

amersall

rolowinch wrote: »

Wow..thank you so much for this. They have said that this is their final response. I will send them a letter detailing all of the above and send a copy to the FOS. This policy was never explained to us and if we were to have chosen a policy we would never have chosen something that only covered us for 5 years of a 14 year loan! "Optional" was not discussed "Needed" and "neccessary" were the terms used. It was not explained that we could look for any cover overselves with any other providers. this policy was not fit for purpose.

Thanks again for all your help

You are very welcome,let me know how you get on.I love a happy ending :rotfl: