PPI Reclaiming Discussion part 4

The_Logans

Hi,
Could someone tell me is these offers are fair:

Loan for £2000 taken over 2 years (Sep 06 to 08, paid 0ff 4 months early May 08).
Monthly payment 86.23

Offer:
Refund of premiums: £160
Refund of interest: £27.94
Interest at 8%: £62.10


Credit card (dating back to 2004, cancelled PPI September this year)
Premiums: 1265.73
Interest: 354.24
Interest at 8%: 85.75

Karmawitch

smitchy73 wrote: »

Thats good that you spread the word, one of the guys in my work actually said to me on the quiet that his girlfreind might've had ppi on a mortgage and some loans, so I wrote everything down on an email with links to the ppi reclaiming guide on here and the complaints form from FOS and said if they need help let me know and i'll assist.
The more that complain the more that become more aware of the unscrupulous, fraudlent acts that our banks will do to make money from us 'lay'people, and I think their attitude just makes us believe that they think of us as second class citizens.
How long can they take..well how long is a piece of string. The FSA have said that for complaints received between 31st August and 31st December they have 12 weeks to give you a final decision on your complaint, after 31st December it goes back to the original 8 weeks for that decision, unfortunately there is no time limit on how long it takes to pay out on an uphold decision. If the give you a decline on your complaint you can then go to FOS if you wish but complaints there can take a good year to 18 months to complete. If they are just delayed and not given a decision sometimes it is better just to let them get on with it, although it is good to keep up the pressure on them by phoning the ppi team(if you can get through) or emailing the CEO - I have email addresses for Clydesdale Banks.

As for still having the ppi on your VISA you can cancel this at any time, it wont affect your complaint at all. As when they recaluclate your card account they just work out what youre balance would've been if the ppi hadn't been on your account, and the difference's this would've made with the interest charged to your account,
unlike loans ppi you don't get the standard 8% interest, unless, your account when restructured goes into credit, which you get the 8% on that.

Hope this helps:DAnything else just holler:D

Thanks for the advice, I will probably hold you to that offer of help, t'is very much appreciated.
Yea iv been getting some odd looks when I start rambling about SAR's and terms and conditions, so I just point people in the direction of the forum now lol.. Best regards
Nikki x

Kiz2011

Hi,

I have received my terms and conditions from my credit card agreement. What is the next step in reclaiming the PPI?

Regards

Kiran

RuthnJasper

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

After sending off the appeal letter, as recommended by Beamerguy, I've just heard back from M&S Money.

Rejected again, just reiterating the same reasons for rejection as before.



Ruth x

cappo

RuthnJasper wrote: »

After sending off the appeal letter, as recommended by Beamerguy, I've just heard back from M&S Money.

Rejected again, just reiterating the same reasons for rejection as before.



Ruth x

Hi ruth there heads are almost as empty as there morals, fos this now mate i don't think your going to have to do much to get this one upheld, hope your ok . steve:):):):):):):):):):):):)

beamerguy

RuthnJasper wrote: »

After sending off the appeal letter, as recommended by Beamerguy, I've just heard back from M&S Money.

Rejected again, just reiterating the same reasons for rejection as before.



Ruth x

Hi RUTH what are they saying now please, will do a much stronger letter but this time we will send it the CEO of Marks & Spencer itself.

Does anyone here have a M&S credit card signed up in store ?????

PLEASE LET ME KNOW

azza082

How long does Lloyds take to send cheques???

cook0891

Hi All,

A few months ago I decided to look into my 3 loans I had with Natwest many years ago. I had no paperwork documentation but after doing a SAR and formally complaining last week I got just shy of £2800 bakc in PPI!!! Thanks to everyone on here who helped. I really had no idea I had PPI so to anyone thinking the same would def recommend giving it a go!!!

Daniel

Disgustified

azza082 wrote: »

How long does Lloyds take to send cheques???

Your question is unanswerable.

If a tree falls in a forest and nobody is around does it make a sound?
How long is a piece of string?
Where is Lord Lucan?
What is inside Marcelus Wallis' briefcase?
What happened after the credits rolled in the Italian Job?
Is there life on Mars?

You have more hope of getting answers to the above than you have of getting a timescale from Lloyds to send a cheque.

See the Lloyds PPI Payment thread for further details.

You could get paid next week or next year and nobody will know why or how, their procedures are one of the great mysteries of our time.

MagP

Hi beamerguy, I have also sent off a claim to m&s regarding missold ppi. I've had their bog standard we are investigation letter and will be in touch in 12 weeks. I too signed up in store many years ago when I too was young and foolish, so not expecting much of a response. I have also asked them to look into a loan I had, any info or help will be appreciated!