PPI Reclaiming Discussion part 4

dreamteam_2

Hi,

Looking for some advice again re and outstanding PPI claim. The claim is in regards to the mis-selling of the insurance for a Monsoon store card (administered by Santander).

I am claiming on behalf of my mum, who at the time of signing up was a director of her own company. Santander have responded stating that after the account was taken out in-store, a policy summary and policy document was mailed to the customer. On receiving this a 30-day no-quibble guarantee where the product could have been cancelled was applied.

My mum has been able to find this account cover document. The line of relevance is as follows:
'We will not pay unemployment benefits: if you become voluntarily unemployed or voluntary redundancy.'

Essentially the case boils down to responsibility. Was it my mums responsibility to read the document in detail, or was the the responsibility of the sales assistant to ensure clarification?

You help would be gratefully appreciated

Kuffs1978

Any progress in the advice department regarding our headache of a predicament guys? Have heard nowt from the FOS this week but the relentless calls from GE still persist.

scrufts

Hi Everyone,

I have looked through Martin's wonderful guides re PPI Misselling and think I have got the gist of it but need to ask some questions -sincere apologies if they have been asked already!

I have four (now cut up) credit cards with outstanding balances on them and they all have "repayment cover" or "insurance". I can't remember how this "cover" came to be included but I do have pre existing medical conditions which I do not remember being asked about.

Q1) Do i need to have ALL my paperwork/statements from when I took out the card i.e. to back up my claim or do I assume that the companies concerned will "check" my details -I have set aside the money to pay for the documents if required i.e,. 4x £10 or do I just ask for a copy of my credit card agreement instead ?

The companies concerned are Halifax,Capital One, Barclaycard and MBNA


Q2) When sending the ppi reclaiming questionaire do you attach a covering letter with it?

Q3) If you start the process is it likely to "tarnish/sour relations/blacklist" other accounts you have with that business e.g. mortgage,current account and home insurance(I refer to the Halifax here)


Once again I sincerely apologize if these questions have already been answered -my wife is pestering me to use one of these "claim" companies that advertise in the newspaper -my reply to her was "b*ll*cks" If I can do it myself I will and I'm not giving away 25% to a glossy advert!

Any advice much appreciated and thanks for reading! :beer:

dilus

scrufts wrote: »

Hi Everyone,

I have looked through Martin's wonderful guides re PPI Misselling and think I have got the gist of it but need to ask some questions -sincere apologies if they have been asked already!

I have four (now cut up) credit cards with outstanding balances on them and they all have "repayment cover" or "insurance". I can't remember how this "cover" came to be included but I do have pre existing medical conditions which I do not remember being asked about.

Q1) Do i need to have ALL my paperwork/statements from when I took out the card i.e. to back up my claim or do I assume that the companies concerned will "check" my details -I have set aside the money to pay for the documents if required i.e,. 4x £10 or do I just ask for a copy of my credit card agreement instead ?

The companies concerned are Halifax,Capital One, Barclaycard and MBNA


Q2) When sending the ppi reclaiming questionaire do you attach a covering letter with it?

Q3) If you start the process is it likely to "tarnish/sour relations/blacklist" other accounts you have with that business e.g. mortgage,current account and home insurance(I refer to the Halifax here)


Once again I sincerely apologize if these questions have already been answered -my wife is pestering me to use one of these "claim" companies that advertise in the newspaper -my reply to her was "b*ll*cks" If I can do it myself I will and I'm not giving away 25% to a glossy advert!

Any advice much appreciated and thanks for reading! :beer:

Hi scrufts, in answer to your questions
1) All you need are the credit card numbers for each complaint
2) Fill in a questionnaire for each bank/credit card and send with a very simple covering letter stating that you want them to investigate and reimburse you the PPI that you have paid.
3) No they can not hold anything against you for complaining

Look for any reasons that may apply to you here
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Step 2
If any or all apply include them along with your pre existing medical condition reason and send them recorded delivery.
You are right to do this yourself, it is very simple and will save you at least 20% of any redress. Good luck and keep us posted, any help needed just shout

scrufts

T:Dhanks for that -very much appreciated!

ilesmark

Hi all

After reading about this PPI misselling issue, I decided months ago to chuck in a letter for the hell of it.

Tonight - I have just come home to find 2 letters from Santander. One in my sole name with an offer of £5100 and 1 in the joint names of my ex-fiancee and myself with an offer of £1100.

Needless to say, the offer in my sole name requires just my signature to accept it while the one in the joint names of my ex-fiancee and myself requires both our signatures to accept it and, also needless to say, getting her signature is not an option.

What had happened was that in 1997, I bought a property with my then fiancee and took out a joint policy with Alliance and Leicester that was designed to cover our mortgage repayments in the event of accident, sickness or unemployment.

In 1999 - fiancee stopped being fiancee and the policy was put into my sole name along with everything else. I continued paying the premiums.

2007 - I cancelled the policy.

2011 - I wrote to Santander, who had of course taken over Alliance and Leicester, using one of MSE's own template letters.

Tonight - the 2 offer letters turned up.

My question - I don't want my ex-fiancee's half of the £1100, but it would be nice to at least get hold of my half of it. Is there any way of doing this?

Thanks in advance

Mark

PS - a very noddy follow-up question - does this PPI reclaiming business also apply to the life/critical illness policies you are required by the lendor to take out when you get a mortgage?

ndiosha

amersall wrote: »

Give them a ring and ask if they are looking at the secured loan and the credit card,how many calculations did they give you,was it 2 amounts or more?..

When I phoned in December to log the complain, I gave them 5 account numbers [2 x personal loans, 1 x secured Loan, 1 x Mortgage Loan, and 1 x Credit card].

In their response, they have only mentioned the 2 personal Loans (one of which they claim did not have a ppi, therefore calculation is based only on the one which had ppi). No mention whatsover of the £45k secured Loan, cc, or mortgage Loan.

I'll do as advised and phone them to ask what they are doing about the other remaining accounts. I will also tell them to put the offer on hold until I have sight of the agreement of the Loan they claim did not have ppi.

I have prepared a letter to send off to request for my SAR and will post it as soon as I have heard what they have to say when I phone them.

Thank you for the advice.
Much appreciated.

amersall

Kuffs1978 wrote: »

Any progress in the advice department regarding our headache of a predicament guys? Have heard nowt from the FOS this week but the relentless calls from GE still persist.

Have been bumping your posts up for Niggly to take a look at,i emailed him and have had no response as yet,i know this does not help you,i will see if Di can rouse any of the others who are good with calcs.
Hopefully this can be sorted out for you.

amersall

kuffs1978 wrote: »

hi everyone,

i hope you all had a peaceful xmas and a good start to the new year.
I don't know if anyone replied to my last post; things have been more than a little difficult over the last month or so, and sadly that includes the ppi rebate situation. I'll be totally honest and say that i'm completely exhausted from this process; the guy at the fos who's dealing with my case may still be on holiday and norton finance have not followed the ombudsman's instructions that my loan repayments should be recalculated, and subsequently ge money are potentially just 14 days away from serving a default notice. However, could some kind soul please tell us if our understanding of the following part of the ombudsman's ruling is correct.

The part we're having trouble understanding reads:
"norton cannot require x to reduce the loan beyond that which would now have applied had the ppi not been sold"

does this mean that regardless of how many times my sister has paid the monthly instalment of £261.15 (including ppi) when the monthly amount without ppi would have been £216.88, whatever excess she has paid over the last 4 years will just be disregarded, and only now can she expect the monthly instalments to be £216.88? Or does it mean that since 48 payments of at least £216.88 had been paid, the difference between that figure and the £25.63 in ppi each month would count towards paying off the outstanding balance? It is very upsetting that we cannot find anyone who will help us understand this, and ge keep phoning and demanding more money than is owed. The loan agreement clearly states that without ppi the interest wiould have amounted to £3,009.20, yet my sister has already paid £11,334, but norton claim she still owes £3354.20. We really don't understand. Please help.

bumping for anyone who can do calcs please.

amersall

kuffs1978 wrote: »

hi amersall,

ok, the loan agreement dated 14th august 2007 reads as follows:

Loan £10,000
interest £3,009.70
interest rate: 10.89%
loan period 60 months.

Yesterday it was confirmed by ge money that the £3,009.70 interest over the 60 month period equated to £50.16 in interest per month. When added to the £166.66 monthly capital repayment (10,000 divided by 60 payments) this should have meant that my sister's repayments should have been £216.82 a month, which is roughly in line with the £216.88 i had been previously informed. This is all my sister should have repaid each month, an according to the ombudsman's statement on the final decision that "x should be placed back in the position she would have been in had the ppi not been sold"

in october 2011 ge money contacted us and informed us that my sister's monthly repayments were fully upto date, therefore indicating that since she had made her first repayment in october 2007, she had therefore made 48 repayments. Now, if working on the premise that she had only been paying the £216.88 she should have without the ppi per month, by the same logic at the very least she had therefore made 48 repayments of £216.88, which amounts to £10,410.24, which is only £2,599.46 short of the £13,009.70 the ombudsman has agreed she repay (as that is all she would have been expected to repay if she hadn't bought the ppi). That was my first indication that the outstanding figure of £3354.20 is wrong. The second indication that it was wrong is that we sat down and over the course of two nights went through every bank statement and the actual statements from ge money themselves, noting every payment that was made to the loan account since the loan was issued in august of that year. I then deducted the cost of every ppi premium paid (£1537.50 divided by 60=£25.63) until it's cancellation in april 2011, and then added all the totals paid for each calendar year together. They totalled £11,334, which if divided by payments of £216.88 means that my sister has made 52.25 repayments, and is therefore only £1,680.82 short of repaying the contractual £13,009.70.
However, because of the ppi being added, additional interest was charged on the account, and instead of an annual £601.92 in interest being charged, the actual interest has been quite shocking. These were:

Before repayment period commenced: £148.23
2007: £292.01
2008: £1082.21
2009: £988.57
2010: £742.23
2011: £403.98
total interest accrued aug 2007-nov 2011: £3,657.23

you will no doubt notice that the annual interest was quite different in the years previous to 2011 when the ppi was cancelled, and i firmly believe that the interest charged on the account is the problem. If she had just been charged the annual £601.92 which the fos have agreed should have been the case, at £216.88 a month, she would have repaid £10,410.24 of the loan, and £2,407.68 in interest by november 2011. But her payment history shows she has repaid £11,334.20 in repayments, whilst being charged (and surely that means she's paid?) £3,657.23 in interest over the same period. With such large amounts having already been repaid, how can norton (and ge money) justify their claim that she still has £3354.20 yet to pay?

bumping this with the previous post,for anyone who can help.