PPI Reclaiming Discussion part 4

Chaney

I must say, there are some really helpful people on this site, it's really refreshing to see people helping each other out..HUGE shout out to Di who responds faster than ever!!!

di3004

Chaney wrote: »

I must say, there are some really helpful people on this site, it's really refreshing to see people helping each other out..HUGE shout out to Di who responds fastest than ever!!!

lmao, thanks hun:rotfl: :rotfl: :A .

I have to make the most of it because sometimes my lappy does not behave. lol.

Thank you.:A

Di
X

sue149

di3004 wrote: »

Hi hun and yes it could be.

However, if you require paperwork on this to check this out you could always request a Subject Access Request (SAR), there is a letter template for this on the thread with details.

You do pay a cost of £10 cheque or postal order for this information, as they should provide you will all the information they have on you going back as far as 6 years, or whatever the SAR requests, they have 40 days to comply.

This may help your case, and good luck.

When you know this for definate, let us know if you require some help on reclaiming, as there are also templates on site as well.;)

You could though for the quickest method, ring them and ask them to clarify this to you.

Di
X

cheers thanks i think it is a ppi will have too just send letter see what happens

sue149

sue149 wrote: »

my husband has a credit card and thinks he cancelled a ppi pn it as he relised it was not use to him we have found an old bill its says repayment cover which he was being charged £75 is this the same as a ppi can anyone help

will send letter see what happens

gumbi

Credit-Crunched wrote: »

"The delay and confusion has been caused by the 'unique' structure of Picture. The loan arm and insurance arm were actually 2 seperate companies, with the loan arm being little more than brokers which means that the FSCS had to ensure that both entities were investigated in full to make sure there was no chance of any 'phoenix companies' rising from the ashes and getting away scott free!"

This is not totally correct the actual makeup is far more complex with at least 5 holding companies, some offshore accounts and some major american backers.

The 'company' of Picture was folded, however the office is still there employing people as the book was take over by Target Loan servicing. This book still belongs to the venture capital company that first input the money into the company Merryl Lynch. However the book is owned by Merryl Lynch, serived by Target but written by Picture.

Confused, you should be ;-)

So i am not sure how they can be declared defaluted until all loans on the books have been settled / written off, which will take many many years.

Credit Crunched,

To be declared in default by the FSCS requires that they are satisfied only that the entity Picture financial is no longer able to meet any of the claims against it.

You're right say that Target are administering the loan book on behalf of Merril & Deutche bank, however whilst Target is in the same builing and employs pretty much all ex-picture staff, legally they are not Picture as this company does not exist as a going concern.

I'm also sure that you're right about there being more than just 2 arms but these were the only ones I was interested in

I think this just goes to prove how truly Fu***d our financial system really is as nobody knows whats going on, least of all poor saps like us that are being royally screwed on a regular basis.

Bottom line...FSCS say Picture are officially pending default and this is backed up by my MP. they explained the procedure in full and I suggested that they communicate this explaination via this portal.

Thanks for your input...it really helps to bounce ideas and information around so that we can fight companies like Picture!

annushka28

Hi,

I have had a good will gesture letter from natwest/RBS after a lengthy explanation that they would not uphold my concerns and didnt agree to any of the points of my complaint that my PPI has been missold. I have been offered a round figure of £750. Want advice of what to do next - should I accept it just in case they change their mind? Or is there a point of going further? I know there is FO but it is inundated with complaints and when I called was told it will take 6 months for them to look and deal with the complaint...

From my original paperwork, I can see that the PPI has been applied as a lump sum at the front £3,024. I still have not finished paying for the loan, in fact we could not pay it at some point and it has been handled by CCCS and min payment has been going out to Natwest for the last 2 years (my husband had a stroke and I had to cut down the hours to look after him).. I have calculated that when I was paying it in full it adds up to £1130 just in insurance premiums, and I am not sure how much interest I am due...

Is there a point in complaining again to Natwest, they have been 'Looking' at it since 16 october and only now made a decision, and when I chased them, they fobbed me off with - 'we are waiting for more info from the branch' and that was since october!

Your advice and any experience is much appreciated!! I want to make a decision asap. Anna

TheBigDog

skintmumofone wrote: »

Yes you are correct in your thinking BigDog.

When I took out the second loan the PPI from the first was added onto the second one so I actually added alot more onto it that I had borrowed in the first place if that makes sense?

Thanks Di yes I will have a look am going to use the template for the PPI to send to the ones I have had loans out with PPI and change the wording a bit esp the bit at the bottom about the FSO as I kind of did it the wrong way round lol I never think before I do something always after it?:D

Thanks again for your advice everyone and fingers crossed I get some good news hopefully.....?

:beer: :beer: :beer: :beer: :beer: :beer:

Hi Tracey,

I think what they've done here is to cancel the first policy and then sell you a new policy - this is a big no no as far as the FOS are concerned. Make sure you add the following into your letter of complaint:

'When I took out my second loan with you, you sold me another payment protection policy. When I took out this loan, I was clearly showing you a pattern of debt consolidation, and it would have been reasonable to assume that I might well consolidate my second loan in the future. Bearing the above in mind, I am struggling to see how you can justify the sale of another lump sum payment protection policy that has rebate terms which are punitive to me as a borrower. It is irrespective whether your literature states that refunds are not made on a pro rata basis - this policy was clearly unsuitable for my needs, yet, you recommended I take this policy. This is gross negligence on your behalf and goes totally against the main principles of ICOB. For the avoidance of any doubt, insurance contracts are contracts of the utmost good faith as one side is in a stronger position than the other. You have blatantly breached your fidicuary duty of care to me as a client, and your actions are unconscionable.'

Best of luck,

TBD.

barneybeagle

Hello everyone,

First of all if you are trying to claim and they are fobbing you off then please persevere. If you give up you could lose a few hundred or a few thousand pounds. At least if you try the only thing you could lose is the price of a few stamps and the time it takes to read through the information on this website and write up some letters. Keep the faith and don't give up!

Barclays Bank Plc
Over a year ago we had a claim in against Barclays Bank over a loan/PPI which they eventually paid out on (£5000+)

Barclays Bank Credit Card
We have just received a letter from the Ombudsman regarding an earlier claim we put in for a Barclays Credit Card my missus had which she had paid PPI on since 1996-2006 (The account was closed and PPI cancelled in 2006).

I quote the Ombudsman:
"You will be very pleased to hear that following our intervention, Barclays Bank Plc has told me that it wishes to offer to settle your complaint on what it describes as a 'goodwill basis' and without any admission of liability."

This is extremely good news to us and reading through the letter from the Ombudsman they are going to pay out on what we wanted, ie:
All PPI paid
8% per year on top of the PPI paid
8% on top of the total PPI & Interest between the day the PPI was stopped and now.

My only concern as it does not state it anywhere is how far back will they pay out. Although the card was taken out in 1996 will they pay back the PPI & Interest since then? I have until 7th April 2009 to accept this settlement, but I'm concerned I could get ripped off. Any advice would be appreciated.

Another part of the letter also concerns me a little. I quote the Ombudsman:
"As yet we may not have considered your complaint. If you decide not to accept the offer and we consider its merits you should be aware that ultimately an ombudsman may award a higher or lower amount or make no award at all depending on the outcome of his investigation."

Just wondering if anyone has had a similar experience and what I should consider doing next.

I'd appreciate any comments/advice.

Regards
bb

amersall

Pixie983 wrote: »

OK. Been home at lunch & found the letter with the rate decrease:

Letter is dated 18 February 2009.

Interest Rate Decrease

Your rate will decrease by -0.8% with effect from 2nd March 2009. Your interest rate will now change from 12.3% to 11.5% per annum.

Your monthly payments will be affected as follows:

Date new rate applies
2 March 2009

Change in interest rate
-0.8%

Revised interest rate
11.5%

Revised monthly payment
£247.55

Direct debit payments on or after 25 March 2009 will be at the new monthly payment.

However the letter I received from them 2 days ago - 24 March 2009 re my PPI refund states:

We refer to the above agreement and would confirm that we have refunded the Payment Protection Premium plus interest to your loan account.
This will have the effect of reducing your monthly payment to £198.70 commencing with your payment due on 25/04/2009.
We have not had enough time to amend your monthly payment in time for March so once March's monthly payment for £255.64 is taken we will raise a refund for £56.94 for you in respect of the overpayment

None of this makes sense? Why are they saying March's monthly payment is £255.64 when a month ago they sent a letter saying it was changing to £247.55?? AND this months payment was actually £187.85 so where did that come from?? (they have now confirmed this is a mistake and my new monthly payments will be just over £198.70 with the PPI reduction)

Shall I call them again and ask what is going on as it looks like they either haven't calculated the PPI refund properley or they haven't given me the interest rate cut??? Even though I have spoken to 3 different people there in the last 2 days who have all confirmed my current interest rate as 11.5%.

Arrrggghhhh I hate this company!!!!!! :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:

bet i hate them more than you :mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:LOL

skintmumofone

TheBigDog wrote: »

Hi Tracey,

I think what they've done here is to cancel the first policy and then sell you a new policy - this is a big no no as far as the FOS are concerned. Make sure you add the following into your letter of complaint:

'When I took out my second loan with you, you sold me another payment protection policy. When I took out this loan, I was clearly showing you a pattern of debt consolidation, and it would have been reasonable to assume that I might well consolidate my second loan in the future. Bearing the above in mind, I am struggling to see how you can justify the sale of another lump sum payment protection policy that has rebate terms which are punitive to me as a borrower. It is irrespective whether your literature states that refunds are not made on a pro rata basis - this policy was clearly unsuitable for my needs, yet, you recommended I take this policy. This is gross negligence on your behalf and goes totally against the main principles of ICOB. For the avoidance of any doubt, insurance contracts are contracts of the utmost good faith as one side is in a stronger position than the other. You have blatantly breached your fidicuary duty of care to me as a client, and your actions are unconscionable.'

Best of luck,

TBD.

Thanks so much I will use this I really appreciate your help with this and I will be doing all my "paperwork" so to speak at the weekend when the 4 yr old is away with his grandparents for a few hours and me and hubby are going to go through the paperwork and look for all the agreements we have and then do the letters.

I will let you know how I get on if and when I get a reply.

Thanks

Tracey