PPI Reclaiming Discussion part 4

barneybeagle

barneybeagle wrote: »

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

Originally Posted by di3004
Hi there and Well done to you, congratulations.:beer: :T :beer: .

You could ask the FOS to see if they can get hold of the figures for you, explain you have nothing to work on.

I note that someone else had this problem on another thread earlier and the FOS told them it may hold or delay their complaint, but yet when my hubby asked the FOS they got hold of the figures straight away from the company, well the following day, it may be worth you asking, good luck,;)

And your last paragraph is the usual comment from the FOS.

Di
X



30.03.09
Just a quick update. I phoned up the FOS this morning and the guy there told me that Barclays have a set criteria to follow on working out the payment. He told me that they will pay me back 6 years from the day of my claim. He also told me that by signing the acceptance we are only accepting the offer. If however, we are not happy with what they pay us then we can complain to the FOS. I was hoping we could claim all the way back to 1996, but 6 years is better than nowt!

Tomorrow I'll be calling Barclaycard up to see if they can give me the calculations and also if they can verify what they intend to give us in advance. The FOS advised me to do this as he didn't have details or contacts/phone numbers in Barclays.

We'll see anyway and I'll keep everyone updated with how it goes. Thanks Di for your reply. I notice that you help so many people. Top girl, cheers.

bb


01.04.09
This morning I spoke with Barclays and then the FOS.
First of all Barclays:
The guy told me that I would have to go back to the FOS to get the calculations/amount. He confirmed the payout would go back 6 years. He told me that he did not have access to any further information as the 'Directors' (?) sort that out. He told me to liaise with the FOS and could not understand how they could not get the information for us.

Secondly the FOS:
The lady told me that it was a very complex method they use to work out the payment and basically if we sign the form we are agreeing to the standard method of calculation that they are using and basically it is worked out by putting us into a position where we never had the PPI in the first place. If we don't agree with the calculation then we can appeal to the FOS. Barclays will provide the calculation, but we don't find out what the calculation is until we actually sign the form of acceptance.

So our next step is to sign the form and send it by recorded delivery to the FOS and wait and see what Barclays offer us.

I'll let everyone know how we get on in due course.

Cheers
bb

maxdp

Hi Barneybeagle

You are right to be wary of Barclays. I have had problems with them in the past well still do but is with the Ombudsman at the moment who are looking into their way of calculating refinanced loans.

The workings out I had from them was wrong in 2 out of the 3 loans. They just do a bog standard calculation with no explanation so if you are in any doubt post it up here and I am sure TURBOMAN will check it when he comes back on the site.. He is a bit tied up at the moment.:D

di3004

barneybeagle wrote: »

Originally Posted by di3004
Hi there and Well done to you, congratulations.:beer: :T :beer: .

You could ask the FOS to see if they can get hold of the figures for you, explain you have nothing to work on.

I note that someone else had this problem on another thread earlier and the FOS told them it may hold or delay their complaint, but yet when my hubby asked the FOS they got hold of the figures straight away from the company, well the following day, it may be worth you asking, good luck,;)

And your last paragraph is the usual comment from the FOS.

Di
X



30.03.09
Just a quick update. I phoned up the FOS this morning and the guy there told me that Barclays have a set criteria to follow on working out the payment. He told me that they will pay me back 6 years from the day of my claim. He also told me that by signing the acceptance we are only accepting the offer. If however, we are not happy with what they pay us then we can complain to the FOS. I was hoping we could claim all the way back to 1996, but 6 years is better than nowt!

Tomorrow I'll be calling Barclaycard up to see if they can give me the calculations and also if they can verify what they intend to give us in advance. The FOS advised me to do this as he didn't have details or contacts/phone numbers in Barclays.

We'll see anyway and I'll keep everyone updated with how it goes. Thanks Di for your reply. I notice that you help so many people. Top girl, cheers.

bb


01.04.09
This morning I spoke with Barclays and then the FOS.
First of all Barclays:
The guy told me that I would have to go back to the FOS to get the calculations/amount. He confirmed the payout would go back 6 years. He told me that he did not have access to any further information as the 'Directors' (?) sort that out. He told me to liaise with the FOS and could not understand how they could not get the information for us.

Secondly the FOS:
The lady told me that it was a very complex method they use to work out the payment and basically if we sign the form we are agreeing to the standard method of calculation that they are using and basically it is worked out by putting us into a position where we never had the PPI in the first place. If we don't agree with the calculation then we can appeal to the FOS. Barclays will provide the calculation, but we don't find out what the calculation is until we actually sign the form of acceptance.

So our next step is to sign the form and send it by recorded delivery to the FOS and wait and see what Barclays offer us.

I'll let everyone know how we get on in due course.

Cheers
bb

Hiya hun

So sorry this did not work out the way we hoped, but I will say, in one of my older cases that was dealt with through the FOS, we ended up signing as we were told we would be put back in the position as if PPI was not taken and so on, then of course with no figures we signed.

The FOS do actually get to know this when you receive the amount yourself, and if your not happy, or if you think something is amiss, let the FOS know when you receive this, if there is an overhang of not being paid enough, the FOS will contact the company to write a further cheque.

We were then sent a further cheque.;)
Hope this helps hun, good luck.

Di
X

poddle911

Hi all,

I sent the first template letter to Egg last week about reclaiming PPI on a loan. I got the standard letter saying they had received my complaint, but when I checked my loan account online today it is £1,665 lower than expected! The insurance I was disputing was £1498.32 so can I just assume they've refunded it with interest and no questions?!

I'm obviously pleased, but would really prefer the cash (instead of reduction of loan balance) as I've been made redundant and have no income at the moment.

Are Egg within their rights to pay it straight off the loan? Or am I entitled to ask them for the money? I'm just nervous about rocking the boat and them deciding to keep it

Thanks!

di3004

poddle911 wrote: »

Hi all,

I sent the first template letter to Egg last week about reclaiming PPI on a loan. I got the standard letter saying they had received my complaint, but when I checked my loan account online today it is £1,665 lower than expected! The insurance I was disputing was £1498.32 so can I just assume they've refunded it with interest and no questions?!

I'm obviously pleased, but would really prefer the cash (instead of reduction of loan balance) as I've been made redundant and have no income at the moment.

Are Egg within their rights to pay it straight off the loan? Or am I entitled to ask them for the money? I'm just nervous about rocking the boat and them deciding to keep it

Thanks!

Hi hun and well done and Congratulations to you.
:beer: :T :beer:

Sorry to hear of your job and hope something comes up very soon for you.

To what I know of you should have this paid directly to you if no missed payments (arrears).

I would also ask them for a full breakdown on this to make sure nothing is missed, so you can see what is what, if you think its too low you could question this.
And of course if no missed payments - arrears, tell them you would appreciate them paying this directly to you, afterall hun, its your money.;)

Good luck and please keep us posted, well done.

Di
X

di3004

In today's media:

http://www.thisismoney.co.uk/campaigns/loansinsu/article.html?in_article_id=481384&in_page_id=506&ct=5

Watchdog ignored PPI complaint warnings

Money Mail
1 April 2009
Reader comments (1)

The City watchdog ignored warnings that banks and building societies were routinely rejecting complaints about mis-sold payment protection insurance (PPI).


PPI VICTORY AT LAST

New rules should finally end the loan insurance rip-off. And not before time.
- PPI victory



The concerns were voiced to the Financial Services Authority as long ago as last July by the independent Financial Ombudsman Service, amid fears that banks were turning away those with legitimate complaints.



An estimated two million PPI policies were mis-sold to people who would never have been able to claim on insurance, which is supposed to be a safety net for borrowers who lose their jobs or become too sick to work.
The ombudsman chairman spelled out his concerns in a formal letter to City regulator the FSA. But nearly nine months later, it has failed to respond.
Ombudsman spokeswoman Emma Parker says: 'We have had serious concerns that firms are failing to handle complaints properly. We formally raised this in a letter to the FSA, but so far we've had no response.'

In the letter, ombudsman chairman Sir Christopher Kelly told the FSA it was upholding a 'significant proportion' of complaints that had been wrongly turned away by firms. This, he said, suggested the existence of 'widespread consumer detriment' and 'systemic issues in relation to PPI'.

Complaints to the ombudsman about PPI reached record levels this year. The FOS received an estimated 30,000 - a threefold increase on last year. Almost nine out of ten were upheld.

Particular problems surround single premium policies, where the cost of the cover is often added to the loan without the customer's knowledge.

Simon Burgess, from British Insurance, a financial adviser, says: 'Yet again the FSA has failed in its principal job to protect consumers.

'It's a disgrace that it has not acted on the ombudsman's warnings and conducted a thorough investigation of these banks' complaints handling procedures. Why does it take the detriment of potentially millions of consumers before the FSA acts?'

PPI is lucrative. An investigation by the Competition Commission discovered that lenders make excess profits of £1.4bn a year from sales. A lender could potentially make a profit of 982% - or £1,200 - from a policy that costs just £20 to provide. The commission will now outlaw sales of single premium PPI.
Last October, Alliance & Leicester was hit with a record £7m fine by the FSA for mis-selling up to 210,000 policies.

The FOS says the complaints it has seen could be the tip of the iceberg, as many borrowers whose legitimate complaints have been rejected give up after the bank has investigated.

Brian Fane gained first-hand experience of Lloyds TSB's shoddy handling of complaints. He applied for a loan in 2007 after his house was gutted by a fire.
Despite being 70 and having diabetes - and therefore unable to make a claim - he said he was told he would be refused the £7,500 loan unless he took out PPI. This insurance cost him £35 a month on his £254 repayments.



THE PPI FIGHTBACK

Since 2006, This is Money has fought hard against the mis-selling of payment protection insurance and helped thousands of people reclaim premiums...



On discovering he was unable to make a claim, he complained to Lloyds TSB, but then got stuck. He says: 'They basically told me I had signed the documents so tough luck.'

Undeterred, Mr Fane, from Brighton, then took his complaint to the ombudsman. This time he had better luck and has just received an offer of £1,770 compensation.

He says: 'Lloyds TSB could have dealt with it far quicker. They knew they were in the wrong. I told them clearly I was retired and had a long-term illness, so they knew perfectly well I wouldn't be able to claim.'
A spokesman for the FSA says: 'We have been actively engaging with the ombudsman regarding its PPI concerns. We have met regularly with it to discuss the details of its concerns and to keep it up to date with our response.'

skintmumofone

Oh the joys....
got a letter from FP today saying they are not taking the blame basically for giving me a loan they say loans.co are responsible and they have passed my letter to them a) I took the first loan with them loans.co but the 2nd was done with FP only so I think they need to get their facts right dont you?

Am so mad.,.....any suggestions?

Also with WF posted on other forum but to cut a long story short they have sent me a letter charging me £20 for not paying a dd that is due today and I have actually paid it in cash? Can anyone help me with a letter to them cos I will lose my head if I telephone them, got a receipt for the payment and also got a balance statement saying we owed £18,998 and odd pence they have charged me over £1000 in charges and letter fees and telephone calls all 11 of them last week and this week harrassement that is!

Honestly I am about to crack up have enough on my plate without this crap.....:rolleyes: :mad:

Very unhappy today xx

maxdp

skintmumofone wrote: »

Oh the joys....
got a letter from FP today saying they are not taking the blame basically for giving me a loan they say loans.co are responsible and they have passed my letter to them a) I took the first loan with them loans.co but the 2nd was done with FP only so I think they need to get their facts right dont you?

Am so mad.,.....any suggestions?

Also with WF posted on other forum but to cut a long story short they have sent me a letter charging me £20 for not paying a dd that is due today and I have actually paid it in cash? Can anyone help me with a letter to them cos I will lose my head if I telephone them, got a receipt for the payment and also got a balance statement saying we owed £18,998 and odd pence they have charged me over £1000 in charges and letter fees and telephone calls all 11 of them last week and this week harrassement that is!

Honestly I am about to crack up have enough on my plate without this crap.....:rolleyes: :mad:

Very unhappy today xx

Hi there. So sorry you having !!!! time at moment with all this. That is a ridiculous amount of money you have been charged. Also the other letters. Have you talked to CAB they may be able to give you some advice on this.
I have always understood that you should go to the people who sold you the loan/ insurance. Did FP say it was their final response.

Have noticed on forum that quite a few have been winning PPI refunds from FP are you able to contact them to suggest which way to go from here.

Am afraid Welcome and First Plus I do not know much about I am afraid.

Keep you chin up am sure somebody here will help you.

amersall

Trolley_Dolley wrote: »

Thanks Di, I didn`t think this would be an easy task but its been draining these last 6wks trying to sort all this out! I know they are stalling and probably lots of people give up and go away at this stage but im prepared to stick with it for my BF sake as he is going to have to do DMP in order to try and have a life and anything we may get back in ppi would help enormously in clearing some of this mammoth debt.

Thanks again for your help :A

hi there, i agree with di :Ayou go for it, nothing to lose and maybe a lot to gain i think its great you are standing by your oh what a nice thing to do:D hope this goes well for you, good luck

amersall

jjwhittle1981 wrote: »

hi,

been trying to get my ppi back from capital one and RBS. The capital one is with the ombudsman awaiting reponse from capital one.

RBS have been a little bit more stuburn they kept fobing me off saying it was my responsibility to show them proof of me having the loan with them, having moved house several time, iv shredded the documents long ago, so i applied to the ombudsman for help in this matter and they sent a letter on to RBS on my behalf and low and behold, i got a phone call from RBS today it was their PPI complaints department confirming that i did have a loan with them and that they will start an investigation now.

So to all out there struggling keep pestering in any way that you can.

thats great well done,