PPI Reclaiming Discussion part 4

marshallka

petermb wrote: »

Standard commission for arranging the loan 2-3%. Commission for arranging the loan with ppi

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5%.....It is included in the commission figure.

My loan was £17K and the PPI was £4163 on top of this. The commission was £850 being 5% of the £17K.

Incipience

marshallka wrote: »

My loan was £17K and the PPI was £4163 on top of this. The commission was £850 being 5% of the £17K.

Yes that is what I assumed, however it is not to say that the broker recieved a higher commission for the sale of the loan bundled with the PPI, if so then the broker had great incentive to sell the PPI policy, whether or not in your best interests.

One thing is clear that the Broker Received a commission from the lender, which was not disclosed at the time of contract, the broker therefore made a secret commission while acting as your agent.

As no, clear commission was made for the sale of the PPI, then I would have to question as to what was the benefit to the broker in order to sell this policy, if indeed as you say they did.

Unless of course the Broker was paid from the Insurer, which I would find somewhat unlikely as the agency agreement is between the lender and the insurer, and in your case I would assume the Insurer to be Cassidy Davis.

I would go back to the insurer and ask for disclosure of commissions.

covlass

Its been almost 8 weeks since I sent off my 1st letters. One to HFC and another to A&L, both have sent letters saying they are looking into it but nothing more, so do I send off 2nd letter now or wait it will be 8 weeks on Friday?
Thanks all

maxdp

Hi Covlass

Wait for the 8 weeks then send them another letter giving them another two weeks and telling them you are going to take to the FOS. Then download Complaint Form from FOS and away you go. Send all by recorded delivery and Good Luck.

Incipience

send them another letter, and copy in your original.

Stubbsy05

Hi guys,

I have just phoned Nationwide for the account number for a loan taken out in 2004 and settled in 2006. They charged PPI and I took it out in the branch and told I would only be successful in getting the load if I took PPI,

Now I told the woman on the phone I need my account number as I will be reclaiming PPI. She said she will put this through to their complaints department who can deal with mis-selling.

Do I also need to send the first letter from this site off to them? Thanks

Incipience

Oh and just to give you an idea as the the money FIRSTPLUS earned from selling PPI compared to what it earned from the loans themselves.

[FONT=&quot]FP EARNED £195M IN 2006 FROM THEIR LENDING ACTIVITIES AND EARNED £132M FROM THE SALE OF PPI. THAT IS 40% OF INCOME FROM PPI SALES[/FONT]

suckers2008

Hi Guys

Right the PPI letter want me to get my old employer to fill in details - I have spoken to said empoyer and they said that they would have to put on the form that I didnt complete my probationary period but I was a hard worked and agreed to pay me next 2 months - thus showing I wasnt made redundant and I wasnt sacked or anything

Do you think that they will pay out if I didnt complete my probation?

maxdp

Hi Suckers

It may be seen that you deliberately made yourself unemployed. You may be best to go to Citizens Advice. They may be able to help you. Good Luck

dreamer33

Stubbsy05 wrote: »

Hi guys,

I have just phoned Nationwide for the account number for a loan taken out in 2004 and settled in 2006. They charged PPI and I took it out in the branch and told I would only be successful in getting the load if I took PPI,

Now I told the woman on the phone I need my account number as I will be reclaiming PPI. She said she will put this through to their complaints department who can deal with mis-selling.

Do I also need to send the first letter from this site off to them? Thanks

I would to be sure send the letter and recorded delivery as I have called companies on numerous occasions with enquiries and they ignored my requests, I might be wrong but they will have to reply to your letter they may misplace your call, if you know what I mean.