PPI Reclaiming Discussion part 4

di3004

mitooki wrote: »

Hi,

Sorry if these are stupid questions!

Not sure if I have a case for reclaiming, here's the details:
I took out a loan with Egg by phone of just short of £22k in June 2004 with £5.5k of PPI added on top. The loan fully repaid an existing Egg loan and some other debts. I don't recall exactly what was discussed on the phone but I remember taking away the impression that I'd be much more likely to be accepted if I took out the PPI; I think they went away to work it out before calling me back. I definately wasn't aware that insurance could be taken out from a company other that the lender.

Does this seem like a worthwhile claim?

I read that Egg have been fined for PPI but this was for Egg Card - how does this affect Egg loans?

I don't have the details of the previous paid off loan (or even whether I had PPI on it) - should I include this in my complaint?

Thanks for any help.

Hi there

Yes you do have a good case here, so go for it.;)

Do you still have any paperwork on this such as the CCA (credit agreement)? if not you can request this by writing to them and enclosing £1 postal order or cheque payment, they should post by 12 days.

In regards of reclaiming, here is a link below with guidelines of reclaiming PPI.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

There are also templates on the link, but write your own reasons, they have 8 weeks to respond.
Another letter maybe required if they don't resolve to your satisfaction on the first response, in the final letter they should give details of the Financial ombudsman service (FOS).

Post all letters to these companies by recorded delivery and also post for help when required, good luck.;)

di3004

beaniebabe wrote: »

I received information from FSCS today. Don't know what you think of it!:rolleyes:



Thank you for your E mail of 2 June 2009 about your claim for compensation against Picture Financial Services Plc.

As you are aware, the Financial Services Compensation Scheme (FSCS) is only able to consider claims against firms that have been declared “in default”. This is the legal process that allows the FSCS to step into the shoes of the firm and assume responsibility for the review of claims received and, where applicable, the payment of compensation. To date we have not been able to complete the process that would allow us to publicly declare that Picture is “in default”.

We are satisfied from our solvency investigation of the firm that Picture do not have the funds to meet claims received. Therefore, it seems inevitable that the firm will be declared “in default” by the FSCS. At this stage I am afraid that I am not in a position to provide you with a definite timeframe in which the declaration of default will be made. However, I can confirm to you that our publicly stated aim is to complete claims within six months of the date of default or receipt of the completed Application Form, whichever is the later.

The main issue holding up the declaration of default is that Payment Protection Insurance (PPI) is a new area of work for the FSCS. Therefore, before we can commence the review of claims we have to undertake work to set out the criteria for the review of claims, in line with our rules and policies, that is both fair and consistent for all claimants. That work has been time consuming and involved liaison with others in the regulatory sector, referring the matter through senior management and the Legal Department at the FSCS, and recently to Board level, to obtain agreement for the methodology to be used. Work in this area continues and we hope that we will be in a position to finalise our processes for reviewing claims within the next few weeks.

Once we are in a position to declare Picture ”in default” it is our intention to process all claims as quickly as possible and, as part of that process, we will be involving Deloittes, a firm of outsourcers who will assist with the reviews. Each claim is considered on its own merits and the facts presented. Therefore, as well as possibly contacting the claimant for further information, it is likely that we will have to contact third parties, over whom we have no jurisdiction, and ask them to provide relevant information. Although this may lead to delays in the time taken to process individual claims, I would reiterate that we will do all we can to resolve claims promptly.

If you have any further questions, please telephone our helpline on 020 7892 7300, and we will be happy to be of assistance.

Hi Beaniebabe

This seems like a standard email response you have received from them, even though I have a claim with them, its not Picture though, it more or less states the same thing, apart from "Picture".
However, as you know there are loads on here who have claims within the FSCS about Picture and I'm sure they will post up on this soon for you.

Good luck.;)

pinknico

Beaniebabe,thats the best reply that has been given by the FSCS !!
Nice to see them use the term weeks in when them being declared in Default and not months.

Not their usual email at all. Thanks for sharing.xx

di3004

pinknico wrote: »

Beaniebabe,thats the best reply that has been given by the FSCS !!
Nice to see them use the term weeks in when them being declared in Default and not months.

Not their usual email at all. Thanks for sharing.xx

Hi Pinknico How are you?:A

Your right, just went to recheck on my emails from FSCS and even though some of it were the same, there is extra on Beaniebabes response in regards of Picture, so its looking hopeful now then?:T;)XX

beaniebabe

pinknico wrote: »

Beaniebabe,thats the best reply that has been given by the FSCS !!
Nice to see them use the term weeks in when them being declared in Default and not months.

Not their usual email at all. Thanks for sharing.xx

Lets hope we are not waiting too long now Glad you think its positive news !

hamish222

I am filling out form to send to fos as bank has gave me a final offer which I am unhappy with. In section to fill out details of bank, it says use head office or branch etc. Was wondering if in there I should put in address of PPI department that are actually dealing with my complaint.
Any advise would be great.

gumbi

beaniebabe wrote: »

I received information from FSCS today. Don't know what you think of it!:rolleyes:



Thank you for your E mail of 2 June 2009 about your claim for compensation against Picture Financial Services Plc.

As you are aware, the Financial Services Compensation Scheme (FSCS) is only able to consider claims against firms that have been declared “in default”. This is the legal process that allows the FSCS to step into the shoes of the firm and assume responsibility for the review of claims received and, where applicable, the payment of compensation. To date we have not been able to complete the process that would allow us to publicly declare that Picture is “in default”.

We are satisfied from our solvency investigation of the firm that Picture do not have the funds to meet claims received. Therefore, it seems inevitable that the firm will be declared “in default” by the FSCS. At this stage I am afraid that I am not in a position to provide you with a definite timeframe in which the declaration of default will be made. However, I can confirm to you that our publicly stated aim is to complete claims within six months of the date of default or receipt of the completed Application Form, whichever is the later.

The main issue holding up the declaration of default is that Payment Protection Insurance (PPI) is a new area of work for the FSCS. Therefore, before we can commence the review of claims we have to undertake work to set out the criteria for the review of claims, in line with our rules and policies, that is both fair and consistent for all claimants. That work has been time consuming and involved liaison with others in the regulatory sector, referring the matter through senior management and the Legal Department at the FSCS, and recently to Board level, to obtain agreement for the methodology to be used. Work in this area continues and we hope that we will be in a position to finalise our processes for reviewing claims within the next few weeks.

Once we are in a position to declare Picture ”in default” it is our intention to process all claims as quickly as possible and, as part of that process, we will be involving Deloittes, a firm of outsourcers who will assist with the reviews. Each claim is considered on its own merits and the facts presented. Therefore, as well as possibly contacting the claimant for further information, it is likely that we will have to contact third parties, over whom we have no jurisdiction, and ask them to provide relevant information. Although this may lead to delays in the time taken to process individual claims, I would reiterate that we will do all we can to resolve claims promptly.

If you have any further questions, please telephone our helpline on 020 7892 7300, and we will be happy to be of assistance.

about bloody time too!
I was about to get my MP on the case again as this seems to have 'been with legal' for months now!

The reason it's gone to board level is because I and a few others had our MP's send snotty letters to the FSCS and have subsequently had responses back saying that the CEO will personally ensure that the process is completed ASAP.

Thta light at the end of the tunnel is just a little brighter today:D

reille

I wonder if anyone can help me.

I recently made a complaint to First Plus as I believed that the PPI policy was mis sold on 2 loans. Not surprisingly they declined saying they had listened to the sales calls and did not believe the policies were mis sold. All the figures they mentioned were wrong so I wrote back again. They then returned with an offer to refund 78% of the premiums on both loans. One of the loans was paid off in 2007.

My question is that I did write back saying I wasn't happy with the offer and requested 8% interest on the loan which had been paid off but I would accept their offer. I'm still not happy am I too late to go to the FOS. I did not say I would accept the offer without prejudice but did say I was unhappy.

di3004

hamish222 wrote: »

I am filling out form to send to fos as bank has gave me a final offer which I am unhappy with. In section to fill out details of bank, it says use head office or branch etc. Was wondering if in there I should put in address of PPI department that are actually dealing with my complaint.
Any advise would be great.

Hi Hamish

That is fine as the FOS will track them down anyway.;)
Good luck and remember to also enclose a copy of the final response.

di3004

reille wrote: »

I wonder if anyone can help me.

I recently made a complaint to First Plus as I believed that the PPI policy was mis sold on 2 loans. Not surprisingly they declined saying they had listened to the sales calls and did not believe the policies were mis sold. All the figures they mentioned were wrong so I wrote back again. They then returned with an offer to refund 78% of the premiums on both loans. One of the loans was paid off in 2007.

My question is that I did write back saying I wasn't happy with the offer and requested 8% interest on the loan which had been paid off but I would accept their offer. I'm still not happy am I too late to go to the FOS. I did not say I would accept the offer without prejudice but did say I was unhappy.

Hi there

Have you accepted by signing?

Either way contact the FOS by ringing them for the quickest response, and explain your situation to them, they will be able to confirm this to you, good luck.;)
http://www.financial-ombudsman.org.uk/contact/index.html