PPI Reclaiming Discussion part 4

pinknico

gumbi wrote: »

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

agree 100% gumbi,lets hope few weeks means few weeks as in 2 or three not 6 or 8!!

dialysis

pinknico wrote: »

agree 100% gumbi,lets hope few weeks means few weeks as in 2 or three not 6 or 8!!

Hi thanks for the update hopefully we are getting nearer now but still seems like its going to be weeks. Unfortunatly it comes too late for us we are now being repossessed the only upside is we are not homeless and have been offered a council house. It will be great for all when this compo is all sorted.

Annpan79

amersall wrote: »

hi there, yes you go for it, if you win you will have saved over 9,000 just on the ppi they take off then you get the ppi payments back you have made to date ( look at the amount your ppi is on its own, times that by the months you have paid, see how much better off you will be,plus 8%interest on top then your monthly payment will go down ,glad your going for it, need any help just yell!!

I had a quick chat with the financial ombudsman service yesterday and they told me i could apply for my 10k 'reward' for not claiming in 5 years and the still complain to FP and get the rest of my money back! YAY
Here is a draft of the letter I have re written

I purchased the above policy from you in June 2004 now believe that I was mis-sold this policy for the following reasons:

Widespread PPI Mis-Selling: Following recent media coverage and recent OFT and FSA investigations regarding the mis-selling of PPI and also that the question of PPI cover is the subject of an ongoing inquiry by the Competition Commissioner. I do not believe that my policy was sold in my best interests.I also believe that your company itself has been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance.

True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor on any occasion on the full extent of single premium PPI policies or the fact that they would offer little or no refund if the loan was settled early or if the insurance was cancelled. There was also no explanation that the cost of the PPI premium would be added to the total cost of credit and interest added for the full term of the agreement. I believe this practice is unlawful and in breach of section 18 of the Consumer Credit Act 1974 in that it is a multiple agreement ( “part of it within one category of agreement mentioned in this Act, and another part of it within a different category of agreement so mentioned, or within a category of agreement not so mentioned”). Therefore since this type of agreement falls within s18, it means that as defined in s18 (2) CCA that the document is to be treated as 2 separate agreements and each agreement must have its own prescribed terms for each part. The agreement I have does not have prescribed terms for both parts (loan and Payment Protection)

Wholly Inappropriate PPI Selling Bonuses: I understand that some employees are paid higher bonuses if they get prospective creditors to take out PPI with loans. How can the best interests of the customer possibly be met, if there is a clear conflict of interest between your responsibilities to me, and the drive of your employees to sell Payment Protection Insurance whether it is suitable or not in order to receive bonuses?


Alternative Insurance Cover: Your sales advisors in each case failed to ask me if I had any alternative arrangements for insurance cover. My employer has a generous illness package which would cover a period of sickness as follows: months full pay followed 75% salary for the remainder of the illness. I would also be entitled to a generous redundancy package and a substantial payment would be made in the event of my death in service (more than suffice to clear the balance of the loan).

Wholly Inappropriate PPI Selling Process: Your salesperson was very pushy and applied a disproportionate amount of pressure to ensure I agreed to the policy. This pressure selling put me at a distinct disadvantage so that I felt I could not say no. Also your salesperson did not give me comprehensive details on the full information as to what the policy would and would not cover, for example that the loan only covered the first five years of my loan term. Your sales person also did not ask me about any previous medical conditions and they did not inform me of the effect this could have on the insurance when the policy was sold. In addition I am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.


I have been in touch with the Financial Ombudsman service and have been advised to lodge a formal complaint with you in the first instance.
As this policy has reached its 5 year expiry date I have applied to the insurers for a refund of the original payment protection premium (less insurance premium tax), to which I am entitled to (as advised by the Financial Ombudsman service) and that I fully expect to receive. Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of the insurance premium tax, and subsequent interest on each payment, that I have paid to date for the insurance premium. As I believe I have been deprived of this money I will also require 8% statutory interest, the amount a court would award, to be added to each payment made. I also require you to correct my account to reflect that no insurance premium has been paid and return it to the state it would normally be in had the insurance not been added to the account from the onset of the loan. I would also expect my monthly premiums to be reduced accordingly.
I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to submit a formal complaint into this matter.


Does that all seem OK?

I've been trying to work out how much I could get back - if any!! Well, I should be guaranteed 10k at least (i know I have not been 3 months in arrears which is what is on the T&Cs). Do you know of any calculators available to figure it out? I've done a little spreadsheet and it comes out at about 24k - As below;

Year 1 10,000 plus 10.9% interest & 8% interest = 11890
Year 2 = 11890 plus 10.9% interest & 8% interest = 14137.21
Year 3 = 14137.21 plus 10.9% interest & 8% interest = 16809.14
Year 4 = 16809.14 plus 10.9% interest & 8% interest 19986.076
Year 5 = 19986.07 plus 10.9% interest & 8% interest = 23763.43

Does that seem right or is there a better way to do it/am I way out?

I'm assuming I either have a choice, if I want 23k - which would be nice, they would have to leave the premium on the loan. But if I was OK to settle for 14k then they would knock the premium off the loan and reduce payments accordingly???

Thanks for all your help!!

pinknico

dialysis wrote: »

Hi thanks for the update hopefully we are getting nearer now but still seems like its going to be weeks. Unfortunatly it comes too late for us we are now being repossessed the only upside is we are not homeless and have been offered a council house. It will be great for all when this compo is all sorted.

I am so sorry to hear that dialysis and am glad you are not homeless, though I cant believe they wouldnt hold off until this was sorted:mad:
Really cross on your behalf.
Best wishes to you and I hope we will all be celebrating soon. xx

di3004

dialysis wrote: »

Hi thanks for the update hopefully we are getting nearer now but still seems like its going to be weeks. Unfortunatly it comes too late for us we are now being repossessed the only upside is we are not homeless and have been offered a council house. It will be great for all when this compo is all sorted.

Hiya dialysis.:A

So sorry to hear of the ordeal you've been through, and glad they have sorted out a house for you.
Remember we are all here for you, whenever, keep your chin up hun.:A things will start to improve for you now just, and yes when you get your compo, you make sure you treat yourself for something, you deserve it.;) xXXX

pross68

Hi thanks for feedback on first post, i belive i was misold a lump sum policy by Swift advances they have told me they are not liable and i need to contact brooker, wrote to brooker got a reply in post from solicter telling me that the brooker has stop trading Ahh!!!!!!!! what now are switf right any ideas.

Once a newbie now mad for moneysaving.

pross68

OMG so fed up with excuses forgot how to spell!

amersall

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.

go to fos, this happened to me, the 78% is not a fraction of what you should get back ,you want all the ppi you paid plus 8%, go for mis sell you will be better off, if you need help give us a shout and good luck(notify fp that you dont accept and tell them you are going to fos) good luck with this

di3004

pross68 wrote: »

Hi thanks for feedback on first post, i belive i was misold a lump sum policy by Swift advances they have told me they are not liable and i need to contact brooker, wrote to brooker got a reply in post from solicter telling me that the brooker has stop trading Ahh!!!!!!!! what now are switf right any ideas.

Once a newbie now mad for moneysaving.

Lol not to worry about the spelling I do that a lot lol.....:D;), we know what your saying so no worries.;)

If they have stopped trading, this can be sooooo damn annoying, but there is another way you can try to claim on this, if the broker are registed with the Financial compensation scheme (FSCS), you can ring to ask them and they should send a form through the post.
Worth a shot, so give them a call, good luck.;)
http://www.fscs.org.uk/contacts/

Also check on the link on the site "Consumer" for more information. X

amersall

Annpan79 wrote: »

I had a quick chat with the financial ombudsman service yesterday and they told me i could apply for my 10k 'reward' for not claiming in 5 years and the still complain to FP and get the rest of my money back! YAY
Here is a draft of the letter I have re written

I purchased the above policy from you in June 2004 now believe that I was mis-sold this policy for the following reasons:

Widespread PPI Mis-Selling: Following recent media coverage and recent OFT and FSA investigations regarding the mis-selling of PPI and also that the question of PPI cover is the subject of an ongoing inquiry by the Competition Commissioner. I do not believe that my policy was sold in my best interests.I also believe that your company itself has been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance.

True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor on any occasion on the full extent of single premium PPI policies or the fact that they would offer little or no refund if the loan was settled early or if the insurance was cancelled. There was also no explanation that the cost of the PPI premium would be added to the total cost of credit and interest added for the full term of the agreement. I believe this practice is unlawful and in breach of section 18 of the Consumer Credit Act 1974 in that it is a multiple agreement ( “part of it within one category of agreement mentioned in this Act, and another part of it within a different category of agreement so mentioned, or within a category of agreement not so mentioned”). Therefore since this type of agreement falls within s18, it means that as defined in s18 (2) CCA that the document is to be treated as 2 separate agreements and each agreement must have its own prescribed terms for each part. The agreement I have does not have prescribed terms for both parts (loan and Payment Protection)

Wholly Inappropriate PPI Selling Bonuses: I understand that some employees are paid higher bonuses if they get prospective creditors to take out PPI with loans. How can the best interests of the customer possibly be met, if there is a clear conflict of interest between your responsibilities to me, and the drive of your employees to sell Payment Protection Insurance whether it is suitable or not in order to receive bonuses?


Alternative Insurance Cover: Your sales advisors in each case failed to ask me if I had any alternative arrangements for insurance cover. My employer has a generous illness package which would cover a period of sickness as follows: months full pay followed 75% salary for the remainder of the illness. I would also be entitled to a generous redundancy package and a substantial payment would be made in the event of my death in service (more than suffice to clear the balance of the loan).

Wholly Inappropriate PPI Selling Process: Your salesperson was very pushy and applied a disproportionate amount of pressure to ensure I agreed to the policy. This pressure selling put me at a distinct disadvantage so that I felt I could not say no. Also your salesperson did not give me comprehensive details on the full information as to what the policy would and would not cover, for example that the loan only covered the first five years of my loan term. Your sales person also did not ask me about any previous medical conditions and they did not inform me of the effect this could have on the insurance when the policy was sold. In addition I am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.


I have been in touch with the Financial Ombudsman service and have been advised to lodge a formal complaint with you in the first instance.
As this policy has reached its 5 year expiry date I have applied to the insurers for a refund of the original payment protection premium (less insurance premium tax), to which I am entitled to (as advised by the Financial Ombudsman service) and that I fully expect to receive. Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of the insurance premium tax, and subsequent interest on each payment, that I have paid to date for the insurance premium. As I believe I have been deprived of this money I will also require 8% statutory interest, the amount a court would award, to be added to each payment made. I also require you to correct my account to reflect that no insurance premium has been paid and return it to the state it would normally be in had the insurance not been added to the account from the onset of the loan. I would also expect my monthly premiums to be reduced accordingly.
I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to submit a formal complaint into this matter.


Does that all seem OK?

I've been trying to work out how much I could get back - if any!! Well, I should be guaranteed 10k at least (i know I have not been 3 months in arrears which is what is on the T&Cs). Do you know of any calculators available to figure it out? I've done a little spreadsheet and it comes out at about 24k - As below;

Year 1 10,000 plus 10.9% interest & 8% interest = 11890
Year 2 = 11890 plus 10.9% interest & 8% interest = 14137.21
Year 3 = 14137.21 plus 10.9% interest & 8% interest = 16809.14
Year 4 = 16809.14 plus 10.9% interest & 8% interest 19986.076
Year 5 = 19986.07 plus 10.9% interest & 8% interest = 23763.43

Does that seem right or is there a better way to do it/am I way out?

I'm assuming I either have a choice, if I want 23k - which would be nice, they would have to leave the premium on the loan. But if I was OK to settle for 14k then they would knock the premium off the loan and reduce payments accordingly???

Thanks for all your help!!

if you go mis sell and you win the ppi is taken off your loan, so you get back ppi you have paid to date plus 8% the ppi original amount is taken off your loan (less the 10,000 you are claiming back), what was your original ppi amount and what was the monthly payment on that? as you will get the payments you have made on this plus 8% only for the 5 years you are up to, does this make sense to you?