PPI Reclaiming Discussion part 4

di3004

bakerboy35 wrote: »

Hi All, Just recieved a letter off Blackhorse. ;

As detailed in the terms and conditions provided to you when you took out your policy, the rebate which would be given in the event of early cancellation was based on a sliding scale as the potential amount payable under a successful claim would be greater at the begining of the loan. However, whilst we do not accept that the policy was mis-sold, as a gesture of goodwill, we are prepared to offer you a more favourable rebate which will be calculated on a pro-rata basis.

we will calculate the amount of your rebate on a pro-rata basis if you do decide to cancel your policy early, meaning it will be calculated on the actual amount of time you will have had the policy.

Should you wish to cancel your policy within the next 14 days we would expect you to recieve a rebate of approximatly £5,197.23 using the proportionate basis we are prepared to offer. if you do cancel your policy, your repayments will be £168.56 for the remainder of the agreement term.


Now whilst i appreciate their offer, i telephoned them to clarify how much the cheque would be,before i signed the acceptance letter, they said that i would not be recieving a cheque, but this would come off the total cost of the loan outstanding.
i have looked at my paperwork, and i pay £92 per month for the ppi, so they are basically saying that i will not get any money back, however the cost of paying back will reduce by only £79 !!

i would like to have all monies paid into the ppi plus interest back as this would really help at the moment but they are refusing that.

what do you guys think i need to do now?

any answers will be really helpfull

thanks

Hi there,

As you have an active loan, this must be the way they deal with these issues, but there is no harm in writing to them instead of ringing them and ask if there is a possibilty of them sending you the refund directly to you instead of them rebating this off the loan. Tell them you need this for personal reasons.
If your not happy with the way this is dealt with you should be able to ask the Financial ombudsman to investigate this for you.
If you don't mind waiting, as the FOS have high volumes of these complaints.

However, as they have not admitted to the mis selling, and its an offer, this may be the thing, yet if they have admitted the mis selling this should go your way.
If you still belive this was mis sold, tell them that if you want to, this may help them change the decision on how this is paid, but do not guarantee this.

If you get the chance to browse through the threads you will find that there are many in the same situation.

Below is the link to how the FOS would work out the calculations, which should be the same as the company themselves.
This is the link that Maxdp posted on this site which is useful:
http://forums.moneysavingexpert.com/showthread.html?t=1596473

Maybe someone else will post up some useful advice for you, I do wish you all the luck in the world, please keep us posted.

Good one on the offer though.:beer:

bakerboy35

Thanks for that Di, i will have a look at threads and thanks for the link too

will keep you updated on how it goes

richmanu7

Bit of advice please.
Have a loan with Black Horse & PPI , The Ins was loaded up front & have got to the stage of sendingclaim to the ombudsman as they denied miss selling.
My ? is, they offered to cancel the PPI, loan has approx 4 years to go, and reduce the monthly payments (£50.00) or so, I was thinking of telling them to do this without prejudice to my claim for full back repayment of the PPI I have paid, my loan £11000 taken out July 2008.
Thanks for your help.

di3004

richmanu7 wrote: »

Bit of advice please.
Have a loan with Black Horse & PPI , The Ins was loaded up front & have got to the stage of sendingclaim to the ombudsman as they denied miss selling.
My ? is, they offered to cancel the PPI, loan has approx 4 years to go, and reduce the monthly payments (£50.00) or so, I was thinking of telling them to do this without prejudice to my claim for full back repayment of the PPI I have paid, my loan £11000 taken out July 2008.
Thanks for your help.

Hi there

You can write and try.
Do not ring them they may well try fobbing you off.

Give it a go, good luck.;)

bakerboy35

bakerboy35 wrote: »

Hi All, Just recieved a letter off Blackhorse. ;

As detailed in the terms and conditions provided to you when you took out your policy, the rebate which would be given in the event of early cancellation was based on a sliding scale as the potential amount payable under a successful claim would be greater at the begining of the loan. However, whilst we do not accept that the policy was mis-sold, as a gesture of goodwill, we are prepared to offer you a more favourable rebate which will be calculated on a pro-rata basis.

we will calculate the amount of your rebate on a pro-rata basis if you do decide to cancel your policy early, meaning it will be calculated on the actual amount of time you will have had the policy.

Should you wish to cancel your policy within the next 14 days we would expect you to recieve a rebate of approximatly £5,197.23 using the proportionate basis we are prepared to offer. if you do cancel your policy, your repayments will be £168.56 for the remainder of the agreement term.


Now whilst i appreciate their offer, i telephoned them to clarify how much the cheque would be,before i signed the acceptance letter, they said that i would not be recieving a cheque, but this would come off the total cost of the loan outstanding.
i have looked at my paperwork, and i pay £92 per month for the ppi, so they are basically saying that i will not get any money back, however the cost of paying back will reduce by only £79 !!

i would like to have all monies paid into the ppi plus interest back as this would really help at the moment but they are refusing that.

what do you guys think i need to do now?

any answers will be really helpfull

thanks

Having now sat down and worked out what it means to me, they are simply cancelling the ppi policy and not refunding any of the ppi paid so far!! that £5197.23 is what is left of the ppi policy to pay, not including the interest as well!
its a con as far as i can see, with a fancy worded reply, where we think we are getting a good deal, but we are not.

any ideas on what to do now?

dialysis

di3004 wrote: »

Yes we do need to do this, as that person have not been on here for yonks, so what do you think is the best thing from here?;)

Hi I agree what about all of us writing a letter to the FOS and the FSCS with our opinions and concerns, dont know wether that would work but any ideas from anyone would be great

dialysis

marshallka wrote: »

Just emailed the FOS with a copy of bank statement showing we are going overdrawn to pay our mortgage now so see whether that jogs them on. I have stated that although we are paying it we are by using credit as we have had numerous unexpected bill the last few months. We only pay interest too. I doubt it will do anything though but at least its made me feel better.

Hi Marshallka Hope this works for you and you get a bit of good luck with your claim. It is a tough and worrying time for you Take care

amersall

dpassmore wrote: »

Secue

Exactly the same happened with me (Re A&L PPI Reclaim).

I also had two letters from them explaining they had not reached a decision on my claim (well my daughters actually - I am acting on her behalf).

After the 8 weeks had lapsed, I sent another letter (recorded - essential) explaining that I would be prepared to wait another 7 days for a decision, otherwise I would be progressing the claim by requesting a SAR followed by a complaint to the FSO.

This communication (like yours) was ignored. I then rang A&L who obviously could not divulge information relating to my daughters account, however, I was able to inform the person on the phone that a SAR will be forthcoming and due to the procrastination and delaying tactics used by the bank, the complaint will be taken to the next stage (FSO).

That seemed to have had a laxative effect on the process as contact by telephone was made the following day from A&L and an offer - half of the premium paid was offered in writing the next day (which will not be accepted) .

I would suggest that persistence will pay off. Keep on their backs otherwise they will ignore or certainly delay. Telephone them (0800 1412176) this freephone number takes you direct to the team dealing with such matters.

Good luck!

DP

:rotfl::rotfl::rotfl:i wish all banks would get the laxative effect, they certainly had a lot of verbal diarrhea when selling ppi :D:D

marshallka

dialysis wrote: »

Hi Marshallka Hope this works for you and you get a bit of good luck with your claim. It is a tough and worrying time for you Take care

Thanks dialysis. Its far worse for you and i have now calmed down and just have to wait my turn I suppose. I just wish we could all do something for you matey.. its so blummin wrong what has happened with you.

I know there are others too in the same boat with Picture and have any of you thought about asking for martin himself's help. I wonder if he could do anything although I bet its all red tape and they would say "we are doing all we can".

stereo_mike

I see people are giving the FOS a bad time on here again. The one thing I would say is if you're not happy with how long the FOS are taking, then take it to court. However, you need to remeber that the FOS is free for consumers!!!!! You also have a higher chance of winning your case with the FOS so be patient!!!! I appreciate that some of you are in Hardship but this is taken into account not only when the FOS are looking at cases but also redress payments.

Cases that have taken up to 12 months is nothing, the longest one I have been involved with went on for 3 years!! Also don't rely on FOS upholds and redress to get you out of trouble with your debts, your complaint might not get upheld, then what are you going to do??

Enough ranting from me, now the good news.

FOS are upholding cases where successful claims have been made, therefore the comments made by Martin on the website are incorrect, if you have made a successful claim you can still claim for mis-selling.

Also the FOS are pretty much upholding cases for the same 3 reasons, so if you are submitting a claim to a lender, just use the points below.

1. Single premium offers no flexibility, and if you were likely to redeem your loan early, then a monthly policy should have been recommended. To be honest you don't even need to proove the loan was going to be re-paid early either.
2. The term of the policy not matching the term of the loan. Therefore when you come to obtain further cover you ae unlikely to be able to gain cover for medicial conditions that arose during the original policy, which you would have been covered for under a monthly policy.
3. You wanted to keep your monthly outlay to a minimum and therefore want the most cost-effective payment protection policy available (i.e. a monthly policy)

Hope this helps people with there claims.

Also Marshallka, FOS fees are paid once the case has completed.