PPI Reclaiming Discussion part 4

skintmumofone

I just received my final response from FP two of them, one which they are denying to acknowledge they are liable and the 2nd one which they say they are prepared to offer a refund.

I want to reply to them about the first one saying I am not happy with the outcome and want to say I want the money but not sure how or what to say. Can anyone help me please?

amersall

skintmumofone wrote: »

I just received my final response from FP two of them, one which they are denying to acknowledge they are liable and the 2nd one which they say they are prepared to offer a refund.

I want to reply to them about the first one saying I am not happy with the outcome and want to say I want the money but not sure how or what to say. Can anyone help me please?

well done to you, was this mis sell? if it was they should pay you both, if this is the final response take it to fos, they are pulling a fast one here and hope you will accept and go away. please dont let this drop take it as far as you can

skintmumofone

amersall wrote: »

well done to you, was this mis sell? if it was they should pay you both, if this is the final response take it to fos, they are pulling a fast one here and hope you will accept and go away. please dont let this drop take it as far as you can

Their reply.....

Thank you for your letter regarding the Payment Protection Insurance (PPI) policy applied to your secured loan.

Firstly, I would like to say how sorry I am to hear that you are dissatisfied with the service that you have received from Loans.co.uk. We pride ourselves on the high levels of service that we provide to our clients and with this in mind, the issues that you have raised are taken extremely seriously.


Having reviewed your file and completed our investigations, Loans.co.uk have come to the conclusion that the allegations that the Payment Protection Insurance policy was mis-sold are denied. Nevertheless, without any admission of liability and as a gesture of goodwill, we are prepared to offer a refund.

To ensure that we make the correct level of payment to settle the complaint, we require additional time to contact the lender and validate the amounts payable to you and/or your account. Please allow us time to do this and be assured that the refund will be made as soon as we are in receipt of the information from your lender. I will contact you again in due course to confirm the amount to be refunded.

I confirm that this is our final response on the matter. If you are dissatisfied with this final response, you may refer your complaint to the Financial Ombudsman Service, within six months of the date of this final response letter. Their address is as follows:

Financial Ombudsman Service
Customer Contact Division
South Quay Plaza
183 Marsh Wall
LONDON
E14 9SR

I have enclosed a copy of the Financial Ombudsman Service booklet for your information.

skintmumofone

Their 1st reply

Thank you for your letter regarding your Payment Protection Insurance (PPI) policy.

In your letter you have expressed your dissatisfaction with the policy that was offered by Loans.co.uk in connection with your secured finance.

Firstly, I would like to say how sorry I am to hear that you are dissatisfied with the service that you have received from us. At loans.co.uk we pride ourselves on the high levels of service that we provide to our clients and with this in mind, the issues that you have raised are taken extremely seriously.

I would like to take this opportunity to confirm that the sale of the PPI took place under a non-advised sales environment in June 2006, I have specifically highlighted this, so you can understand that the appropriate procedures at that time were followed.

A full and detailed investigation into the whole aspect of the sales process of your PPI has been completed. I am pleased to confirm the call has been available for me to listen to; I have outlined my findings below.

At the time of applying for the loan, LCUK provided you with the option of one insurance policy, which was provided by the lender First Plus. After listening to the loan application call, dated 17 June 2006, it is apparent that all necessary legal requirements in place at that time were followed precisely. To follow in due course will be a disk containing the call. Upon receipt of this disk, please email me at [EMAIL="anna.graham@bankofamerica.com"]anna.graham@bankofamerica.com[/EMAIL], for the password to listen to the call.

After reading through your letter, I note that you claim that the sales person stated/implied that taking out the policy would assist my credit application, were very pushy in selling me the PPI so that I felt I could not say no, did not tell me that the policy was optional, and they did not give me the full information on what the policy would not cover, i.e. term of cover. You also state that only you, Mrs Steen was covered and Mr Steen is not covered at all, however you were under the impression that all parties were equally entitled to the insurance cover. After listening to the call, I am confident that the PPI was discussed in great detail. The associate provided the following information, all of which you notably understood in many different areas of the call.

• The associate confirmed the PPI was optional,
• Repayments with and without PPI were provided, she stated “the repayments without insurance is £398.96”
• The features and benefits of the product were discussed. The following transcript shows that you were given the choice of who was covered by the insurance policy

Time into call (16.24)
Associate: And who would you be looking, erm, to insure as the primary applicant for the full cover?
Customers: Erm, probably myself.
Associate:Ok, Right.

• The main exclusions of the policy were covered
• Details relating to the policy being a single premium, that attracted interest, were covered
• The term of the PPI was discussed she stated “it covers you for the first five years of your loan”
• The associate confirmed full policy documents would be sent out, for careful consideration before the customer agreed to the PPI
• The cancellation and rebate terms were covered.

You will note that throughout the call you confirmed that you understood the information being provided.

It is clear that you did not oppose the sale of the PPI and you were most certainly happy to progress through the application with the PPI included within the loan, and during the call you said “I’d prefer it with the cover”. The associate had provided all of the relevant information pertaining to the PPI; therefore you continued to make your own informed choices.

A Personal Illustration and policy summary were sent to you following this call which detailed the total cost of the policy over the term of the loan. You received these before the completion of the loan for his consideration, by signing and returning the Credit Agreement they were also confirming that he had received, read and understood all other policy documents.

Summary

I have fully investigated this complaint and have found no evidence to suggest that the PPI policy was mis-sold to you. I have reviewed the complete process involved in the sale of the PPI including all of the documents provided in relation to your specific complaint. I am confident that you were provided with sufficient information during the sales call and before the policy was concluded to allow you to make an informed choice about whether to purchase the policy. The decision to proceed with the policy was made by you and no advice was provided.

I am aware that my response may not meet your expectations, however, having reviewed the details of this case I am satisfied that the correct decision has been made and the appropriate procedures followed. It therefore appears that we have now exhausted our internal complaints procedure. Consequently, this is our final response. If you are still dissatisfied with this final response, you may refer your complaint to the Financial Ombudsman Service, within six months of the date of this final response letter. Their address is as follows:





Financial Ombudsman Service
Customer Contact Division
South Quay Plaza
183 Marsh Wall
LONDON
E14 9SR
We will not enter into any further correspondence regarding this matter, unless instructed to do so by the Financial Ombudsman Service.


I have two loans with them, and am not sure which one they mean as the 1st one was taken out on my name only and the 2nd was joint.

Any suggestions to what I should reply to them?

or shoudl I just take it to the FOS?

amersall

skintmumofone wrote: »

Their reply.....

Thank you for your letter regarding the Payment Protection Insurance (PPI) policy applied to your secured loan.

Firstly, I would like to say how sorry I am to hear that you are dissatisfied with the service that you have received from Loans.co.uk. We pride ourselves on the high levels of service that we provide to our clients and with this in mind, the issues that you have raised are taken extremely seriously.


Having reviewed your file and completed our investigations, Loans.co.uk have come to the conclusion that the allegations that the Payment Protection Insurance policy was mis-sold are denied. Nevertheless, without any admission of liability and as a gesture of goodwill, we are prepared to offer a refund.

To ensure that we make the correct level of payment to settle the complaint, we require additional time to contact the lender and validate the amounts payable to you and/or your account. Please allow us time to do this and be assured that the refund will be made as soon as we are in receipt of the information from your lender. I will contact you again in due course to confirm the amount to be refunded.

I confirm that this is our final response on the matter. If you are dissatisfied with this final response, you may refer your complaint to the Financial Ombudsman Service, within six months of the date of this final response letter. Their address is as follows:

Financial Ombudsman Service
Customer Contact Division
South Quay Plaza
183 Marsh Wall
LONDON
E14 9SR

I have enclosed a copy of the Financial Ombudsman Service booklet for your information.

take it to fos, they are extracting the urine, why offer you a good will gesture if you were not mis sold? you go to fos and dont let this drop.where in the above letter does it say you agreed to a front loaded insurance that will be added on in one lump sum and you would end up paying that till the end of the loan? get both loan details and put a claim to fos about both, there is no way they gave you all information regarding the ppi that is b*ll *hit they are talking c*ap keep us posted and good luck

skintmumofone

am a bit lost with all this jargon and at first thot oh good I am getting it back I have calculated what I have paid on the 1st loan and how much the PPI was the settlement figure etc and it certainly doesnt come to what they paid for my 2nd loan should I break it down and send them it or just pass to the FOS.

skintmumofone

amersall wrote: »

take it to fos, they are etracting the urine, why offer you a good will gesture if you were not mis sold? you go to fos and dont let this drop. keep us posted and good luck

I thought it was too good to be true!

Yeah I thought that why are they offering me a refund if they arent admitting it was mis-sold. Oh the joys!

I hope the FOS can deal with it quicker than LCUK have!

Mind you I wouldnt hold my breath - do I wait for their offer or go with the FOS now?

amersall

their offer will only be a small portion of the ppi, (fp do 78%) that they will refund to you. your ppi will then be cancelled and you will not see a great reduction on your monthly payment but you will still have to pay the remaining ppi over the terms of the loan, with both loans if you win mis sell you get the ppi taken off the loan and your payment will be reduced by what ever the ppi monthly payment is, plus you get all ppi payments made to date and 8% interest on top of that, you can wait to get the disk and the offer and then take it from there, you will then have more evidence to send to fos

skintmumofone

amersall wrote: »

their offer will only be a small portion of the ppi, (fp do 78%) that they will refund to you. your ppi will then be cancelled and you will not see a great reduction on your monthly payment but you will still have to pay the remaining ppi over the terms of the loan, with both loans if you win mis sell you get the ppi taken off the loan and your payment will be reduced by what ever the ppi monthly payment is, plus you get all ppi payments made to date and 8% interest on top of that, you can wait to get the disk and the offer and then take it from there, you will then have more evidence to send to fos

Thanks Amersall

I will wait til I receive the offer and the disc then get my letter ready for the FOS, do you think it is worthwhile writing to them stating the above? And maybe see if they are going to back down or maybe just wait and go to the FOS. I have calculated everything I think I am due.

If I took the loan out in 2006 and paid this from say July 2006 to now which is 3 yrs is the 8% only for the total amount you have paid or is it 8% per year for the interest? I have read different stories on here that say its 8% but others that say its 8% per year that you paid the loan for?

Need to get all the answers before I write to the FOS.....oh the joys!:D:eek:

fbredenkamp

Hi,

I have sent Barclaycard a letter regarding miss-selling of PPI using the templates found on this wonderful site.

The thing is Barclaycard took over Morgan Stanley cards, which mine was originally with.

They have replied to me with a Payment Protection Insurance Complaint Customer Questionnaire.. (yeah, that is the full name)

They have all sorts of silly questions really. Policy Number, Date of Policy Telephone Numbers, etc

Then the reason for my complaint. I already stated the reason in my first letter. To tell you the truth. I had NO idea that I had PPI and when I saw it on my statement I assumed that it was part and parcel of the card. It was only later after reading about it that I realised it was optional.

What do I answer to these questions?

How did you purchase the PPI?
Where you informed of the 30 day cancellation?
Can you recall what info you were told during the sale of the ppi?

The one that throws me the most is : Are there any other pertinent facts why you should not have taken out the cover? (What is this suppose to mean?)

Then there are questions about disability, existing medical condition.

I have never claimed and to be honest, like I said, I can not even recall that I ever agreed to this as when I saw the extortionate amount that I have been paying over the last 4 years, in the region of £1200, I felt a bit cheated really.

Now it's like I am being interrogated. How do I answer these questions without sounding like an idiot? I genuinely can't recall agreeing to ANY of this let alone the date it was taken out. I saw on my statements that it started in the first month if me opening the account and I can recall applying for the card via a "brochure" type junk mail thingy they sent addressed to me.

Can anyone give me pointers how to approach this, has received this questionnaire? It would be much appreciated. As I think this is another psychological ploy by the bank to put you off completing the claim.

Thanks for your time in advance.