PPI Reclaiming Discussion part 4

di3004

chickpee wrote: »

We have had the standard FSCS reply to an email querying what's happening with Picture basically saying they will send a decision regarding our claim asap.

I'm slightly worried that although our claim was upheld by the FOS that the FSCS won't take the same view. Does anyone have any thoughts on this? We have had some of the no claims bonus money sent to us but Picture were aware that the FOS were involved in a mis-selling complaint. They told us there was no point cancelling the insurance as our premiums would remain the same each month.

Anyway our reference is 20 so we will update when we get some news.

It's been a b****y long wait hasn't it :mad:

Hi hun.;)

I think they will more or less come up with the same view, did the FOS also pass on their details to the FSCS of their views?

Good luck with this and hope they pay out very soon.;)

di3004

sahra wrote: »

Hi, hope someone can help

I sent my first template letter to Barclays on 14 July, received a reply dated 21 July saying:
Dear xxxx,
We are sorry you had to contact us about the level of service you have received from Barclays. Blah Blah.
We are looking into your concerns and will let you have an amswer or update as quickly as possible, but no later than 12 August. etc etc.

Received the update this morning, letter dated 11 August!
Dear xxxx,
In our previous letter we promised to keep you updated on the progress of our investigation.
To help us resolve the matter we need to contact various areas of the bank to gather further information. When we have this information we will be able to provide you with a full response to your complaint.
We remain committed to resolving your complaint as quickly as we can and will contact you again on 10 September. etc.


Are these replies normal ? I thought they would have been a bit more specific
In the second letter they say they will contact us on a specific date, will they phone me?:eek:

Thanks

Hi there,

I think this may be the way this bank investigates their complaints.

They have kept you updated but if you feel like its going on and on, contact the FOS and ask them if they think you should move this on to them now or not, normally if the 8 weeks have passed and you hear nothing you can move on, but the FOS may say because you have been kept posted, to see what happens on 10th Sept, then take it from there;.

Hope they deal with it very soon for you, good luck.

Turboman

barloo69 wrote: »

Many thanks Turbo for pointing out my calc error (whole premium NOT the PPI amount, doh!!!)

Whilst I got you, surely the settlement figure would have included the PPI premium plus the interest so regardless of the fact that is has been settled early, effectively the customer has still paid for it when he settled. ......clear as mud ?!!???!!!

Ciao for now.

Hi

You actually got the right Monthly premium--you just did a typo on the total amount div by 84

The % calcs though are PPI div (ppi+Loan) and Loan Amount div (ppi+loan) which give different %ges (I'll lay it out tonight-got to fly-BFN)

chickpee

di3004 wrote: »

Hi hun.;)

I think they will more or less come up with the same view, did the FOS also pass on their details to the FSCS of their views?

Good luck with this and hope they pay out very soon.;)

We sent the findings of our complaint to the FSCS but I understand that the FOS did that too.

Anyway hopefully not too much longer to wait - thanks for your reply :-)

Portofino_2

Can you post up the Cancellation Clauses from your Loan Agreement via Scan/Photobucket or just type them out.
Similarly the Cancellation Clauses from your PPI Policy Documentation.

Will post back later tonight with figures

The problem with these paid-up loans is separating the PPI & Advance settlement figures.--although I'll ratio it tonight

When you ask for a settlement figure to pay off a loan, the lender adds some extra for his lack of future interest & admin.--fair enough if a moderate amount you might concede.

There are various ways of doing this and some generous lenders only charge you (say) an extra months interest, some work it out using a method detailed in your T&C's known as Rule of 78 or the newer Actuarial Method. Both of these last methods are complicated to understand the detailed mechanics-but basically in the early part of the loan, these methods give larger additional "added overheadfigures" than near the middle to end (relatively)

Just quickly (I may be wrong so got to check) I think you have had to pay about £600 more than the current outstanding balance after 9 payments at these interst rates-so later on we'll try & separate the settlement part of the PPI part of the loan.

Whether the actual settlement figure on the loan advance worked out according to your T&C's is punitevely high or generously low will not concern us in this analysis--that issue is subject to another discussion re Settlement Rebates etc---which does not interest me.

Thanks Turbo. Unfortunately I don't have all the paperwork. Just the CA but I have sent off a SAR so will have it eventually. I don't want to waste your time atm without this info but THANKS so much for replying.

When I get the info maybe I could come back to you?

sahra

di3004 wrote: »

Hi there,

I think this may be the way this bank investigates their complaints.

They have kept you updated but if you feel like its going on and on, contact the FOS and ask them if they think you should move this on to them now or not, normally if the 8 weeks have passed and you hear nothing you can move on, but the FOS may say because you have been kept posted, to see what happens on 10th Sept, then take it from there;.

Hope they deal with it very soon for you, good luck.

Thanks for your reply
I'm happy so far with the time length of their responses, I just wondered if they were the normal replies as they seemed a little vague and maybe I'd sent my complaint to the wrong people at Barclays .
I'll hang on til Sept.
Thanks

nembot

sahra wrote: »

Thanks for your reply
I'm happy so far with the time length of their responses, I just wondered if they were the normal replies as they seemed a little vague and maybe I'd sent my complaint to the wrong people at Barclays .
I'll hang on til Sept.
Thanks

I've got the same problem with Barclays, then told me it'll be 7 months before they either resolve or provide a final response. Surely the guidelines of 40 days to provide a final response should be followed, think I'll contact the FOS as suggested and see what they say.

The customer relations advisors are citing the huge number of complaints for the delay, to which I responded if the bank hadn't mislead people into taking this insurance they wouldn't be in this position. Whether they have sufficient resources or not is irrelevant to the complaints best practice as detailed by the FOS and OFT.

I'm very tempted to write to Watchdog and my local MP, find the whole debacle totally frustrating.

nem,

sadfurry

I am not sure how to check the reply I have had, and need pointing in the right direction.

I sent the first letter, an Egg loan, and got receipt acknowledgement by return. A few days later I got another letter saying they were repaying me, and a cheque would be sent. Nice, very nice, and quick, :beer:

but....

the letter says, 'PPI premium added in 2004 was £3878.54. When the policy was cancelled in 2006 a partial rebate was applied to the loan account of £1586.82, so we have refunded the difference of £2091.72 plus £969.89 interest. Paid off the loan, and a cheque for the difference'

I have no memory of cancelling the policy in 2006, mainly because I was totally unaware I was paying PPI policy till I got (the first ever!) annual statement in June this year. I have no memory of anything being taken off the account either. And more importantly the statement (and my online account) has a sum of £3878.54 on it, not £2091.72.

The letter states it has closed the complaint as resolved, and to pursue further I need to use the FOS. But can anyone tell me where can I find out the evidence that this £1586.82 was never taken off the account, and how do I check that the amount of interest is correct?

di3004

sadfurry wrote: »

I am not sure how to check the reply I have had, and need pointing in the right direction.

I sent the first letter, an Egg loan, and got receipt acknowledgement by return. A few days later I got another letter saying they were repaying me, and a cheque would be sent. Nice, very nice, and quick, :beer:

but....

the letter says, 'PPI premium added in 2004 was £3878.54. When the policy was cancelled in 2006 a partial rebate was applied to the loan account of £1586.82, so we have refunded the difference of £2091.72 plus £969.89 interest. Paid off the loan, and a cheque for the difference'

I have no memory of cancelling the policy in 2006, mainly because I was totally unaware I was paying PPI policy till I got (the first ever!) annual statement in June this year. I have no memory of anything being taken off the account either. And more importantly the statement (and my online account) has a sum of £3878.54 on it, not £2091.72.

The letter states it has closed the complaint as resolved, and to pursue further I need to use the FOS. But can anyone tell me where can I find out the evidence that this £1586.82 was never taken off the account, and how do I check that the amount of interest is correct?

Hi there.;)

Personally if this was me and not too sure, I would request a Subject access Request (SAR), if you have not done so yet, the thing is they have 40 days to comply,so whether not they will give you time to consider this by then I do not know. You could ask if you can have some extra thinking time because your getting someone to check this for you.

There is a charge though of £10 cheque or postal order for this request, but it maybe worthwhile, the information should enclose all they have on you and any cancellations and so on which should be a help to your case.

For the SAR template here:
http://forums.moneysavingexpert.com/showthread.html?t=1475553
Post recorded delivery for your proof of posting.

Hope this helps you, good luck.;)

toriitom

Hi Everyone,

I regularly read Martins Newsletter and I rarely post on the forums as I usually can find the information I want from other postings. This time I’m stuck; I have searched and I am unable to find the answer to my problem. I am hoping that someone will be able to guide me through the final part of my claim.

I took out a loan of £10000 in January 2005. At that time, I was not working but the salesperson did not bother to check.

Initially the Lender refused to entertain my claim saying that all their staff is so well trained that they would not have missed asking the question. Also, they stated that when I signed the forms for the loan, I should have read all the information regarding the loan and the PPI.


When I started to chase the Lender for the return of the PPI, I realised that the Lender had added the PPI charge to the loan capital and then charged me 5.9% APR on the whole sum, i.e.

£10000 + £2487.80 = £12487.80 @5.9%APR = £14397.00 / 60 = £239.95 pm.


After proving to the Lender that I had not been working for a number of years they have agreed to repay me the PPI but their figure is £19##.## about £500 less that what they initially added for PPI.


My dilemma is (1.) which figure do I claim back; is it the £2487.80 (PPI) or £2867.99 (PPI + 5.9%) and (2.) can I charge them the 8% interest on the PPI (which ever one is right)?


If someone with the knowledge of these matters could assist me I would be forever grateful.

Tom