PPI Reclaiming Discussion part 4

di3004

pinknico wrote: »

Its nots good enough Dialysis, you shouldnt have to be chasing them with 3 phone calls.

I agree Pinknico, it's just not on. XX

busbyh

dialysis wrote: »

Hi just phoned deloitte again got american womans answerphone again:mad: so it asked me if I wanted to speak to her assistant which I did who put me through to someone called Tom again an answerphone which told me he would ring me back we will live in hope I am not holding my breath, I think as soon as they hear the words Picture Financial they wont ring back.:mad:

as FSCS are paying Deloitte for the service I would ring them and complain.:mad:

pinknico

Hello busbyh, sitting on my hands here trying not to ring Deloitte or the FSCS to see if they are processing my claim yet!

busbyh

pinknico wrote: »

Hello busbyh, sitting on my hands here trying not to ring Deloitte or the FSCS to see if they are processing my claim yet!

I know it's scary, isn't it. We are afraid of the answer:eek:

laalaa41

Can I ask this question - although I think I have before? Back in the day, when everyone was encouraged/cheated into/bullied into taking out PPI what WAS the point of it? What IS the point of high APRs for poor/higher risk people? I understood these things were supposed to mitigate against banks' risk. Are we blaming the wrong people? Is it the insurance industry that has left banks high and dry?

Then can we say APRs being charged in accordance with what you are able to pay so that a builder's labourer would pay 8% and the merchant banker 39.9%?

I can dream can't I?

janey17

janey17 wrote: »

Hi all, first time on this thread!!

LTSB are looking at my complaint today, well thats what I've been told. Just wondered is the way you calculate ppi refunds the same way that you do for ccards? 8% on each payment x number of years? using the refund calculator on this site?

Thank everyone just wanted to get an accurate figure in mind for when they get back to me.

I've just got a rejection letter off LTSB saying it was an online application and I sold this to myself before FOS regulations came into force. The cca was opened in 2001. I dont have terms or conditions at all, just a tampered application form. These are my reasons:

This is application form consists of multiple agreements. You will note there is a crossed ticked. No signature from myself. I cannot remember being able to opt out of this card protection plan online.
2. After the application became active no members of Staff from Lloyds TSB either via phone, letter or branch visit ever explained the features of the policy, including details of cover and any possible exclusions and whether this would be applicable to myself.
3. To this date and despite a recent SAR request, I have never been provided with any policy documentation, or letters explaining the Payment Protection Insurance cover.
4. I would like to refer to my application form (This is the only copy of an agreement that the Card Services Department hold on me- you will note there are no terms and conditions or nothing on payment protection that advise that this can be cancelled- it only states that I can cancel the credit card application (not ppi) with a short time- but no days etc)
5. I was not aware that these premiums could be cancelled at anytime until Lloyds TSB themselves cancelled these in 2005
6. At time of taking out the credit card I did possess life insurance, this can be seen on my Select Account statements as I transferred the direct debit from another bank to Lloyds TSB within the first half of 2002 after having the policy for a few years prior to this. I have never been asked whether I had such insurance and therefore should this have happened, it would have been noted that this policy would not have met my needs and would therefore be of no value to me.


Should I go direct to FOS?

Charliemeg_2

stereo_mike wrote: »

This doesn't sound like they have offered you the premium back, but instead they have offered you the interest which you have incurred due to the policy premium being paid in August 2006, and I assume added to a loan?? I assume as your policy has yet to commence (september 2009), they have advised you to go to Adminicle as you can get a full refund of the premium from them as you are still technically within the cooling off period??

Thank you di3004 and stero_mike for the advice and yes I have their admittance in writing and I quote from their letter “I don’t believe it was suitable to add this policy to your mortgage.“


I think I may have got my last post a bit muddled, so sorry in advance. L & G have offered me their estimation of the interest I have paid (£630.45) since the premium was added to our mortgage in 2006 and that’s all. They enclosed an Acceptance form for that amount. They also wrote on the letter that we could cancel the policy by calling Assurant (which we did and they are now called Adminicle) and that we should be entitled to a full refund of the premium (£4,560.00) as the policy was not due to commence till September 2009. Adminicle told us to put the cancellation in writing that’s all.

This is the bit I need the advice on as I’m not sure what to ask for and which company to ask it from.

Do I ask Adminicle, not only for the cancellation of the policy, full premium (£4.560.00) refund, interest on the full premium over 3 years that I would have had if it had been in my bank account and 8% interest on top which would be awarded by a court for being denied use of the money over the three years.

Or as L & G have already admitted I was wrongly sold their policy and they have offered the interest only (£630.45) do I ask them for all the interest instead of Adminicle. Or am I totally wrong in what I think I can ask for?

I know this sounds so complicated but I’ve never come across anyone who has had their premium held and not used for this amount of time. I have contacted L & G (their Sales & Complaint Consultant who made the offer and dealt with our complaint) since receiving their letter to ask basically if that was all they were going to offer and she gave the impression that she was totally appalled that I had even asked.


Thank you for any advice in advance.

pinknico

Charliemeg if no one on here comes back with an answer call the FOS and they should be able to advise which company you chase for this.

stereo_mike

Charliemeg wrote: »

Thank you di3004 and stero_mike for the advice and yes I have their admittance in writing and I quote from their letter “I don’t believe it was suitable to add this policy to your mortgage.“


I think I may have got my last post a bit muddled, so sorry in advance. L & G have offered me their estimation of the interest I have paid (£630.45) since the premium was added to our mortgage in 2006 and that’s all. They enclosed an Acceptance form for that amount. They also wrote on the letter that we could cancel the policy by calling Assurant (which we did and they are now called Adminicle) and that we should be entitled to a full refund of the premium (£4,560.00) as the policy was not due to commence till September 2009. Adminicle told us to put the cancellation in writing that’s all.

This is the bit I need the advice on as I’m not sure what to ask for and which company to ask it from.

Do I ask Adminicle, not only for the cancellation of the policy, full premium (£4.560.00) refund, interest on the full premium over 3 years that I would have had if it had been in my bank account and 8% interest on top which would be awarded by a court for being denied use of the money over the three years.

Or as L & G have already admitted I was wrongly sold their policy and they have offered the interest only (£630.45) do I ask them for all the interest instead of Adminicle. Or am I totally wrong in what I think I can ask for?

I know this sounds so complicated but I’ve never come across anyone who has had their premium held and not used for this amount of time. I have contacted L & G (their Sales & Complaint Consultant who made the offer and dealt with our complaint) since receiving their letter to ask basically if that was all they were going to offer and she gave the impression that she was totally appalled that I had even asked.


Thank you for any advice in advance.

The type of policy you have been sold is known as a forward sold policy, basically you pay for the cover in advance to secure rates, and usually some sort of discount on the premium. Due to the huge rate rises that have happened recently in the market, the type of policy that was sold to you would nowadays seems quite good, as you would be unlikely to get the same amount of cover now for the same price.

I take it the interest that they are offering you is at your mortgage rate?? Therefore the maximum you would get back is £630.45 plus an extra 8% on the payments made since August 2006, which equates to approximately an extra £77.75.

The issue with asking for 8% interest now is changing slightly as there is no way that you could could get a return of 8% from putting your money in a bank account, which is basically what a court and the FOS used to compare it against. Many company's are coming wise to the fact that 8% is unrealistic

You need to go after L&G for the money as they are investigating your complaint

di3004

janey17 wrote: »

I've just got a rejection letter off LTSB saying it was an online application and I sold this to myself before FOS regulations came into force. The cca was opened in 2001. I dont have terms or conditions at all, just a tampered application form. These are my reasons:

This is application form consists of multiple agreements. You will note there is a crossed ticked. No signature from myself. I cannot remember being able to opt out of this card protection plan online.
2. After the application became active no members of Staff from Lloyds TSB either via phone, letter or branch visit ever explained the features of the policy, including details of cover and any possible exclusions and whether this would be applicable to myself.
3. To this date and despite a recent SAR request, I have never been provided with any policy documentation, or letters explaining the Payment Protection Insurance cover.
4. I would like to refer to my application form (This is the only copy of an agreement that the Card Services Department hold on me- you will note there are no terms and conditions or nothing on payment protection that advise that this can be cancelled- it only states that I can cancel the credit card application (not ppi) with a short time- but no days etc)
5. I was not aware that these premiums could be cancelled at anytime until Lloyds TSB themselves cancelled these in 2005
6. At time of taking out the credit card I did possess life insurance, this can be seen on my Select Account statements as I transferred the direct debit from another bank to Lloyds TSB within the first half of 2002 after having the policy for a few years prior to this. I have never been asked whether I had such insurance and therefore should this have happened, it would have been noted that this policy would not have met my needs and would therefore be of no value to me.


Should I go direct to FOS?

Hi Janey,

Yes now go to the FOS, they were still covered on that date, like mine was a sale in 2001 as well.
With it being a bank you will be fine, so go for it.;)