PPI Reclaiming Discussion part 4

di3004

booi666 wrote: »

well hello everybody xxx

Blimey Boo where have you been?:eek: Have not seen you since FB lol
Hope your well hun and just to let you know as well, you can post on the Non PPI discussion thread......:DXX

di3004

Portofino wrote: »

Thanks Di! :j

Your welcome :j;)

amersall

booi666 wrote: »

well hello everybody xxx

hi there. glad your back, hows tricks?

SootSoot

I sent a 1st letter to First direct as they provide the Loan that Zenith sold me. I complained on the basis that the saleman was pushy and had no financial training and that the ppi only covered 5 years.

They have written back saying that they have passed the complaint onto Zenith Windows. However, I thought Zenith have gone bust?

What do I do next then? They also sent me a copy of my agreement, which I have the original of, but on their copy the ppi protection but has been scribbled out where he had ticked the 'yes'. I have been paying for the ppi with the loan since it started in 2004. The PPI (£700) was added to the total loan.

Any help would be appreciated as I have searched threads and people have had a similar situation but nobody has replied to them after they have been referred by First Plus.

Thanks in advance .

di3004

SootSoot wrote: »

I sent a 1st letter to First direct as they provide the Loan that Zenith sold me. I complained on the basis that the saleman was pushy and had no financial training and that the ppi only covered 5 years.

They have written back saying that they have passed the complaint onto Zenith Windows. However, I thought Zenith have gone bust?

What do I do next then? They also sent me a copy of my agreement, which I have the original of, but on their copy the ppi protection but has been scribbled out where he had ticked the 'yes'. I have been paying for the ppi with the loan since it started in 2004. The PPI (£700) was added to the total loan.

Any help would be appreciated as I have searched threads and people have had a similar situation but nobody has replied to them after they have been referred by First Plus.

Thanks in advance .

Hi there.;)

Acccording to Companies house Zenith Windows are still active.

Name & Registered Office:
ZENITH WINDOWS LIMITED
THE PHOENIX CENTRE, ROAD ONE
WINSFORD INDUSTRIAL ESTATE
WINSFORD
CHESHIRE
CW7 3PZ
Company No. 06406292

Status: Active I would check to make sure its the same company number, but I expect it is.

May I ask where you heard they gone bust.

How far have you gone with these?
Have you actually started the letter to reclaim yet?

Or I take it you have not because you heard they went bust.

I would then otherwise write to them and reclaim on this with your reasons, give them 8 weeks to respond, keep at them until they resolve or until they issue you with the final decision, which should also enclose details of the financial ommbudsman service (FOS), you should be able to take your complaint to them if your not happy with the outcome.

Do not worry about writing the amounts down, but post by recorded delivery, good luck.

For more info check this link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

If you have akready done this, and they have not resolved by 8 weeks then move on to the FOS, good luck.;)

marshallka

Portofino wrote: »

Hi all.

I have received a letter from HBOS saying that they will put me in a position of never having taken out PPI re an old loan. Does anyone know how they calculate the interest on that?

Thanks!

I take it you mean the statutory interest here?? If it is then it can be mostly simple interest and that is worked like this. They work out the redress (put you back into the position as if you never had the loan) and then they take the date you settled it and add 8% interest onto it per annum. You can work this yourself if you know what the amount of the redress is from the banks charges calculator on here. Just enter the amount they are refunding you and the settlement date and then click calculate and it gives you the interest to date.

http://www.moneysavingexpert.com/reclaim/bank-charges


Half way down the page is the calculator.

goaliesmum

Hi everyone

I took out a Barclayloan in August 2005 for £12800 to consolidate debts, this was arranged over the telephone when I rang to increase my overdraft (bank with Barclays)

I made notes on a bank letter while on the phone, the bank person gave me the amounts to pay the amount off over 5 6 or 7 yrs and I made a note of these amounts, went for the 7yr option £316.72.

In August this year I received my 1st ever loan statement, they have to provide them now apparently, it shows the PPI separately as PPI Premium loan and the loan amount as cash loan, this was the first time I realised I was paying for this.

So I just have dug out my loan paperwork and this PPI is shown, however when I received the loan paperwork I just looked at the payment amount and it matched what we discussed on the phone so looked no further, it was all arranged and money in bank

Amongst this paperwork is a statement of needs and points that were noted during the loan discussion and they are suggesting I take out PPI from their interprtation of my answers and it implies I was in agreement

However my argument is that I was not given any breakdown of figures when arranging the loan and was not aware I was having a discussion to purchase PPI, why when I am consolidationg debt would I add another £6600 to my load :rolleyes:, I would never have agreed if it had been explained.

I intend to claim misselling based on this, I did not reaslise I had it so it could not have been explained correctly and was not aware during the discussion because no breakdown of figures were given for this insurance

Any thoughts, I'm really mad with myself that I didn't spot this at the time but I was in such a tizz with money and just glad to have got the loan sorted I never checked through the paperwork.

I feel like I am going to fall at the first hurdle on this one

Thanks in advance for any views

di3004

goaliesmum wrote: »

Hi everyone
Hello there.;)

I took out a Barclayloan in August 2005 for £12800 to consolidate debts, this was arranged over the telephone when I rang to increase my overdraft (bank with Barclays) It may be a good idea to request a copy if you can for the copy of the telephone calls, hopefully they will provide these free to you on request.
With it being a telephone purchase, hopefully it was recorded, this should also help with your case.

I made notes on a bank letter while on the phone, the bank person gave me the amounts to pay the amount off over 5 6 or 7 yrs and I made a note of these amounts, went for the 7yr option £316.72.
Good for you for doing this. You may need to refer to them at a later date, for instance if you take your complaint to the Financial ombudsman service (FOS).

In August this year I received my 1st ever loan statement, they have to provide them now apparently, it shows the PPI separately as PPI Premium loan and the loan amount as cash loan, this was the first time I realised I was paying for this.
Yes that is correct, they do have to provide these statements now.
Glad you have this now to prove that you have been paying out on this, although you did not request for this.
Have you the agreement for this loan as well?
If so the PPI if this was agreed should be shown on this, they should have provided you with this when this loan was taken out.
You could try asking for this agreement if you do not have this, if this account is still running they should supply if you write to them and enclose a £1 postal order or cheque payment, they should supply by 12 days of request.

So I just have dug out my loan paperwork and this PPI is shown, however when I received the loan paperwork I just looked at the payment amount and it matched what we discussed on the phone so looked no further, it was all arranged and money in bank
Hmm so they must have included the PPI in with the loan on the sale or purchase then, but did not mention this, am I correct in thinking this?

Amongst this paperwork is a statement of needs and points that were noted during the loan discussion and they are suggesting I take out PPI from their interprtation of my answers and it implies I was in agreement
Can you remember this on the sale of the purchase?

However my argument is that I was not given any breakdown of figures when arranging the loan and was not aware I was having a discussion to purchase PPI, why when I am consolidationg debt would I add another £6600 to my load :rolleyes:, I would never have agreed if it had been explained.
From what I can make out of this then, they added the PPI to the loan, they did not mention the PPI, and added this without your knowledge, obviously you would not have agreed it otherwise.

I intend to claim misselling based on this, I did not reaslise I had it so it could not have been explained correctly and was not aware during the discussion because no breakdown of figures were given for this insurance
I agree, go for it.
I take it though you have obviously not made a successful claim, such as for sickness etc?
Then go for it.

Any thoughts, I'm really mad with myself that I didn't spot this at the time but I was in such a tizz with money and just glad to have got the loan sorted I never checked through the paperwork.

I feel like I am going to fall at the first hurdle on this one

Thanks in advance for any views

Personally I would write to them and complain on this, with the reasons you have stated, they have 8 weeks to respond in full keep at them until they resolve in your favour, or until you receive the final decision, this should also enclose details of the FOS, you can take your complaint to them if your not happy with the outcome.

Post by recorded delivery, and do not worry about writing the amounts on the letter.
For more info check this link below:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will find some useful info on the above link with templates etc.

If your require any further help please post up and also please keep us posted, cheers, good luck.;)

booi666

amersall wrote: »

hi there. glad your back, hows tricks?

Thanks peeps well everything couldn't be better but ill post on the other doofer!:rotfl:

goaliesmum

Thanks for the response di3004

Good idea to request the call log. I do have a copy of the agreement, nope made no claims, didn't know I had it and thankfully not had any need for a claim.

The salesperson only mentioned the single repayment amounts over 5 6 or 7 years, I took this to mean for the loan, it was never stated, so much for loan so much for insurance.

I honestly cannot remember agreeing to the insurance, I have always been set against them since BOS insisted I had to have it to qualify for loan, another one to claim.

The statement of needs says

You have told us that:

You are full time employed

Your current employment would provide sufficient income to maintain both your lifestyle and repay your borrowing in the event that you are unable to work through accident or sickness

Your current employment would not provide sufficient income beyond 1-4 wks to maintain both your lifestyle and repay your borrowing in the event that you are unable to work through accident or sickness (not true, have good long term job with good sickness package)

You do not have insurance cover for repayment of your borrowing in the event of unemployment sickness accident

You have told us you have the following additional financial committments:

There is one person who is financially dependent on your income.

In the event of loss of income through unemploment sickness or accident you have told us that you do not want to divert any remaining income or savings to maintain the repayments on your new borrowing in addition to these existing committments (???? not sure what that is about)

You have not consulted a doctor blah blah during last 2 years.

Based on the statements you have made to us in the event of a loss of income you would not be able to repay your new borrowing and maintain your other committments and or/lifestle. It is our recommendation that you take out PPI to meet this need.

In making this recommendation we have not taken into account the details of any existing relevant cover you may already have and therefore in this respect alone the cover we recommend may not be suitable

You have agreed that this product recommendation meets your payment protection requirements and that you wish to apply for it. Your application will now be passed to the insurer ( do not remember this)

+++++

This strikes me as a run through question and answer script that I would not recognise as a them selling me an insurance but seeing if I were suitable for the loan, the sort of thing they go through at the end of your application when you're relieved it's all sorted and not really paying attention


The letter with it states that if if you discussed your insurance requirements over the telephone it is a record of the recommendations you received from us.

Oh well it is what it is I suppose , I genuinely did not know this was being applied because I would have asked for a breakdown of cost at time

I think I will give it a shot based on I wasn't fully informed and should have been given a cost to make a fully informed decision.

Thanks for your time and the useful links will get cracking and let you know how it goes. :beer:

sorry this so long