PPI Reclaiming Discussion part 4

di3004

SR22 wrote: »

Hello to everyone on here, and a great big thank you for all those who spend so much of their time giving advice to those of us in such need.

I have to admit that I've been lurking on the sidelines of this forum for several months now, and, having seen how others have been brave (and sensible ) enough to stand up for their rights, finally decided to start sorting out my own financial life.

I'd always held off from complaining to my bank (Barclays) about anything, being worried that I'd 'Rock the Boat' so to speak with the people who held my life, at least financially, in the palm of their hands. Concerned, if you will, that if I said anything, that they would make things difficult for me as a Self-Employed customer.

What finally made me do something was one incident when I exceeded my overdraft limit for approx. 3 minuites, before correcting the deficit online, and STILL being charged £22 for the slip-up.

Anyway, I've made a start by trying to reclaim the PPI on a Barclayloan, sending the first letter to my branch on the 10th of July.

The letter reads as follows:-


The Manager
Barclays Bank Plc


..............................
..............................

Dear Sir or Madam,

Account number:Barclayloan.........................

(Barclayloan Reference/Agreement No......................

I purchased the above policy from you in February/March 2004 but now believe that I was mis-sold this policy for the following reasons:


(1) I informed your member of staff that I had previous medical conditions but they did not inform me of the effect this could have on the insurance when the policy was sold.

(When I subsequently attempted to claim on the policy during/after a period of hospitalisation during August/September 2006, despite supplying in full the details required by the Claims Office, I did not even receive the courtesy of a reply to the claim, or any reason for the claim being denied, let alone any offer of settlement of the claim.)


(2) Additionally, I now feel that I was not given the correct information when the policy was sold to me, as

• (a) Your salesperson strongly implied that taking out the policy would assist my credit application.
• (b) Your salesperson did not tell me that the policy was optional and I have since realised that in any case, I have alternative insurance cover, ALSO provided by Barclays, and sold to me at the C................. Branch approximately four months earlier, which your sales person MUST have been aware of when reviewing my financial details whilst calculating my loan/repayments.
• (c ) Your salesperson did not give me full information on what the policy would and would not cover.

Additionally, I would also like you to take into consideration the PPI for a previous
loan, (Unfortunately, I do not have a reference number available at present) which
the above loan paid off, and that in respect of that previous loan, I paid a single
premium for my PPI policy but did not see it through to the end of it’s initial term


as described. For which, several of the above mis - selling reasons also apply. Specifically, 2(a), the first part of 2 (b), and 2(c).

You may question why there has been a delay in submitting this complaint. I will answer that by the simple fact that until now, I was unaware that there was anything that I could do with respect to the above.


Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made. A sum, in total, in respect of the loan described above, (Ref 05466512) of approximately £ 2,766.72 (64 instalments at £43.23) plus interest at 8%.
This does not include any consideration of the Second loan mentioned.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,


I recieved a reply on the 4th of September, telling me that they were not yet in a position to respond fully, but that my complaint was being investigated, and that they would contact me again and this should be no later than the 5th October.

I simply wondered what response I might expect from Barclays, (I know that many on here have had problems with Barclays), and what comments you may have regarding the initial letter.

With thanks,

SR22

Hi and welcome.

Good luck with this.

Many on here have had complaints with this business and am sure they will post up with some helpful advice/info for you.

Glad you also mentioned on the other loan as well, good one.

If they try fobbing you off that because you did not enclose details of the account number of the other loan, tell them they possibly still hold the details of this loan also.

Hopefully they will resolve this in your favour for you, the best of luck, but remember if they don't then move on to the FOS, good luck.;)

pinknico

http://www.dailymail.co.uk/news/article-1217173/Judge-quashes-womans-8-000-credit-card-debt-landmark-ruling-mis-selling-payment-protection-insurance.html

SR22

Thank you.
I'll post back with any reply I get. (Hopefully in the next week if they keep their word).
I just hop ethat the reasons given are adequate for it to go my way.
It was annoying not to get any response to my claim, and made things very hard financially for a good while afterwards.

marshallka

pinknico wrote: »

http://www.dailymail.co.uk/news/article-1217173/Judge-quashes-womans-8-000-credit-card-debt-landmark-ruling-mis-selling-payment-protection-insurance.html

I want that judge:T

melorablack

There really is no point telling them how much you think you can get back, I have never met anyone who can calculate accurately what they are due back on their own. The lenders use special calculators involving all sorts of info from the loan.

di3004

Forgot to mention about that one Mel, I generally state, not to worry about writing down the amounts.;)

I never put down the figures on my letters to what I can recall, as I believe it may even differ.

marshallka

melorablack wrote: »

There really is no point telling them how much you think you can get back, I have never met anyone who can calculate accurately what they are due back on their own. The lenders use special calculators involving all sorts of info from the loan.

My bank complaints worked out exactly to the penny from the rule of 78 calculator. These were for older loans though. It was only checked after though and i did not enclose amounts to the bank.

marshallka

di3004 wrote: »

Forgot to mention about that one Mel, I generally state, not to worry about writing down the amounts.;)

I never put down the figures on my letters to what I can recall, as I believe it may even differ.

I don't believe that you should put amounts down either Di but you can actually work the element of PPI out which is the same formula if it does not state what you are actually paying for the PPI each month. It then gives you some idea (although no need to state it to the lenders) of what you are paying. It also helps when you do get redressed in knowing to a little what to expect back. It pays sometimes to know. I work by the same formula that FOS uses in calculating redress. Surely FOS also should be able to check the redress's and these BANK calculators should all tally with each other as the CCA states about early settlements and if you have paid it all up you get it all back and interest too.

di3004

marshallka wrote: »

I don't believe that you should put amounts down either Di but you can actually work the element of PPI out which is the same formula if it does not state what you are actually paying for the PPI each month. It then gives you some idea (although no need to state it to the lenders) of what you are paying. It also helps when you do get redressed in knowing to a little what to expect back. It pays sometimes to know. I work by the same formula that FOS uses in calculating redress. Surely FOS also should be able to check the redress's and these BANK calculators should all tally with each other as the CCA states about early settlements and if you have paid it all up you get it all back and interest too.

Oh yes agree, its good to know and keep them back for yourself, definately.;)

finatra26

ginster wrote: »

Hi, I would be very grateful if anyone can advise on how to move forward on PPI's which were taken out about 12-15yrs ago. I have written 2-3 times to both Capital one and The Abbey and both have rejected claim. I have addressed both complaints to the FLA who say Capital one and The Abbey aren't one of the companies they are involved with so they won't do anything and these accounts are too old for the ombidsman. I don't know where to turn now. Thanks in advance for any suggestions.

Hi Ginster - My PPI reclaim is in for a loan 14years old but I still had all the paperwork. I will post up as soon as I hear anything. About 3 weeks only to go now. What grounds did thereject your complaint on