PPI Reclaiming Discussion part 4

marshallka

melorablack wrote: »

I heard of cases where I work where we didn't sell the loan or the insurance but we "bought" it from another company so we had to take responsibility for it... it can be a right pain in the bum as we don't have any of the original paperwork or even the right systems but that can turn out better for the customer :rotfl:

Yeah FOS said something about being a link between the lender and insurer etc. My complaint is a rebate one and they are in talks with the insurer I think. The insurer says "no". :rolleyes:Its something to do with me proving the rebate was unfair by what the FSA said they were allowed to do... so blummin frustrating and so complicated too. Going to take time and time is something I will have to learn to accept but only if its worth it in the end.

Natalie6999

Is this like my M & S complaint that has now been put to Allianz Cornhill by FOS?

I have spoken to my caseworker at Allianz this week & they are awaiting a further reply from M & S about the wording of the policy before making a decision,

I just wonder if I win, who will have to pay out the refund, M & S or Allianz?

marshallka

Natalie6999 wrote: »

Is this like my M & S complaint that has now been put to Allianz Cornhill by FOS?

I have spoken to my caseworker at Allianz this week & they are awaiting a further reply from M & S about the wording of the policy before making a decision,

I just wonder if I win, who will have to pay out the refund, M & S or Allianz?

Have not got a clue on that one. I would think it would be the one the complaint is against. It does not matter then as long as you get back what you are entitled to.

I know cassidy davis telephoned me to ask me to write to FP to release the file to them.

Really hope you win on this natalie.

di3004

marshallka wrote: »

I have a complaint in against the insurer but it is about how the policy works and the terms of the policy and FOS are trying for me on this one but its been there a year now next month and then they have told me it could be another year now. These complaints are not very easy to get through to FOS and Di was sold this by Click finance who went bust and then was advised like me to make the rebate complaint against the insurer saying the rebate was unfair. (UTCCR). I have now been told that FOS (from what others have said on here and after speaking this week to FOS) are taking complaints against the insurer and trying to make them responsible for the misselling. Its not had any go ahead as such yet but its for when the brokers are unregulated at the time of the sale. Di should be able to make the complaint against the insurer now for misselling perhaps.

Marshallka, I may just continue to write to Hamilton without waiting for the FOS to come back to us on this one and see what they have to say, by enclosing and highlighting the write up on the policy they sent me.

I had never actually heard direct from Hamilton myself, it was the FOS who wrote to them for me, but they got back within a few days to them with details of one of the others, HFC I think, but give it a try.

The only problem I have here is that these are now called Norwich Union, when I write in Hamilton on the FSA register the details come up about Norwich union, not sure if that makes any difference as such though.

di3004

Also came across this on the PPI Policy details:


Where you have paid a Single Premium and have repaid all sums due under your agreement before the repayment date and within the first 5 years of the agreement, we shall pay a part refund of premium to the lender for the credit of your account.

As our risk is greater in the early years of the policy, the premium is not spread evenly throughout the term of the policy, but it weighed towards the earlier years.

Refund calculations take this into account are not calculated on a prp-rata basis.
For example, you would receive about a quarter of the premium back if you settle half way through the term of the policy.
Further information is available on request from the lender.

di3004

A little bit more I missed from last night (sorry to go on)...:o
From Endeavour/Hamilton.

CUSTOMER CARE

WE ENCOURAGE YOU TO CLARIFY WITH US "ANY" ISSUES THAT YOU MAY HAVE CONCERNING THIS POLICY OR THE BENEFITS IT OFFERS AND, WHILST WE HOPE THAT YOU WILL HAVE NO REASON TO COMPLAIN, COMPLAINTS OR REQUESTS FOR THE INFORMATION SHOULD BE IN THE FIRST INSTANCE, BE ADDRESSED:
TO OUR
Customer Services
Department at Hamilton Insurance
PO Box 4718
Birmingham
B1 3RF

If your not satisfied with the handling of a complaint or your complaint has not been resolved within 8 weeks, please write to our Chief Executive at Hamilton Insurance, North Street, Winkfield, Windsor, Berkshire
SL4 4TD.

If after writing to the Chief Executive, you remain dissatisfied or your complaint has not been resolved within 8 weeks you may approach the Financial Ombudsman Service (FOS) at South Quay Plaza, 183 Marsh Wall, London, E14 9SR, (Telephone 0845 080 1800, who will undertake an independent review of your complaint.

Anyway, just checked HFC details on the FSA register and their details are also these here:

North Street
Winkfield
Windsor
Berkshire
SL4 4TD

Same as the policy, and I do have HFC paperwork......

di3004

I know I can't reclaim on the commission they made, but with none of it being disclosed on the sale, the underwriters paperwork that we did have back from when the solicitor requested for these details are showing the costs of the sale and commissons etc here.....

Total realised expense - cost of sale = £2415.00

Brokers Loan Commission = £1680.00
Brokers Insurance Commission Expense = £750.00

There is more to add as well, but will take me forever lol.

spoll_2

Hi Guys,

It's been a long time since I last posted - on behalf of my parents who had a single premium PPI added to a loan by Norton Finance. Anyway, after rejecting a couple of offers from Norton we complained to the FSO and we recently heard that the FSO agree with us that my parents were mis-sold and we will hear from them within 14 days (this was a week or so ago so hopefully it will be this week).

I'm unsure what amount my parents could expect back so if anybody here is able to give me a rough idea that would be great...

Loan amount was £42,000 over 17years
Single Premium PPI was £10,285

8 repayments made before settling loan (of this monthly payement £90.37 was made up of PPI)

Total amount payable was £90,211
Early settlemenyt rebate was £40,886 (includnig PPI rebate of £3020)
Total settlement payable was £49,475
Total price of insurance was £18,435 (if loan went full term)

From what I've read my parents should be put back into the position they would have been if they had not taken the PPI (plus 8% interest?) but I'm not sure if I should be using the initial cost of the PPI minus rebate (£10,285 - £3020) or the total cost of the insurance minus the rebate (£18,435 - £3020).

Thanks for any help on this and also thanks to those that helped way back when I was trying to track down which 'branch' of Norton I should be complaining to.

Spoll

di3004

spoll wrote: »

Hi Guys,

It's been a long time since I last posted - on behalf of my parents who had a single premium PPI added to a loan by Norton Finance. Anyway, after rejecting a couple of offers from Norton we complained to the FSO and we recently heard that the FSO agree with us that my parents were mis-sold and we will hear from them within 14 days (this was a week or so ago so hopefully it will be this week).

I'm unsure what amount my parents could expect back so if anybody here is able to give me a rough idea that would be great...

Loan amount was £42,000 over 17years
Single Premium PPI was £10,285

8 repayments made before settling loan (of this monthly payement £90.37 was made up of PPI)

Total amount payable was £90,211
Early settlemenyt rebate was £40,886 (includnig PPI rebate of £3020)
Total settlement payable was £49,475
Total price of insurance was £18,435 (if loan went full term)

From what I've read my parents should be put back into the position they would have been if they had not taken the PPI (plus 8% interest?) but I'm not sure if I should be using the initial cost of the PPI minus rebate (£10,285 - £3020) or the total cost of the insurance minus the rebate (£18,435 - £3020).

Thanks for any help on this and also thanks to those that helped way back when I was trying to track down which 'branch' of Norton I should be complaining to.

Spoll

Hi there

Hope your well.;)

First of all well done to your parents and to you of course for helping them out on this reclaim.:beer:

I am not good at figures but I'm sure someone will check them over for you.

However, Maxdp posted up a link of how the FOS calculates refunds, so check it out, to give you some sort of idea.
http://forums.moneysavingexpert.com/showthread.html?t=1596473

Hope this helps for now until someone posts up.;)

melorablack

spoll wrote: »

Hi Guys,

It's been a long time since I last posted - on behalf of my parents who had a single premium PPI added to a loan by Norton Finance. Anyway, after rejecting a couple of offers from Norton we complained to the FSO and we recently heard that the FSO agree with us that my parents were mis-sold and we will hear from them within 14 days (this was a week or so ago so hopefully it will be this week).

I'm unsure what amount my parents could expect back so if anybody here is able to give me a rough idea that would be great...

Loan amount was £42,000 over 17years
Single Premium PPI was £10,285

8 repayments made before settling loan (of this monthly payement £90.37 was made up of PPI)

Total amount payable was £90,211
Early settlemenyt rebate was £40,886 (includnig PPI rebate of £3020)
Total settlement payable was £49,475
Total price of insurance was £18,435 (if loan went full term)

From what I've read my parents should be put back into the position they would have been if they had not taken the PPI (plus 8% interest?) but I'm not sure if I should be using the initial cost of the PPI minus rebate (£10,285 - £3020) or the total cost of the insurance minus the rebate (£18,435 - £3020).

Thanks for any help on this and also thanks to those that helped way back when I was trying to track down which 'branch' of Norton I should be complaining to.

Spoll

From the figures you have given the refund of premiums should be: £10,285 - £3020 = £7265

Unfortunately the refund of interest and 8% is a bit more tricky to work out