PPI Reclaiming Discussion part 4

hulahoopsrule

Hi guys

Was wondering if you can help or advise me think I've come to the end of the road:-

Basically been trying to reclaim PPI, Medicare and Healthcare insurance from WF, sent them the standard letters and they said they not in the wrong etc so in June I sent all my info and evidence to the FOS on the grounds of mis-selling the sales advisor told me I had to take PPI AND Medicare insurance as I was high risk and the loan would not go through otherwise. I got a letter in August from the FOS returning my completed form and all the paperwork I had sent with a letter saying that:-

"It does not appear that we can investigate your complaint about WF because it appears that the events you complain about took place on a date before it became covered by our service in 2005 (1st loan Oct 2002 top up loan July 2003) It is possible however that you may be entitled to pursue a complaint against the underwriter (insurer) which provided your policy cover. I have been unable to identify the underwriter at this stage; but if you could also send me any further documentation you have and in particular your policy booklet i may be able to do so and set your complaint up against this firm."

So I photocopied all the pages of the policy booklet alongwith all the paperwork WF had given me and sent it off - before doing so I found the name of the insurer Direct Group Ltd and emailed the contact at the FOS and she advised me to correct my complaint form putting Direct Group Ltd as the company instead of WF which I did and posted everything back out to them.

Last week I received in the post a large envelope from FOS returning all my correspondence with the letter basically repeating what they wrote in August saying they can't help me as it was before 2005 but I may be able to complain against the underwriters/insurers and could I forward my policy booklet and any further information out to them. I just feel like I am back in square one and I have lost the fight where I was so sure I had a case as there is paperwork anomalies as well. Any help or advise would be greatly appreciated.

Hulahoopsrule
x

pinknico

"For anyone wishing to pursue a claim against WFS using the FOS for mis-selling then if your loan was taken out between 27th Feb 2003 and 14th Jan 2005 when the FSA became regulators of Insurances then the FOS will investigate your claim for you."

The above wont apply to you as the original sale took place in 2002, But...


Call the FOS on Monday as they have been known to make these mistakes before, as in sending back documentation that is correct. Tell them what you did and what their letter said and ask them what was wrong with what you sent

hulahoopsrule

Thanks very much Pinknico I will ring them tomorrow and see what they say - will keep you all posted!

amersall

pinknico wrote: »

"For anyone wishing to pursue a claim against WFS using the FOS for mis-selling then if your loan was taken out between 27th Feb 2003 and 14th Jan 2005 when the FSA became regulators of Insurances then the FOS will investigate your claim for you."

The above wont apply to you as the original sale took place in 2002, But...


Call the FOS on Monday as they have been known to make these mistakes before, as in sending back documentation that is correct. Tell them what you did and what their letter said and ask them what was wrong with what you sent

agree, fos did that with mine with nr, won in the end but was angry they had all the info and sent it back to me asking me to send the info to them!!!

janey17

amersall wrote: »

hi janey, i am sure one of our very good mathematicians will be along to help you, just hang in there

Thanks I look forward to their responses. Take Care Janeyx

supersaverg

Hi - what was the basis for your claim?[/QUOTE]


Mis-sold PPI. It just doesn't smell right to me? I dont know if they are offering enough, have written back stating this and asking for full breakdown of refund, or copy of all statements or £1750 which is the figure I had in mind.


Keep y'all posted.

amersall

janey17 wrote: »

Hi thanks as Di3004 mentioned I would be very grateful for any advice that you can give regarding these calculations? I feel as if we may have paid for the single ppi added on in loan 2 again on to loan 3 ( that didnt have ppi) because when we refinanced the balance transfers would have been incorrect.

have received the paperwork from LTSB on my return from work. They state the following in their letter:

Loan 1 they state they rebated 1923.43 it was in actual fact £1892
'Calculation 1

I will calculate the difference between the settlement balance you have paid on the loan and what the settlement would have been had the PPI premium not been added to your loan. The difference between these figures shows that the settlement figure should have been reduced by £392.71 We will then calculate an 8% interest payment on his sum from the day the loan was settled to the day the calculation is completed.

Calculation 2

I will then calculate the amount you have paid up to the date of cancellation and refund this back to you. This is worked out by calculating how much you paid in respect of the insurance loan and then multiplying this figure by how many months the insurance was active for, which is calculated to be £348.99.

I will then add simple interest at 8% per annum to each monthly payment from the date you paid each amount, to the date you settled the loan.

A further 8% simple interest will be calculated on this total amount from the date of early settlement of the loan to the present date.'

Total offer £1082.11

This first loan was therefore incorrectly refinanced into loan 2

Their calculations for loan 2 are as follows:
'Calculation 1

I will calculate the difference between the settlement balance you have paid on the loan and what the settlement would have been had the PPI premium not been added to your loan. The difference between these figures shows that the settlement figure should have been reduced by £1036.25. We will then calculate an 8% interest payment on his sum from the day the loan was settled to the day the calculation is completed.

Calculation 2

I will then calculate the amount you have paid up to the date of cancellation and refund this back to you. This is worked out by calculating how much you paid in respect of the insurance loan and then multiplying this figure by how many months the insurance was active for, which is calculated to be £1464,72.

I will then add simple interest at 8% per annum to each monthly payment from the date you paid each amount, to the date you settled the loan.

A further 8% simple interest will be calculated on this total amount from the date of early settlement of the loan to the present date.'



Total offer is £3293.66

As I mentioned yesterday I have disputed the figures with LTSB. I even had a call on moblie to ask if I had received these calculations today. The figures today dont seem to offer any consideration for the fact that both loan 2 and 3 have been refinaced incorrectly- I am probably been short changed by quite a bit more than I said yesterday?


Doing some calculations myself with spreadsheets available I get the following:
OK, for Loan 1 LTSB intially quoted me £1982.11 last tues, then on Fri £1082.11 though nothing in writing as yet. I imputed the data and the raw figure before stat interest was

No. of Years5
Actual Costs (So far)Monthly Payment £ 321.11
Monthly PPI Int. £ 25.06 (B )
No. of Months Paid to Date6
PPI Interest Paid to date £ 150.38
Settlement (If applicable)Settlement Figure £ 11,759.96
PPI Kept by Lender £ 827.90
Settlement PPI Rebate £ 1,826.60
Actual Settlement £ 13,586.56
What should be refunded* £ 2,654.50

Then with interest £4295.77

Loan 2 was just about right what LLoyds quoted me £3296.66 with stat interest £5096.33
Please could anyone let me know if these look about right as I want to put these in writing and ask for immediate payment otherwise I will take legal action as its going on too long now and getting so much conflicting info from LTSB.

morning all, are any of our carol vordermans here yet? lol ( not to promote a consumer unfriendly loan with massive unsuitable ppi ins, just to do the calcs for janey xx)

marshallka

I wrote to FP the other day (just to let them know i am still around) and got a letter within a couple of days. I asked for proof of any broker involvement in my sale of PPI and also I asked why they had a wage address different and wages different to what we had put on our application.

This is their reponse.

Blah, blah blah about sorry for this and that and then

The income details we have used to calculate the loan agreement are in fact the same on the underwriting sheets as well as the systems that were used at the time. They differ slighly to the deed of postponement application which was completed at a different time. I therefore cannot agree to uphold any part of your complaint as your wage details are in fact the same on both sheets. The wage slip address details are usually provided from a Head office and have no bearing on the application and are purely for identification purposes.

I am sorry this is not the answer you wanted but hope my explanation is helpful. Firstplus are committed to providing the highest standard of service to our customers and our aim is to resolve all complaints internally, although we recognise this may not always be possible. It is regrettable that on this occasion we are unable to resolve the matter to your satisfaction.



I asked for proof of any broker involvement in the sale of the PPI and have yet to be given this. The broker had no records of anything left on their systems they say and FP have nothing on theirs to prove that they did not sell the PPI. I also have a letter from FOS from June last year (2008) saying after looking through all the paperwork it is difficult to actually say who sold what.

I just wanted to keep them on their toes and that is all. I know they sold the PPI as it was "coupled" with their agreement and I also know the wage details are nothing to do with my husband as he still works at the same place now and did then. It is THEIR head office. What a load of crap they spout!!!

di3004

marshallka wrote: »

I wrote to FP the other day (just to let them know i am still around) and got a letter within a couple of days. I asked for proof of any broker involvement in my sale of PPI and also I asked why they had a wage address different and wages different to what we had put on our application.

This is their reponse.

Blah, blah blah about sorry for this and that and then

The income details we have used to calculate the loan agreement are in fact the same on the underwriting sheets as well as the systems that were used at the time. They differ slighly to the deed of postponement application which was completed at a different time. I therefore cannot agree to uphold any part of your complaint as your wage details are in fact the same on both sheets. The wage slip address details are usually provided from a Head office and have no bearing on the application and are purely for identification purposes.

I am sorry this is not the answer you wanted but hope my explanation is helpful. Firstplus are committed to providing the highest standard of service to our customers and our aim is to resolve all complaints internally, although we recognise this may not always be possible. It is regrettable that on this occasion we are unable to resolve the matter to your satisfaction.



I asked for proof of any broker involvement in the sale of the PPI and have yet to be given this. The broker had no records of anything left on their systems they say and FP have nothing on theirs to prove that they did not sell the PPI. I also have a letter from FOS from June last year (2008) saying after looking through all the paperwork it is difficult to actually say who sold what.

I just wanted to keep them on their toes and that is all. I know they sold the PPI as it was "coupled" with their agreement and I also know the wage details are nothing to do with my husband as he still works at the same place now and did then. It is THEIR head office. What a load of crap they spout!!!

Good for you for keeping them on their toes Marshallka.

They are abviously like you said a loan of bull, they must have something!!

Yet another fob off from these idiots!:mad:

marshallka

amersall wrote: »

morning all, are any of our carol vordermans here yet? lol ( not to promote a consumer unfriendly loan with massive unsuitable ppi ins, just to do the calcs for janey xx)

In the sticky "how fos calculates refunds" Maxdp added something about refinanced loans. I honestly cannot get my head around it but it may help.