PPI Reclaiming Discussion part 4

k.fairy

di3004 wrote: »

How much time have they given your mum to accept or not?

If there is a huge difference in the amounts they are offering, then I would not accept but depending on how much difference there is.

There was a post or 2 posted on here in the week, where some have said to others, write to say you will accept as "part refund" but will continue to reclaim on the remainder of the years.

You could try first if you wanted to as another option by telling them your not happy with the amount and believe that your mum should be refunded for all the years she have paid in PPI, and of course if they do not do this, you can always take this complaint to the Financial ombudsman service (FOS), however this may take sometime, but if your mum is in any financial hardship, and maybe she has medical conditions as well, your mum could request for her case to be fast tracked by the FOS.

Any idea what the full amount would be if they did refund the whole lot?

Hi

Mum took out the loan in 2002 for £15,000 the PPI premium loan is £4,098.47: term of agreement was 84 months annual interest was 10.525%

this is what the letter states

"we would like to advice you that your accident/sickness claim has been paid. We will make the following payment directly to your loan account:

from 20 jan 2007 to 14 feb 2007 360 days, £3,867in order for us to continue making your monthly loan repayments while your claim is still ongoing we ask you to compete the attched form each month. plz return this to us at=fter it is completed not before 16 march 2007...."

So I guess they are refunding 3,867 out of the 4,098.47 right??

di3004

k.fairy wrote: »

Hi

Mum took out the loan in 2002 for £15,000 the PPI premium loan is £4,098.47: term of agreement was 84 months annual interest was 10.525%

this is what the letter states

"we would like to advice you that your accident/sickness claim has been paid. We will make the following payment directly to your loan account:

from 20 jan 2007 to 14 feb 2007 360 days, £3,867in order for us to continue making your monthly loan repayments while your claim is still ongoing we ask you to compete the attched form each month. plz return this to us at=fter it is completed not before 16 march 2007...."

So I guess they are refunding 3,867 out of the 4,098.47 right??

Yes that what it does seem like doesn't it?

Hmmmm, right hopefully Tiggrae will be along soon to check this out for you, I would have Tiggrae's opinion on this as well if you don't mind.

I don't want to make a mistake in case your mum loses out here, so if you wait for another opinion just to be sure here if that is okay.
I'm sure she will be here at some point soon.;)

k.fairy

di3004 wrote: »

Yes that what it does seem like doesn't it?

Hmmmm, right hopefully Tiggrae will be along soon to check this out for you, I would have Tiggrae's opinion on this as well if you don't mind.

I don't want to make a mistake in case your mum loses out here, so if you wait for another opinion just to be sure here if that is okay.
I'm sure she will be here at some point soon.;)

Ok thats fine, Thank you so much I really appreciate your time and help

tiggrae

k.fairy wrote: »

Hi

Mum took out the loan in 2002 for £15,000 the PPI premium loan is £4,098.47: term of agreement was 84 months annual interest was 10.525%

this is what the letter states

"we would like to advice you that your accident/sickness claim has been paid. We will make the following payment directly to your loan account:

from 20 jan 2007 to 14 feb 2007 360 days, £3,867in order for us to continue making your monthly loan repayments while your claim is still ongoing we ask you to compete the attched form each month. plz return this to us at=fter it is completed not before 16 march 2007...."

So I guess they are refunding 3,867 out of the 4,098.47 right??

this is not untypical of PPI in that the cost is actually higher then the amount which could possibly be paid out (ie the policy details probably state any claim will be for a maximum of 12 months)- also is the £4098.47 the actual amount which your mother paid or is there interest on top?

What I would suggest is that you accept the claim amount but write to the broker who sold the policy and claim mis selling on the grounds that the insurance costs more then could possibly be claimed upon and was not sold in your mothers best financial interests.

To reject the claim amount would mean a full reclaim which could take 18-2 years before your reclaim completes

tiggrae

manchester1980 wrote: »

hi
sorry!

for welcome finance. they have written to me to say they can't accept my complaint (even though i used the mse template letter for ppi reclaim) unless i fill out a questionaaire (that asks me for copies of my orig loan documents, information on mine and my husbands jobs a the time -hours worked, occupation etc, details of other ppi policies i've had in the time etc) my opinion is that this is none of their business?

thanks - sorry for the ramble

this is perfectly normal as they are attempting to see what the details of the mis selling are - it's no more than the Financial Ombudsman Service would also ask.

di3004

tiggrae wrote: »

this is not untypical of PPI in that the cost is actually higher then the amount which could possibly be paid out (ie the policy details probably state any claim will be for a maximum of 12 months)- also is the £4098.47 the actual amount which your mother paid or is there interest on top?

What I would suggest is that you accept the claim amount but write to the broker who sold the policy and claim mis selling on the grounds that the insurance costs more then could possibly be claimed upon and was not sold in your mothers best financial interests.

To reject the claim amount would mean a full reclaim which could take 18-2 years before your reclaim completes

Thank you very much Tiggrae.:beer:

peterj09

Help ! I wonder if anyone can...

I took out a First Plus loan back in January 2003, for 29,000 pounds, I was asked if I would like a cashback after five years. Well of course I said yes..

I paid of the loan in full back in April 2005, but to the larger sum of 36,000 pounds, and was told I would now not be eligbile for the cashback.

I am now trying to claim this money back as it was mis sold to me.

I wrote to First Plus back in September by registered post with one of Martins letters stating I was mis sold insurance and want it back and would give them the required time to reply as per the draft letter, I think it was eight weeks. I then received a letter back acknowledging receipt of my letter and they would contact us within the stipulated time of which they did almost on the day asking for further time, about three weeks more, this is now due on the 11th of December and are now thinking they are playing for time and are stringing out for as long as they can and they have gone way past the stated eight weeks before going to FSA.
Can anyone help or advise me, what is the best thing for me to do from now.

di3004

peterj09 wrote: »

Help ! I wonder if anyone can...

I took out a First Plus loan back in January 2003, for 29,000 pounds, I was asked if I would like a cashback after five years. Well of course I said yes..

I paid of the loan in full back in April 2005, but to the larger sum of 36,000 pounds, and was told I would now not be eligbile for the cashback.

I am now trying to claim this money back as it was mis sold to me.

I wrote to First Plus back in September by registered post with one of Martins letters stating I was mis sold insurance and want it back and would give them the required time to reply as per the draft letter, I think it was eight weeks. I then received a letter back acknowledging receipt of my letter and they would contact us within the stipulated time of which they did almost on the day asking for further time, about three weeks more, this is now due on the 11th of December and are now thinking they are playing for time and are stringing out for as long as they can and they have gone way past the stated eight weeks before going to FSA.
Can anyone help or advise me, what is the best thing for me to do from now.

Hello there and welcome.;)

These are costly policies and a right rip off, when you pay the loan off it included the PPI, and then no 5 year cashback is due.
But as this was mis sold to you, you have every right of reclaiming back your PPI and the interest etc.

I would either send them a reminder and give them 7 days, tell them your still waiting, the 8 weeks have passed, and they have had ample time to deal with your complaint, tell them if they do not send you a decision within 7 days of this reminder, you will of course take your complaint to the Financial ombudsman service (FOS).

However, the 8 weeks have already passed, so you do have the right to actually take this to the FOS now if you want to.
You can do this by either ringing the FOS to send you the complaints form or download and print the form from their website:
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Please be aware though, it can take some time before the FOS investigates, but if your in any financial hardship let them know this and ask them to consider investigating your complaint by fast track if possible, give your reasons.

So to sent FP a reminder letter may also be worthwhile, so from here it is entirely up to you.
Wishing you luck, please keep us posted, cheers.;)

Albagubrath1314

Albagubrath1314 wrote: »

Yes i have all the paperwork here os could photocopy it all and send it back to them so they would have every single detail. Here is a copy of the letter i sent them which i cant see anything wrong with?

Dear Sir or Madam,

Account number:

I purchased the above policy from you in 26/10/07 but now believe that I was mis-sold this policy for the following reasons:



I was not given the correct information when the policy was sold to me, as:

• your salesperson did not tell me that the policy was optional. The loan was broken down as £139.40 per month over 60 months. Had I been told that the insurance was £30.53 per month of this figure, that it was completely optional and I did not have to commit from taking insurance from the RBS but could do so from another party I would have opted out of taking the insurance but this was never told to me or explained to me. Add to this that I have with my paperwork a Personal Loan Duty Of Care Checklist that the member of staff did not go through with me to state, show and reassure me we had covered all areas of the loan/insurance clearly. The form is blank and has not been signed by a either a member or staff nor myself as you can see from the photocopy I have enclosed. Had all points been covered properly on this list and explained properly again I would not have taken the insurance and opted out but this was never presented to me correctly.

• i am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests. This is highlighted by the above mentioned incomplete paperwork as part of my loan agreement.

• I was unaware that as part of the loan I would have Royalties Gold which would cost me extra. Once I was only aware of this I went into the bank to raise my concern and was told that I could only drop down to Royalties Silver as part of my loan agreement which I was completely unaware of.

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.

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,

Got my reply this morning.

Dear Mr Albagubrath1314,

You will be pleased to know that i have now finished my review into the concerns that you raised about your Payment Protection Insurance Policy. Your concerns are important to us.
Your concerns:
I believe that yourt concerns can be summerised as follows:
You believe that your PPI policy was taken out in conjunction with your loan and was not sold in your best interests.

Decision
On this occasion i am satisfied that you would have been provided with full information about the policy, how it works and the significant exclusions and conditions which would have allowed you to make an informed decision to take it out.
As a result i am sorry to advise you that i have been unable to uphold your concerns in this instance. However, to reflect your valued custom the group is prepared to make you the following offer as a gesture of goodwill and without any admission of liability.

My goodwill gesture

As you have made a complaint about the way in which the policy was sold to you, please be aware that we have now cancelled the PPI on your loan. As a result of cancelling the plan you have lost the benefits that it provides.
The bank will refund the insurance premiums that you have paid to date as a gesture of goodwill. This excludes the amount automatically creditted to your loan account of £579.89 when the policy was cancelled. Our calculations show, that you have paid a total of £732.72 for the payment protection element of your loan.
In addition to the refund, as your PPI has been cancelled, the outstanding balance of the element of your loan relating to the PPI premium will be paid off as though the policy never existed. This will result in the monthly loan payment reducing which is the amount that would have been due each month had you not opted for the PPI policy when you took out the loan.
What to do next
I trust that you will find my comments helpful and that my offer fully resolves your concerns. However, if you are not satisfied, you can refer this matter to the FOS for further investigation. The services they offer are set out in the enclosed booklet "Your complaint and the Ombudsman"

Goes on to say that i just need to sign the attached paperwork to accept the offer. So they have "done nothing wrong" but offer me the money back? In my letter to them i sent them a copy of the incmplete paperwork and asked why it was incomplete. No answer to this in my letter along with asking about the financial background of the person selling me the loan. Pardon my stupidity but does it mean £579.89 will be taken off my loan as well? So do i take the offer or push on to FOS as they havent even answered my questions properly with regards to the imcomplete paperwork. Banks dont just give out money if they havent mucked up!!! Also does anyone know how long it takes for the money to be put in my account if i accept?
Got to say i am happy with the fact i will be getting money back though!:j

kasomvc

Hi everyone! Just joined this site & I find it very useful. Because of this site I learned about PPI reclaiming. I have filed a reclaim against HFC bank, because when I took the loan I was required to take a PPI because during that time I was still a work permit holder(subject to renewal by my employer),my loan was taken in 2004(easypay loan with dixons), I followed the first step in PPI reclaiming guide and sent my 1st letter to them,now their reply was they are not able to uphold my claim,they mentioned points like:

• Upon approval of the loan they provided Welcome Pack which contained terms & conditions of the PPI policy.It is the consumers responsibility to read all documents that we provide before signing them.(of course I have to sign the documents for my loan to be processed)
• Upon receipt of the signed legal agreement we could only conclude thay you believed the PPI to be both appropriate and necessary,as you had indicated you wished to purchase the insurance and we have not received any previous contact stating otherwise.
• The decision to purchase the policy was not based on a recommendation from the sales advisor.

They also mentioned in their letter that this brings an end the steps available through their internal complaint handling procedure and that the letter constitutes their final response, They also suggested Finance & Leasing Association.

What do I do now?

Thanks a lot!