PPI Reclaiming Discussion part 4

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!

donotpassgo_2

Hi kasomvc,
Didnt want to read and run, I'm just new too so wouldnt want to offer guff info, hopefully one of the regulars will be along soon for you...I would say dont give up.
Every good wish

di3004

kasomvc wrote: »

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!

Hi and welcome.



If this was the final decision, I would still try with the financial ombudsman service (FOS), ask them if they are still able to investigate as I'm sure these were regulated/governed before you taken this out.
Give the FOS a ring and let us know what they say, and we shall take it from there, good luck.
http://www.financial-ombudsman.org.uk/contact/index.html
It would have to be next week to call the FOS now though, good luck.;)

k.fairy

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

Hello tiggrea,

£4098.47 is the actual amount which mum paid and I guess there is added interest of 10.5%.

Which letter should I use? should I use the one di3004 gave?

Thanks very much for your time

di3004

Tiggrae, here is the example letter of mine I posted to help out K.Fairy.;)



K.Fairy

An example letter of what I would write.

Obviously the address of both your mum's and the bank's.

Date

Account number XXXXXXX


Dear Sir/Madam

Thank you for our telephone conversation that taken place on Tuesday 24 November 2009.

This is in regards of a policy that was mis sold to me (mum) when this was taken on on XX/XX/XXXX (or the year would be okay).

You investigated my complaint, then you rang me as stated above, you have confirmed that your only able to refund me as from 2006 to 2007.
I taken out this policy in 2002 and understand I have every right to request for a refund for all what I have paid in Payment Protection Insurance (PPI), the interest, also the 8% interest of what a court would award.

As explained in my letter sent to you dated XX/XX/XXXX, that I would not have been fully protected by the policy, I was unemployed and I am also disabled, in this case I would not be successful in making a such a claim.

I am now asking you to reconsider your decision, which is not agreed with and I will not accept the refund for just the 12 months, where you mis sold the policy from when this was taken out in 2002, it is in my right that I an entitled to this refund.
The policy was worthless to me, and I have been deprived of my money.

I expect to hear from you by 14 days from the date of this letter.

If I do not hear from you or you have not changed the decision in my favour, I will take this complaint to the Financial Ombudsman Service (FOS) to investigate, with evidence I have to support my case.

Yours sincerely


Name

Kat501_2

Hi everyone,
does anyone have an email contact for G E Money, have received a typical reject letter and would like to try the (email to a manager) route.

di3004

Kat501 wrote: »

Hi everyone,
does anyone have an email contact for G E Money, have received a typical reject letter and would like to try the (email to a manager) route.

Hi there

There are a few GE money groups, so depending if this is the correct company or not, I have found this here:

Emma.Mockford@ge.com
www.gemoney.co.uk

53-61 College Road
Harrow
Middlesex
HA1 1FB

44 020 8861 1313
44 020 8909 7562

311512 - GE Money Consumer Lending Limited

Check the above company number to make sure or check on the FSA register for firm search here:
http://www.fsa.gov.uk/register/firmSearchForm.do

Good luck, keep at them.;)

bathgatebuyer

I've received my payment for mis-sold PPI after a full two and a half years of waiting! As is the way, nothing has been clear-cut.

I received my normal monthly statement which has been credited with the sum they have agreed to repay me.

Within the week, I also got a cheque for the same amount! So, I've put the cash into my account, and I have written to the bank by recorded delivery to ask them to confirm that the cheque was issued in error, and ask them to advise me wha tthey want me to do with these monies.

As is the way, everything has gone recorded delivery as the bank have a habit of losing letters they just don't want to receive.

di3004

bathgatebuyer wrote: »

I've received my payment for mis-sold PPI after a full two and a half years of waiting! As is the way, nothing has been clear-cut.

I received my normal monthly statement which has been credited with the sum they have agreed to repay me.

Within the week, I also got a cheque for the same amount! So, I've put the cash into my account, and I have written to the bank by recorded delivery to ask them to confirm that the cheque was issued in error, and ask them to advise me wha tthey want me to do with these monies.

As is the way, everything has gone recorded delivery as the bank have a habit of losing letters they just don't want to receive.

Hi bathgatebuyer
Hope your well.;)
WOW, its about time as well........at last and Well done.:T:T, they should be letting you have that other cheque for all the distress with all that waiting lol.
Congratulations, been waiting for you to post up to let us know lol.
:beer::beer:

sunnygirls

Hi iv'e just rung about my claim again asking why its taking so long i started it in august ,i was told because i've had my card over 6 years they had to retreive old statments to work out how much i've paid and then work the interest out ,she then added but i'm not telling you your claim is successful . What do you think? would they bother to work it all out if they wasnt going to pay me out ? Fingers crossed Sunny