PPI Reclaiming Discussion part 4

tiggrae

bronwin wrote: »

Thank you very much for your quick reply I have found the old aggrement it looks like "Cassidy Davis Insurance Services" is one of them as they are "Subscribing Insurers" and the Schedule has been signed by Bennet Gould & Partners. it states if I need to claim contact Cassidy which I will try
thanks

make sure it's the underwriters of the policy you go after not the claim administrators - these two could be different

moneysavvy80

I was successful at recieving my PPE refund and immediately paid out my loan because they wanted me to sign a new loan. I thought, what's the point, I'll just pay it out. I know think HSBC is trying to rip me off :eek:

I have written this letter I intend on sending to my bank after I settled my loan over the phone with an HSBC Manager. Would really appreciate your thoughts on it.

I'll just repost the letter as it's self explanatory:

HSBC Customer Service and Complaints;

I have recently closed an loan account after receiving a refund for Personal Loan Protection insurance.

I am writing as I do not believe that the correct amount has been refunded to me and the final loan payout figure has been miscalculated.

According to a letter you sent me to approve the refund, I was quoted to receive a refund of #645 for all of the previous payments I had made of Loan Protection insurance. In the final loan closure I only received a refund of #511 even though I had by that time paid an extra month of Payment Protection insurance.

Also, my loan payout figure was quoted much lower. On the current settlement you have asked me to pay, #5103.54 to close my loan on 17 December 2009. On 13 July 2009 your customer services quoted the loan payout figure was #5053. This was based on a deduction of the remaining Payment Protection Insurance. I would have thought that 5 months later my payout figure would my much less, not more! :mad:

For this reason I would like to request a final completed statement as to how this was calculated including:
- How many monthly payments I had made to 17th December 2009?
- How much Personal loan insurance I had paid to the 17th December 2009, as this is the amount I would have expected you to repay me, plus a small interest amount?
- The Loan settlement figure on 17 December 2009, including the deduction for Loan protection insurance on that amount
- The amount of Payment protection insurance you deducted to reach this amount.

I believe requesting this information is fair as it is the information I would have received over the phone when requesting a loan settlement figure, therefore I would expect a resolution to this problem within 8 weeks. Unless this information can be explained to me in writing within this time, I will not hesitate to contact the Fianance Obudsman.

I have attached all the documentation I have received from you in writing regarding the loan.

Kind Regards,
Moneysavvy80

di3004

moneysavvy80 wrote: »

I was successful at recieving my PPE refund and immediately paid out my loan because they wanted me to sign a new loan. I thought, what's the point, I'll just pay it out. I know think HSBC is trying to rip me off :eek:

I have written this letter I intend on sending to my bank after I settled my loan over the phone with an HSBC Manager. Would really appreciate your thoughts on it.

I'll just repost the letter as it's self explanatory:

HSBC Customer Service and Complaints;

I have recently closed an loan account after receiving a refund for Personal Loan Protection insurance.

I am writing as I do not believe that the correct amount has been refunded to me and the final loan payout figure has been miscalculated.

According to a letter you sent me to approve the refund, I was quoted to receive a refund of #645 for all of the previous payments I had made of Loan Protection insurance. In the final loan closure I only received a refund of #511 even though I had by that time paid an extra month of Payment Protection insurance.

Also, my loan payout figure was quoted much lower. On the current settlement you have asked me to pay, #5103.54 to close my loan on 17 December 2009. On 13 July 2009 your customer services quoted the loan payout figure was #5053. This was based on a deduction of the remaining Payment Protection Insurance. I would have thought that 5 months later my payout figure would my much less, not more! :mad:

For this reason I would like to request a final completed statement as to how this was calculated including:
- How many monthly payments I had made to 17th December 2009?
- How much Personal loan insurance I had paid to the 17th December 2009, as this is the amount I would have expected you to repay me, plus a small interest amount?
- The Loan settlement figure on 17 December 2009, including the deduction for Loan protection insurance on that amount
- The amount of Payment protection insurance you deducted to reach this amount.

I believe requesting this information is fair as it is the information I would have received over the phone when requesting a loan settlement figure, therefore I would expect a resolution to this problem within 8 weeks. Unless this information can be explained to me in writing within this time, I will not hesitate to contact the Fianance Obudsman.

I have attached all the documentation I have received from you in writing regarding the loan.

Kind Regards,
Moneysavvy80

Hi and welcome.
Good luck with this.
I would also request that they send you a full detailed written breakdown as well of how they worked all this out.;)

mobbonkhouse

Hi, sorry to repost this, but these are the final two questions I have before I can send my letter off. I have been searching for definitive answers all over the place, but cannot find them!

1) Are banks allowed to request that if you do not take out their PPI, you have insurance from elsewhere?

1b) If they are allowed to request alternative insurance, are they allowed to add the PPI until you prove you have alternative insurance?

2) If you ask for PPI to be removed, do the bank have the right to recalculate the interest rate on that loan?

Thanks!

edit: ok, that's 3 questions

Portofino_2

Hi. I am looking to claim PPI back on my Monument card. When I originally took it out, Barclays owned Monument. Should I reclaim against them? Or against the new bank that Barclays sold its cards onto?

Thanks.

di3004

mobbonkhouse wrote: »

Hi, sorry to repost this, but these are the final two questions I have before I can send my letter off. I have been searching for definitive answers all over the place, but cannot find them!
Hi there, that's fine.;)
1) Are banks allowed to request that if you do not take out their PPI, you have insurance from elsewhere?
Really it should be optional, they should check if you want this or not in case you do already have protection elsewhere.

1b) If they are allowed to request alternative insurance, are they allowed to add the PPI until you prove you have alternative insurance?
They should not really add the PPI until you agreed to it, such as signed for it, but before signing they should make sure you require this first, also to make sure you would be eligible to make a successful claim.

2) If you ask for PPI to be removed, do the bank have the right to recalculate the interest rate on that loan?
I think this is how most do this, although they do vary from one bank to another.

Thanks!

edit: ok, that's 3 questions

Hope this gives you some idea on this.;)

di3004

Portofino wrote: »

Hi. I am looking to claim PPI back on my Monument card. When I originally took it out, Barclays owned Monument. Should I reclaim against them? Or against the new bank that Barclays sold its cards onto?

Thanks.

Hi hun

I would write to 2 here and cover both ends and make each one of them aware you have already wrote to the other, this way one of them will come back to say they were not responsible, where the other will have the responsibility.
Hope this makes sense.
Good luck.;)

Portofino_2

OK, thanks. I am quite hopeful on the Barclays side since they seem to pay out ;-) - to the tune of £20K it seems from above!!!

di3004

Portofino wrote: »

OK, thanks. I am quite hopeful on the Barclays side since they seem to pay out ;-) - to the tune of £20K it seems from above!!!

Your welcome.;)

You find in these situations where one takes over the other they tend to try to get out of it, but at least by writing to both, you know one of those are responsible.
A lot of MONEY there.:D;)

Portofino_2

Excellent! I like your thinking!