PPI Reclaiming Discussion part 4

marshallka

pinknico wrote: »

Yes she helped me out an awful lot.

I'm sure you are very grateful.

I myself had some conflicting advice which I listened to. I know she helped loads on here (was a good asset but being a PPI reclaimer for a living unlike us ordinary folk!!! some of us took her word as gospel!!) but I refuse to listen again to any expert in reclaiming PPI again (its like asking you on here - would you buy a single premium again!!).

I have learnt the hard way that maybe listening to myself and others who are not "experts" is better. I was told and also Di too that our unfair rebate claims were with the lender. Not correct and after sending these in we BOTH had to claim against the insurer. Also was advised to give up on one complaint and again wrong. ALso was advised by singelp about the unfair rebate thing and got asked to "ask" tiggrae where her legalisation was and she could not answer. Also singlep told us that unfair rebates are again the date that the insurance was sold and he was right. Tiggrae argued that it was the date the rebate was applied. And she worked out my co-op loan figure wrong. I argued this with FOS cause I listened to tiggrae and had to aplogise to them for this are THEY were right so pardon me if I would not listen again to our experts.

I don't mean to diss or offend anyone on here but I have my reasons. I wasted lots of time and effort for nothing and now have to start over again. oh well you live and learn I suppose.

I TRY and help on here and have no expert training or outside interest too. Just do it for others thats all.

Incipience

Your Address Here

Lenders Address

DATE

Dear Sirs

Provider: Insurers Name
Account: Account Number
Borrower: Your Name(s)

FORMAL COMPLAINT

I am making a formal complaint about the advice I received from your company in reference to the sale of the Payment Protection Insurance that accompanied my loan.

Your advice to start such a plan was unsuitable for someone in my circumstances, with my needs and with my risk profile. You failed to act in my best interests. You failed to give prominence to the key considerations that would affect my financial position. Your advice and recommendations failed to address the following issues:

(delete as applicable)

• I never asked for such cover and was surprised to learn that the protection payments had been included with my loan repayments. This has been added against my will and I demand a return of all the premiums and interest.
• You misled me into believing it was a condition of the loan and that I had to have this protection, which I was obliged to buy from you. This I now understand is incorrect.
• You deceived me by using incorrect interest rate information that excluded the protection policy from the APR, making the loan appear more competitive. If disclosed I would not have agreed to the loan.
• You failed to give prominence to strict conditions in the contract that affect my financial position.
• I was not aware that the cover would only last 5 years.
• As Self Employed I could only claim if I ceased trading.
• You negligently failed to evalute fully and disclose all my protection options, especially the advantages of income protection policies, for which there was a clearly identifiable need. If at the time you did not sell such protection you failed to refer me to suitable organisations that offered this type of protection
• You failed to evaluate the whole market, recommending a high premium contract when lower premium contracts were available

The above clearly shows that the plan is inadequate and I make a claim for the return of my premiums plus interest at the rate applied and assuming they had been invested into a high interest deposit account I will require a further 8% statutory interest over the term that I have made payments and that my account be returned back to a position prior to the recommendations.

Yours Faithfully.

A. N. Other

(Check For Typos)

maxdp

marshallka wrote: »

I'm sure you are very grateful.

I myself had some conflicting advice which I listened to. I know she helped loads on here (was a good asset but being a PPI reclaimer for a living unlike us ordinary folk!!! some of us took her word as gospel!!) but I refuse to listen again to any expert in reclaiming PPI again (its like asking you on here - would you buy a single premium again!!).

I have learnt the hard way that maybe listening to myself and others who are not "experts" is better. I was told and also Di too that our unfair rebate claims were with the lender. Not correct and after sending these in we BOTH had to claim against the insurer. Also was advised to give up on one complaint and again wrong. ALso was advised by singelp about the unfair rebate thing and got asked to "ask" tiggrae where her legalisation was and she could not answer. Also singlep told us that unfair rebates are again the date that the insurance was sold and he was right. Tiggrae argued that it was the date the rebate was applied. And she worked out my co-op loan figure wrong. I argued this with FOS cause I listened to tiggrae and had to aplogise to them for this are THEY were right so pardon me if I would not listen again to our experts.

I don't mean to diss or offend anyone on here but I have my reasons. I wasted lots of time and effort for nothing and now have to start over again. oh well you live and learn I suppose.

I TRY and help on here and have no expert training or outside interest too. Just do it for others thats all.

Must have got some things right cause she certainly made a living out of it. Whereas you or I do not.;)

marshallka

Incipience wrote: »

Your Address Here

Lenders Address

DATE

Dear Sirs

Provider: Insurers Name

Account: Account Number

Borrower: Your Name(s)

FORMAL COMPLAINT

I am making a formal complaint about the advice I received from your company in reference to the sale of the Payment Protection Insurance that accompanied my loan.

Your advice to start such a plan was unsuitable for someone in my circumstances, with my needs and with my risk profile. You failed to act in my best interests. You failed to give prominence to the key considerations that would affect my financial position. Your advice and recommendations failed to address the following issues:

(delete as applicable)

• I never asked for such cover and was surprised to learn that the protection payments had been included with my loan repayments. This has been added against my will and I demand a return of all the premiums and interest.
• You misled me into believing it was a condition of the loan and that I had to have this protection, which I was obliged to buy from you. This I now understand is incorrect.
• You deceived me by using incorrect interest rate information that excluded the protection policy from the APR, making the loan appear more competitive. If disclosed I would not have agreed to the loan.
• You failed to give prominence to strict conditions in the contract that affect my financial position.
• I was not aware that the cover would only last 5 years.
• As Self Employed I could only claim if I ceased trading.
• You negligently failed to evalute fully and disclose all my protection options, especially the advantages of income protection policies, for which there was a clearly identifiable need. If at the time you did not sell such protection you failed to refer me to suitable organisations that offered this type of protection
• You failed to evaluate the whole market, recommending a high premium contract when lower premium contracts were available

The above clearly shows that the plan is inadequate and I make a claim for the return of my premiums plus interest at the rate applied and assuming they had been invested into a high interest deposit account I will require a further 8% statutory interest over the term that I have made payments and that my account be returned back to a position prior to the recommendations.

Yours Faithfully.

A. N. Other

(Check For Typos)

Just throwing in a few things here which i hope you can answer.

What if the sale was "non advised"

Is this to the lender and most would certainly pass this on to the broker from here I would assume .


Mine was a non advised sale so no advice given so they say



http://www.fsa.gov.uk/pubs/other/factsheet_sales.pdf

marshallka

maxdp wrote: »

Must have got some things right cause she certainly made a living out of it. Whereas you or I do not.;)

PMSL:rotfl: :rotfl:

I have just set up myself actually.

Just waiting for MOJ number

Yeah but why does she not answer her phone though??

Probably cannot from the Caribbean

Incipience

This whole non-advised thing is somewhat a contradiction of the whole ethos of lender - customers relationship.

The reason being is that it goes against the principles of treating customers fairly. This is a harsh letter that throws in some serious accusations, but ultimatley relies on the Treating Fairly Principles. Not like other templates.

I will not say that it will work for all, but it will cover the majority.

There is no magic solution here, every case is different and RE your comments above about the unfair rebate, not sure why you would go to the lender for this.. it is clearly the insurer.. The lender basically lends you the money to pay the insurer for the policy.. the insurer puts that money into an account and earns interest off it.. the lender then charges you interest on the loan making a profit from that whilst also getting a kick back from the insurer.

Those who have the Five Year Cash Back.. it is the Insurer who pays this out, sometimes via the lender.

The whole point of payment protection is flawed, in that you pay up front for something that might happen, and ultimately you will be unable to claim against.

You would of been better off sticking it in an ISA and underwritten the insurance yourself over the 5 years.. at least you would have been able to cover any ilness or unemployment for longer than the 12 months they offered..

Now if you had taken out income protection on a £50k loan your premium would be around £40 a month, not like the £90 plus interest you pay for PPI... its a complete CON..

The lender basically gets money for nothing as does the insurer earning interest off the money you borrowed to pay for something that was useless.... FAIR.. eh no chance.

marshallka

Incipience wrote: »

This whole non-advised thing is somewhat a contradiction of the whole ethos of lender - customers relationship.

The reason being is that it goes against the principles of treating customers fairly. This is a harsh letter that throws in some serious accusations, but ultimatley relies on the Treating Fairly Principles. Not like other templates.

I will not say that it will work for all, but it will cover the majority.

There is no magic solution here, every case is different and RE your comments above about the unfair rebate, not sure why you would go to the lender for this.. it is clearly the insurer.. The lender basically lends you the money to pay the insurer for the policy.. the insurer puts that money into an account and earns interest off it.. the lender then charges you interest on the loan making a profit from that whilst also getting a kick back from the insurer.

Those who have the Five Year Cash Back.. it is the Insurer who pays this out, sometimes via the lender.

The whole point of payment protection is flawed, in that you pay up front for something that might happen, and ultimately you will be unable to claim against.

You would of been better off sticking it in an ISA and underwritten the insurance yourself over the 5 years.. at least you would have been able to cover any ilness or unemployment for longer than the 12 months they offered..

Now if you had taken out income protection on a £50k loan your premium would be around £40 a month, not like the £90 plus interest you pay for PPI... its a complete CON..

The lender basically gets money for nothing as does the insurer earning interest off the money you borrowed to pay for something that was useless.... FAIR.. eh no chance.

The main difference between sales before and after regulation is that all sales before regulation were 'non-advised', as the 'advised' regime didn't come in until regulation was introduced.

Also treating customers fairly only came in since regulation didn't it?

Oh no stand to be correct 2001 leaflet here

http://www.fsa.gov.uk/pubs/discussion/dp7.pdf

Incipience

No it has been the principles of GISC, FLA, FISA, BANKING CODE, CCA and a host of others since, well forever..

Incipience

The FSA are only taking its regulation from what was currently already in force.

GingerNinja82_2

Hi I have an egg card which when I applied on the internet for I took out PPI with believing that i had to to get the card (it was my first type of any credit).

after about 5 months i called egg to see if i could cancel the ppi and was told that it was inadvisable and i felt obligated to keep it.

I tried to reclaim it about 6 months ago, explining to egg that i had tried to cancel it before but had been put off unfairly. Egg said that they had no record of the call and so I could do nothing. I didnt know how true this was but didnt know wht else I could do.

I was recently tidying and realised I couldnt find the agreement i signed to take out the card. I requested a copy of this from egg and received it at the weekend. I have had a look at it and cannot see anywhere on it a mention of PPI. Therefore if i never signed for it could i demand it be repaid to me since technically there was no PPI in existence?

any ideas?