PPI and Outstanding Loan Letter

Tayus

Hi all
I will be posting this off to the company concerned with regard to my PPI charges and loan repayments in the next couple of days and would appreciate some feedback on my letter -

To whom it may concern,

In Light of the current economic climate and following a review of my personal finances I am very alarmed with several issues regarding my loan that I took out with yourselves back in April 2004.
I originally applied for credit with you through ******** and received a confirmation letter from yourselves on 20/04/04 which stated that over the course of the repayment you would receive 48 monthly instalments from me. Also contained in the letter you state that I have chosen not to take Payment Protection Insurance and that if I did want it, it would only cost me an extra £5.47 a month on top of my monthly repayments.
I then received a letter from yourselves on 08/06/2004 thanking me for taking out a ************ Flexible Loan with a credit limit of £2000.00, what concerns me is that I do not have any recollection of applying for / taking out a ********** Flexible Loan.
However, in my records I do have a ‘Welcome to ************’ pack which amongst other things contains a credit agreement that has my name on it and states that I would like Payment Protection Insurance. I would like to state that I have never knowingly taken out another loan with yourselves or requested PPI

I visited your ********** branch following what can only be described as hounding from yourselves via phone calls in which you stated that I was required to come in to sign documents as some circumstances within your company had changed (I originally obtained credit with ****** and you were now calling yourselves ************). Even after my requests for you to post the documents to myself you were still insistent that I attend your Branch. After spending in excess of 2 hours at your Branch in which I had to wait for someone to see me / left on my own for at least 45 minutes whilst documents were being printed I was asked to sign something which I was not given adequate time to review/understand and then ushered out just as the branch was closing leaving myself feeling somewhat perplexed. At no point during my time at your branch did I believe that I was being sold / agreeing to a different product to the one I originally signed up for.

This pack does contain a credit agreement however I it is unsigned therefore I am now left wondering what was the document that I signed that day?
I have reviewed my statements from you and in total I have paid £448.05 In PPI charges (see below).
Date
PPI Amount
Date
PPI Amount
Date
PPI Amount

Jul-04

£9.23

Jan-06

£8.41

Jul-07

£8.09

Aug-04

£9.06

Feb-06

£8.40

Aug-07

£8.08

Sep-04

£8.98

Mar-06

£8.37

Sep-07

£8.07

Oct-04

£8.89

Apr-06

£8.36

Oct-07

£8.05

Nov-04

£8.81

May-06

£8.34

Nov-07

£8.04

Dec-04

£8.73

Jun-06

£8.33

Dec-07

£8.02

Jan-05

£8.65

Jul-06

£8.31

Jan-08

£8.00

Feb-05

£8.63

Aug-06

£8.29

Feb-08

£7.98

Mar-05

£8.60

Sep-06

£8.28

Mar-08

£7.96

Apr-05

£8.59

Oct-06

£8.26

Apr-08

£7.94

May-05

£8.57

Nov-06

£8.24

May-08

£7.92

Jun-05

£8.55

Dec-06

£8.22

Jun-08

£7.90

Jul-05

£8.53

Jan-07

£8.20

Jul-08

£7.88

Aug-05

£8.51

Feb-07

£8.19

Aug-08

£7.87

Sep-05

£8.50

Mar-07

£8.16

Sep-08

£7.85

Oct-05

£8.47

Apr-07

£8.14

Oct-08

£7.84

Nov-05

£8.46

May-07

£8.12

Nov-08

£7.82

Dec-05

£8.44

Jun-07

£8.11

Dec-08

£7.81

Another matter of concern is the total amount that you state I am still outstanding on the loan - £996.00. I am absolutely flabbergasted that after making payments to you for over 4 years I still owe more than 80% of the original amount.

In total ****************************** have received £1679.00 from myself and I feel that taking into account the current economic climate and manner that I have been treated by yourselves as a customer this amount is absolutely outrageous, not only do I feel cheated by ******************************** I am also questioning the moral standards of your parent company (******)

Fortunately I have never used any of the Cheques or credit cards sent to myself from you and I question your intentions over sending these to a customer who originally takes a loan out for a product purchased from a retail outlet? I have never expressed an interest in receiving these additional financial offers and find it concerning that you would send these out to customers without proper consultation.

To summarise –
1) With regard to the PPI, I have paid £448.05 which considering I did not require this I believe needs to be reimbursed back to me.
2) With regard to the loan agreement and outstanding balance, I have calculated that I have paid £1679.00 and despite 4 years payments I still owe £996.00. This is an extortionate amount of money outstanding and goes completely against what I originally signed up for (48 monthly instalments) I believe that the outstanding amount should be removed from my account by you therefore leaving a new balance of £0.00.
I understand that the total amount payed includes my PPI charges in light of this I belive a fair outcome of this situation would be for both parties (myself and **********) to agree that any outstanding amounts owed to each other be nulled with my outstanding balance adjusted to £0.00 and closed.
I hope to hear from yourselves within the next 10 working days with a resolution to this issue otherwise I will be forced to contact the Financial Ombudsman (FOS).
Regards,

Tayus

Hmm... its posted slightly different to how i wrote it!

di3004

Tayus wrote: »

Hmm... its posted slightly different to how i wrote it!

Wow well done you have been very busy and well prepared.:T

Good luck with this and please keep us posted, if you need any help with anything please let us know, looks like you've handled this very well.:D :T .

Also just to state, they have 8 weeks to respond in full, this is the timescale they are entitled to, but hope you hear sooner, the very best of luck and of course I think you are probably aware its best to post by record delivery as well, to keep a check on the 8 weeks they have and your proof of posting.

Di
X

chicqa

Great Letter, I too will be waiting for the outcome.


Good Luck!!!

Tayus

Hi Guys,

Finally received a reply today acknowledging my complaint, wonder how long it will take them to investigate and come to a conclusion/offer?

di3004

Tayus wrote: »

Hi Guys,

Finally received a reply today acknowledging my complaint, wonder how long it will take them to investigate and come to a conclusion/offer?

Hi hun

I hope you hear very soon with a good outcome, keep us posted, cheers, fingers crossed for you.;)

Di
X

Tayus

Update-

Received a further letter apologising for the delay in reaching a conclusion and that they are treating the complaint very seriously. They also point out that I may contact the FO if I want but they wouuld hope that I dont feel its necessary.

Is this a good sign or a bad one?

Also... If they do refund me / clear my loan as proposed I'm tempted to make a further claim for the payments I've made since making the complaint... or is that pushing it a bit?!!

di3004

Tayus wrote: »

Update-

Received a further letter apologising for the delay in reaching a conclusion and that they are treating the complaint very seriously. They also point out that I may contact the FO if I want but they wouuld hope that I dont feel its necessary.

Is this a good sign or a bad one?

Also... If they do refund me / clear my loan as proposed I'm tempted to make a further claim for the payments I've made since making the complaint... or is that pushing it a bit?!!

Hi there

If the 8 weeks have passed and its still not resolved then your entitled to move on to the FOS, but as they have informed you they are looking into this, you have a choice.

You could contact them and ask what sort of timescale are they looking at.
But its now your choice now.
You could always give them your own personal timescale if you wanted to, just as long as the 8 weeks have passed.

You claim for what is rightly yours, go for it and good luck.;)