PPI forum - non PPI discussion thread

amersall

showergirl wrote: »

Hi

Nassie gave me the letter she received from A&L.

They say she was told about the ppi as it was on her statements and that she had 30 days to cancel.

At the bottom they have put that if they do not hear from her within 8 weeks they will assume that the matter is closed.

I have rung the FOS and this is not their final response letter,so have got Nassie to ring again asking for their final response.

Talk about dragging this out.

She also told me that 2 years ago she had an operation and fell behind with the payments and was put on a repayment plan to bring them up to date. No one explained that she had ppi to cover this

Sorry just noticed have posted this in wrong place

take this as far as you can, my husband had ppi on a loan (that he didnt know he had!!) he was made redundant and had to have reduced payments on the loan for a while and no one at the bank told him he had ppi and could claim, this was in 95 so we cannot make a claim, mores the pity, these banks think they can get away with anything, they make me sick

showergirl

We have spoken to A&L this morning and they have told Nassie it was up to her to claim on her ppi insurance and that is their final response.

She has asked for them to put this in writing today so we can put this into the hands of the FOS.

I am fuming:mad:

pinknico

amersall wrote: »

take this as far as you can, my husband had ppi on a loan (that he didnt know he had!!) he was made redundant and had to have reduced payments on the loan for a while and no one at the bank told him he had ppi and could claim, this was in 95 so we cannot make a claim, mores the pity, these banks think they can get away with anything, they make me sick

Have you been told you cant make a claim and by who?

di3004

So sorry to hear this of Nassie's news, how awful.......:mad:.

Well if Nassie moved on to the FOS, tell her to photocopy the complaints form and send it to A&L, write a small letter to go with it to let them know "you have now moved the complaint on to the FOS, and enclose a copy of the complaints form for their interest/records".

It have been known that when they receive this, they may change their minds, but do not guarantee it, if they do this then in nassie's favour, then just let the FOS know, but otherwise keep it going with the FOS.


I do wish her luck, after all the delays in dealing with her complaint, it makes you feel sick.

amersall

pinknico wrote: »

Have you been told you cant make a claim and by who?

hi pinknico. i just assumed because of the year i wouldnt be able to, it is 14 years ago, why do you think i should give it a try? they can only say no cant they. and it is the dreaded yorkshire bank so i wont hold my breath

amersall

showergirl wrote: »

We have spoken to A&L this morning and they have told Nassie it was up to her to claim on her ppi insurance and that is their final response.

She has asked for them to put this in writing today so we can put this into the hands of the FOS.

I am fuming:mad:

you go girl. up and at em lol

pinknico

amersall wrote: »

hi pinknico. i just assumed because of the year i wouldnt be able to, it is 14 years ago, why do you think i should give it a try? they can only say no cant they. and it is the dreaded yorkshire bank so i wont hold my breath

Always worth a go, Max got refunded back a long way on a credit card.
Just write to them give them 8 weeks, take to FOS if no result and see what happens, 15 years interest @ 8% yes please. LOL!!

amersall

pinknico wrote: »

Always worth a go, Max got refunded back a long way on a credit card.
Just write to them give them 8 weeks, take to FOS if no result and see what happens, 15 years interest @ 8% yes please. LOL!!

wow cheers for that. will have a go, got nothing to lose.xx

marshallka

I have spoken to FOS again today and the manager should be getting back later but it does not sound good. I have now been told that after all these months (years nearly) my complaint about the rebate first to Firstplus was outside of jurisdiction even though this happened in 2003, then they said it was not against Firstplus and had to be against the insurer and they would write on my behalf. This was from last year (september eventually after starting this in April 2008) I started this complaint, it got before two adjudicators and one threw it out one day after and then another threw it out 2 days after and then it was put against the insurer (compulsory jurisdiction apparently!!) and they said it was definately a complaint. Unfair rebates are determined by the insurer. Great I thought and had hope of FOS's help from here on.

Now over a week ago I was told by some manager that another manager had taken a look and that I would not likely win with unfair rebate but they were showing it to another manager. I was supposed to have a call back last week (tuesday) but he was off sick and now I have called and they are saying that it is unlikely that I can have ANY help at all from FOS, they say its a tricky one. I asked about the rebate issue again and why he felt it was not a complaint and he just said that someone else had said it but its not likely to win. I cannot understand how they can say this. I then told him I paid an extra £4K at settlement of the loan just for the PPI alone so how can that be fair to which he replied "you paid that on top of your settlement?" I then replied "no it was included in the settlement figure" to which he replied "it was not extra PPI as your PPI was paid in a lump sum in the beginning of the loan". (meaning it was actually interest because of rule 78).

I now understand what he is saying in that it was actually interest being charged on the PPI and not PPI in effect because the PPI was a loan to pay a lump sum premium. There is obviously no way around this complaint and I am now thinking I may as well give up. Its been 18 months hard work for nothing. Where the FSA say if you have had an "unfair rebate" complain!!!! then they are wrong because you cannot.

What annoys me more is that FOS when making redressing amounts included the interest on the PPI as PPI so why not when they are calculating unfair rebates of PPI??????? I have even put MY OWN figures into this redress example from FOS's site about how they actually calculate redresses. (Maxdp has it on a sticky here).



FOr misselling I would have recieved £9K odd with statutory interest which applying my own figures to the FOS's redress. This is taken from the examples in how FOS calculate redress's.

• his overall loan was for £21,163 (with monthly repayments of £285) – but it would have been £17,000 (with monthly repayments of £226) without the additional lending to fund the single premium PPI policy;
• the term of the loan and policy was for 160 months;
• the loan and policy were cancelled after Mr had made 39 monthly payments;
• Mr was required to pay £20410 to settle the loan (after the business had taken account of the rebate of premium he was due of £90); but if he had not had the PPI added to the loan, the smaller loan of £17,000 would have cost £ 16546.19 to settle at the same point.

FIGURES CORRECT FROM RULE 78 CALCULATOR
http://brian-stewart.orpheusweb.co.uk/credit/javascript/equalr78-prr.htm

So Mr had paid the lender £55 a month more than he would have done, had the financial business not mis-sold the PPI policy; and £3864 more to settle the loan, when he cancelled the loan and policy after 39 months. Accordingly, we required the financial business to:
return to Mr each of these excess monthly payments of £55 that he had made over the 39 months up to the date of settlement (£2145);

calculate the difference between the settlement costs Mr incurred when he ended the loan early and those he would have incurred, had he settled the loan without the additional PPI element at the same time (£20410 - £16546 = £3864) – and to pay that difference to Mr
add interest to each of these excess payments of £55 and to the excess settlement cost (£3864) – at a rate of 8% simple from the date each payment was made (and from the date that excess cost was incurred) until the date the financial business repaid Mr

I have worked on my payments staying the same here when in fact the interest rate was variable and it went up and up.

Feel so down about this as I really was confident FOS would see this in my favour and not think that paying an additional £3864.00 to settle would be seen as fair purely and simply because of PPI added. I thought they would at least make the insurance company offer a 78% pro rata rebate to us. I do know that when the FOS ask the company to do this they also include the interest element so it would have been 78% of the £3864 plus statutory interest although the companies do not (Firstplus especially). Even if they would have asked them to do this purely on the PPI (without the interest) it would have been a couple of grand with the statutory interest. They have been allowed to get away with this and its so unfair. My rebate was in 2003 and March 2003 so even too late to use the courts now and that again is annoying.

Going to have a good cry now and wait for the final "sorry" from FOS.

Sorry for how long this is but had to get it off my chest. (sometimes even when no-one REALLY wants to know it helps to do this).

di3004

OMG.........I am literally stumped here..........

I am so sorry to hear this Marshallka, omg what do I say?

This is one that has been with them for well over a year and now you get this reply after all this time!!!!!!