freedom finance/paragon ppi claim

luckyc_2

well freedom have written to me asking me for permission to look into my case and to sign a permission slip so they can look at my details (?)
duly done and sent off as they promised to give their invetigation results no later than 24th november.
call me pessimistic but already planning stage two letter writing. lol
more to follow...............

di3004

luckyc wrote: »

well freedom have written to me asking me for permission to look into my case and to sign a permission slip so they can look at my details (?)
duly done and sent off as they promised to give their invetigation results no later than 24th november.
call me pessimistic but already planning stage two letter writing. lol
more to follow...............

Fingers crossed for you.;)

luckyc_2

letter back from freedom this morning. saying they feel they have satisfactorily answered all our questions and gave extracts of conversations between them and us about ppi sale. also saying that my wife said she wanted the cover anyway over the phone. and we had agreed to it.
also the compliance manager said the salesperson was not pushy at all after she listened to the phone conversation.
however they regret we were not treated fairly and have offered a goodwill payment of £1000 in full and final settlement of any and all claims including the avoidance of doubt interest and costs.
so do i just take the cash or have i still got a chance of more?

marshallka

luckyc wrote: »

letter back from freedom this morning. saying they feel they have satisfactorily answered all our questions and gave extracts of conversations between them and us about ppi sale. also saying that my wife said she wanted the cover anyway over the phone. and we had agreed to it.
also the compliance manager said the salesperson was not pushy at all after she listened to the phone conversation.
however they regret we were not treated fairly and have offered a goodwill payment of £1000 in full and final settlement of any and all claims including the avoidance of doubt interest and costs.
so do i just take the cash or have i still got a chance of more?

Have you got a copy of the phone calls? If they have listened to them then you can request them yourself?? Was the PPI explained in them in that there was interest etc and that it would most probably (I am almost sure this is the case with yours) only cover the first 5 years of the loan? Have they tried to say this was a "non advised" sale?

luckyc_2

no not got a copy of phone calls. and was not explained that there was interest was on ppi. the cover itself lasted ten years and loan was for 25. they said it was only advice that they gave and we took it by our own choice. but they did not give us a quote for loan without ppi.

luckyc_2

not updated on here for a while about my claim against freedom finance for ppi.
sent a second letter in december rejecting their goodwill offer of 1000 pounds and queried a few more concerns about how ppi was sold to me. i gave them 14days to respond but also allowed an extra 7 days over the christmas break.
as i hadnt recieved any response in this time i today emailed them stating my claims for all premiums plus 8% on premiums paid to be reimbursed as well as my further queries and asked them why they hadnt responded as this can be seen as not treating a customer fairly.
i suggested that maybe the letter had been 'lost' in the post and this is why im giving them a further chance to resolve the matter without the need for fos or other regulatory bodies. i gave them till 5 pm today to respond with an offer or i would take action.
within minutes i recieved a reply saying the letter had not been recieved(hmmmm)
and they asked to be allowed to have until the close of play on monday 22nd to allow for the finance director to look at it as he was "out of the office until then".
i have agreed and stated that i would suspend any further action til 6pm on monday 22nd february and hoped that i would not need to take any further action. also any letters i may have to send would be sent registered to alieviate chances of them getting lost.
well mondays make or break i guess.
watch this space!!!

marshallka

luckyc wrote: »

not updated on here for a while about my claim against freedom finance for ppi.
sent a second letter in december rejecting their goodwill offer of 1000 pounds and queried a few more concerns about how ppi was sold to me. i gave them 14days to respond but also allowed an extra 7 days over the christmas break.
as i hadnt recieved any response in this time i today emailed them stating my claims for all premiums plus 8% on premiums paid to be reimbursed as well as my further queries and asked them why they hadnt responded as this can be seen as not treating a customer fairly.
i suggested that maybe the letter had been 'lost' in the post and this is why im giving them a further chance to resolve the matter without the need for fos or other regulatory bodies. i gave them till 5 pm today to respond with an offer or i would take action.
within minutes i recieved a reply saying the letter had not been recieved(hmmmm)
and they asked to be allowed to have until the close of play on monday 22nd to allow for the finance director to look at it as he was "out of the office until then".
i have agreed and stated that i would suspend any further action til 6pm on monday 22nd february and hoped that i would not need to take any further action. also any letters i may have to send would be sent registered to alieviate chances of them getting lost.
well mondays make or break i guess.
watch this space!!!

As this was all in telephone conversations or emails I would now send a recorded delivery letter too outlining the phone calls.

Good luck

luckyc_2

got email today from freedom.
it states:
"we have increased our offer to £3,958.92. this offer is based on the period in which you have enjoyed benefits from the policy (50 months) and should the need of arisen during this period then you would have been able to make a claim. we have also taken into consideration the rebate which you would have been entitled to (£1,171.52) upon cancellation of the policy."

the question now im asking ,if anyone can help, is this a fair offer or should i press for more. i dont really understand what they mean by it and would hate to feel i missed out on a fair amount when i asked for my premiums and interest to be paid. the figures for all paper work is at the top of this thread so if anyone is good at working it out or giving me a realistic near offer figure then i would be very grateful. thanks guys

marshallka

luckyc wrote: »

got email today from freedom.
it states:
"we have increased our offer to £3,958.92. this offer is based on the period in which you have enjoyed benefits from the policy (50 months) and should the need of arisen during this period then you would have been able to make a claim. we have also taken into consideration the rebate which you would have been entitled to (£1,171.52) upon cancellation of the policy."

the question now im asking ,if anyone can help, is this a fair offer or should i press for more. i dont really understand what they mean by it and would hate to feel i missed out on a fair amount when i asked for my premiums and interest to be paid. the figures for all paper work is at the top of this thread so if anyone is good at working it out or giving me a realistic near offer figure then i would be very grateful. thanks guys

Hi, this would be up to you whether to accept or not but its not a full refund for misselling as they have said you have had use of the policy for 50 months prior. IF you want the whole amount refunding then you just write back and tell them you will take it to FOS. They may cave again or they may let you take it there. They stated the full cost of the PPI in your first post so do you think it is fair???

marshallka

Your total PPI was £23050 (or thereabouts if the loan went to term). This is with interest BUT when they give you a rebate against this they do not take into account the interest. They are saying that you had use of the policy for 50 months. The policy without interest was £8785. If you divide the PPI (without interest) into 120 months this would be £73.21 a month. They are giving you 70 months of it as a rebate which would be £5125 BUT they are then saying you had a rebate when you settled early of £1172 so we are taking that amount away. They are refunding you £3959 of a policy that cost you so much more. I don't know exactly what you paid for 50 months of cover as I don't know how much of the interest was rebated at settlement but still seems very unfair to me if you paid the interest (or a lot of it!!) at settlement.