Bank of Scotland Trying To Fob Me Off?

MaZ_2

Evening folks,

14 months ago i applied for a £8000 loan from BOS. At the time of application i said NO to all insurances. Once my application was successful online, i was told i had to call them to finalise the loan. After my security questions, i was instantly asked why i had said no to payment protection insurance. I explained but the girl on the other side of the line went on and on about why i should i should take it. I stuck to my guns and said no. Anyway, i came off the phone thinking no PPI was part of my loan.

The paperwork came through and the PPI was on it. So i instantly phoned and explained i had said no to the PPI and want to know why it was added. I was told i should write to them to have it cancelled, being in the first 30 days. I'd get a full 100% refund. So i wrote to them and lo and behold i got no reply what so ever.

Many attempted phone calls and 5 letters later, I finally got a response from BOS in August this year. Exactly one year after i first tried to cancel my PPI and i believe the only reason i got a response was because my last letter threatened to seek advice on the matter!

After speaking to BOS and explaining that i never asked for insurance on my application or over the phone, they said they would investigate. it's taken them 5-6 weeks to respond and the offer they have made just doesn't seem right to me.

The Figures -

Loan Amount - £8000
Insurance Loan - £1,468
Total Loan Amount - £9468

Duration of Loan - 72 months

Total Amount I Pay For Loan - £12,152
Total Amount I Pay For Loan Insurance - £2,229
Total Amount I Pay - £14,382

Monthly Repayment - £199.75

I have repaid 11 months so far. I'm not familiar at all how reclaiming PPI works or exactly what i'd be due from BOS. I believed a 100% refund as from day 1 i never wanted this PPI!

Anyway, i got a letter today from BOS saying my PPI has ceased and the insurance credit of £961 has been credited to my account. I read that as my own bank account but i suspect it's the loan account? With the all that, my balance is now £11223?

Surely i'm at least entitled to the entire 11 months insurance i just paid for that i didn't want?

Anyone got any ideas what i should be due or what my next action should be because right now i'm feeling rather shafted!

di3004

MaZ wrote: »

Evening folks,

14 months ago i applied for a £8000 loan from BOS. At the time of application i said NO to all insurances. Once my application was successful online, i was told i had to call them to finalise the loan. After my security questions, i was instantly asked why i had said no to payment protection insurance. I explained but the girl on the other side of the line went on and on about why i should i should take it. I stuck to my guns and said no. Anyway, i came off the phone thinking no PPI was part of my loan.

The paperwork came through and the PPI was on it. So i instantly phoned and explained i had said no to the PPI and want to know why it was added. I was told i should write to them to have it cancelled, being in the first 30 days. I'd get a full 100% refund. So i wrote to them and lo and behold i got no reply what so ever.

Many attempted phone calls and 5 letters later, I finally got a response from BOS in August this year. Exactly one year after i first tried to cancel my PPI and i believe the only reason i got a response was because my last letter threatened to seek advice on the matter!

After speaking to BOS and explaining that i never asked for insurance on my application or over the phone, they said they would investigate. it's taken them 5-6 weeks to respond and the offer they have made just doesn't seem right to me.

The Figures -

Loan Amount - £8000
Insurance Loan - £1,468
Total Loan Amount - £9468

Duration of Loan - 72 months

Total Amount I Pay For Loan - £12,152
Total Amount I Pay For Loan Insurance - £2,229
Total Amount I Pay - £14,382

Monthly Repayment - £199.75

I have repaid 11 months so far. I'm not familiar at all how reclaiming PPI works or exactly what i'd be due from BOS. I believed a 100% refund as from day 1 i never wanted this PPI!

Anyway, i got a letter today from BOS saying my PPI has ceased and the insurance credit of £961 has been credited to my account. I read that as my own bank account but i suspect it's the loan account? With the all that, my balance is now £11223?

Surely i'm at least entitled to the entire 11 months insurance i just paid for that i didn't want?

Anyone got any ideas what i should be due or what my next action should be because right now i'm feeling rather shafted!

Hi there

You do have a very good case here in my opinion.

I would ask them to send you a copy of telephone recordings as well, hopefully they should have these, which will be useful if you need to refer to them at some point.

I am not good at working out calculations sorry, but basically they should refund all you have paid so far in the PPI, and your repayments should be lower every month, hopefully someone will come along to check these over for you.

To give you an example on how the FOS calculated refunds, Maxdp posted a thread on here, which is very useful, check this link here:
http://forums.moneysavingexpert.com/showthread.html?t=1596473

If this is not right with what they have done and they do not put this right, you can take it to the Financial ombudsman service (FOS), if you want to complain on this.

Good luck.;)

MaZ_2

Thanks for the link and info Di :beer:

I'm gonna run my eye over the figures tonight but i will be asking them to clarify their numbers anyway because so far i can't work out exactly where their pulling their numbers from. :mad:

melorablack

As long as you are not in arrears the £961 will go to your bank account, or by cheque.

MaZ_2

melorablack wrote: »

As long as you are not in arrears the £961 will go to your bank account, or by cheque.

Thanks melorablack but could you or anyone else look at the letter i have posted below. I read it as the £961.15 will be paid in to my bank account but my girlfriend reads it as the £961.15 is being deducted from my loan balance?

h**p://i36.tinypic.com/2lbkfbk.jpg

Had to edit the link, should be http: obviously. The site won't let me post links as i'm a new user

melorablack

MaZ wrote: »

Thanks melorablack but could you or anyone else look at the letter i have posted below. I read it as the £961.15 will be paid in to my bank account but my girlfriend reads it as the £961.15 is being deducted from my loan balance?

h**p://i36.tinypic.com/2lbkfbk.jpg

Had to edit the link, should be http: obviously. The site won't let me post links as i'm a new user

That is the letter from the department that make the loan amendments confirming what is happening. The refund detailed in the letter may just be the rebate of remaining PPI on the loan. You should also get a letter from the PPI department explaining the breakdown of your refund...it looks like they are half way there. The letter from the PPI department will explain in more detail what is going on and will explain what the refund of premiums, interest and 8% will be and how it will be paid.

melorablack

Hold on...re-reading your letter it seems this may just be confirming the insurance has been cancelled. Have you put in a claim for the mis sale and received a letter saying your complaint has been upheld?

If so the letter I said would follow above should follow...if you get my drift if not you need to make sure the complaint is being looked at.

Hope this helps

finatra26

Hi Maz - Specsavers for me tomorrow - I had to copy into word & enlarge - I think your refund looks fine as you have only paid for 14 months (poss 11 if you took the repayment holiday) so wouldn't be due full refund of amount. Is this your own bank? If it is it sounds like they are paying the money back into your account

MaZ_2

melorablack wrote: »

Hold on...re-reading your letter it seems this may just be confirming the insurance has been cancelled. Have you put in a claim for the mis sale and received a letter saying your complaint has been upheld?

If so the letter I said would follow above should follow...if you get my drift if not you need to make sure the complaint is being looked at.

Hope this helps

Thanks. The one and only phone call i have had from BOS regarding the matter. The lady i spoke too asked if i believe i was misold the policy. Obviously i said yes and then she asked what action would i like taken from all of this, i told her i want the policy canceled and all money owed to me given back with any interest gained. I will write to her though in case and ask for a full break down of the figures and ask that the complaint is being fully investigated.

finatra26 wrote:

Hi Maz - Specsavers for me tomorrow - I had to copy into word & enlarge - I think your refund looks fine as you have only paid for 14 months (poss 11 if you took the repayment holiday) so wouldn't be due full refund of amount. Is this your own bank? If it is it sounds like they are paying the money back into your account

It is indeed my own bank. No funds have shown up yet but i'll keep checking!

MaZ_2

Bit of a follow up on my very first post. I never ever received the payment of £961 that the letter i received spoke about. In fact, a week after that letter i received another one. Telling me the investigation in to my complaint was no further forward and that such time had passed, i may want to contact the Ombudsman Service?

Utterly confused, i wrote to them explaining i received a letter giving me a financial breakdown and that i was due X amount. Only to have another letter telling me their getting nowhere still a week later!

Today i have came home to a letter telling me the investigation is complete, they agree it was a policy i never agreed to or needed and my complaint is being upheld. It also says i will receive a follow up letter soon explaining the money breakdown, what settlement i'm due and that it will be paid in to my BOS bank account or by cheque within a month.

No idea what i'm due, so should make interesting reading!

di3004

MaZ wrote: »

Bit of a follow up on my very first post. I never ever received the payment of £961 that the letter i received spoke about. In fact, a week after that letter i received another one. Telling me the investigation in to my complaint was no further forward and that such time had passed, i may want to contact the Ombudsman Service?

Utterly confused, i wrote to them explaining i received a letter giving me a financial breakdown and that i was due X amount. Only to have another letter telling me their getting nowhere still a week later!

Today i have came home to a letter telling me the investigation is complete, they agree it was a policy i never agreed to or needed and my complaint is being upheld. It also says i will receive a follow up letter soon explaining the money breakdown, what settlement i'm due and that it will be paid in to my BOS bank account or by cheque within a month.

No idea what i'm due, so should make interesting reading!

Cheers for the update Maz.

You had some messing about with this one didn't you?

I don't think they know what they are doing, but glad its finally been resolved for you, well done Maz.:beer:;)