capital one ppi claim

jimmy1405

hi, looking for some advice.Sent a letter to capital one about missold ppi single premium insurance and recieved a letter from them telling me i have no case that all the info was correct over the phone from their side, are they trying to fob me or scare me off because i thought single premium insurance was outlawed and illegal.I would appreciate any help about my next move many thanks if you could give me any help

di3004

jimmy1405 wrote: »

hi, looking for some advice.Sent a letter to capital one about missold ppi single premium insurance and recieved a letter from them telling me i have no case that all the info was correct over the phone from their side, are they trying to fob me or scare me off because i thought single premium insurance was outlawed and illegal.I would appreciate any help about my next move many thanks if you could give me any help

Hi there

I would now be inclined to write to request for the copies of the phone recordings, ask that they supply by 14 days.

Then when you receive the disc have a listen, if you still feel you have a case and that was not the final decision then write back and ask them to reconsider, and if you notice anything amiss on the recording, this then gives you something further to write.

If this was the final decision then they should have given you details of the financial ombudsman service (FOS) with a leaflet, have they given the final decision?

Di

jimmy1405

thanks for your reply di, here is the response from them. Your complaint 1. you weren,t told the insurance was optional, 2. You believed your application would be rejected if you didn,t take the insurance out, 3.The policy exclusions were not explained either before or at the time of taking the policy out,4.You were unable to make an informed decision as to whether the policy would be appropiate for you,5.It wasn,t explained that the policy premium would be paid upfront as a single premium insuranceand added to the loan attracting interest, Thir reply only too 3 4 and 5 , 3.it wasn,t a requirement to explain the exclusions of the policy over the phone. However, we sent you a policy document, which explained the exclusions and restrictions in detail, 4. We sent you a policy document which explained the insurance in full and it was your responsibility to read it and make an informed decision whether to purchase the insurance or not,5.It was made clear on the credit,s agreement that the premium was added to the total loan and would attract interest.CONCLUSION As a result of my investegations,I,m confident the ppi sale was conducted in an appropiate and compliant manner and that you had sufficent information on which to make an informed decision on whether or not to purchase the policy.After the telephone sale was completed, you were given the full terms and conditions of the policy, and you signed and returned the agreement to acknowledge that you wished to buy optional ppi policy, were elegible for cover and had read and understood the policy details.For this reason and taking into account of the information i have reviewed, i am satisfied that you have had sufficient information on the policy terms in order to make an informed .Consequently i,m unable to uphold your complaint. Sorry it was so long i am 100% sure they are fobbing me off with jargon they never put a financial ombusman leaflet in , i would be grateful for any help because i,m phoning them tommorrow

di3004

jimmy1405 wrote: »

thanks for your reply di, here is the response from them. Your complaint 1. you weren,t told the insurance was optional, 2. You believed your application would be rejected if you didn,t take the insurance out, 3.The policy exclusions were not explained either before or at the time of taking the policy out,4.You were unable to make an informed decision as to whether the policy would be appropiate for you,5.It wasn,t explained that the policy premium would be paid upfront as a single premium insuranceand added to the loan attracting interest, Thir reply only too 3 4 and 5 , 3.it wasn,t a requirement to explain the exclusions of the policy over the phone. However, we sent you a policy document, which explained the exclusions and restrictions in detail, 4. We sent you a policy document which explained the insurance in full and it was your responsibility to read it and make an informed decision whether to purchase the insurance or not,5.It was made clear on the credit,s agreement that the premium was added to the total loan and would attract interest.CONCLUSION As a result of my investegations,I,m confident the ppi sale was conducted in an appropiate and compliant manner and that you had sufficent information on which to make an informed decision on whether or not to purchase the policy.After the telephone sale was completed, you were given the full terms and conditions of the policy, and you signed and returned the agreement to acknowledge that you wished to buy optional ppi policy, were elegible for cover and had read and understood the policy details.For this reason and taking into account of the information i have reviewed, i am satisfied that you have had sufficient information on the policy terms in order to make an informed .Consequently i,m unable to uphold your complaint. Sorry it was so long i am 100% sure they are fobbing me off with jargon they never put a financial ombusman leaflet in , i would be grateful for any help because i,m phoning them tommorrow

Hi and your welcome.

This what you received is totally bog standard (a normal response like most receives).
So yes, good idea to give them a ring - and request for a copy of the phone recordings.
They must have these if they investigated on your complaint properly.

So this was not the final response then?

jimmy1405

hi, i don,t think it was the final response, i,ll know more tommorrow when i phone

di3004

jimmy1405 wrote: »

hi, i don,t think it was the final response, i,ll know more tommorrow when i phone

Hi there

They should confirm if it was the final decision on the letter, if you've not received one of these with details of the FOS, then your in your right to write to them again to request they consider and put forward any further information you may have.
Good luck tomorrow as well.;)

jimmy1405

hi, can you help me with my refund calculation, homeloaner loan taken out on the 17/1/2003 paid off on 15/3/2004 for 6,000 pounds upfront insurance 984 pounds over the term payment 160.50 per month, if you could tell me what the refund will be before i phone them i would be very grateful many thanks

robbedofmymoney

jimmy1405 wrote: »

hi, can you help me with my refund calculation, homeloaner loan taken out on the 17/1/2003 paid off on 15/3/2004 for 6,000 pounds upfront insurance 984 pounds over the term payment 160.50 per month, if you could tell me what the refund will be before i phone them i would be very grateful many thanks

i will be happy to do some numbers for you,

i need ot know how much each monthly ppi payment was, i can make an assumption, but if you have the correct amount the numbers will be more accurate.
also did they give you a rebate on the ppi premium when you settled early as if they did this will need ot be taken into account

cheers

jimmy1405

160 pounds 50 pence per month and no rebate

jimmy1405

what a devious lot this mob are, woman phoned me from their executive response department explaining i had no case against them and couldn,t claim a refund and also i couldnt contact the financial ombusman because they weren,t regulated before jan 15th 2005 and my loan was completed in 2004.So i contacted the ombusman and lo below capital one were regulated in 2001.Just to make sure i phoned up ge money who the loan was with to make sure it was capital one who did the ppi and he checked and said yes it was them who done the single premium insurance, financial ombusman are sending me forms and say i have a stonewall case, just waiting for phone call from capital one so i can tell them the good news fingers crossed

robbedofmymoney

i have made an assumption based on the figures you have given that your ppi element with interest was £22 per month, so the following figures may vary slightly.

you have made 14 monthly payments of £22 for ppi = £308

the amount of ppi not rebated but paid on settlement = £984 - £308 = £676.

you should get a refund of £986 + 8 % simple interest.

the simple interest is paid form the date you made the payment to the date the complaint is settled, for this purpose i have picked the end of May 2010

so the numbers are as follows

8 % simple on the £308 = £171 total refund of £308 + £171 = £479
8 % simple on remainder from settlement of £676 = £342 total refund = £1018

i hope this helps. good luck with your claim. it would be worht checking if there was a rebate of ppi on early settlement, there usually is.