Letter to the bank

dolphin_m70

Please comment on this letter which i am sending to the bank for my ppi reclaim. do i need to add anything else or will this be enough

Ref – Policy Number – XXXXXXX

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

I took out a £xxxxx loan at your xxxx branch on xx/xx/xx and also bought a payment protection policy which would cost me extra over the life of the loan. The total insurance amount payable is my insurance premiums plus interest for xx months.

When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority’s advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.

In forcing me to buy this policy, you have also breached paragraph 8.6 of the Banking Code, to which you are a signatory.

I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation.

I am requesting a full refund of all my insurance payments, plus 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,

[Your signature]

Any help will be appreciated

Peelerfart

Hi Dolphin,

There is a section on this site that covers exactly what you are doing. I assume you have read it if not,

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

dolphin_m70

thx very much for the help, saying about the dept , should i address it to the bank who gave me the loan or the insurance company

jonesMUFCforever

dolphin_m70 wrote: »

thx very much for the help, saying about the dept , should i address it to the bank who gave me the loan or the insurance company

I would suggest the bank.

amersall

Hi there, send it to the complaints dept at the bank.

amersall

jonesMUFCforever wrote: »

I would suggest the bank.

I was a bit slow there :rotfl::rotfl:

dolphin_m70

hi
thanks to all for the reply

today i recieved a letter from the bank saying

Having reviewed your complaint we can confirm that we are unable to provide a final response to your complaint at the moment and would like to explain why this is so and the implications of this for you.

The standards against which you complaint should be assessed, namely the Financial Service Authority(FSA) policy statment on the PPI compaints and guidance published by the Financial Ombudsman (FOS) are the subject to legal proceedings between the British Bankers Association(BBA), the FSA and the FOS.

In August 2010, the FSA published new requirements concerning the way in which the industry should handle customer complaints about the sale of PPI policies. the BBA (the main trade association for UK banks) believes that these requirements go beyond the rules and regulatory requirements in force at the time of the sales. Accordingly, the BBA has sought clarification from the Court on that aand on a related point concerning complaint handling by the FOS.

The BBA intends to work with the FSA and the FOS to ensure these matters are resolved as soon as possible. Once the court has provided clarification as to the standards against which your complaint should be assessed we will then be able to make a final decision.

In the meantime:

1. we have registered your complaint in our records.
2. we will keep you infirmed if there are material developments in the court case that affect you complaint and
3. we will revert to you once the matter has been resolved through the court
4. we confirm the time for the court to make a decision will not prejudice your complaint in relation to calculating any time bar periods or timeframes for referring your complaint to the FOS


for further information, please see our website. if you dont have access to our website call us.

if you are unhappy with this outcome, you may now ask the FOS to review your complaint, we have enclosed a copy of their leaflet, which includes details of how to contact them

signed
Customer relations manager

Has anybody recieved letter like this, what should i do next
Any help will be appreciated

jonesMUFCforever

All claims have been stayed until the judicial process now being carried out is complete.

Until the judgement is known you can do no more unless you can prove financial hardship

dolphin_m70

hi
thx for the reply, will this judicial process happen anytime soon
thx

sharpy2010

dolphin_m70 wrote: »

hi
thx for the reply, will this judicial process happen anytime soon
thx

Its already been ongoing for 8 months, my guess is that, like anything in the legal system, it won't be done any time soon.

If you need money quickly, this isn't the way to get it.

dolphin_m70

hi
sharpy2010 thanks for the reply

Its already been ongoing for 8 months, my guess is that, like anything in the legal system, it won't be done any time soon.

If you need money quickly, this isn't the way to get it.

could you pls suggest what should i do , because i definitely need the money quickly. Is there any other process which need to be followed.
thx