Barclays PPI - say we have no policy!

mumof3boys

Hi wonder if anyone can give us some advice ?

We complained to Barclays about our PPI on a secured loan on 23rd October. On 31st October received acknowledgement of the complaint. Today have received a letter saying we don't have a policy !!! and have no complaint ! can we provide further details - but we have already given them the policy details in our complaint - used the standard form to complain.

well that would be great and does this mean we don't now have to pay the £200 a month premium ??

Is it because the policy actually paid out in August ? We received £24k but are still paying the premiums each month so surely we can still complain ??

Any advice on what our next move should be ? Complain to the Chief exec ? If so does anyone have his address or email ?

I think it is just a con to stop the clock and restart it again ! Would welcome anyone else's views though.

Many thanks!

dunstonh

ut we have already given them the policy details in our complaint - used the standard form to complain.

Loans do not typically have policy details. The protection is built into the loan and forms part of the monthly loan premium.

Are you referring to a standalone policy by any chance?

Is it because the policy actually paid out in August ? We received £24k but are still paying the premiums each month so surely we can still complain ??

Why did it pay out £24k in August?

You can complain about the colour of the carpets in the branch if you wish. Nothing stops you complaining about anything. However, it doesnt mean they will give you what you want.

You do realise that even if you are successful, the value of the claim would be deducted from the redress payment. So, at £200pm premium, you would have to have been paying the premium for over 10 years to get any money.

Complain to the Chief exec ?

Wont do you any good as the complaint will be sent on to the complaints team who will match your existing complaint and repeat what they have told you.

I think it is just a con to stop the clock and restart it again

To be honest, I think it is more likely you dont have loan PPI but have a standalone policy that is not directly linked and therefore their response is correct.

magpiecottage

dunstonh wrote: »

You can complain about the colour of the carpets in the branch if you wish. Nothing stops you complaining about anything. However, it doesnt mean they will give you what you want.

Apparently FOS once received a complaint because the bank had painted over where the complainant had written his PIN on the wall next to the ATM!

JuicyJesus

magpiecottage wrote: »

Apparently FOS once received a complaint because the bank had painted over where the complainant had written his PIN on the wall next to the ATM!

Ker-ching, £500 please.

Some people are such morons.

amersall

mumof3boys wrote: »

Hi wonder if anyone can give us some advice ?

We complained to Barclays about our PPI on a secured loan on 23rd October. On 31st October received acknowledgement of the complaint. Today have received a letter saying we don't have a policy !!! and have no complaint ! can we provide further details - but we have already given them the policy details in our complaint - used the standard form to complain.

well that would be great and does this mean we don't now have to pay the £200 a month premium ??
Is it because the policy actually paid out in August ? We received £24k but are still paying the premiums each month so surely we can still complain ??

Any advice on what our next move should be ? Complain to the Chief exec ? If so does anyone have his address or email ?

I think it is just a con to stop the clock and restart it again ! Would welcome anyone else's views though.

Many thanks!

This ppi is a mis sell,you will be pay the ppi to term end with interest but you will not be covered by the ppi,they have "given you the cashback" but the actual ppi is still there.

This is a loan on a loan paid back over the term with interest.
You get the ppi back,but it is still on the loan to term end with interest.
After 5 years,you are no longer covered with the ppi,but you are still paying this to term end with interest.

As you have the cash back,you will not get a large payback,but the best payback of all is the whole ppi amount off the balance of the loan,and your monthly payment goes down by the ppi monthly amount.
This will save you thousands in interest over the remaining term.

The ppi will be on the original agreement,as you had the cashback,you are no longer covered by the ppi,that is why there is no policy.
Send a copy of the agreement in with your mis sell letter and ask for the ppi back that is still on the loan.

mumof3boys

:beer: Just wanted to update everyone. After a long battle Barclays have today sent us an offer of £19.5k !! that is a refund of our premiums plus 8% interest.

Am soo pleased !! we no longer have the loan either - we managed to pay it off this year so we get all the funds for our use.

Just one question - what happens about the tax on the interest ? I know we have to pay but I am a 20% tax payer soon to pay no tax from sept and DH is on 40%. how does this work? do we need to ring the tax office ?

Many thanks everyone !

Thank especially to you amersall for your advice - you were right!!! :rotfl:

dunstonh

Just wanted to update everyone. After a long battle Barclays have today sent us an offer of £19.5k !! that is a refund of our premiums plus 8% interest.

That doesnt sound right. If you had a £24,000 payout on the policy then its unlikely you would see a refund of premiums as the amount of the payout would be deduced from the redress payment. You should just be expecting an interest payment (and possibly a small adjustment amount).

Just one question - what happens about the tax on the interest ? I know we have to pay but I am a 20% tax payer soon to pay no tax from sept and DH is on 40%. how does this work? do we need to ring the tax office ?

Assuming you get the money (i.e. Barclays dont find out between now and then that they have already paid £34k) the tax is no different to a savings account. Your earnings in the tax year will dictate whether you become a nil rate taxpayer this year or not. If you do then you can claim some of the tax back. However, your husband will have to pay extra tax on his half.

mumof3boys

I am afraid you are incorrect ambersall was right. The payout at five years was part of the policy sold to us and it was in the conditions that if we didnt make a claim we would receive that figure at the five year point. But it wasn't For the full amount we has actually made in payments for the ppi over the term we had the loan. The amount is the outstanding payments we paid in addition to the 25k we received after 5 years. It's exactly the amount I had calculated we had paid in once you take off the 25k. Don't forget they were also charging interest on these payments as it was treated as part of the secured loan. That is why it is so high.

The 24 k was added on top of the loan at the beginning of the term. So we actually borrowed 24 k more than we wanted to but it was the ppi premium that had been aded to the loan.after the five years your payment stays the same because you are still paying interest on the ppi even tho it has finished! Hope this makes more sense !

Thank you for the tax advice though.

dunstonh

I am afraid you are incorrect ambersall was right. The payout at five years was part of the policy sold to us and it was in the conditions that if we didnt make a claim we would receive that figure at the five year point.

That refund should still be deducted from your redress.

amersall

:j Well done on your win :beer:

As you finished the loan and had the cash back, when you repaid the loan early, you would have repaid the remaining PPI and a pro rata of interest after the rebate, back to FP in settlement, the rebate would have been small so they have to give you the whole PPI back less the rebate plus the PPI you actually paid with interest.

The insurance paid you per the policy document at 5 years, you qualified for this so I don't think FP or the insurance company can take this back, there is nowhere on the policy document that states you get the cash back only if the loan runs to term.

The way FP loans work, I can believe you repaid what they are giving you back in settlement of the PPI on top of the settlement figure for the actual loan.

Did they give you any figures?.

You do know that if the loan was still running and you paid this to term, you would have paid back at least 4 times the original PPI amount, you would have been looking at 100,000 :eek: that would not have included the loan amount total either.

mumof3boys

Hi ambersall

Yes it has taken a while for us to work this all out but you are correct!

That's one reason why we paid the loan off early we are really lucky to be able to do this! We have also checked and they get take the original 25k off us or they would owe us just under 40k in a rebate! Very scary figures.

They have only given us a breakdown if approx 14.5 k ppi repayments and then 5000 for the interest but it works out to the same as I had calculated so we are very happy to say the least! :rotfl:

Thanks again for your advice gave us the hope to keep fighting!