Yorkshire Bank Reclaim Letter - Advice Please

mlhm

Hi all,

I'm a first time poster looking for some advice regarding a letter I'm about to send to Yorkshire bank on behalf of my partner to claim back a mis-sold PPI policy.

Its a long post, sorry!

The reason for the misselling is due to both the advisor telling me that my partner needed the policy to qualify for the loan and also that my partner was a part time worker at the time.

In addition to this loan there was a loan previous to this but we do not have any paperwork for the loan and the bank has stated that they don't have the CCA either as they only keep the documents for seven years. In this case my partner was also informed that PPI would be required for the loan to be successful.

I have pasted the letter below and would be grateful if anyone could have a read over and give any comments on it.

Letter below -

RE : Loan Account : xx-xx-xx – xxxxxxxx

Dear Sir / Madam,

I am writing with regards to the above loan account number and the payment protection insurance that I was mis-sold at the time of taking out the loan.

At the time of taking out the loans I was informed that for the applications to be successful that I would have to also take out PPI insurance which is against the lending code which Clydesdale Bank Plc and its subsidiaries subscribe to.

In addition to this, as I was, and still am a part time worker, the PPI would not have covered me should I have needed to make a claim against the policy.

Following this misinformation received from your representative, named as xxxxxx on the CCA, the loan agreement was signed on 09 September 2005 and monies released which have both now been repaid in full.

This was the second loan I took out with Yorkshire Bank and on both occasions I was informed that the PPI must be taken in order to qualify for the loan. At this point in time I do not have a copy of the CCA or loan account number so correspondence will follow with regards to the first loan, taken out in 2003.

In the absence of any details regarding the first loan at this stage I would be willing to consider an offer in settlement for the PPI cover paid for through this agreement. The loan was for £1,500 and repayments were debited from the current account I hold with yourselves between 2003 and 2005, until the second loan was taken out.

I am now aware that for a financial institution to inform a customer that they must take out payment protection insurance would constitute mis-selling of the product following the ruling by the High Court in April 2011.

In addition to this, your organisation was regulated by the FSA at the time of the sale and as such should not have been employing such sales methods within your branches.

As the action taken by Yorkshire Bank in selling PPI to myself was unlawful, I hereby request that a full refund of all monies paid with regards to PPI in relation to the above mentioned loan, associated interest on the premiums paid and in addition to this and 8% interest on the full balance is made without delay.

Should the response and final decision from yourselves be unsatisfactory, I am aware of my rights to refer this to the Financial Ombudsman Service for assessment by an adjudicator once 12 weeks have passed from the date of this letter, which I intend to do should you decide to stall the process or claim that the insurance was lawfully sold.

Whilst writing this letter I would like to draw your attention to a number of false entries made by you representative during the completion of the loan application;
· It is stated that I am a full time worker when I advised the advisor that I work part time. As within the CCA you have stated that ‘account activity’ has been utilised as proof of income, this would have also been clear from this.
· Your representative has entered that I had been with my employer at the time of taking out the loan for 10 years. This would have been impossible as I was 21 years old at that time and to have been in employment for 10 years would have meant that I would have been employed since I was 11 years old.
· Your representative has entered my time at current address as 10 years. This was not the case and was not stated to the representative. Again, from my records with Yorkshire Bank it would have been clear that I had not lived at that address for that period of time.
· Further to the above points, your representative has written that I ‘have some life cover’ in the section where it asks how the loan would be paid in the event of my death, at that time I had never had life cover.
I am shocked at the level of inaccurate information which a representative of Yorkshire Bank has entered into the application, which I would expect to amount to fraud, along with the way in which a PPI policy was sold by informing myself that I must have the policy in order to qualify for the loan even though your representative would have been aware that the policy would not have provided any form of cover as I am, and have been since 2001, a part time worker.
To summarise the points above
· I was informed that I must have the PPI cover in order to have the loan
· I was a part time worker at the time of signing the agreement
· There are many incorrect entries within the CCA, made by Yorkshire Bank deliberately
· I am requesting a full refund with regards to the above detailed loan account number in relation to the loan agreement signed on 09/09/2005
· I am also requesting that a settlement figure is proposed with regards to the first loan, taken out in 2003 for which repayments were debited between 2003 and 2005.
I would be grateful if a refund was immediately forthcoming and await your reply.


Regards,




xxxxxxxxxxxxxxxx



Main points Im concerned with are -

Is the letter too long?
Should I reference the first loan in this letter or not?
Are the points about false entries relevant?


Any advice would be greatly appreciated.

Many thanks in advace!!

di3004

Hi and welcome and good luck on your reclaiming.

It's good to give them as much information as possible, to make sure all ground is covered and nothing missed, but I would not worry about writing down the amounts.
I would personally just write you are requesting they refund you all the PPI you have paid to the account, plus the relevant interest due and 8% interest of what a court would award in these circumstances.

You stand a better chance of receiving what your entitled to then, and do not worry about letting them know you have no details of the account, but despite that, great letter, well done and fingers crossed.;)

mlhm

Thanks for the reply, I've been meaning to get round to this for ages so will be sending the letter off today.

dunstonh

At the time of taking out the loans I was informed that for the applications to be successful that I would have to also take out PPI insurance which is against the lending code which Clydesdale Bank Plc and its subsidiaries subscribe to.

In addition to this, as I was, and still am a part time worker, the PPI would not have covered me should I have needed to make a claim against the policy.

Verbal allegations without evidence are not normally successful. So, the first point wont get you far.

On employment, was the loan in your name or your partners name? Also, state that the number of hours you work. Part Time can still be covered on most PPI policies if the number of hours is over 16 a week. So, don't leave it vague. Tell them how many hours (be truthful as they are within their rights to ask you to provide evidence, such as a payslip - at the moment they dont often do this unless they think you are trying it on and they dont have a backlog and the amount isnt much)

I am now aware that for a financial institution to inform a customer that they must take out payment protection insurance would constitute mis-selling of the product following the ruling by the High Court in April 2011.

That was not what the ruling of the High Court was about.

As the action taken by Yorkshire Bank in selling PPI to myself was unlawful, I hereby request that a full refund of all monies paid with regards to PPI in relation to the above mentioned loan, associated interest on the premiums paid and in addition to this and 8% interest on the full balance is made without delay.

The PPI issue is not about law. It is an FSA ruling which is not law. So, it was not unlawful.

Whilst writing this letter I would like to draw your attention to a number of false entries made by you representative during the completion of the loan application;
· It is stated that I am a full time worker when I advised the advisor that I work part time. As within the CCA you have stated that ‘account activity’ has been utilised as proof of income, this would have also been clear from this.
· Your representative has entered that I had been with my employer at the time of taking out the loan for 10 years. This would have been impossible as I was 21 years old at that time and to have been in employment for 10 years would have meant that I would have been employed since I was 11 years old.
· Your representative has entered my time at current address as 10 years. This was not the case and was not stated to the representative. Again, from my records with Yorkshire Bank it would have been clear that I had not lived at that address for that period of time.
· Further to the above points, your representative has written that I ‘have some life cover’ in the section where it asks how the loan would be paid in the event of my death, at that time I had never had life cover.
I am shocked at the level of inaccurate information which a representative of Yorkshire Bank has entered into the application, which I would expect to amount to fraud, along with the way in which a PPI policy was sold by informing myself that I must have the policy in order to qualify for the loan even though your representative would have been aware that the policy would not have provided any form of cover as I am, and have been since 2001, a part time worker.

Be careful writing this. It could backfire on you. You signed the application knowing those details to be wrong. Therefore you committed fraud. They could decide, if they wanted to, to pursue the matter further and take action against you. This has happened to some (mainly on mortgages and secured debts).

This is not needed for your complaint and you are admitting fraud. best to leave it out.

You have also missed the most common compliant reason out. Single premium PPI added to the debt and charged interest. That is where most are upheld. I woudl tweak the letter on that basis.

mlhm

Thanks for taking the time to reply, I'll post an amended letter later on.

The PPI was a single premium added to the agreement and interest charged so I will include that in the letter.

Regarding the innacuracies in the CCA, my partner provided I'D, proof of address and earnings when taking the loan out but reading it now the advisor has entered details purely to get the loan through (I assume). I know it was signed and should have been checked but could they really claim / start any action based on their innacuracies in the CCA?

It was only my partner using that account at the time and she was working between 12 to 20 hours (it varied week by week).

Thanks again

mlhm

Hi all,

Quick update regarding my previous post.

Had the four week letter from YB last week and today had a letter offering full repayment of the PPI plus 8% interest!

Thanks to those who replied and to dunstonh for pointing out the flaws in my original letter.

To anyone thinking of doing it - go for it, cost me around 2 pounds in total for the recorded delivery letters and probably an hour or two timewise.

Thanks all

dilus

mlhm wrote: »

Hi all,

Quick update regarding my previous post.

Had the four week letter from YB last week and today had a letter offering full repayment of the PPI plus 8% interest!

Thanks to those who replied and to dunstonh for pointing out the flaws in my original letter.

To anyone thinking of doing it - go for it, cost me around 2 pounds in total for the recorded delivery letters and probably an hour or two timewise.

Thanks all

Well done mlhm :T and great advise from dunstonh as usual :A glad you followed it