PPI Reclaiming Discussion Part 5

dunstonh

1. A majority of PPI claims were linked to Credit Cards, rather than other financial instruments, ie. loans and mortgages - is this not the case?

Loans are the easiest to get upheld (and typically have the most failings). Then credit cards and last mortgages. Advised cases have the least success, then internet/direct applications with sold cases having the most success.

2. A large majority of (the aforesaid Credit Card related) PPI claims arose from bolt on policies included as standard within the terms and conditions of the credit card - that the credit card companies were at fault in simply not assessing customers to determine if the policies were appropriate and/or failing to inform customers that these were optional bolt on products?

On advised or sold cases checking was required. On direct/internet cases it was not.

3. That the court judgement giving rise to the seeming avalanche of claims for PPI mis-selling centred on these aspects of financial practice on the part of Credit Card companies

No. The banks wanted to eliminate groups of people from complaining. The FSA was effectively applying some rules retrospectively and they didnt like it. Nothing to do with the actual suitability to individuals. It was about the ability to complain.

If my assumptions are all incorrect, I am now utterly confused about where the apparent millions of claims, amounting to billions in value, have arisen from?

1 - mis-sold cases
2 - auto payout cases below floor limit
3 - getting lucky (firm loses files, cant support sale or another error from that complained about)

yet it seems that the credit card companies can legally rely on the small print and as long as there is no major flaw in the wording of such terms and conditions (which are often inpenetrably complex), consumers who were not informed/assessed properly and/or entirely inappropriate candidates (due to their personal circumstances) in the first place, have no redress?

The whole point of buying "DIY" is that you take on responsibility for knowing what you are buying. They have to supply compliant information and to a certain standard and there have been cases where that has not been the case on DIY purchases but the odds are against you.

If my summary is more or less correct, I'm bemused by the reported (several £billion) cost to the financial industry because I'd have thought a huge majority of PPI claims could be rejected by lenders (and they'd get away with it!) on the simple basis of; read the small print!

Most were not bought direct. most were sold by an individual. DIY is a tiny fraction. Even Advice is a small amount. The FOS stats for 2011/12 show that just 0.2% of complaints about PPI in their hands were advised cases.

[Deleted User]

padav wrote: »

It seems I am not as informed as I believed and I have been labouring under completely incorrect assumptions - therefore I must admit to total confusion.

You can inform yourself here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

And here:
http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance


But it's a little late to be doing this, after already receiving the Bank's "full and final" rejection.

nikig1

amersall wrote: »

Sorry for the delay, I have been busy.

Your original loan with PPI and the interests was
£30,864.12 this gave you a loan payment of £281.98 and a PPI payment of £85.45 over the loan term, the total you paid originally was £367.43, you now pay £239.00 for the remaining term, this has the PPI taken off so they have reduced the payment by more than the original PPI amount.

PPI that you paid for the 48 months was £4,101.60, this they gave you back with the 8%.

Original loan with interest and PPI was

£30,864.12
Take of the full payments you made to the above total
48@£367.43 = £17,636.64, take this off and it leaves a balance of
£13,227.48.... take off the total PPI amount of £7177.80 leaves a balance on the loan of £6049.68 to now, they gave you a rebate of PPI when you cancelled of £3057.87 so add this on, as they already took this off the loan balance and have given you this back in the PPI redress, you now owe £9107.55

Without the PPI you still owe 36 payments to this loan of £10,151.28.
Is the balance you say you now owe on the loan a settlement figure or is that the actual balance if the loan was still going forward for the 36 months.

Many Thanks Amersall. You have managed to do what the bank hadn't and that is to explain it in easy to understand terms.

We had a letter last Saturday from Natwest saying that we now owe just over £7000. it was about 10.5K, but this last letter says that we had made a partial repayment gross of roughly 3.5K!

Either way, I am going into the bank on Saturday to pay this loan off and then we will finally be debt free after years of struggling.

The difference in their final loan amount now owing and yours could be due to the fact that this loan was part of a chain (3 loans in total over the years). All had PPI on them, so as far as I understand it the PPI for each loan was carried over to the new loan (correct me if I am wrong:)). Could that be the reason for the partial repayment of 3.5K on the loan? Earlier PPI payments being taken off the total now owing by us?

allythered_2

I received a letter from the bank, offering me £2479 for PPI against two out of three loans, which I took out over the last ten years.
The third they have stated they will not offer me anything as I ticked the optional box for acceptance of PPI also they have stated it was explained clearly on the phone and when I went into the bank it was explained again . which is all true but still I felt pressurised, They also gave me a Print off conversation, now do I take the offer for the first two or wait and fight the third which would work out another £1500 mmmm Greed and fight or just accept , Only one acceptance form,
Goods news though came home tonight and they have allocated me a further £230 for a loan that is running now
. But not bad for One letter sent from me and 8 wks later money offered x

Well Done Martin now for the next one On:line Finance through Car Craft took out PPI in 2001 documents to prove it, Just need to find out what the address is

Beaz65

di3004 wrote: »

Hi there

First of all well done on your success!:beer:

Some tend to do this, even if no arrears, but maybe you could request in writing that you wish the refund to be paid directly to you, as you have ongoing plans on how you wished to use it, and with the account up to date etc....
Maybe worth a shot, or wait for other 's opinions if you want to.

Good luck.

Thanks rang them this morning and they are sending me a cheque

amersall

Glad to have helped, you are welcome.

The difference in their final loan amount now owing and yours could be due to the fact that this loan was part of a chain (3 loans in total over the years). All had PPI on them, so as far as I understand it the PPI for each loan was carried over to the new loan (correct me if I am wrong). Could that be the reason for the partial repayment of 3.5K on the loan? Earlier PPI payments being taken off the total now owing by us?

This is possible with the consolidations, if the balance you owe is not an early settlement figure and just the balance after the redress, ask them for a settlement figure, this will make the balance less as the loan has 3 years to go.

amersall

allythered wrote: »

I received a letter from the bank, offering me £2479 for PPI against two out of three loans, which I took out over the last ten years.
The third they have stated they will not offer me anything as I ticked the optional box for acceptance of PPI also they have stated it was explained clearly on the phone and when I went into the bank it was explained again . which is all true but still I felt pressurised, They also gave me a Print off conversation, now do I take the offer for the first two or wait and fight the third which would work out another £1500 mmmm Greed and fight or just accept , Only one acceptance form,
Goods news though came home tonight and they have allocated me a further £230 for a loan that is running now
. But not bad for One letter sent from me and 8 wks later money offered x

Well Done Martin now for the next one On:line Finance through Car Craft took out PPI in 2001 documents to prove it, Just need to find out what the address is

As they have given you a print out of the conversation, if this shows you accepted the PPI then take the money and run for the offer they have made.

As the Car craft loan was 2002 you will have a struggle to go for this due to the year, you could try as you have paperwork and see what the response is, you may have to find out who the insurer was and go for them.
Send the complaint to the area shop you got the car from.

marzom

Okay,

I am getting a little confused, so can anyone help?

I have never previously sought to reclaim PPI as I have never added it to my credit cards. Perhaps the only thing I did right over the years!

Anyhow, friends and colleagues are telling me that they have had succesful with PPI claims, who have been in the same situation as me , never knowingly took out PPI but were told some credit card companies added it without knowledge.

Either they are lying or I am misinformed. Is worth me giving it a go?

Ta
Chris

Jojo11

I had some forms from company to see if I was eligible for PPI, not thinking that I was I filled them out and was told I have a claim, now I'm thinking I dont want to give these guys 30% but am I tied into staying with them now or can I tell them not interested and claim on my own?

Nomesnash

hi there - its probably easiest for me to copy the letter i am about to send lloyds as it sets out my complaint and frustration in full.
However long story short they only investigated back as far as 2008, and have seemed to count a second investigation of pre--2008 cards into the first investigation which was settled as i accepted the offer on the basis they told me on the phone.

Sorry for the long read. Advice i would appreciate is: is it even worth sending this letter or as it has been going on for 22 weeks or more now shall i just escalate to FOS now? Thanks

I am writing with concern over how my PPI complaint has been handled, and to request a review of my complaint. I have held a credit card with Lloyds since at least 2001, which then migrated into the Duo type of credit card around 2008. I can see from my Equifax credit report (part enclosed) that my Lloyds card ending 1**3 started on 20/08/2001 and was ‘satisfied’ on 18/02/2008 which is presumably when I was migrated to a Duo account.

I made my first complaint on 15/03/2012 and received a letter of acknowledgement with reference number ******, dated 20/03/2012. I explained in my initial call that I would like for my credit card PPI to be investigated from the very beginning of my credit card account with Lloyds.

I received a settlement letter dated 30/04/2012 – however I was shocked at the small amount of the offer of £23.00 given that I have had an account for so many years. You can see from the copy of the settlement letter enclosed that in no way does it define what period this amount applies to. So upon calling the number in the letter to reject this offer I was told that this calculation was in fact only based upon the Duo credit cards account and that I had apparently called in June 2008 to cancel the PPI shortly after the issuing of the Duo cards. I think that your settlement letter should confirm to the customer exactly which period the refund applies to – there is simply not enough information in the letter. The advisor told me that I would have to make a second complaint for any cards prior to the 2008 issuance of the Duo account cards. I was assured by the advisor that by accepting the offer payment of £23.00 for the Duo account this would not affect my right to lodge a complaint for cards from 2001 – 2008 period.

Upon calling to make a second complaint no record of these earlier cards or account could be found despite them still being active within the last 6 years, nor could they be traced in-branch. I called card services and they kindly sent me a list of card numbers to which PPC had been applied (please see enclosed copy). Given that there are only two AMEX numbers on the list, I presume that there are only two corresponding Mastercard numbers that are classed as Duo cards, and that the rest of the card numbers would have referred to cards related to the earlier period of my credit account with you.
Armed with this information I raised my second complaint by phone on 14/05/2012 with an advisor named Imran. He seemed to completely understand what I was asking for and took notes of all the card numbers on the provided form. Having had no confirmation letter after 3 weeks I called on 06/06/2012 to find that no complaint had been logged on that date, or at all to my frustration.

I made a complaint for the third time on the 06/06/2012, and again after having no confirmation letter called to be told that my complaint had been logged on 11/06/2012 and that the reference number was the same one as before, this did concern me a little having the same reference number but I was assured it was being treated as a new separate complaint.

Giving Lloyds the requested 8 weeks to investigate I called and spoke to an advisor named Adam on 02/08/2012 – he said that the complaint had seemed to be closed although there wasn’t a note on the system saying what action had been taken. He said he would email a referral to the management team and I was to call back in 2 weeks. I wonder at this point if my new complaint has been confused with the original settled complaint and closed automatically?

I decided to make a call on 13/08/2012 where an advisor in an overseas call centre assured me that Adam indeed sent an email but I was told on this occasion that I should wait to for someone to call me.

On the 25/09/2012 I called for an update and was told once again I had to wait to be contacted, the advisor said they would send an email to the aftercare team to chase up. I made another call on 01/10/2012 with the same outcome. I also sent the enclosed email on 04/10/2012 requesting an update as I was concerned that having had no formal correspondence from yourselves, my complaint was just lingering in the system.

Having called now approximately 2 weeks ago I was told that the team had started to look at my complaint on the 17/10/2012 and asked for a little more patience.

We are now at 22 weeks from my second complaint being made on 06/06/2012, and today 10/11/2012 I have received a letter (dated 02/11/2012) in response to my email, to claim that cards in the supplied list are all linked to the card ending in 2**1 (the Duo one) and dealt with under the initial reference (please see copy enclosed, please also note that no copy of the final response was enclosed as this letter states).
This absolutely cannot be the case as I was told in no uncertain terms that it was only the Duo account cards that had been investigated in the first instance of my complaint and that they are treated as a new separate account from my original credit account, which my credit report seems to corroborate by showing a satisfied date on my original card. Now I am being told something completely different than upon my initial enquiry – if this were indeed the case I would have fully rejected the offer of £23.00 made in April as it just doesn’t add up to owning a credit card with yourselves for over 11 years.

I believe my complaints have been lumped into one complaint and not properly investigated. The second complaint may be showing as settled by being linked by reference number to the first offer which I accepted, and now wish I hadn’t, as it seems to have lead to confusion! This process is very difficult to explain over the phone and I find doing so with people in call centres rather stressful!

I would like a review in full please of the above process and all accounts linked to my Lloyds TSB credit card account from its very first opening. Should I not receive acknowledgement of receipt of this letter within 2 weeks of the date of this letter I will be escalating this complaint to the Financial Ombudsman.

I do hope that this can be resolved and clarified soon.

Is this any good? Should i even bother?