PPI on a Loan

amersall

chyanmor wrote: »

Firstly thanks to those who have commented



I have not claimed the cashback as yet as been reading and wanted some peoples views on it. You talk about doing another mis sell is it possible to do multiple even if the original was rejected? or am I best just going to the FOS with the original complaint and adding in the fact it had not been pointed out about additional interest accruing?

Thanks for any advice

Was the original claim rejection a final response from Barclays? if not, send the letter, below, to Barclays, make a copy to send to FOS if Barclays come back and say they have dealt with this and reject, send it to FOS asap, enclose copies of both rejections from Barclays.
Under NO circumstances must you accept the cash back.



We/I were mis sold the PPI on the above loan account number and
We/I would like proof to the contrary of my/our reasons for mis sell of the above PPI .


1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the term with interest

2) We/I were told that the ppi was a 5 year policy, but not told the ppi would still be on the loan to term end with interest and would no longer have cover.

3) We/I were told that if we did not make a claim,or go into arrears on the ppi ,after 5 years we/I would receive the cash back of ppi but were not told this would not include the interest made on these payments that we paid over the 5 years or that the PPI would still be on the loan to term end with interest

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy.

In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that they are paid back to us. We/I believe we were not given enough information on this ppi to make an informed decision. Had we/I known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included.

chyanmor

amersall wrote: »

Was the original claim rejection a final response from Barclays? if not, send the letter, below, to Barclays, make a copy to send to FOS if Barclays come back and say they have dealt with this and reject, send it to FOS asap, enclose copies of both rejections from Barclays.
Under NO circumstances must you accept the cash back.
.

yes I think it was a final response and also was back in November - just found it all after digging through loads of paperwork. Just rung them and they say I need to refer it to the FOS.

Hopefully will do that this week......although is over 6 months

dazza12

The chances are that FOS will refuse to take the complaint as it's over the 6 months. There are limited circumstances where they'll take a complaint on, normally this would involve close bereavement or incapacity.

There are some instances where people have been able to make a fresh complaint to the bank in order to re-start the process, but this is normally at the discretion of the bank - they may insist its the same complaint and refer you to their final letter.

chyanmor

think my best approach is to get the cashback - apply it back on to the loan to reduce it

[Deleted User]

chyanmor wrote: »

think my best approach is to get the cashback - apply it back on to the loan to reduce it

Probably the ONLY (sensible) option now that you can't refer it to FOS...
Do realise that you're still going to be paying the interest to term end, though.

chyanmor

Moneyineptitude wrote: »

Probably the ONLY (sensible) option now that you can't refer it to FOS...
Do realise that you're still going to be paying the interest to term end, though.

just have to hope we win the euro millions!