PPI Reclaiming discussion

michellew_2

Hi Julze, no expert, but if you were told or it was implied the insurance was mandatory you have a case

fedupwiththeworry

I'm going round in circles.

Had a secured loan (since paid off) with company A in 2001 via a broker that had a lump sum PPI, we were don't remember any conversation re this but we did sign the form that had the lump sum amount on it. Having read this forum and noting the info that a lot of these PPI's only last for the first five years, I checked my paperwork and yup there was the clause. Was definately not told about that.

Anyhow, wrote the template letter to the loan company A who promptly wrote back to say that it's not there problem as the loan was sold by a broker and that I should contact them. So I wrote the same letter to the broker who is now (wasn't at the time) GE Money enclosing a copy of the original signed loan agreement. They've responded by saying that I had received the insurance paperwork and the onus was on me to read it !! So looks like a further letter is called for.

Any suggestions as to what my reply should state ??

Thx in advance

fedupwiththeworry

14-11-2007, 4:02 PM #847 fedupwiththeworry vbmenu_register("postmenu_6804115", true);
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egg
I felt I had a case with my egg credit card because I couldn't actually remember if I'd ticked the box on the online application or not (in 2003), in any case they knew I was self employed.

They've responded by saying that I'd ticked the box and sent a copy of the online review, not the actual application which merely shows the fact that the cover is there, not that I'd ticked the box. They also go on to say that I'd had confirmatory documents and could have cancelled at any time etc etc.

Is it worth sending the 2nd template letter as I can't prove anything either way ?



Anyone have any views on this please..

Thx

nomark

Just spoken to first response and theyre offering a rebate from cancelation date to policy end date.They say they cannot backdate and will not alter payment schedule amount.Where do i go from here
Thanks
mark

tiggrae

stikiuk wrote: »

Ok it says
"Please note the right of termination mentioned in box 2.2 only applies to that part of the agreement which relates to the purchase of the vehicle. The excerise of your right of termination will have no effect on your obligation to pay the insurance instalments."

Does this mean they would not refund the PPI upon early redemption ?
Thnx

That's the one !!! definately an Unfair Term !!!!

tiggrae

nomark wrote: »

Just spoken to first response and theyre offering a rebate from cancelation date to policy end date.They say they cannot backdate and will not alter payment schedule amount.Where do i go from here
Thanks
mark

Write and tell them that's not good enough and if they don't make the full refund you'll either make a complaint to the ombudsman or take your claim to the county court. If you go to the ombudsman it's always a good idea to copy the form to the company you're making the claim against, tell then you're sending it to them 'as a courtesy' - they usually cough up at that point !!!

tiggrae

gt568 wrote: »

I recieved an unsolicited phonecall yesterday from a company offering to help recliam my PPI. Now how on earth did they find out I was claiming or get my number ect. Needless to say I told them where to go and I thought it might be a good idea to note this part of martins article:

Hi there GT - I reclaim PPI for a living and I'm certain the Ministry of Justice Regulation prohibits 'cold calling' !!!

tiggrae

skintshell wrote: »

Hi can anyone help me, I bought a car last year from carcraft, the loan was given to me by Black Horse and the PPI is with someone else who do I ask about getting my money back as this was very much mis sold to me by a car sales man !! Thanks

write to them both !!

tiggrae

Jackswan wrote: »

I would appreciate a comment from petermb on this little teaser, well to me it
is, its teasing the life out of me.

I have been successful in reclaiming PPI from the BOS for a loan taken out in
2002, but, this query is a part of a discussion on PPI.

The complaint against the BOS was upheld by the FOS where the Bank were told to re-imburse me the £3330 PPI and to repay me interest at 8% from June 2002 to September 2007. As per the FSA website, if the complaint was
upheld the Bank had to re-structure the loan as if the PPI had not been added. The Bank were most awkward about this but finally produced a statement that showed the re-structured loan and all payments etc,. made
against the balance. This is the bit I cannot get my head around, the reduced balance was say £xxx.xx they then added the interest they had paid me by cheque on the mis-sold PPI and added it to the loan balance thus increasing the debt to them to £xxxx.xx. Its as if they gave it to me on the one hand and took it away on the other.

I would appreciate any light being shed on this which is baffling me.

doesn't sound right to me - write and ask how it was calculated if you're still not happy go back to the ombudsman

tiggrae

Elsie2 wrote: »

So I've drafted a short letter that I want people's opinions on. I found I got quite annoyed as I was writing it. Not sendng it until I get some feedback so please tell me if its too much.Thanks.
I am writing in response to your letter dated 29th November, with regards the insurance sold with my loans. Your reference is *****.
I feel that nether your first nor second letters offered a satisfactory justification that my policy was sold fairly, reasonably and within my best interests. You have stated the justification for not considering my request is the Statute of Limitations Act 1980, however, the Limitation Act applies only when no contact has been made between the creditor and debtor within a certain time limit. For unsecured loans it is 6 years. If the debtor acknowledges the debt in writing or pays an installment, then the time limit begins again from the date of payment. This said, as you were receiving monthly payments within the last six years and falls within the necessary time period, I would ask you to re-consider my request.
Furthermore, I enclose a copy of the original paperwork showing that the box for taking the PPLP had already been ticked, thus not giving me the option to opt in, rather having to opt out, something I maintain I was not aware of at the time.
Finally, the FSA are carrying out investigations with regards PPI and have stated they believe refunds should be calculated to take firms reasonably incurred costs into account. These costs will depend on the individual firm, but might include administrative fees, a proportion of commission and the uneven spread of the risk across the length of the policy. I feel that the partial refund I received after having the loans for only one year was unfair. I received only 61.3% of my initial outlay for the PPLP on loan number ********and only 49.6% of the PPLP for loan number ********.If I do not receive a more favorable response within 14 days I shall be taking my complaint to the Financial Ombudsman."

Try this - just a little tweak here & there !!

In respect to your letter dated 29th November, with regards the insurance sold with my loans. Your reference is *****.
I feel that neither your first nor second letter offered a satisfactory justification that my policy was sold fairly, reasonably and within my best interests. Also as I believe your salesperson Negligently Misrepresented the details of the loan by stating the PPI was compulsory; under the 1967 Misrepresentation Act the onus is upon you to prove otherwise and your responses to date fail to do so.

You have stated the justification for not considering my request is the Statute of Limitations Act 1980; however, the Limitation Act applies only when no contact has been made between the creditor and debtor within a certain time limit. For unsecured loans it is 6 years. If the debtor acknowledges the debt in writing or pays an instalment, then the time limit begins again from the date of payment. This said, as you were receiving monthly payments within the last six years and this falls within the necessary time period, I would ask you to re-consider my request.


Furthermore, I enclose a copy of the original paperwork showing the box for taking the PPLP had already been ticked, thus not giving me the option to opt in, rather having to opt out, something I maintain I was not aware of at the time.


Finally, the FSA are carrying out investigations with regards PPI and have stated they believe refunds should be calculated to take firms reasonably incurred costs into account. These costs will depend on the individual firm, but might include administrative fees, a proportion of commission and the uneven spread of the risk across the length of the policy. I feel that the partial refund I received after having the loans for only one year was unfair, under the Unfair Consumer Contract Terms Regulations 1999. I received only 61.3% of my initial outlay for the PPLP on loan number ********and only 49.6% of the PPLP for loan number ********.If I do not receive a more favourable response within 14 days I shall be commence proceedings within the County Court and given the FSA ruling on UCCTR I have no doubt as to the success of my claim.

Yours faithfully