PPI Reclaiming discussion

tiggrae

nomark wrote: »

First response have just offered me about a third of the total amount as a rebate for the remainder of my contract.( I pay approx £55 a month and have 18 months left,they offered me £325).I asked if they had added admin charges to it and was told no.I asked how it was calculated and they couldnt tell me.Is there any ballpark calculation for a rebate layed down by the FSA? Ive also disputed only being given a rebate from the cancellation date till end date and they want my dispute( i believe was misold) in writing .Thanks Tiggrae for your advice, Ive cancelled my ongoing ppi claim in order to try and get a full term rebate.
Thanks again
mark

Hi there, if you believe you were mis sold the policy then I'd ask for the whole amount back plus interest

tiggrae

sylvie_Kay wrote: »

Can anyone help with Kays catalogue (SDFS) have received letter saying they contacted me by telephone and I agreed to the Extra Care insurance charges. There is no way this is correct and they go on to say as I've been paying these charges since 1998 I could have cancelled them at any time. Unfortuneately as with everyone else I have only just realised I've been paying them since reading these articles. They say the FOS would not be interested so where do I go from here, do I get all my statements from them as with the bank charges, or is there some other way of getting the charges back - please help a annoyed pensioner

Hi Sylvie, they are quite correct in saying you couldn't take it the FOS as it's outside their timeframe. However, I'd write back and say you believe you are a victim of Negligent Misrepresentation, the onus under the Misrepresentation Act 1967 it is up to them to prove otherwise, tell them that - ask them for a transcript of the telephone call, point out also you are a pensioner and the probably arn't even covered by the policy. Tell them you'll take your claim to the County Court if they don't pay up.

good luck

sylvie_Kay

Thanks for that, am sending the letter straight away,
sylvie kay

fedupwiththeworry

It depends, are you wanting to reclaim for mis selling or for having repaid the loan and the PPI. I would suggest going for the lump sum, but let me know and I'll be able to give you some tips on how to proceed

Thx, I've actually sent the original template letter stating miss selling for the following reasons:

• your salesperson stated / implied that taking out the policy would assist my credit application.
• your salesperson was very pushy in selling me the policy so that I felt I could not say no.
• your salesperson did not give me full information on what the policy would and would not cover for example that the loan only covered the first five years of my loan term.
• i am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.

Their latest response is as follows and I quote:

In your letter of xxxx 2007 you refer to the fact that you paid a single premium for a fixed term cover, but did not see it through to the end of the term. The admin of refunds on cancellation and terms on which any such refunds available are not matters for GE were responsible, and I would suggest you need to write to the insurer on this matter.

The insurance policy was sold to you on a non-advised basis which means that it was your responsibility to check that the insurance was suitable for your needs before the cooling off period. A number of points in the procedure protected you.

The wording of the credit agreement states that PPI is optional.

The name of the lender is prescribed information in the credit agreement, providing you with an opportunity of checking beforehand whether that lender required you to take insurance as a condition of the loan and the insurere provided a cooling off period in which you could cancel the insurance without penalty after completion of the loan.

Fill info on what the policy would and would not cover and it's term was provided by the insurer in the policy schedule and terms and conditions which were sent to you upon submission of your application.

Unquote

They then go on to say they therefore don't agree the policy was miss-sold and that the insurer is req'd to operate a complaint system embracing complaints about how the policy was sold, reasons for rejecting claims and policy terms. If you are not happy with how your complaint is dealt with by the insurer, you may go to the ombudsman.

Any advice appreciated

tiggrae

fedupwiththeworry wrote: »

Thx, I've actually sent the original template letter stating miss selling for the following reasons:

• your salesperson stated / implied that taking out the policy would assist my credit application.
• your salesperson was very pushy in selling me the policy so that I felt I could not say no.
• your salesperson did not give me full information on what the policy would and would not cover for example that the loan only covered the first five years of my loan term.
• i am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.

Their latest response is as follows and I quote:

In your letter of xxxx 2007 you refer to the fact that you paid a single premium for a fixed term cover, but did not see it through to the end of the term. The admin of refunds on cancellation and terms on which any such refunds available are not matters for GE were responsible, and I would suggest you need to write to the insurer on this matter.

The insurance policy was sold to you on a non-advised basis which means that it was your responsibility to check that the insurance was suitable for your needs before the cooling off period. A number of points in the procedure protected you.

The wording of the credit agreement states that PPI is optional.

The name of the lender is prescribed information in the credit agreement, providing you with an opportunity of checking beforehand whether that lender required you to take insurance as a condition of the loan and the insurere provided a cooling off period in which you could cancel the insurance without penalty after completion of the loan.

Fill info on what the policy would and would not cover and it's term was provided by the insurer in the policy schedule and terms and conditions which were sent to you upon submission of your application.

Unquote

They then go on to say they therefore don't agree the policy was miss-sold and that the insurer is req'd to operate a complaint system embracing complaints about how the policy was sold, reasons for rejecting claims and policy terms. If you are not happy with how your complaint is dealt with by the insurer, you may go to the ombudsman.

Any advice appreciated

Hmmm, well if they're saying your policy was sold on a 'non advised' basis (ie you just filled in the forms) then how can you say the 'sales person' was pushy etc - if you can't prove someone sold the policy to you then the reason for the mis selling could be negated. However, in respect to your having paid the premium off - this is a case for the lender, 'no refund or partial refund' terms have been stated by the FSA as being unfair under the Unfair Consumer Contract Terms Regulations 1999 and you might have more of a chance to get a refund then on the mis selling angle.

fedupwiththeworry

Hi Tiggrae,

We actually had the chap from the brokers sat at our kitchen table when the forms were done, so don't know why they are saying 'non advised' ???

tiggrae

fedupwiththeworry wrote: »

Hi Tiggrae,

We actually had the chap from the brokers sat at our kitchen table when the forms were done, so don't know why they are saying 'non advised' ???

so it wasn't on a non advised basis !!! right I'd write back tell them you believe their sales person negligently misrepresented the details of the loan and under the Misrepresentation Act 1967 the onus is on them to prove otherwise and their letter to date fails to do so.

I'd also write to the lender and tell them their 'no refund / partial refund terms' have to ruled by the FSA as being unfair under the UCCTR 1999( please see the link I've posted to a couple of people yesterday which will take you to the specific document on the FSA website ) and tell them you want all your money back plus 8% interest. Copy that document to them !!

Good luck

fedupwiththeworry

Hi again,

Thx for that info, much appreciated.

I'd also write to the lender and tell them their 'no refund / partial refund terms' have to ruled by the FSA as being unfair under the UCCTR 1999( please see the link I've posted to a couple of people yesterday which will take you to the specific document on the FSA website ) and tell them you want all your money back plus 8% interest. Copy that document to them !!

Would that be the loan company or the insurance company (I assume the loan co, but just want to check)

thx again

sylvie_Kay

had a phone call from a FOS man re my claim for PPI, he said that he doesn't think he will get anything back even though the form was preticked before In signed it. He might be able to get something for the time I had an operation 18 months ago - thoughts please

tiggrae

fedupwiththeworry wrote: »

Hi again,

Thx for that info, much appreciated.



Would that be the loan company or the insurance company (I assume the loan co, but just want to check)

thx again

Hi for mis selling go to company who sold you the loan / policy. For the unfair terms go to the actual company you had the loan with.