PPI Reclaiming discussion

lynz412

Hi there, I really need some help please.

Here goes:

Took out loan with First Plus Oct 2006 for £93000.

Added the PPI foolishly.

On our breakdown it says that we pay £183 per month over and above the loan for the PPI.

Loan is for 20 years, but PPI only for 5! Wasn't aware of this.

Will get payout of £21000 In 5 years if not made claim, but pay the extra £183 for whole term of the loan.

Have contacted First Plus and asked about what payments would be if i cancelled the PPI.

Got letter saying that they would come dowm only by £40 per month!!!!! and they would refund £4000 into loan account.

Is this right, why if i cancel my PPI would my payments not come by the £183 which my agreement says i am paying for the PPI.

Really confused and could do with the extra £££ as on maternity leave.

Hope someone can shed some light.

gt568

Elsie2 wrote: »

It was June 2001 that I took out both of the loans I've asked them to look into. I think i'll speak to the ombudsman on monday and get some advice and see what they say. Thanks Tiggrae.

As Tiggrae says the FOS won't be able to do anything. Threaten to issue a claim through the courts. Give them 14 days to reply.

EileenWonder

tiggrae wrote: »

Hi there Eileen, the Sheriffs Court in Scotland are a nightmare to use - complicated and like you say the small claims only goes to £750. You have two choices - employ a solicitor to issue the writs etc. but you'de have to take out indemnity insurance against losing or issue a claim in the English Court system in the court closest to either MBNA / Barclaycard HQ (ie Barclaycard are based in Northampton so issue it through the Northampton County Court.

Also, I wouldn't go for the mis selling side I'd go for the fact the partial refund terms are unfair - please see my previous posts regarding the Unfair Consumer Contract Terms Regulations and the FSA ruling stating they believe these to be unfair.

this is the link to the fsa ruling Refunds of Single Premium Payment Protection Insurance

I have received letter from barclays this morning regarding a loan I took out in March 2000 where i stated the PPI was missold. Due to hubby being self employed and being forced to take the PPI to get the loan. I had started the letter writing before I got the reply from Tiggrae.
Final Response!!!
They have said that since it was 7 years ago (I paid it off in 2002) it is considered time barred under the statute of limitations.
" I have enclosed a copy of your original agreement and copy of an insurance policy document from 20000. (They only sent the agreement).
I am unable to tell you the exact amount of ppi you paid or the amount of rebate you recieved due to the timescales involved....
Now you can go to The Finanacial ombusman but they wont help you due to time involved.

So the long and short of it is Ive failed going down the missold avenue but can I now go to the fsa for a rebate or am I just clutching at straws.


.........................................Cash Loan ............................Premium Loan ....................Apr 12.9%
Amount Of Loan ...............£13,000................................£2,364.31
Charge for credit ................£3,546.56 ...........................£644.81
Amount Payable ................£16,546.56 .........................£3,009.12
Monthly repayments 48......£344.72 ..............................£62.69

I have since found out (from another source) that I paid them £6912.28 on the 4th Sept 02

Can anyone give advice as what to do next....

tiggrae

EileenWonder wrote: »

I have received letter from barclays this morning regarding a loan I took out in March 2000 where i stated the PPI was missold. Due to hubby being self employed and being forced to take the PPI to get the loan. I had started the letter writing before I got the reply from Tiggrae.
Final Response!!!
They have said that since it was 7 years ago (I paid it off in 2002) it is considered time barred under the statute of limitations.
" I have enclosed a copy of your original agreement and copy of an insurance policy document from 20000. (They only sent the agreement).
I am unable to tell you the exact amount of ppi you paid or the amount of rebate you recieved due to the timescales involved....
Now you can go to The Finanacial ombusman but they wont help you due to time involved.

So the long and short of it is Ive failed going down the missold avenue but can I now go to the fsa for a rebate or am I just clutching at straws.


.........................................Cash Loan ............................Premium Loan ....................Apr 12.9%
Amount Of Loan ...............£13,000................................£2,364.31
Charge for credit ................£3,546.56 ...........................£644.81
Amount Payable ................£16,546.56 .........................£3,009.12
Monthly repayments 48......£344.72 ..............................£62.69

I have since found out (from another source) that I paid them £6912.28 on the 4th Sept 02

Can anyone give advice as what to do next....

Elsie, I really think you should go for the Unfair Contract Terms angle, tell them you'll start court proceedings - copy in the FSA document and state given their ruling you've no doubt you'll win - also if you've paid £6912.28 on 4/09/02 the interest at 8% on that is £2950.41 giving a total of £9862.53 and that's the amount you want to be reclaiming from them so please, don't give up !!!!

stikiuk

tiggrae wrote: »

Hi if you felt the PPI was compulsory then write (using the template letter) and tell them you were mis sold the whole policy - have you a copy of your terms and conditions when you originally took out the policy ?

Ok just received a reply to our letters from direct auto. It goes something like this....
Sorry its so long winded AGAIN :rolleyes: i have misses some bits out too :rolleyes:

"We have reviewed your file fully, regarding the points raised.

we reject any suggestion that the sale of the policy in question was in any way mis sold due to your self employment. "
They are now saying self employment was covered :mad: :mad: :mad:

We were told by the salesperson as it was joint finance we would be both covered by the PPI...

"We confirm that ********* the joint borrower on the agreenent is not coverde under the PPI. (THIS IS CLEARLY STATED IN THE TERMS AND CONDITIONS OF THE CONDITIONAL SALE AGREEMENT) :mad: :mad:

you signed an important legal document in which you specifically confirmed you wanted to be "legally bound by its terms
Just above your signature there are statements in bold which state "if any of the statements in the customer's declaration are not true, you should not sign this agreement" - YOU SIGNED THE AGREEMENT
"Additional insurance protection", where the "yes" box is ticked to the statement "have you received a leaflet with details of the insurance(s) you have applied for and explaining the extent of the cover?"
To reaffirm you signed the customer declaration under the paragraph commencing " I/we agree that the above statements are correct."

Ok we never received no such leaflet, and all these boxes were already ticked for us we were just told "sign them" with no explanation.

"You claim that you were told that taking out the policy would assist your credit application. However:

You have provided no particulars of the conversations, which are alleged to have taken place.
You have only raised these issues several years later
You signed the document stating the insurance products were optional.
You claim that the salesperson was very pushing in selling the insurance policies, again you have provided no evidence of this and have only raised this issue several years later."
Is this a question of my word against theres ?? We were told we would never get the finance without the PPI.

"We wish to make it clear at the outset that your reference to the FSA regulation of the insurance industry, including promulgation of the ICOB rules, came into force on 14th January 2005. The policy to which your letter relates was sold on 19th February 2004. :mad: :mad:
In the circumstances, we consider your argument for a refund to be wholly without merit. Your position is not supported by any evidence. We have no reason to believe that our standard procedures were not followed at the time the agreement was entered into. Our position is borne out by the documents signed by you.
It remains you perogative to take whatever action you feel necessary, if you stil feel pursuit of a "CLAIM" is warranted. We have responded to your correspondence and will now close your file. :mad:

Any ideas where i can go from here ??
I am certainly not gonna take this lying down, i will take it to court if i have to. Should i write back to them ?
Thay never mentioned about the FSA regulation about nil refunds on single premium policies. I sent them the letter from the link pointed out to me by tiggrae.
Am thinking about taking proffesional help, as its exhausting me.
thanks in advance xx

stikiuk

LISAW wrote: »

thanks for the comments.....
how are you entering and winning all of these comps????

Hi LISAW, i enter them all from the comps page on here. And my local radio station.
It seems like alot when you look at my signature but its from the last 2 and half years. x

tiggrae

stikiuk wrote: »

Ok just received a reply to our letters from direct auto. It goes something like this....
Sorry its so long winded AGAIN :rolleyes: i have misses some bits out too :rolleyes:

"We have reviewed your file fully, regarding the points raised.

we reject any suggestion that the sale of the policy in question was in any way mis sold due to your self employment. "
They are now saying self employment was covered :mad: :mad: :mad:

We were told by the salesperson as it was joint finance we would be both covered by the PPI...

"We confirm that ********* the joint borrower on the agreenent is not coverde under the PPI. (THIS IS CLEARLY STATED IN THE TERMS AND CONDITIONS OF THE CONDITIONAL SALE AGREEMENT) :mad: :mad:

you signed an important legal document in which you specifically confirmed you wanted to be "legally bound by its terms
Just above your signature there are statements in bold which state "if any of the statements in the customer's declaration are not true, you should not sign this agreement" - YOU SIGNED THE AGREEMENT
"Additional insurance protection", where the "yes" box is ticked to the statement "have you received a leaflet with details of the insurance(s) you have applied for and explaining the extent of the cover?"
To reaffirm you signed the customer declaration under the paragraph commencing " I/we agree that the above statements are correct."

Ok we never received no such leaflet, and all these boxes were already ticked for us we were just told "sign them" with no explanation.

"You claim that you were told that taking out the policy would assist your credit application. However:

You have provided no particulars of the conversations, which are alleged to have taken place.
You have only raised these issues several years later
You signed the document stating the insurance products were optional.
You claim that the salesperson was very pushing in selling the insurance policies, again you have provided no evidence of this and have only raised this issue several years later."
Is this a question of my word against theres ?? We were told we would never get the finance without the PPI.

"We wish to make it clear at the outset that your reference to the FSA regulation of the insurance industry, including promulgation of the ICOB rules, came into force on 14th January 2005. The policy to which your letter relates was sold on 19th February 2004. :mad: :mad:
In the circumstances, we consider your argument for a refund to be wholly without merit. Your position is not supported by any evidence. We have no reason to believe that our standard procedures were not followed at the time the agreement was entered into. Our position is borne out by the documents signed by you.
It remains you perogative to take whatever action you feel necessary, if you stil feel pursuit of a "CLAIM" is warranted. We have responded to your correspondence and will now close your file. :mad:

Any ideas where i can go from here ??
I am certainly not gonna take this lying down, i will take it to court if i have to. Should i write back to them ?
Thay never mentioned about the FSA regulation about nil refunds on single premium policies. I sent them the letter from the link pointed out to me by tiggrae.
Am thinking about taking proffesional help, as its exhausting me.
thanks in advance xx

Hi there, I think you may have to threaten / take court proceedings against them - they obviously know the FOS won't help so they're basically putting 2 figures up at you as they don't think you'll take it any further - the following is what Martin has to say on the court route !!!

The court route
In the circumstances where one of these trade organisations is not able to help, there is always the option of taking court action against the provider via the small claims system, on the grounds that it has misrepresented your contract (and therefore made it invalid) if it did not give you the full facts about the product or ask for all the required information.

At this point, it may be worth considering a lawyer or a claims handling company (see below) who operate on a no-win, no-fee basis,

For further details on how to take county court action see the going to court section of the Reclaiming Bank Charges article and if you give it a try please feedback in the successes and failures thread; as all feedback is useful.

stikiuk

tiggrae wrote: »

Hi there, I think you may have to threaten / take court proceedings against them - they obviously know the FOS won't help so they're basically putting 2 figures up at you as they don't think you'll take it any further - the following is what Martin has to say on the court route !!!

The court route
In the circumstances where one of these trade organisations is not able to help, there is always the option of taking court action against the provider via the small claims system, on the grounds that it has misrepresented your contract (and therefore made it invalid) if it did not give you the full facts about the product or ask for all the required information.

At this point, it may be worth considering a lawyer or a claims handling company (see below) who operate on a no-win, no-fee basis,

For further details on how to take county court action see the going to court section of the Reclaiming Bank Charges article and if you give it a try please feedback in the successes and failures thread; as all feedback is useful.

Ok so court it is, do you think it would be worth contacting a solicitor or such to help out ? And can you reccomend any that operate on a no win no fee basis ?
Not sure if your allowed to do that, but if you can it would be a help.
thanks x

fallyhag

My bank has finally responded and in summary said "NO". But I was expecting that. If someone has the time could they advise me on my next step? I have scanned the letter and pasted below. Comment very welcome. Thank you.
................................

Dear Mr xxx

I am writing in response to the letter I have received from you on xx November 2007 regarding your Payment Protection Insurance Policy.

I am sorry to hear that you have had reason to make a complaint. I have looked into the details of your complaint and I am now in a position to provide you with a response based on the information available to me.

You took out your loan for £xx,xxx on xx June 2005 over a period of 60 months, together with optional Loan Protection Insurance. You are concerned that you were not properly advised regarding the benefits of Loan Protection Insurance.

I confirm the policy offered cover, depending on your age and circumstances, within the terms and conditions for:

• Unemployment
• Disability through accident or sickness
• Critical illness cover
• Life cover
• Hospitalisation

Credit Agreement regulated by the Consumer Credit Act 1974.

Before signing this agreement this document asks that you should read all the terms and conditions and, where relevant, the terms and conditions of the policy booklet. This agreement, which has been signed and dated by you also shows the loan amount you are borrowing, how much this costs per month, the cost of the insurance, how much the insurance costs per month and finally, the total monthly instalment (which includes the loan monthly instalment and insurance monthly instalment).

Your Personal Summary and our Recommendation document

When you took out the policy you received a document called Your Personal Summary & Our Recommendation. The purpose of this document was to provide you with a summary of the interview details and a written explanation of the reasons why the product was recommended to you.

To conclude I am therefore sorry to confirm that I am unable to refund the remaining insurance premiums and the 8% interest you have requested. I am happy that the sales documents uphold the sale of your policy, the acknowledgement of purchase form clearly states "optional".

I regret therefore that I am unable to agree that you were badly advised when the policy was sold to you. I hope that my response has addressed the concerns that you have raised and that you will accept my findings and reasons for arriving at my decision.

If you remain unhappy we can review the decision that has been made using the evidence available to us. Alternatively we would welcome any new evidence that you are able to provide. If you wish to escalate this complaint our next step would be to provide a final response. However, if for any reason you remain dissatisfied with our final response you may have the right to refer your complaint to the Financial Ombudsman Service. The details of this service will be provided to you with our final response letter.

If we do not hear from you by xx February 2008, your file will be closed. If you do contact us after this time we will of course, still be able to help you but it may take us longer to find the information we need.

Yours sincerely

fallyhag

My guess is, as it was with the credit cards, is that this is a generic "no" letter and I should continue. But do I have to have their "Final Response" letter before I go to the FOS?