PPI Reclaiming discussion

gilly110

Knightowl wrote: »

Interest?
Are they stating what the interest is for?

or just on the payments made............

no it just says interest what do i reply to them thanks

JodyP16

Hi - have tried to claim back my PPI on an HSBC credit card that i've had for 20 years. Sent first template - genuinely believed PPI was compulsory but received a letter saying they don't agree i was missold, i had never queried it and had cooling off period etc etc. Said if not happy I can go to Financial Ombudsman but obviously this is outside of their timeframe. What next? Help please anyone.

gt568

stikiuk wrote: »

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

Before you contact anybody else you should threaten court action yourself. Tell them they have 14 days to reconsider before you are going to issue claim through the courts. My letter went along these lines:

my address

bank address

I am extremely disappointed that since my original letter dated the xx xxxxxx 2007 you have been unable to satisfy my complaints. In order to refresh your memory I shall briefly summarise again why I was mis-sold this policy:

- Your salesperson implied that taking out the policy would assist my credit application.
- Your salesperson was very pushy in selling me the policy and that I felt I could not say no.
- Your salesperson implied that taking out the policy was essential for me to get the associated credit even though I informed them that I felt I did not require the cover.

When I took the loan with your company, I was lead to believe by your company/representative that it was part of the conditions of the loan. I have thought that for the last five years and more. It has only become apparent to me after the recent coverage by the media, and following the recent OFT and FSA investigations regarding the mis-selling of PLI by finance companies. Regarding the loan with the PLI applied, I believe I that I have been gravely mis-led and have been mis-sold this expensive insurance that I did not need or want. At the time of this application I was enduring financial difficulties and being my main bank account of this you were well aware. I am frankly shocked that you have operated my loan account in this way as I had always reposed confidence in your integrity and expertise as my fiduciary.


Your responsibilities:

I would like to draw your attention to the terms of the contract that you agreed to at the time that I opened my account. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner that complies with UK law.


Firstly, I understand that at the time I entered into the loan contract with you your bank was running an incentive scheme to encourage your employees to sell PPI schemes, as were several other High Street banks. This information was posted on a public website in September last year:


SECRET documents leaked from two major banks show how bosses get their staff to sell big loans and the profitable insurance policies that go with them. Commission tables for the RBOS and NatWest reveal a score system in which bank workers amass disproportionally more points for selling larger loans and for those sold with insurance - sparking fears that inappropriate products are being pushed.

In-branch customer service advisers are able to earn a quarterly bonus of £1,200 if they consistently reach a weekly target of about 2,700 points over three months and if their branch also reaches its three-monthly target. Staff earn 30 points if they sell a customer a personal loan of between £3,000 and £4,999, but they earn 90 points if the loan is sold with payment protection insurance - the controversial cover that is supposed to pay out if a borrower loses their income.

I was not aware of this and even if it is untrue, I consider that there was a clear conflict of interest between your fiduciary responsibilities to me and the direct selling by your employees of PLI schemes, given the very large profit margins they generate.


When I took the loan with your company I was led to believe by your company and representative that it was part of the conditions of the loan. As stated above I have thought that for the last five years and more. It has only become apparent to me after the recent coverage by the media, and following the recent OFT and FSA investigations regarding the mis-selling of PLI by finance companies. Regarding the loan with the PLI applied, I believe I that I have been gravely miss-led by your company at a time when I was facing financial difficulties and have been miss-sold this expensive insurances that I did not need or want. At the time of this application I was in full-time employment with no risk of redundancy, a fully paid salary for 12 months of sickness had a generous life insurance and critical illness insurance policies.


No attempt was made to ascertain if the product provided was fit for purpose, suitable for my needs or if indeed it at all. No inquiry was made as whether I had pre-existing insurance for accident, illness or unemployment. At no time were any rights to cancel explained. I believe you manifestly failed in your fiduciary responsibilities, your duty of care.

Secondly, I understand under the Consumer Credit Acts and following a House of Lords judgment that you are not allowed to make a loan conditional on taking PPI unless you include the costs of PPI as part of the charge for credit and not the credit itself.

You did not do this. You added it to the total for credit and then charged me further interest on the premium on top of the interest for the loan. This is unacceptable.

Finally I believe insurance contracts are contracts uberrimae fidei (contracts of the utmost good faith) which imposes on you a “duty of disclosure of all material facts because one party is in a strong position to know the truth.” Inter alia, I believe that you should have disclosed to me that the type of policy you sold me, a single payment premium, essentially made me borrow more money, rather than simply pay a monthly fee for insurance. I believe you should have made it clear to me that the policy generated large profits for you. You failed to do this. I believe that you have also therefore failed in your duty of disclosure. Your failure to disclose is misrepresentation at common law.

What I require:

Your concealment of the act of mis-selling has prevented me from asserting my right until now. I believe that there are strong grounds for action against you under common law, statute and consumer regulations.


Despite my request you have also failed to inform me of the amount of interest that was applied directly to the PLP element of my loan. I believe this to be a stalling tactic of yours as the amount is so large.


The original premium was £xxxxxx added to the loan amount on the xth Dec 2001. I presume that interest at 8.9% was added to this amount (Unless you can inform me otherwise). Interest £xxxxx Total amount £xxxxxx. The Statutory 8% interest (S69 of the County Court Act) allowed by the Courts will amount to £xxxxxx. Making the total amount payable at the Court Stage £xxxxxx.

My targets to resolve this matter

I previously wrote to you on the xx xxxxxx 2007 to ask you to refund these premiums paid together with interest equal to your APR at the time under the accepted principle of mutuality and reciprocity. You have not responded positively to this request.
I did hope that you would enter into a sincere dialogue with me about this matter and I wrote the previous letter to you on the assumption that you would prefer to do this rather than merely respond with standard letters and leaflets. To this date I have only received your standard letters asking for more time to investigate and a letter to cancel my PLI.


I am now sending you a letter before action giving you a further 14 days in which to reflect. I believe that this time frame is sufficient for a large company such as yours with its dedicated staff and departments. After that, there will be no further communication from me and I shall issue a claim through the courts at the expiry of this second deadline.

Yours sincerely,

Just adapt it to serve your purposes.

gilly110

Knightowl wrote: »

Interest?
Are they stating what the interest is for?

or just on the payments made............

it says interest to date on the amount they offered and then it goes on to say if i accept this refund the amount of xxxx plus an interest adjustment on this amount will be credited to my loan, and no further claims can be made, but why is the loan amount payable per month remaining the same,

Knightowl

gilly110 wrote: »

it says interest to date on the amount they offered and then it goes on to say if i accept this refund the amount of xxxx plus an interest adjustment on this amount will be credited to my loan, and no further claims can be made, but why is the loan amount payable per month remaining the same,

I have a similar offer and worded exactly the same.....as I read it they are offering to repay the intitial Premium and any interest paid on insurance payments todate...this is credited to the account. The payments dont change but the loan is paid off earlier. They are offering NO compensation or interest on the individual loss.:mad:

callmybill

In the interest of everyone re-claiming PPI:

How do you take a Finiancial service to court - or how to take legal action??

I don't know where to start

gt568

callmybill wrote: »

In the interest of everyone re-claiming PPI:

How do you take a Finiancial service to court - or how to take legal action??

I don't know where to start

It is my understanding that you issue them with a form N1 through the county courts.

stevros

Hi Guys,

I hope somebody can point me in the right direction. I took out a £2500 loan in 2002 repayable over 2 years at about 17.5% I had PPI on this loan.
I paid the repayments for 11 months and then repaid the loan off after 12 months with one lump payment. Where do I stand at claiming some of the PPI back as I paid the loan off over 1 year instead of 2?
Also I have no paper work for this loan as it was 5 years ago now. the loan was with Lloydstsb where should I start in looking to see if i'm entitled to anything?

If I remember correctly I paid around £3350 back in total over 12 months. so roughly £450 interest and £400 PPI

Any help will be greatly appreciated

Regards

Stevros

tiggrae

callmybill wrote: »

In the interest of everyone re-claiming PPI:

How do you take a Finiancial service to court - or how to take legal action??

I don't know where to start

Hi there, there is a section on going to court on here under the Bank Charges Reclaim - you just have to make sure you know the law as to what to put on the claim form - you can also look at the HMCS site (Her Majasties Court Service) you can also use MCOL ( HMCS Money Claim On Line) which is easy to use - but again you have to get the law right or you could lose as the case may go to a hearing and you have to know the legal aspects of what you're arguing - please see my previous posts on the Misrepresentation Act 1967 or the Unfair Consumer Contract Terms Regulations 1999 - remember the law is key

tiggrae

stevros wrote: »

Hi Guys,

I hope somebody can point me in the right direction. I took out a £2500 loan in 2002 repayable over 2 years at about 17.5% I had PPI on this loan.
I paid the repayments for 11 months and then repaid the loan off after 12 months with one lump payment. Where do I stand at claiming some of the PPI back as I paid the loan off over 1 year instead of 2?
Also I have no paper work for this loan as it was 5 years ago now. the loan was with Lloydstsb where should I start in looking to see if i'm entitled to anything?

If I remember correctly I paid around £3350 back in total over 12 months. so roughly £450 interest and £400 PPI

Any help will be greatly appreciated

Regards

Stevros

Hi there, the FSA have stated no refunds or partial refunds on PPI to be unfair under the Unfair Consumer Contract Terms Regulations 1999 - please see my previous posts regarding a link to the relevant FSA ruling - copy that when requesting your money back