PPI Reclaiming discussion

TwinsMum_2

After my success with HSBC regarding the PPI on my loan I have gone after them for PPI on my credit card exactly the same circumstances as for my loan which were my working hours of 10 per week, meaning I did not qualify for PPI, they paid mwe back for my loan but will not budge on the Credit Card, I don't understand why really surely if they admit fault with one it is the same for the other, they have even told me to go to the FO so they must be confident, any help would be good.

gigsy

Recieved my second letter from Barclays where in they say that this is a full and final response. I must say that they have been really quick to respond.
I had claimed that my ppi was misold because, me and my partner have pre-existing medical conditions which would not be covered, my partner works less than 16 hours a week, and also that although it is a joint loan my partner would not benefit from the policy as I am the lead name. Pretty useless for us really. There were some other things as well.
Their letter states that they have reviewed the details of the complaint but remain satisfied that the PPI was explained to us correctly and that they had sent all the relevant details.- they seem careful not to mention anything about mis-selling!! They go on to say that nevertheless having considered my complaint the senior managers of secured Barclayloan are willing to reach an agreement with me in an attempt to reach a mutually agreeable outcome: They are willing to offer an enhanced rebate on a pro rata basis of 78% of the insurance premium (22% being held back for the provision of claims and administration costs).
An enhanced rebate of £4437.86 in addition to the £1515.65 that will be applied to your loan acount on cancellation of the policy. This is with no admission of liability and is purely as a gesture of goodwill. They want me to confirm acceptance in writing. They enclose a form for us to sign and accept.
The orriginal loan was for £55,000.00 The PPI was £13,469.50 totalling £68,469.50. The PPI repayments are £113.82(that was before all the interest rate increases). The loan was taken out in Sept 2005 with a variable interest rate of 8.4%
While I accept that this is a nice gesture the problem I have is that I will still be paying the same each month which can't be right. I would expect that they would have to cancel the PPI, calculate allthe ppi payements and interes that I've made and add them to the loan and pay me back what ever overpayments that I would have made also have to come back to me too.
And not forget restructuring the loan to how it should have been before they added the PPI.
What do you think guys, your help would be very appreciated!

petermb_2

you should hold out for £13469 plus all payments made towards that amount including interest.

paddy1234

Can any one help. I sent off a letter to direct auto finance on 30th nov regarding ppi on a car i brought through yes car in 2004 and recieved my letter back today it goes as follows:

We regrt any suggestion that the sale of the policy in question was in any way mis sold.

Your recollection of the facts in May 2004, now appear very vivid, so we have reviewed the documentation you signed, the interpretation is also very clear:-

Coinditional sale agreement
a. you signed an important legal document, in which you specifically confirmed you wanted to be "legally bound by its terms"
b. Just above your signature there are statements in bold, which state, "if any of the above statements in the customer's declaration are not truw, you should not sign this agreemenyt" - you signed the agreement.
c. givene point b. above I refer you to point 7 "addition insurance protection", where the "yes" box is ticked to the statement "have you recieved a leaflet with the details of the insurance(s) you have applied for and explaining the extent of cover?"
d. to reaffirm point c. you signed the customer declaration under the paragraph commencing "I/we agree that the above statements are correct"

Handover checklist
a. you have signed this form comfirming the finance department had fully explained" the addition option insurance products"

You claim that you were told that taking out the polciy, would assist your credit application. However:
a. you have porvided no particulars of the converstations, which are alleged to have taken place.
b. You have only raised these issue several years later.

You have the benefit of a policy which can be invoked at any time to your benefit should you suffer accident, sickness or unemployment. You have not complained about the existance of the insurance policy before now.

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, or that the optional nature of the insurance products was not fully explained to you. Our position is borne out by the documents signed by you.

It remains your prerogative to take whatever action you feel necessary, if you still feel pursuit of a 'claim' is warranted. We have responded to your correspondence and will now close your file. However, please note that this agreement with our company started on 31st may 2004 and therefore, occurred before we were FSa authorised. It is our understanding that this therefore falls outside the jurisdiction of the Financial Ombudsman Service.

Can anyone help me on what I should do now??????

Thanks

petermb_2

That is a common argument that lenders use that the issues fall outside FSA regulations. There are of course other issues to take the lenders on with that make the statement irrelevant and untrue.

snook66

I have just been on the phone for the last 20 mins in relation to my claiming back my mis-sold PPI. My letter was a template from this website (cheers for that) saying that I was not informed this was optional, and the person who offered me the store card was not financially qualified to do so, never asking any questions as to if I qualified for this insurance..etc.. anyhooo cut to the chase I called them two weeks ago after no response to be told I would receive a reply by 14th December and not to go down the route of FSO as the response would be adequate...happy days methinks... Today 17th December no letter so i call them again to be put through to their complaints team and told I quote 'it's highly likely you don't have a valid claim as we werent under the FSA at the time your card was taken out so it would be fruitless for you to carry on, if you do decide to carry on then you can't go through the FSO, as they only came into monitoring in 2005 so you would need to go to Finance and Leasing Authority, but they will want to know why you have decided to claim now as opposed to earlier as you took the card out in 1998. I replied I realise I can only make a claim for the last 6 years and am under no illusions as to who I can and can't complain to ( I didnt know that until he said,but wasnt telling him so) He also stated that I shouldnt copy template letters from various websites, as they dont favour letters like that as they arent genuine enough, so i should reply back to their letter they have sent me giving a full explanation of the reasons why I feel I should be refunded and a full response to their refusal of payment. Then they can determine if I am to be paid out, but he did say they dont appreciate the template letters they receive.... I feel a bit disheartened and really felt like they were going to sort this from the first phone call... now what do i do and how long do I need to wait before going any further with my claim... any help muchly appreciated
Diane

gigsy

petermb wrote: »

you should hold out for £13469 plus all payments made towards that amount including interest.

Thanks Peter. They said that their reply was a final response, I know that's part of the dance so to speak, but in your experience do they normally play ball. Haven't seen a lot reported on the success front apart from fivebellies. Was wondering if I would have to go the FOS route.

petermb_2

if you challenge them on the right issue they have no alternative but to settle. FOS route is ok but the staff wages are paid for by the institutions. That must give the lenders some say in the outcome. i have seen an article where the head guy at the FOS admitted that the endowment scandal had been dummed down to protect the insurance companies. Do you really think they will do anything less for the lenders?

sorry if I sound cynical but I am pretty cynical. There has to be people out there who simply look at things from the borrowers point of view solely. Sadly to be able to do such work you have to do it for a living.

As I keep saying though, with such powerful knowledge comes responsibility. Therefore I gladly use the information but cannot share it.

petermb_2

Snook66, there is a time issue over 6 years for mis-sell. However there are other situations that do not rely on such time bars. These are arguments that have already been tested in court and have gone all the way to the House of Lords Appeal court. That makes them precedential for other cases that follow. It makes them law. It is these arguments that I use to take on lenders regarding ppi and many other situations.

So dont be put off , you will get there in the end.

tiggrae

snook66 wrote: »

I have just been on the phone for the last 20 mins in relation to my claiming back my mis-sold PPI. My letter was a template from this website (cheers for that) saying that I was not informed this was optional, and the person who offered me the store card was not financially qualified to do so, never asking any questions as to if I qualified for this insurance..etc.. anyhooo cut to the chase I called them two weeks ago after no response to be told I would receive a reply by 14th December and not to go down the route of FSO as the response would be adequate...happy days methinks... Today 17th December no letter so i call them again to be put through to their complaints team and told I quote 'it's highly likely you don't have a valid claim as we werent under the FSA at the time your card was taken out so it would be fruitless for you to carry on, if you do decide to carry on then you can't go through the FSO, as they only came into monitoring in 2005 so you would need to go to Finance and Leasing Authority, but they will want to know why you have decided to claim now as opposed to earlier as you took the card out in 1998. I replied I realise I can only make a claim for the last 6 years and am under no illusions as to who I can and can't complain to ( I didnt know that until he said,but wasnt telling him so) He also stated that I shouldnt copy template letters from various websites, as they dont favour letters like that as they arent genuine enough, so i should reply back to their letter they have sent me giving a full explanation of the reasons why I feel I should be refunded and a full response to their refusal of payment. Then they can determine if I am to be paid out, but he did say they dont appreciate the template letters they receive.... I feel a bit disheartened and really felt like they were going to sort this from the first phone call... now what do i do and how long do I need to wait before going any further with my claim... any help muchly appreciated
Diane

HI Diane,

Don't give up - just cos some jumped up, snotty little clerk doesn't 'appreciate' template letters doesn't mean your claim isn't valid - what you need to do is start Court Proceedings or at least threaten them - the relevant law is the Misrepresentation Act 1967 - you have been Negligently Misrepresented to and as such the onus is upon them to prove otherwise - this legislation is only 3 pages long and can be down loaded from the internet - fill in a N1 claim form and send a copy to them - tell them you'll issue the form in the New Year if you don't get satisfaction.