PPI Reclaiming discussion

reallylost

I am sorry to bother you but I have been on the phone to halifax and they say that they agree I was missold the ppi but I am not entitled to the payments back. All they can do is give me a new loan with the repayments and ppi taken off!
surely this is not right. can I have them back and they can restructure my existing loan.
please help

gt568

sampainter wrote: »

I am sorry to bother you but I have been on the phone to halifax and they say that they agree I was missold the ppi but I am not entitled to the payments back. All they can do is give me a new loan with the repayments and ppi taken off!
surely this is not right. can I have them back and they can restructure my existing loan.
please help

Firstly only deal in writing, gives you evidence. Threaten to take them to court in 14 days if you do not recieve a positive reply.

gt568

£7049 back from NatWest

• What were you reclaiming: Personal Loan
• Who was the provider: NatWest
• How much did you get back: £4370ppi and £2679 intrest
• Did you get it back after a letter or did you go to the Financial Ombudsman: Several letters

Took out a £19000 personal loan in December 2001 with a single premium policy of £4370. The bank manager pressured me into taking the ppi and essentially said that I had to take the ppi to get the loan. Sent template letter 1 off (adapted to my needs) and then got a letter asking me to cancell the ppi which I did. Throughout this process I got several letters asking for more time. At the expiry of the 8 week deadline I recieved a letter asking for 2 more weeks. at this point I sent this letter:

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,

On day 13 of my deadline I recieved a full offer of what I wanted, as a gesture of goodwill of course, to be paid into the loan and current account. I declined the payment options and said I wanted the monies paid into my current account, which they obliged.

Happy days.

sue-dai

hi there, recieved letter off Welcome they say that the fos would dismiss my claim on the FOS rule DISP3.3.3(3)R. any one know what this means? i have sent 2nd letter anyway.
thanks for any advise

FrugalJo

Sent second letter - asking them to review my complaint and 14 day confirmation, on the 4th December after receiving a flat no - you signed you agreed fob off letter.
Had no response to second letter but checking my files I didn't date it.
Have tried to phone to see if they can confirm they've received it.
However is my best next step to resend second letter ?
Much appreciated

tiggrae

sue-dai wrote: »

hi there, recieved letter off Welcome they say that the fos would dismiss my claim on the FOS rule DISP3.3.3(3)R. any one know what this means? i have sent 2nd letter anyway.
thanks for any advise

it means they're asking the FOS to dismiss your claim on the basis of their response - ignore that and take your complaint to the FOS

tiggrae

FrugalJo wrote: »

Sent second letter - asking them to review my complaint and 14 day confirmation, on the 4th December after receiving a flat no - you signed you agreed fob off letter.
Had no response to second letter but checking my files I didn't date it.
Have tried to phone to see if they can confirm they've received it.
However is my best next step to resend second letter ?
Much appreciated

send it again, direct to their complaints department, but recorded delivery this time

pierrenkaz

tiggrae wrote: »

if you've made a claim on your policy you won't be able to make a claim for mis selling

Surely the fact that 'it doesn't do what it says on the tin' is a case of selling me a pup? When the branch sold me the ppi they knew I was in receipt of a pension.

itian

Im gonna be sending my letter off to HSBC to get my money bk and also cancel the rest of the PPI off the loan i have atm.

does anyone know the address we send these letters too for HSBC?

Regards

amanda_d_29

well the comitee have decided this wasnt missold so my complain rejected again.

he read transcript where the consultant did say it was optional!!

also we said no to any medical condtions that we have suffered in the last 12mths that will affect working!! well not in the last 12 mths actually never has my husbands asthma affected his working!!

also they made aware it will cover 5 years!!

but what there failing to answer in another point i made, we were never made aware that we could have paid for the cover upfront, and therefore not been charged interest over 15 years!! instead it was just included in the loan!!

i think we were in a vunerable situation desperate for the money and now, we regret it!!!

wot to do???????????????? HELP