PPI Reclaiming discussion

googleman10

tiggrae wrote: »

Hi it's been enacted into the Financial Services Authority's Principles for Business - ie it's part of their legal regulatory procedures

Thanks Tiggrae but as they have clearly flaunted the FSA's principles of business, what should I do next. My complaint would have to gone the the FLA not the FSA as GE Money (First National) were only monitored by FLA until 2005 and as the agreement goes back to 2002, have the FLA got any power to do anything on the FSA principle?

gigsy

tiggrae wrote: »

just a couple of tweaks

With respect to your letter dated ??? and the offer therein of ‘an enhanced rebate’ - as ‘a good will gesture’ - the sum of £4437.86, in addition to the £1515.65 to be applied to the loan account on cancellation of the policy; however, I do not believe this amount is sufficient to cover a refund of the premiums, subsequent interest paid on these premiums and the 8% statutory interest a court would allow as I have been unlawfully deprived of money. Therefore, I would like the following:

1.£13,469.50 the cost of the PPI paid back into the loan;
2. Interest accumulated whilst the PPI has been attached;
3.The over payments made to the loan due to the PPI been added;
4.Recalculation of said loan to lower the monthly payments to reflect the original amount had the PPI not been added; and
5.All payments made to date taken off the loan amount borrowed.

Once the above is completed I will consider the matter closed, should I have not had a positive response from you within 14 days, I shall, without further notice take my complaint to the Financial Ombudsman.

Yours faithfully,

Thank you very much Tiggrae. Much appreciated and have a wonderful Xmas.
I'll keep you informed of my progress.:beer:

Captain_Cuddlepuss

First Plus PPI

Before I became more financially savvy I took out a secured loan with First Plus. Because of the cashback offer and without realising the implications of a single premium policy, I agreed to the PPI even though I didn’t really need or want it.

I have refinanced the loan and settled with First Plus, but am trying to reclaim the PPI. I am claiming mainly on the basis of the following:

• Very little attempt was made to ascertain if the insurance was fit for purpose, suitable for our needs or if indeed if we really needed it at all.

• It was not made clear by the sales advisor that this was a Single Premium Policy and although only lasting for five years, we would be paying for it and interest on it throughout the lifetime of the loan at the loan APR, and furthermore we would need to take out further insurance at the end of the five year term.

• Following the initial application phase we decided that we did not want the PPI and phoned to ask for a loan agreement to be sent without the PPI added. The sales advisor was very pushy in selling us the policy at this stage so we felt that we could not say no. We were told that this PPI product was specifically tailored for the First Plus loan and that it was unlikely that we would get such sufficient cover from a third party insurance provider; implying that we would be at a disadvantage if we sought cheaper PPI elsewhere.

Now the first letter I received back from them was a basic fob off letter, saying that they did not think there was a case and they could not find evidence of a call with the sales advisor discussing the last point. I re-wrote to them and they have found some further calls but can still not find the one in question. This is despite me asking for a full SAR and pointed out that they had not supplied all calls. The second letter has offered me some money but not the whole lot. My questions are:

1) Should I accept?
2) If not do I write to them again or go straight to FOS?
3) I did originally ask for the full premium (less the refund on settlement), interest and the statutory 8%, how do I work this out? I have entered all the figures hoping that someone might help me.

Original Cash Loan: £32,000
PPI Loan: £7836.80
Total: £39,836.80
180 months from February 2006 @ 10.4% variable APR (obviously this has gone up and up) – PAID 21 months.
Cancelled PPI Nov 2007: rebate of £1237.56 to loan (reduced payments by about £20) This was after initially asking to cancel it in March 2007.

Settled Nov 2007: £37341.24 inc £150 admin fee
Overpayment refund: £65
Now willing to offer rebate of £2531.94 on a pro-rata basis of 78% of the insurance premium, (22% being held back for the provision of claims and admin costs) ???

Hope you can help.

Tommy_5_Bellies

Hi All
Just thought I update everyone. Claimed PPI from Worst Plus with ONE LETTER! Just got my cheque for £5100,:beer: £12500 PPI insurance taken off the outstanding balance as well as £4800 interest coming off as well:j

WHAT A CHRISTMAS I'M GOING TO HAVE!!!!!!!!!!!!!!

Merry Christmas to all and have a great New Year, I know I will thanks to Martin and his team.

Tommy 5 Bellies

P.S. It might go to 10 Bellies now!!!!!!

tiggrae

googleman10 wrote: »

Thanks Tiggrae but as they have clearly flaunted the FSA's principles of business, what should I do next. My complaint would have to gone the the FLA not the FSA as GE Money (First National) were only monitored by FLA until 2005 and as the agreement goes back to 2002, have the FLA got any power to do anything on the FSA principle?

Hi there, you can take your complaint of mis selling to the FLA, but can also make a complaint to the Financial Ombudsman about GE failing to keep to the statutory complaints procedure

Elsie2_2

Hi all, I sent letters to a couple of my credittors, asking for a copy of my original loan agreement including details of the insurance added to the account. I asked for this within 40 days as per the data protection act. The 40 days is up today and predictably, they haven't replied. Is it the FSA or the Financial Ombudsman i have to complain to?

Cheers all.

The_deacon

Hi, i am a new poster but have been looking from the outside for a few weeks. I now find i need a bit of advice, so hopefully as i grow more experienced i will be able to repay this to someone at some point in the future.
I have now decided after reading everyones experiences and support to take the plunge and ask for my ppi money back.
I have drafted my first letter regarding a loan taken out in 2002 with The Associates. The problem is they are now called Citi-Financial, (although it is the same premises, staff etc).
Should i just write to Citi Financial as they took over/rebranded The Associates or do i need to find a contact for The Associates who may not now even exist under that name?
Any advice gratefully received and will repay to someone when i feel able to help out.
Thanks in advance.

googleman10

tiggrae wrote: »

Hi there, you can take your complaint of mis selling to the FLA, but can also make a complaint to the Financial Ombudsman about GE failing to keep to the statutory complaints procedure

Thanks Tiggrae, I will follow this up with a seperate complaint to the FOS although I believe their timescales are rapidly increasing!

Kind regards

tiggrae

Elsie2 wrote: »

Hi all, I sent letters to a couple of my credittors, asking for a copy of my original loan agreement including details of the insurance added to the account. I asked for this within 40 days as per the data protection act. The 40 days is up today and predictably, they haven't replied. Is it the FSA or the Financial Ombudsman i have to complain to?

Cheers all.

It's the Information Commissioner

tiggrae

The_deacon wrote: »

Hi, i am a new poster but have been looking from the outside for a few weeks. I now find i need a bit of advice, so hopefully as i grow more experienced i will be able to repay this to someone at some point in the future.
I have now decided after reading everyones experiences and support to take the plunge and ask for my ppi money back.
I have drafted my first letter regarding a loan taken out in 2002 with The Associates. The problem is they are now called Citi-Financial, (although it is the same premises, staff etc).
Should i just write to Citi Financial as they took over/rebranded The Associates or do i need to find a contact for The Associates who may not now even exist under that name?
Any advice gratefully received and will repay to someone when i feel able to help out.
Thanks in advance.

when citi bought the associates - they will have transferred all undertakings including liaibilities - so write to citi