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PPI Reclaiming discussion
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vodkafreak wrote: »Hi, hope you all had a good xmas! Just want some opinions on a letter i am sending to firstplus after they basically told me to bog off! (have pinched a few lines from gt568 which i liked the sound of!)
"Dear ******
I am writing in response to your letter dated 13/12/07.
I have considered your response and remain dissatisfied with your decision so I am again requesting a full refund .
When I took out the loan I was in dire financial difficulties and believed I would not receive the loan if I did not take out the ppi. I also believed that the cover was for the full term of the loan and was not aware that it would end after 5 years but I would still be paying interest on this extra amount.
Firstplus also made no attempt to ascertain if the product it was so willing to sell me was fit for purpose, suitable for my needs or if indeed needed at all.No medical questions were asked or enquiries made about pre existing illness.
I believe insurance contracts are “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”. Therefore I believe it should have been disclosed to me that the ppi sold to me essentially made me borrow more money rather than simply pay a monthly fee for insurance. I believe it should have been made clear to me that the policy generated large profits for firstplus at my expense. You failed to do this ,so I believe you have failed in your “Duty of Disclosure”. Your failure to disclose is misrepresentation at common law.
I would again bring your attention to the FSA ruling on single premium policies which deemed them to be unfair.
You also claim to have spoken to both my husband and myself on 11/02/2004 so would therefore request a copy tape of this conversation as I have no recollection of this.
I have no desire to “escalate this internally” as my understanding is that you are unable to uphold my complaint. Please let me know if I have misunderstood!
If I have not received a response from you within 14 days I shall be forwarding my complaint to the FOS.
Yours Sincerely******"
Any thoughts on this? Does it need 'tweaking' in any way or shall i send & be damned!! All advice gratefully received! Thanks.
I'm a novice at these things and going through the process myself, but was wondering if you should put the figures in, or were they included in your first letter?0 -
Hi Everyone...
Unfortunately I am in need of my guidance on what to do.
To cut a long story short, I wrote to GE Money regarding First National on the 19th October 2007. They sent me their acknowledgement to the letter and promised to respond within 4 weeks.
By Christmas Eve, I received no response and so advised them they were in breach of the FSA regulation on 8 weeks for a response. However as I could not refer the matter to FOS (First National complaints have to go through FLA), I would refer the matter to them but would make a seperate complaint to FOS regarding the 8 week failure to response.
FOS have today advised me that this ruling only applies to items which are governed. As my PPI was not governed by their ruling at the time of sale, the FOS cannot take up complaint regarding failure to respond within 8 weeks either...!
It is now almost 11 weeks and still keep getting the system generated response to each letter I send advising they will respond within 4 weeks! FOS have advised to take GE / First National to court.
I have cited to GE Money in my complaint, mis-selling and misrepresentation of product in line with Misrepresentation Act 1967, advised policy served no purpose as they would not allow me to claim in 2003 because of a previous history of condition prior to inception of policy in 1999, although still paying for insurance now as they refused to cancel.
What action should I take through County Court and how do I go about this? Can I include my costs incurred for taking them to court? Can I include the 8% interest loss for money which could have been invested elsewhere.
Any help gratefully appreciated as I have given GE until first full week in Jan 2008 to settle before taking court action.
Thanks everyone!Because life is complicated enough!
______________________________0 -
I'm a novice at these things and going through the process myself, but was wondering if you should put the figures in, or were they included in your first letter?
£9,796.00 ppi
less rebate £925.48 = £8,870.52
+ statutury 8% interest of £1,980.37 = £10,850.89 !
I used the bank charges calculator to do this. Think i will add this figure somewhere in the letter & see what happens. Thanks!0 -
Wrote first letter 2 months ago, it has taken them 8 wks to get back to me to tell me that i was aware of the condiotjns when i took on the loan and that i cannot get a refund.Would someone be able to advise me whether or not to carry onto the Financial Ombudsman..please0
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cornflakegirl wrote: »Wrote first letter 2 months ago, it has taken them 8 wks to get back to me to tell me that i was aware of the condiotjns when i took on the loan and that i cannot get a refund.Would someone be able to advise me whether or not to carry onto the Financial Ombudsman..please
Try sending the 2nd letter. The banks ALL hope you will go away after 1 letter. Also it helps if you include some details in your post, ie why you are reclaiming, what type of ppi, when you took it out ect.{Signature removed by Forum Team}0 -
Thanks can i still write a second letter even though they have refused me??
Basically when i took out the loan i was a nanny employed by someone else..this was in February 2003 , i knew that in September 2003 my son would be starting school and would no longer be able to work for this other lady as her nanny..so would be unemployed... I have looked thru my paperwork and i have signed the credit agreement and terms and conditions but wasn't aware that the conditions would change if i became unemployed.The lady didnt explain any of the terms and condiotns to me and they are actually blaming me for not telling them this..But how could i when i had no idea??Surely its their job to point it out to me.
I also felt that i HAD to have PPI and thay wihtout it i wouldn't get the loan..
Do i write to Yorkshire bank or the Financial ombudsman??0 -
stupid question probably.
Got a loan with ppi. Only just realised i could cancel it!
Question is do i phone up and cancel it immediately, or send off the complaint with it still in place?
cheers
aidan
Hi,
I'm wondering this as well, am currently going through the reclaiming process against HSBC on a graduate loan. I'm at the stage of complaining to the FOS, but am still paying the PPI. Have just spoken to the bank about cancelling it, and have been told that the entire loan will have to be cancelled and i will have to reapply with out th e PPI.
Should I cancel the PPI now, or wait for the FOS response to my claim?
thanks.0 -
Hiya, im sending my first letter off tomorrow regarding the ppi reclaim. Ive added a few extra details to the letter. If anyone has time, could you have a quick read of it and see if anything needs changing or whether it goes on too much. Also, should I calculate the amount of ppi that has been taken? Any help would be greatly appreciated,good luck to everyone with your own cases. xx
Dear Sir or Madam,
Re: Account number:......................
This is due to the fact that I was not given the correct information when the policy was sold to me, as
· having recently looked at the information for my loan I now realise that I have been paying for insurance that I did not know I had taken out.
I did not agree to insurance being added onto the loan due to being mis-sold a loan with insurance in 2003 which took over a month to be rectified. On my records you will see that I made an enquiry regarding a possible loan in September 2003 but was duped into signing paperwork stating this would hold all the loan details if I agreed to go ahead but the next day the funds were in my account. I requested this to be cancelled immediately but it took 5 weeks to happen due to the insurance company taking their lump sum at start of loan - because of this I decline any insurance offered by your company and know 100% I did not opt for the insurance on my loan. From looking at my loan details on online banking, I have noticed that I have payment protection added onto the loan.
Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.
I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.
Yours faithfully,
reclaimed charges from lloyds tsb: £360
tesco clubcard points: 1291
greasypalm: £6.900 -
Hello All,
This is my first post, so please accept my apologies if posted in wrong place.
I have sent my first letter to my bank regarding reclaiming the PPI on a credit card I have had.
They have now sent me a reply saying that they do not agree that I was missold the policy. They have apparently investigated my case. There is a few things they pointed out in the letter:- I approached them for the credit card etc.: Now I know that this is not the case as I never really wanted to have a credit card and remember that I told that to the sales person, who however kept suggesting to me that I should apply for one.
- They are also making a point that the policy is still in place and suggest that if I was that worried about the PPI I would have already cancelled the policy by now. - However, if they had done their investigations a bit more in detail they would realised that the credit card does not even exist anymore and hence I am not paying for the policy anymore as it only covered that one card.
- Lastly they are also making me aware of my right to go to the Financial Ombudsman.
I would really appreciate if you could give me your opinion and advice on how to proceed. Any feedback would be much appreciated.
Thanks.0 -
Hello All,
This is my first post, so please accept my apologies if posted in wrong place.
I have sent my first letter to my bank regarding reclaiming the PPI on a credit card I have had.
They have now sent me a reply saying that they do not agree that I was missold the policy. They have apparently investigated my case. There is a few things they pointed out in the letter:- I approached them for the credit card etc.: Now I know that this is not the case as I never really wanted to have a credit card and remember that I told that to the sales person, who however kept suggesting to me that I should apply for one.
- They are also making a point that the policy is still in place and suggest that if I was that worried about the PPI I would have already cancelled the policy by now. - However, if they had done their investigations a bit more in detail they would realised that the credit card does not even exist anymore and hence I am not paying for the policy anymore as it only covered that one card.
- Lastly they are also making me aware of my right to go to the Financial Ombudsman.
I would really appreciate if you could give me your opinion and advice on how to proceed. Any feedback would be much appreciated.
Thanks.
Have you read the PPI reclaiming article? Of course they are going to try and fob you off. Send letter 2 and see how you get on.{Signature removed by Forum Team}0
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