PPI Reclaiming discussion

BBTHREE

m.colak wrote: »

Its not to late to claim the PPI because the policy was still running inside the 6 years window and therefore eligable. Just because you have received monies of a company doesn't mean that you agree that the case is closed although they might assume otherwise. Companies sometimes put the line " and if i haven't heard from you in 8 weeks then i consider the case closed" this isn't a valid agreement as if you tried that you would get laughed at. The next step is to work out how much you should have received back and then send a letter saying

..... in continuation to your letter dated .... i have received the said figure of £300 however i do not believe this accurately accounts for the amount of PPI refund i should have received. I therefore have consulted with the citizen's advice bureau (I apologize for the delay) and decided to consider court action against yourself. If no satisifactory settlement is received in 14 days to the sum of ......(Enter amount) i will be taking proceeding further.

Yours faithfully.

Address it too the person who sent you the last letter so there is continuation and it isn't passed from person to person.

Thanks for your advice thats exactly what I will do.

BBTHREE

tiggrae wrote: »

Are you wanting to reclaim the full amount for mis selling or just the amount for ending the loan early - legally 2 different approaches, the 2nd one being far easier than the 1st

Tiggrae - Thanks for the reply.

I just want to get this sorted as fast and as painlessly as possible, so I definately want to just go for the balance of the PPI settlement figure.

I know how awkward G E Money can be now and they have the worst customer service I ever had the misfortune to cross paths with, and I know they won't oblige, and I know this will end up in court, but at least I can be another very annoying thorn in their side.

tiggrae

BBTHREE wrote: »

Tiggrae - Thanks for the reply.

I just want to get this sorted as fast and as painlessly as possible, so I definately want to just go for the balance of the PPI settlement figure.

I know how awkward G E Money can be now and they have the worst customer service I ever had the misfortune to cross paths with, and I know they won't oblige, and I know this will end up in court, but at least I can be another very annoying thorn in their side.

Hi there, if that's the case then the Financial Services Authority have stated they believe 'no refund / partial refunds' on early settled ppi to be unfair under the Unfair Consumer Contract Terms Regulations 1999 - in other words GE's regulator is saying their contract terms are unfair and even if you have to go to court this is by far the strongest backing you'll have. The link to the relevant document is Refunds of Single Premium Payment Protection Insurance write to them and ask what % was repaid to you, copy this document and tell them they've acted unfairly under the UCCTR 1999 and you'll start court proceedings if you don't get recompence plus 8% statutory interest - state given the FSA ruling you've no doubt about your success in court

tiggrae

The_deacon wrote: »

Sorry about this, i have read all the information on both the reclaim froums and seen the article contents about reclaim amounts. However! call me dim, but i am really struggling to understand what would be a fair figure to be accepted in the event of any offer or, which i will do, filling in my court form. . I will post the figures below and hopefully someone will be able to point me in the right direction.
I have seen some of the formulas posted but they mean nothing to me, sorry!
I have already sent off the first letter but am still awaiting a reply.

Loan taken out in June 2002 for the sum of £47,343

Secured loan and so was charged £2116.80 (added to loan)Mortgage Guarantee Insurance, (don't know whether this was a legal requirement or was conned in to this as well?)

PPI £5112.42 (single premium added to loan, was told could not have loan without this)

Total amount of credit £54,972,22 (I know this figure is more than the others added together but honestly don't know why it is £400 more?)

The original interest rate charged was 14% however it does seem to have changed a couple of times to 13.8 and 13.17?

I paid the loan off in August 2003, with a settlement figure which was larger than the original loan by some margin. I was allowed a rebate on the PPI of £2765.82. By my understanding this means i paid £2346.60 for the PPI?

I honestly don't have a clue what people mean by 8% etc, or whether this would be just for when the loan was in force or the time since then?

Will be really grateful for any help, and will repay this to somone when a subject which i do understand! crops up on the forums.

Thanks in Advance

see my post below at post # 1769 - that's the law regarding 'no refund - partial refund' on early settled ppi. In respect to the 8%,this is the amount the courts allow because you've been unlawfully deprived of money (County Court Act 1984) - go onto the bank charges calculator on the bank charges forum - put in the figure you think was remaining when you paid off your ppi and the august date you paid it off and it'll work out the 8% for you - the calcuation is (£ x number of days since august 03 x .0002222)

tiggrae

cocker100 wrote: »

Hi all,

Just about finished drafting my third and final letter in First Plus. Have quoted the misrepresentation act in it. Does the following section of the letter sound ok? It's just that I haven't really had any dealings with court procedures and law before, so dont want it to sound silly!

.........................................Therefore, I believe that the single premium policy sold to me essentially made me borrow more money rather than simply pay a monthly fee for insurance. I also believe that it should have been made clear to me that the policy generated large profits for First Plus at my expense. You clearly failed to do this and in so doing have failed in your "Duty of Disclosure" to me. This is because insurance contracts are basically contracts of the utmost good faith. This imposes on you a duty to disclose all material facts because one party, First Plus in this case, is in a strong position to know the truth. Your failure to disclose these facts to me is misrepresentation at common law under the Misrepresentation Act 1967...............................................


Does this sound ok?

All advice greatly appreciated.

Cliff.

try this

Therefore, I believe that the single premium policy sold to me essentially induced me as 'a reasonable person' to borrow more money, rather than simply pay a monthly fee for insurance. I also believe that it should have been made clear to me the said policy generated huge profits for First Plus at my expense. You failed to do so and in have failed in your "Duty of Disclosure" to me. As insurance contracts are basically Contracts Uberrimae Fidei (contracts of utmost good faith) which imposes a duty of disclosure of all material facts because one party, First Plus in this case, is in a strong position to know the truth. Your failure to disclose these facts to me is Negligent Misrepresentation under the Misrepresentation Act 1967 and as such under case law, the onus us upon you to prove otherwise.

tiggrae

Lisakx wrote: »

Can I cancel PPI whilst I'm trying to claim the refunds? Would it affect any refund made in a negative way?

hi there - cancelling is a good thing - you're saying the policy was mis sold and you don't want it

Lisakx

wicked thanks! well I shall write the letters in a moment :-D

cocker100

Thanks Tiggrae, I'll amend the letter straight away!!!
:T

checkedshirt

I received a "sod off" letter to my first template letter to Lloyds and here is my reply:

Mr A Ricketts
Customer Care,
Lloyds TSB Insurance,
Tredegar Park,
Newport,
South Wales.
NP10 8SB

Dear Mr Ricketts

Reference: ....................

I write in respect of my recent complaint regarding the above reference and your letter in reply dated the 19th December 2007.

Whilst I thank you for your reply, I cannot say the contents of which were unexpected having had regard to recent media publicity regarding the mis-selling of Loan Protection (or PPI) by most major financial institutions, the Lloyds TSB being no exception.

I refer now specifically to the contents of your letter dated the 19th December 2007 and use your paragraphed headings as a point of reference for you:

Credit Agreement regulated by the Consumer Credit Act 1974

The paperwork supplied by you at the moment of the advancement of the initial loan and incorporated “optional loan protection” (dated 12th May 2003 and consisting of 3 pages) that is endorsed as “Customer’s Copy” does not bear any signature of mine. I accept that documentation held by you may have my signature but my “customer copy” (Form S3008 consisting of 3 pages of 3 pages) does not bear my signature.

Furthermore, whilst the Credit Agreement does state:

“Optional Loan Protection? = YES (marked by computer generated “X”) and “Premium Advanced as Part of Loan?” = YES (marked by computer generated “X”);

not only are these generated by computer and not by my own hand but there appears to be a very important portion of the “Premium Advanced as Part of Loan” (relating to the “Optional Loan Protection?”) which has been reduced to brackets:

“(Available only (sic) if you are eligible for such protection)”.

I would be obliged if you could explain how I would be eligible for such protection when NO ENQUIRY WHATSOEVER was made of my eligibility for such protection and NO terms or conditions were provided or explained prior to the signing of any documentation relating to the “Optional” Loan Protection and such being provided afterwards and in the circumstances as outlined in my initial letter regarding the actions of your Mr Mason.

Optional Loan Protection Acknowledgement of Purchase Form

I have my copy of this form which is endorsed “customer copy” (11551a-0303c).

You state in your letter that I have signed this form confirming that I have received information relating to the cost, cover, terms and conditions of the “optional” policy, the loan agreement and Loan Protection Policy Document.

I do not dispute that I have signed and dated this form.

I however, do dispute this represents any acknowledgement by me in the Section entitled “Your Confirmation of Purchase” of the matters upon which you rely.

There are two “tick boxes” within these this section as follows:

“I/We have received information relating to the following (please tick):


The cost, terms and conditions and exclusions of the optional Loan Protection policy (tick box)


And;

The Loan Agreement and Loan Protection policy document contained within the policy document wallet (tick box)


The reference within this section to “please tick” indicates it for the applicant to so tick as the whole agreement is based upon such and yet the absence of any “ticks” by me but the incorporation of what appears to be again “computer generated ticks” IS NO CONFIRMATION by myself regarding the purchase of such Loan Protection OR THE PROVISION of any documentation to myself prior to signing the agreement upon which it is based.

I rely on the above matters and the contents (including the circumstances of the initial advance and subsequent Loan Protection) of my initial letter dated the 8th December 2007.

I do not feel your letter in response has offered any satisfactory justification that my policy was sold fairly, reasonably and with my best interests so I request that you look into my complaint again. You state in light of the evidence outlined in your letter that you are unable to accept my complaint that the policy (not plan as referred to by you) was “both unnecessary and was sold to (me) under pressure”.

I request that you consider the evidence as outlined by me in this and my previous letter when considering your next letter.

I still request a full refund of all premiums that I have paid including the 8% interest as requested.

I did not request a refund of the REMAINING insurance premiums including the 8% interest.

I look forward to a full and prompt response to this letter and for the matter to be concluded within 4 weeks or I shall be contacting the Financial Ombudsman Service (dependant on Jurisdiction as the Policy was prior to 2005) or instigating Civil Court proceedings to investigate my complaint/action.

Yours sincerely

xxxxxxxxxxxxxxxxx

TwinsMum_2

My complaint with First Plus (single premium) is now with the Ombudsman, I really thought that after the five years that they would come back to me and sort out new protection (they say I understood this was not the case) I never. Why would anyone pay for something longer than they were covered for (I might be daft but not that daft) Also the joint cover only covers my husband (hello this is a joint loan meaning me and him) It is nothing more than a money making process for them I only ask to borrow £29,000 not £37,000 their sales people are very clever, I tried to cancel it when I came to my senses and was told that nothing would really change I could cancel but would only make pence difference to my monthly payments and nothing back I might as well wait 5 years and get it all back (less this and less that and less abit more). Umm just sounding off feel better now.