PPI Reclaiming discussion

m.colak

LeanneR wrote: »

Got a letter back from Welcome Finance basically saying.........

• I signed the declarations so can't claim back anything
• I had policy wordings sent out to me explaining the product and had 30 days to cancel
• I have paid for and 'enjoyed' the benefits of their PPI and other insurances
• That this is their final response unless I porvide evidence of mis-selling
• That I should contact the FOS if I wish to take it further

I was claiming back on the basis that the sale person implied that the PPI and Insurance were needed for me to obtain the associated credit.

What next?

Thanks in advance people

first of all can they prove that you weren't mis sold apart from your signature on a piece of paper did anybody actually go through the PPI with yourself??? The answer being no then you weren't advised on PPI and therefore your interests weren't represented at the time. Try this tact in your next letter as it highlights the companies lack of customer care. Also state that unless you do receive a satisfactory response you will be seeking further advice to take this either to the courts or the FOS.

LeanneR

m.colak wrote: »

first of all can they prove that you weren't mis sold apart from your signature on a piece of paper did anybody actually go through the PPI with yourself??? The answer being no then you weren't advised on PPI and therefore your interests weren't represented at the time. Try this tact in your next letter as it highlights the companies lack of customer care. Also state that unless you do receive a satisfactory response you will be seeking further advice to take this either to the courts or the FOS.

Thank you :T

Going to draft up my next letter tonight. :j

elsieo

m.colak wrote: »

Hi have already taken black horse to court and they have settled already. The thing to remember is:

1. How long was your application.
2. Did they mention the PPI or the fact it was optional at any time.
3. In the copy of the CCA they may have sent you does it state that the loan was via correpondance when you actually went into the office to fill out the forms.

If any are yes then go down the court route because they have to show that they didn't missell you the loan PPI (not you) remember to quote the misrepresentation act 1967 especially the part partaining to mis sold polices and sit back and wait for them to settle. Don't worry worse case you don't get anything back best case you get the whole amount back.

Hello m.colak
I didnt understand 1 how long was your application?
we went to their office to do the process then they sent forms out we signed and sent them back. They went on and on about the ppi. we said we didnt want as we had cover and our terms of employment gave better cover any way. we were told it was optional but also that we were far more likely to get loan if we took ppi. We were not told of 30 day cooling off we didnot recieve any paper work from any insurance company. we rang them before we sent in the loan agreement and said again we didnt want to take ppi but they said they would just put up interest rates so it would be more expensive. They never mentioned the single premium.The loan agreement had the loan and ppi detailed seperatly but there was no way to opt out.
I havent gone down this route as dont have any policy documents or ever had any but reading others posts i dont think we would have been covered as we both had pre existing conditions but i dont remember if we ever mentioned them or not.
Sorry didnt really understand 3 either. You must think Im daft!
thanks.x

m.colak

elsieo wrote: »

Hello m.colak
I didnt understand 1 how long was your application?
we went to their office to do the process then they sent forms out we signed and sent them back. They went on and on about the ppi. we said we didnt want as we had cover and our terms of employment gave better cover any way. we were told it was optional but also that we were far more likely to get loan if we took ppi. We were not told of 30 day cooling off we didnot recieve any paper work from any insurance company. we rang them before we sent in the loan agreement and said again we didnt want to take ppi but they said they would just put up interest rates so it would be more expensive. They never mentioned the single premium.The loan agreement had the loan and ppi detailed seperatly but there was no way to opt out.
I havent gone down this route as dont have any policy documents or ever had any but reading others posts i dont think we would have been covered as we both had pre existing conditions but i dont remember if we ever mentioned them or not.
Sorry didnt really understand 3 either. You must think Im daft!
thanks.x

Hi in response:

1. How long was your application -- Sometimes you can take a loan out in half an hour. This usually means the process is speeded up and 9 times of 10 not all the procedures are explained. Also in the case of the loan application taking a long time you could argue the fact that they knew that you required the loan so were dilibrately taking their time forcing you to take PPI in order to complete the loan faster.

3. CCA is your credit agreement. This contains the breakdown of the payments charges and PPI which will make up your loan and also dictates what kind of policy it was (in most case's single premium where the PPI is added to the loan from the start). You need to get the company to send you your CCA in relation to the loan as it gives you an amount you should expect to receive back or put as a claim through court.

PS you aren't daft and there is no such thing as a stupid question we are all here to help.

m.colak

Sorry before i forget. Like the bank reclaims on charges if you do not receive your policy documents or CCA within 8 weeks of requesting them then you should automatically inform the information commisioner as it is a breach of conditions of service. Remember all requests should be made via registered post and not normal post or phone as they can lose all trace of these documents.

elsieo

m.colak wrote: »

Hi in response:

1. How long was your application -- Sometimes you can take a loan out in half an hour. This usually means the process is speeded up and 9 times of 10 not all the procedures are explained. Also in the case of the loan application taking a long time you could argue the fact that they knew that you required the loan so were dilibrately taking their time forcing you to take PPI in order to complete the loan faster.

3. CCA is your credit agreement. This contains the breakdown of the payments charges and PPI which will make up your loan and also dictates what kind of policy it was (in most case's single premium where the PPI is added to the loan from the start). You need to get the company to send you your CCA in relation to the loan as it gives you an amount you should expect to receive back or put as a claim through court.

PS you aren't daft and there is no such thing as a stupid question we are all here to help.

Thankyou your very generous.
Yes they sent a copy of the cca. The loan application didnt seem particulary long it was a secured loan. I remember the man going through the ppi information and that we had been in the appointment for ever and that a second person came in to listen and also they made us sign loads of forms with out reading them! But it doesnt change the fact we didnt want the ppi or need it or felt we had any choice.
Now how stupid do i look!

m.colak

elsieo wrote: »

Thankyou your very generous.
Yes they sent a copy of the cca. The loan application didnt seem particulary long it was a secured loan. I remember the man going through the ppi information and that we had been in the appointment for ever and that a second person came in to listen and also they made us sign loads of forms with out reading them! But it doesnt change the fact we didnt want the ppi or need it or felt we had any choice.
Now how stupid do i look!

Ok ask yourself how many cop movies have you seen when there's one person asking questions or talking and theres another at the door or taking notes. It can be used as a method of intimidation. Second of all can you remember them asking permission for that other person sitting in on what was a confidental conversation. If it is a case where you had a long interview what should have happened is that the person should have recognised you're either distress (ie you didn't know what was going on) or arranged a follow up interview where you would discuss the loan further. This is the point i would try and make and state that you don't believe that your interest's were taken into account at any time and that you were coerced into taking PPI even though you repeatedly stated you didn't require or want any.

Black Horse will try and press you on the fact you signed a demands and needs questionaire which you stated that you would like the agreement to be repaid if you diaginosed critical ill or disabled. This form is useless and doesn't mean jack if they start quoting about this repeat that you stated that you didn't want it at anytime and proceed to court.

elsieo

m.colak wrote: »

Ok ask yourself how many cop movies have you seen when there's one person asking questions or talking and theres another at the door or taking notes. It can be used as a method of intimidation. Second of all can you remember them asking permission for that other person sitting in on what was a confidental conversation. If it is a case where you had a long interview what should have happened is that the person should have recognised you're either distress (ie you didn't know what was going on) or arranged a follow up interview where you would discuss the loan further. This is the point i would try and make and state that you don't believe that your interest's were taken into account at any time and that you were coerced into taking PPI even though you repeatedly stated you didn't require or want any.

Black Horse will try and press you on the fact you signed a demands and needs questionaire which you stated that you would like the agreement to be repaid if you diaginosed critical ill or disabled. This form is useless and doesn't mean jack if they start quoting about this repeat that you stated that you didn't want it at anytime and proceed to court.

Thankyou.
You are right.
So straight to court or another letter? Their last one seemed to have the feel that they really couldnt be bothered!
One last question do i ask for all money back plus interest even though settled after 2 years, know rebate applied although small to loan but dont know if applied to policy as well?
sorry to keep on at you! X

m.colak

elsieo wrote: »

Thankyou.
You are right.
So straight to court or another letter? Their last one seemed to have the feel that they really couldnt be bothered!
One last question do i ask for all money back plus interest even though settled after 2 years, know rebate applied although small to loan but dont know if applied to policy as well?
sorry to keep on at you! X

Depends if you have sent the second letter or not. If you have then send one last letter stating your case as we have discussed ie you have been coeerced and nobody took your wishes or views into consideration when you applied for the loan. To this end you intend to claim the full amount of the PPI plus the statutory 8% interest due on the amount through the small claims court (less than £5k). If you wish to avoid this then please send a satisfactory response within 14 days of the date of this letter.

elsieo

m.colak wrote: »

Depends if you have sent the second letter or not. If you have then send one last letter stating your case as we have discussed ie you have been coeerced and nobody took your wishes or views into consideration when you applied for the loan. To this end you intend to claim the full amount of the PPI plus the statutory 8% interest due on the amount through the small claims court (less than £5k). If you wish to avoid this then please send a satisfactory response within 14 days of the date of this letter.

thankyou again.
Yes have sent second and third letter. But will sent 4th even though telling me to get lost! the policy was 3979.55 plus total interest charge of 3172.45 so do I just go after 3979.55 with 8% on top or the total amount with 8% ontop and will that take me over the 5000 you mentioned?
I promise to stop asking questions! X