PPI Reclaiming discussion

bathgatebuyer

I've written to Sainsburys asking for my PPI premiums back because my original CCA agreed to cover under a 1 year policy and not the next 6! I've paid about £900 in premiums as a result.

Manky66

tiggrae wrote: »

Hi there, to be honest the Misrepresentation Act 1967 should be in all the letters you send - I've wrote to Martin /Wendy and suggested that more should be made of the law - I claim back PPI for clients and the legal aspect supporting the claim is in every letter we send.

Thanks Tiggrae

Sorry to be so stupid what do you think I shoud do now as Ive sent 3rd letter out as I said, but there unfortunately no mention of misrepresetation in the letter I have just sent. Any suggestions greatfully received

Thanks in advance

NV187

Hi all,

I've been in the process of reclaiming from Barclays on behalf of my mum since about October. I sent off the first template letter in October, received a response a month later, basically telling me that it was all in the paperwork, and we did have the opportunity to cancel payment protection. Obviously this was a standard automated letter. I wrote back in mid-December saying I wasn't satisfied with the response and went into detail about why I felt the policy was missold (salesperson said it was compulsary, mum was a housewife etc). I gave them 21 days notice in which to respond before I take further action. I received a letter on Tuesday apologising for the delay, and a further letter yesterday. They finally admitted fault and accepted that the payment protection insurance "would have minimal cover" given our circumstances.

The letter states that they will be making a full refund of the insurance premium together with the associated interest paid on it. However, they have also stated that we would need to apply for a new unprotected loan, which is then used to repay our existing loan. I have 30 days in which to accept their "offer".

In both my previous letters, I had asked for a full refund of all paid premiums together with any interest paid on them, 8% statutory interest that we are entitled to, as well as having the payment protection cancelled on all future payments.

I will now be writing another letter, reiterating what I had originally asked for. Are they likely to accept and send us a cheque for the wanted amount, together with cancelling the payment protection premiums on all future payments?

Thank you.

m.colak

NV187 wrote: »

Hi all,

I've been in the process of reclaiming from Barclays on behalf of my mum since about October. I sent off the first template letter in October, received a response a month later, basically telling me that it was all in the paperwork, and we did have the opportunity to cancel payment protection. Obviously this was a standard automated letter. I wrote back in mid-December saying I wasn't satisfied with the response and went into detail about why I felt the policy was missold (salesperson said it was compulsary, mum was a housewife etc). I gave them 21 days notice in which to respond before I take further action. I received a letter on Tuesday apologising for the delay, and a further letter yesterday. They finally admitted fault and accepted that the payment protection insurance "would have minimal cover" given our circumstances.

The letter states that they will be making a full refund of the insurance premium together with the associated interest paid on it. However, they have also stated that we would need to apply for a new unprotected loan, which is then used to repay our existing loan. I have 30 days in which to accept their "offer".

In both my previous letters, I had asked for a full refund of all paid premiums together with any interest paid on them, 8% statutory interest that we are entitled to, as well as having the payment protection cancelled on all future payments.

I will now be writing another letter, reiterating what I had originally asked for. Are they likely to accept and send us a cheque for the wanted amount, together with cancelling the payment protection premiums on all future payments?

Thank you.

First of all well done so far. I would advise however you don't give them the easy option of signing for a new loan though cause there is more chance of them playing with the payments. I would advise that at this point you either send them an option either re calculate the current loan and interest previously paid and alter the the payments accordingly or repay you the difference. They have already admitted fault and therefore you do not have to accept any pressured offer they put on the table. Inform that you intend to go to the FOS if they don't comply with a simply request.

cocker100

m.colak wrote: »

My advise would be to look at the original wording on the signed contract. Its sounds like a tracker (but not a tracker) if the wording states that the interest rate is based on the bank of england base rate then you have cause for mis selling. The wording directly states the interest rate is directly in proportion to the base rate and if the change isn't matched then the policy is not being managed correctly. Hope this helps.

Hi,

The wording about the interest rate is in the terms and conditions of the loan. It goes as follows:

"We may from time to time vary our interest rate. We may increase or reduce our interest rate to reflect a change which has occurred, or which we reasonable expect to occur in interest rates generally or to ensure that our business is carried on prudently, efficiently and competitively. The interest rate on your account will not in any twelve month period, vary by more than twice the variation in the Finance House Base Rate published by the Finance and Leasing Association during the same period. If for any reason, the Finance and Leasing Association ceases to publish the Finance Bate Rate we may refer the variation in our interest rates to any other Base Rate which in our reasonable opinion best matches that rate."

There is also a question in the FAQ's booklet.

Q: How does the variable interest rate affect my loan?

A: Your monthly repayments may go up or down from time to time to reflect, for example, trends in interest rate movements.

Any ideas???

beamo1

Hi

I have been a regular on here but on the bank charges side.
I have been reading about mis sold PPI payments on loan accounts and was wondering if i would be able to make a claim back anything from my car repayments as i was told by the company that i had to have the Payment Protection or i would not be able to get the finance on the car. I did not want it but had no choice as i needed a car.
I have not seen anywhere that says you can claim back on this but this is what people are claiming back for on loans so to me this is no different

Hope somebody will be able to help me
beamo1

tiggrae

beamo1 wrote: »

Hi

I have been a regular on here but on the bank charges side.
I have been reading about mis sold PPI payments on loan accounts and was wondering if i would be able to make a claim back anything from my car repayments as i was told by the company that i had to have the Payment Protection or i would not be able to get the finance on the car. I did not want it but had no choice as i needed a car.
I have not seen anywhere that says you can claim back on this but this is what people are claiming back for on loans so to me this is no different

Hope somebody will be able to help me
beamo1

Hi there, definately car finance companies are included, in fact in a report dated October 2006 the FSA said the following:

Also, ‘as the Financial Services Authority stated in October 2006 report on the Sale of PPI:

One clear trend was the generally poor compliance seen among firms that do not have financial services as their main line of business and sell PPI as a tertiary product – for instance, after a motor dealer sells a car and sells the finance to pay for the car, it sells PPI to protect the payments on the finance. For such firms, selling insurance is a small part of their overall business. We will be working closely with relevant trade associations in this sector to help these firms address the shortfalls we have identified.

I use the above whenever I'm reclaiming against a car finance company

cornflakegirl

m.colak wrote: »

Right first of all protracted correspondance just means than they won't bother answering any more letters from you on the matter. Don't worry to much though. If you are dead set that you were missold PPI then send one more letter to the effect of...

I writing to inform you that i intend to take court action against yourself's in regard to the policy ...... citing that i missold the policy laid down by the conditions set in the mis representation act of 1967. To this end i intended to claim ..... (or whatever offer you think is resonable) plus the statuatory 8% interest which the courts will grant me. If i don't receive a satisfactory response from yourselve's in 14 days i will deem this your wish and continue with court action........

You can fluff it up abit but the main gist of it is that the bank/company have to now prove that they didn't missell the policy to your and they had full notes of the application etc. Hope this helps

Thank you i will try am very scared!!

tiggrae

cornflakegirl wrote: »

Thank you i will try am very scared!!

Don't ever be scared of asking for something back which rightfully should never have been taken from you - there's loads on here willing to help !!!

babsybabe

Hi - I'm a newbie to the discussions but a big fan of the site.

I'm trying to reclaim PPI I believe was missold as part of a loan. The loan is administered by GE Money but was originally taken out through Creditlink.

I wrote to GE who told me I needed to take it up with Creditlink. I then wrote to Creditlink but have received notification that the company has ceased trading.

What do I do now?

Is it worthwhile writing back to GE and asking them who they now administer the policy on behalf of?