PPI Reclaiming discussion

m.colak

mr_no_name wrote: »

Hi,

I'm after a bit of advice please...

I purchased a new car in January 2002 through Ilkeston Co-op motor group and took out Renault finance with/through them. The ppi was mis-sold to me by a car salesman on the basis that I wouldn't be approved for the loan without it! Ilkeston Co-op are now part of Midlands Co-op. I have sent the first template letter stating my claim, and they have written a letter back saying that they have taken over all legal and financial responsibilities for Ilkeston Co-op (which seemed promising), but then go on to say;

'I am afraid I am unable to offer you any comfort in this regard as at that point in time there were no regulations in place concerning such matters. The regulations under which you believe you may have a claim were not put in place until January 2005, consequently claims prior to this date cannot be considered.'

Are they correct in what they are saying, or are they just calling my bluff? Is this when I send letter template number 2 or is it dead in the water? I think they are just trying to put me off cause Martins article advising about this says we can claim up to 6 years back!

Please help... what do I do next...?

Hi the important statement in all of this is that they accept that they have taken over all legal and financial responsibilities of the company. Whether or not they sold you the policy they are responsible for the loan PPI now. If your PPI was missold then there is no time limit to claim back a missold policy. Don't i repeat do not take their word for it.

Send the second letter to them stating that because they aknowledge all responsibility you will be seeking the repayment from themselves as it is/was their responsibility to investigate all products that they took on when they bought the said company to ensure that the product was sold fairly and properly. This attributes to neglegence on there part not standing the fact you were sold something you didn't want.

fifikav

help please clever people out their......

tiggae/ M colak (has your baby arrived??)

just recd letter from halifax re : crdit card cover. they deny mis-selling as i had policy booklets etc and deny say they have no record of me ever asking for the cover to be canx. I did try to mak a claim in 2005 to be told that I was not covered for the particular illness and it was at that time that i asked for it to be canx as it was not worth the money I was paying for it.I was informed I could not cancel this.
Of course I know now they were wrong...

i know to send a letter re contract term regulations 1991 but how do I prove I asked for it to be cancelled...they say that they, nor Halifax insurance ireland limited have any record of the conversation.



HELP PLEASE!!!!!!!!!!!

pokey15

Just had a reply to my request for the recording/transcript of my loan application.
They say they do not have the files and they are satisfied the ppi was sold properley.
Just to refresh it was a £30k loan a 6K ppi was added in a single premium the ppi only last for the first 10 years of a 25 yr loan, and they still reckon it was sold correctly :mad::mad:
Have sent complaint to FOS dont want them to get away with this.
.Any ideas on a reply to them
Thanks folks

arthurp8

Right folks - I have sent my first letter and received the response today after two weeks.

This letter states that since I got my load via Bespoke Finance (must be the name for the company I went through) that Firstplus does not have access to the telephone calls between me and them, as such they cannot help - but that they have passed my complaint through to the Bespoke FInance complaints team.

So what I want to know is - do I sit tight and wait for a response from Bespoke Finance?? Or do I ignore this and send out the second letter to Firstplus mentioning that they are liable as they are the lenders?

Advice greatfully received....thanks

DaisyBella_2

arthurp8 wrote: »

Right folks - I have sent my first letter and received the response today after two weeks.

This letter states that since I got my load via Bespoke Finance (must be the name for the company I went through) that Firstplus does not have access to the telephone calls between me and them, as such they cannot help - but that they have passed my complaint through to the Bespoke FInance complaints team.

So what I want to know is - do I sit tight and wait for a response from Bespoke Finance?? Or do I ignore this and send out the second letter to Firstplus mentioning that they are liable as they are the lenders?

Advice greatfully received....thanks

I would follow it up with Bespoke. I have similar situation - I approached the finance company in the first instance, they then referred me back to the Broker (in my case Black and White). I phoned them up, got through to the compliance dept. and my claim is now being investigated. Don't assume your letter has been forwarded. Take action yourself. Don't let Bespoke refer you back to lender either, tell them you have already been that route and confirmation from the lender.

It has worked for me so far, although I am still waiting to hear if my claim is being upheld.

Best of luck!!!

tiggrae

mr_no_name wrote: »

Hi,

I'm after a bit of advice please...

I purchased a new car in January 2002 through Ilkeston Co-op motor group and took out Renault finance with/through them. The ppi was mis-sold to me by a car salesman on the basis that I wouldn't be approved for the loan without it! Ilkeston Co-op are now part of Midlands Co-op. I have sent the first template letter stating my claim, and they have written a letter back saying that they have taken over all legal and financial responsibilities for Ilkeston Co-op (which seemed promising), but then go on to say;

'I am afraid I am unable to offer you any comfort in this regard as at that point in time there were no regulations in place concerning such matters. The regulations under which you believe you may have a claim were not put in place until January 2005, consequently claims prior to this date cannot be considered.'

Are they correct in what they are saying, or are they just calling my bluff? Is this when I send letter template number 2 or is it dead in the water? I think they are just trying to put me off cause Martins article advising about this says we can claim up to 6 years back!

Please help... what do I do next...?

What they mean by the January 2005 date is that they did not come under the Jurisdiction of the Financial Ombudsman before that date so you'd only be able to take your claim to the County Court - but legally mis selling is mis selling regardless of the date and in fact you could say they have basically admitted it by stating the correct regulations were not in place prior to January 2005 when your policy was sold

tiggrae

fifikav wrote: »

help please clever people out their......

tiggae/ M colak (has your baby arrived??)

just recd letter from halifax re : crdit card cover. they deny mis-selling as i had policy booklets etc and deny say they have no record of me ever asking for the cover to be canx. I did try to mak a claim in 2005 to be told that I was not covered for the particular illness and it was at that time that i asked for it to be canx as it was not worth the money I was paying for it.I was informed I could not cancel this.
Of course I know now they were wrong...

i know to send a letter re contract term regulations 1991 but how do I prove I asked for it to be cancelled...they say that they, nor Halifax insurance ireland limited have any record of the conversation.



HELP PLEASE!!!!!!!!!!![/quote

wrote this for a client today - just amend to take out reference to client and send it off to the Halifax -

the Financial Services Authority stated the following within their report, dated 4th November 2005, on sale of PPI,

‘There was an over-reliance on product documentation given to the customer at the expense of explaining the policy to the customer orally: most firms selling by telephone did not give sufficient information on exclusions’;

As can be clearly seen, your own regulator, the FSA does not believe the reliance upon documentation to be good practice in adequately explaining PPI policies.
Therefore, we do not believe your letter of 15th January 2008, adequately justifies how the policy was:
· Not Negligently Misrepresented,
· both fair and reasonable,
· in our client’s best financial interests; and
· meet’s the criteria of Treating Customers Fairly.

Again we request repayment of all premiums paid, plus interest at the statutory 8% otherwise we will have no options but to take our clients claim to the Financial Ombudsman and give the above ruling by the FSA we have no doubt as to it’s outcome.

mortimerrankine

Hi, i have tried all template letters, n1 claim form the mis rep act with black horse they still wont back down, my husband and i got 2 loans he was present in the office at both times they said due to credit history compulsory to take out ppi demands and needs forms were all lies in 1 member of staff signed in my place on 2nd it was filled in before he arrived. i am disabled and dont work which they were well aware of,
please help dont know what next step to take

lynz412

Well where are we?

Took out loan oct 2006 for £93000 foolishly with PPI. On our breakdown on the original paperwork it tell us that the monthly PPI is £193 per month on top of the actual repayment amount.

Our loan in the last 14 months has gone up from £850 to £1050!! So have looked into getting rid of the PPI, thought if i cancelled then it would reduce the payment my £193 as this is what it says we pay.

On contact with them it turns out that it will only reduce the payment by £40!!!!!

They tell me that this is because of the interest added to the PPI, and that they would credit our load account with £4k.

Our total PPI is £22775.70 which we will get back after 5years if no claim made. But £193 over 20 years is a whopping £46320!!! So we'll be paying £193 a monthe for 15 years for NO COVER.

All this wasn't fully explained to us or we would have NEVER taken it out. I also had a pre existing medical condition before we took out loan and in July i was off work due it it, i looked at our paperwork and found i was not covered, but they never asked me about this originally.

I've written to them using template letter and had a response yesterday saying that there is NO fault on their part and they have listened to all the calls that we made to them and found no record of us being missold nor any record of them not fully telling us about the policy, so it basically says that they have recording of all the calls and they know they never mis sold it to us so there is no claim.

I DON'T KNOW WHAT TO DO NEXT. PLEASE HELP.

Lynz

vodkafreak

Hi all,
Received my final response from firstplus yesterday as follows;
"In order to resolve your complaint, we are willing to offer an enhanced rebate on the insurance policy. The enhanced rebate we are prepared to offer you is calculated on a pro-rata basis of 78% of the insurance premium, (22% being held back for the provision of claims & administration costs).
I would therefore like to offer you an enhanced rebate of £5,059.87 in addition to the £925.48 that was included in the settlement figure of your loan."

They then go on to say that it is made with no admission of liability etc,etc,etc blah blah purely "gesture of goodwill"!!!:D
I have decided to reply with a letter asking them to revise their offer to include 8% statutory interest of £1,150.54( i used bank charges calculator) making their final offer £6,210.41 then i will accept.
I have already spoken to a gentleman from FOS & he says that although firstplus weren't regulated by them pre Jan 2005, they were regulated by various other smaller bodies who have simply come under FOS regulation at the time of 2005! (or something along those lines!). Anyway, he is sending a form out in case firstplus don't agree to my request & seemed hopeful that FOS could help!
Fingers crossed that firstplus agree my figure is reasonable(i originally asked for £10,850.89 so it is saving them money!). To be honest, i just want to get this sorted so i can pay off credit cards & have a nice little holiday!
Watch this space!:j