PPI Reclaiming discussion

chris_spackman

I went down to my welcome office today and they had ready for me a copy of the loan agreement but not a copy of the ppi cover as 'they can not find it'. I have mis placed my copy but i know i was mis sold it as i was told when i took it out i can not have the loan without it. It was back in 2004. When i went down to the office the guy was going on at me that welcome had helped me and why would i want to stab them in the back and wanted to know why i wanted to claim,is it due to finance problems if so he can help my giving me moer finance!!!! The cheek! He also said that if i do try and get it back they would wait till my loan was down to £250 then as a gesture of goodwill close the account as paid! DO I NEED A COPY OF THE PPI agreement and does the fact this was in 2004 make any difference to how my claim will be dealt with?

m.colak

lynz412 wrote: »

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

First of all get a transcript of all these calls that they've referenced. Second of all as me and Tiggrea have said make sure that you include that the fact that you were missold the PPI element and intend to either take this to the FOS or Court utilising the Misrepresentation Act 1967. This means they have to prove they never missold to you. You don't need to prove anything. If they can't provide the transcript's it's witholding information pertaining to your case (or it's just a fat lie). Either way make the request and then send another letter with the threat and wait for their response.

PS everybody out there the baby has still not come:rolleyes:

m.colak

chris_spackman wrote: »

I went down to my welcome office today and they had ready for me a copy of the loan agreement but not a copy of the ppi cover as 'they can not find it'. I have mis placed my copy but i know i was mis sold it as i was told when i took it out i can not have the loan without it. It was back in 2004. When i went down to the office the guy was going on at me that welcome had helped me and why would i want to stab them in the back and wanted to know why i wanted to claim,is it due to finance problems if so he can help my giving me moer finance!!!! The cheek! He also said that if i do try and get it back they would wait till my loan was down to £250 then as a gesture of goodwill close the account as paid! DO I NEED A COPY OF THE PPI agreement and does the fact this was in 2004 make any difference to how my claim will be dealt with?

First of all its criminal negligence that they can't find the paper work pertaining to your loan's PPI. I would go back down there and ask for the address of their main branch so as to ask for a complete copy of the loan agreement and PPI. As for stabbing in the back i would tell the person that Welcome stabbed you in the back with a PPI policy that you neither wanted or required. If they can't provide you with the information go straight to the information comissioner as this is a severe breach and means they can't charge you the PPI as there is no sign of agreement. Therefore yo are intitled to a full refund.

m.colak

vodkafreak wrote: »

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

Congratulations:T

m.colak

mortimerrankine wrote: »

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

Black Horse only pay attention when you take them to court i'm sorry to say. You can attempt to take your case through the FOS but its a long wait. Make sure you have copies of both loan agreements before proceeding.

vodkafreak

kfer_kaz wrote: »

sent my complaint off 8 weeks ago to first plus stating they didn't tell me that only 1 person was covered for the accident and sickness. I recieved a reply today with a copy of the agreement we signed and there it was in tiny letter (of course) that we had joint life cover but only single sickness. Obviously due to this I can't take my claim any further, but I was wondering (scraping the barrel really) if they needed to tell us which person was covered, any comments greatly recieved.

Funnily enough I actually queried this "joint life cover, single sickness" at the time of my loan & they told me only my husband (being the first name on the loan) was covered for sickness. I pointed out that i was actually the "breadwinner" at the time, as i earned more than he did so i should be the one to be covered! I also pointed out to them that it was I who requested the loan & would be making the payments from my OWN bank account (not the joint) & that the only reason it was a joint application was because it was secured on the house! They then confirmed my suspicions that they are a sexist company as they said they always assumed the first named on the application to be the one to be covered (i.e.the husband) I then told them that it was THEY who had put my husbands name first on the application as they refered to us as Mr & Mrs! They grudgingly agreed i was right & eventually changed the policy to myself being covered for sickness.
Anyway, don't give up! I kept pushing the FSA ruling that deemed single premium policies to be unfair( which they most certainly are!) & the fact that they failed to disclose to me that that the ppi essentially made me borrow more money rather than simply paying a monthly fee for insurance & that it should have been made clear that it generated large profits for firstplus at my expense! The FSA ruling alone should at least get you a fair hearing.
Good Luck!(but you won't need it);)

itsonlyweeme

Hi

I was wondering if someone anyone could tell me where I send the letter to reclaim PPI for the following:-

Lloyds TSB for loans
Lloyds TSB for Credit Card
Capital One Credit Card
Dorothy Perkins Store Card

Any information would be gratefully received so I can get the ball rolling and start claiming.

Thanks

Laura

chris_spackman

m.colak wrote: »

First of all its criminal negligence that they can't find the paper work pertaining to your loan's PPI. I would go back down there and ask for the address of their main branch so as to ask for a complete copy of the loan agreement and PPI. As for stabbing in the back i would tell the person that Welcome stabbed you in the back with a PPI policy that you neither wanted or required. If they can't provide you with the information go straight to the information comissioner as this is a severe breach and means they can't charge you the PPI as there is no sign of agreement. Therefore yo are intitled to a full refund.

How would i go about checking if welcome were covered by the fos in 2004? i am going to put a letter in the post today telling welcome hq what this guy said and that i feel i was mi sold but what i don't want is someone at welcome saying it was not covered by the fos. I mhave been on the phone about a copy of the ppi and i have been told it is up to me to get hold of the terms and conditions as the company that they sold the insurance for is responsible not them? What?

smitchy73

Phone the FOS themselves and ask, you'll get a number from their website, just google Financial Ombudsman and you'll get it there, they are very helpful.

chris_spackman

[FONT=Arial, sans-serif]Dear Welcome ,[/FONT]


[FONT=Arial, sans-serif]I write to you with regards to my PPI cover on the account I have with you .[/FONT]


[FONT=Arial, sans-serif]I appears that when taking the loan with Welcome Finance I have been sold a cover that appears I do not need and one I was told that I had to take for the cover so as to obtain the loan. I am also concerned that the member of staff who sold this policy to me without fully explaining the limits of a claim. For example when I asked about being off work due to a bad back or any pre existing medical conditions there is no claim. I would like to bring to your attention that I informed your member of staff that I have had back trouble prior to taking out the loan and he advised me that something would be sorted out if I needed to claim. One of the reasons that I took the policy out was to cover such a thing and that if I did not have the cover I couldn't have the loan. I feel that I was pushed into taking this policy out and therefore deem it to be mis-sold. I am thus asking for the sum paid out for this policy to be refunded which I am advised is £735.00p together with interest at the same rate as you charged me. [/FONT]


[FONT=Arial, sans-serif]On calling your office in Poole on Monday 15th January 2008 to ask to have the cover removed I was advised that it was not going to make any difference to my monthly payment as I had already paid for it. This was not explained to me in full when the loan was agreed,again this policy was mis sold.[/FONT]


[FONT=Arial, sans-serif]On the 16th of January I visited the Poole office and spoke to the representative who is handling my account and I was to say the least intimidated by him. On asking why I wanted to claim he advised me that if it is due to finance problems he can help by doing another agreement with me. He also advised that if I did request the PPI payments back I would be offered £100 as a good will gesture and when my account was down to £250 my account would be closed as paid. This is as far as I am concerned a bribe not to take the claim any further and I of course declined his offer. He did also admit that some agreements that go through are not as sound and this will make me more determined to follow this through.[/FONT]


[FONT=Arial, sans-serif]I also feel that on visiting your Poole office I should have been asked to provide some form of ID before I took any documents away.[/FONT]


[FONT=Arial, sans-serif]This has only come to light on reading the FSA ,FOS website and speaking with the FOS [/FONT]
and this was the answer to your staff asking me to justify why i wanted to claim

[FONT=Arial, sans-serif]I do very much look forward to your response on this matter within the next 2 weeks.[/FONT]