PPI Reclaiming discussion

tiggrae

MWH1 wrote: »

Hi folks. I’m just looking for a few pointers. I took out my loan for £7K which ended in 2004. I was initially declined and was told to appeal the decision (by someone I had seen in my local branch) in writing which I did. I got a phone call (from branch) saying I was successful and was told to go in and sign up. The branch employee told me I needed the PPI as a condition of securing the credit. At the time, I had no idea what it was and came away just happy to have got the finance. I have my copy of the credit agreement which shows I paid over £1,000 for the PPI with a further £200 added in interest. :eek:
I wrote at the start of September 2007 and was fobbed off with a couple of letters saying they were looking into my complaint. More recently, they have written to me declining my request to have the PPI refunded. They say my loan application and credit agreement was signed by me and I ticked all the boxes saying I wanted “peace of mind”. They also mention I had two loans prior to this without PPI meaning I must have been aware that the insurance was optional.
They said I was provided with all the information and booklets etc and queried why I waited so long to bring this to their attention. :rotfl:
I was definitely not asked any questions about my health to determine whether PPI was suitable. I’m looking to understand whether I have a single premium policy as I can see the amount borrowed, interest @ 12.9%, cost of insurance, cost of credit for insurance.
I have asked them to forward me copies of the application form and credit agreement to see what they can provide me with. I presume I am within my rights to ask for this by law? I am concerned how I will be able to prove that I was mis-sold this. Surely it is my word against theirs? Any help is greatly appreciated.

Hi there under the Misrepresentation Act 1967 - under Negligent Misrepresentation the onus is upon them to prove they didn't negligently misrepresent to you rather than for you to prove they did.

DaisyBella_2

Advise please:

Hubby and I took secured loan with Paragon Dec 02 (£9 500.00). This was through Black & White. I have lodged a PPI claim with Black & White - it was a 10 year loan and PPI is 5 years, as well as the fact we paid loan off in 18 months (Settelment amt £16 500 ish) - so we should anyway get some refund.

Black & White have been very good. My initial contact was by phone. They then phoned me the next day to confirm who was handling my case and to say a letter was being sent out - which I received. With the letter was a complaints procedure pamphlet which includes FOS details if we are not happy with result. Now because FOS is not relevant to this case (dates pre 2004), is it in my best interest to lay all my cards on the table and let them know I Know this. I kinda had in mind to send something as below, however I don't want to unnecessarily annoy them, but on the other hand I am trying to pre-empt all the fob off letters etc????


Thank you for your recent confirmation letter and I look forward to your timeous response.





Please note however, we are fully aware that as the PPI insurance was added to our loan prior to 2004 – we will not be able to pursue this matter via FOS. So in the event that this claim is not upheld within the 28 day time scale set by yourselves, we will be pursing the matter in Small Claims Court as we believe this policy was Negligently misrepresented under the S2(1) of the Misrepresnation Act (1967)

Section 2(1) of the Misrepresentation Act 1967 provides:
"Where a person has entered into a contract after a misrepresentation has been made to him by another party thereto and as a result thereof he has suffered loss, then, if the person making the misrepresentation would be liable to damages in respect thereof had the misrepresentation been made fraudulently, that person shall be so liable notwithstanding that the misrepresentation was not made fraudulently unless he proves that he had reasonable ground to believe and did believe up to the time the contract was made that the facts represented were true."

As such, in the spirit of saving time at a later date, I would also appreciate you sending through to me a copy of the original credit agreement (as held by yourselves) as well as any telephone transcripts that you have available.

So any comments on whether this is worth sending, or should I just sit and wait?

nova

Hi, l am claiming from egg too, they sent an identical letter to me obviously its their bog standard response, you ticked the box blah,blah, blah! Mine is now with the FOS will keep you all posted. By reading all the messages on this site (apart from not realising we were sold ppi,) l dont think anyone would necesserily mind paying a little for ppi,its the huge amount we are being charged without realising, so if we all feel this way nobody could have had it explained to them properly, these companies need to say "if you are borrowing £1000 YOU WILL be paying x amount in insurance. Sorry for ranting a bit l just feel so ripped off.

TwinsMum_2

After giving HSBC one more chance to do the right thing, I am at the end of my tether, They refunded my loan PPI, no problem, but will not refund my Credit Card PPI, which I am trying to claim back on the same grounds, Is there a difference between the two ppis, I have threatened them with the FO which I was told would make them crumble but they stand strong. Whe I contact them by phoen or letter they get stroppy, I have sent them my contract of employment stating my working hours at the time and they were not enough to qualify for PPi, they sent them back saying they did not want them and that they were no help to them at all, this proves the hours I was working so why is it of no help. They say it was all in the terms and conditions, I never had any a HSBC representative said I had a card on my account and she would send it me I never even asked for it (my fault I used it I know) Any advice shall I go to the FO or the small claims court.

mac_saver

tiggrae wrote: »

Write and ask what percentage you paid upon early redemption - the FSA have stated

We believe refunds should be calculated to take firms' reasonably incurred costs into account. These costs will depend on the individual firm, but might include administrative fees, a proportion of commission and the uneven spread of the risk across the length of the policy.

Refunds of Single Premium Payment Protection Insurance

Thanks for the advice I have copied the link you sent and will compile a letter and see what happens, nothing to lose bar the price of a stamp.:T

vodkafreak

Well here goes! I've drafted a letter in response to firstplus offer & thought i might let you all peruse it & give any opinions. I've tried to word it so that it doesn't sound as though i am actually refusing their offer, but know what my options are!;;)
Dear ******* *****,
I am writing in reply to your letter offering an enhanced rebate of £5,059.87.
After careful consideration i have decided that as i was unlawfully deprived of this money since 15/03/2005 i would ask that you revise your figure to include the statutory 8% interest that a court would award. I have worked this out to be £1,150.54 giving a revised enhanced rebate figure of £6,210.41.
I have discussed this matter with a gentleman from the FOS as i was unsure if they would take on my complaint, but he assures me that they are willing to take on my case should i remain dissatisfied with your response and has forwarded a complaint form.I have advised them that i will allow you to respond before deciding on any further action.
I am pleased you have made this offer, albeit without liability, as it shows you are willing to take my complaint seriously and as a goodwill gesture on my part i am willing to accept that my previous request of £10,850.89 will not be upheld.( I believe this is called a "compromise"!). However, i do feel that the revised figure is a more just & fair offer & still without liability. I await your prompt response.

Should i send & cross my fingers?! I have been told that if it does go to the FOS then the least i can expect is that they will make firstplus honour their offer but i'm not sure i fancy waiting upto 9 months or more for the money! What a dilemma!!

m.colak

mac_saver wrote: »

Hi thanks for trying to help, Basically the letters they sent out to us say that the monies "represents the rebate of your payment protection insurance". I do not know any figures or how much they charged for the PPI in the first place, just that the loan was for £30,000, so I dont know how much to claim.
Any Ideas please.

you need to send a letter asking for a copy of your loan agreement with all relevant breakdown's before you can proceed. This is the information telling you how the PPI was and how much the charge for the PPI was.... from these figures you can start working out how much too ask for.

m.colak

Manky66 wrote: »

Hi any help out there before I go to my next stage

Claiming from barclays for mis-sold PPI alongside mortgage , threatened FOS last week, received response this morning saying past 6 years, no paperwork has been kept coz of time span.

Got all paperwork ready for FOS, is this best route to take or court, Tiggrae suggested misrepresentation act 1967 route, not used this at all in correspondence to bank, can I send further letter giving the threat of court action or is this the final letter to bank and I should now move on to FOS as I have already had response to from barclays telling me to do so.

ANY HELP GREATFULLY APPRECIATED !!!!!!

Most banks rely on people giving up and know if they send enough people the FOS route it can cause bigger delays in processing. You can always go via the FOS and providing there's a negative decision go via the courts. However throughout this you have to work out what time limit your working too. If you go via the FOS they will work out what the payout should be plus the statuatory 8% interest however if you go via the courts you have to work this out and then work out what your settlement figure would be. Hope this helps.

tiggrae

mac_saver wrote: »

Thanks for the advice I have copied the link you sent and will compile a letter and see what happens, nothing to lose bar the price of a stamp.:T

Hi there, copy that document to them as well - it's get the FSA logo on when printed

sussexsimba

I have heard today that HSBC bank has been fined a million pounds for mis sold ppi so look out banks were on to you